Credit scores still key as auto lenders look to alternative data
Credit scores continue to be a key factor in auto lending, even as alternative data is incorporated in evaluating creditworthiness,…
BIS Innovation Hub opens in Paris and Frankfurt
The Bank for International Settlements has opened its European Hub, located in both Paris and Frankfurt, with a focus on decentralised finance, wholesale CBDC, cyber security and green finance.
SMB financial management platform Mimo raises $8.5m
Mimo, a UK-based platform for simplifying global payments, cash flow, and financial management for SMBs and accountants, has raised $8.5 million in an equity round led by Project A and joined by Northzone and Seedcamp.
Revolut faces further UK license delays; acquires AI travel agent
Revolut is reportedly facing further delays in securing a full UK banking licence because of regulators’ concerns over the fintech’s risk controls relating to cross-border payment. Separately, the firm has acquired an AI travel agent incubated at an innovation hub run by airline Lufthansa.
Sibos: APAC supplies nearly 25% of global sustainable bonds
“Investors are chasing sustainable bonds to buy, and we think that over $800 billion worth of supply globally, around 20-25% of that global share comes from APAC, namely Asia in particular,” said Chuaoni Huang of BNP Paribas during a sustainable focused panel session at Sibos 2024.
OneID scoops new funding from ACF Investors
OneID, the UK’s only provider of bank-verified digital identification services, has secured new funding led by ACF Investors.
Auto defaults rise for 9th time in 11 months
Interest rates have been rising for more than a year, and auto defaults are on a similar trajectory. S&P Dow Jones Indices and Experian now have seen auto defaults climb nine times in the past 11 months. According to data … [Read More]
Cloudflare suffers second outage in a month
Banking websites were among the victims on Friday of the second outage in less than a month at network and security services provider Cloudflare.
EU to exclude Big Tech from financial data sharing system – FT
The European Union looks set to block Amazon, Apple, Google and Meta from accessing a new financial data sharing system, according to the Financial Times.
Apple and Goldman Sachs fined $89 million by CFPB over Apple Card mismanagement
The Consumer Financial Protection Bureau has slapped an $89 million penalty on Apple and Goldman Sachs for illegally mishandling credit card transaction disputes and misleading iPhone purchasers about interest-free payment options.
Podcast: Carvana’s sales surge in Q2, Ford Credit, retailers’ results mixed
Auto companies saw mixed results in the second quarter related to sales and finance volume, as Carvana’s originations surged, Ford…
Standard Chartered launches AI-powered FX insight videos
Standard Chartered is using AI to create short videos giving its retail customers in Asia the latest foreign exchange insights.
CPS’ originations fall 12.3% in Q3
Consumer Portfolio Services’ originations decreased in the third quarter due in part to credit tightening. The subprime lender’s purchased contracts,…
Carney positive on Facebook’s Libra; says BofE could open up balance sheet to new players
Facebook’s new digital currency, Libra, could “substantially improve financial inclusion and dramatically lower the costs of domestic and cross border payments,” Bank of England governor Mark Carney has said in a speech during which he also revealed the central bank could open up access to its balance sheet to new payment providers.
BIS to investigate tokenised green bonds
The Bank for International Settlements Innovation Hub has started its first green finance project, Genesis, which will explore the tokenisation of green bonds enabling investment in small denominations, combined with real-time tracking of environmental outputs.