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Category: Curo
Thursday December 5 2019, Weekly News Digest
News Comments Today's main news: SoFi gets BitLicense in New York. Funding Circle unveils 250M GBP securitization of SME loans. Zopa raises 1.4M GBP. RateSetter to close family finance product. RMBS gears up for securitization windfall. Reserve Bank of India raises P2P lending limit by 5x. Today's main analysis: Prosper performance update – October 2019. […]
The post Thursday December 5 2019, Weekly News Digest appeared first on Lending Times.
Today's main news: SoFi gets BitLicense in New York. Funding Circle unveils 250M GBP securitization of SME loans. Zopa raises 1.4M GBP. RateSetter to close family finance product. RMBS gears up for securitization windfall. Reserve Bank of India raises P2P lending limit by 5x.
Today's main analysis: Prosper performance update – October 2019. International P2P lending volumes.
Today's thought-provoking articles: FT Partners alternative lending market analysis. Upstart's artificial intelligence for underwriting. Kabbage examines small business revenue growth in H1 2019. International P2P lending volumes.
Prosper performance update (October 2019). Weighted average income of borrowers remains relatively flat month-over-month, but originations increased 30 bps month-over-month.
SoFi secures New York BitLicense. Congratulation!
FT Partners' CEO Alternative Lending Market Analysis. It's always interesting to see the side-by-side comparisons in earnings, stock prices, and other metrics.
Upstart refines underwriting with artificial intelligence. Not particularly innovative any more, but this is an interesting read.
Kabbage evaluates small business revenue growth in first half of 2019. Rhode Island leads in small business revenue growth among small states. Tennessee leads among large states. Among medium states, Alabama is ranked first. Interesting data and charts.
StreetShares discontinues invoice factoring.
Monzo hires Visa executive.
A better way to regulate small-dollar lending.
Regulators back risky loans.
Robo-advisor assets managed increased 10%.
Why fintech lending stocks are a bust.
Bank regulators' proposal won't erase Madden uncertainty.
Lending programs that help felons restart.
More high-income students are taking out student loans.
Cred hires a local mayor to help with regulatory hurdles.
Curo can't derail securities class-action lawsuit.
Elevate Credit to attend Jefferies' Crossover Consumer Finance Summit.
Harvard University, ArborCrowd partner on CRE investing panel.
Finicity goes live within Ellie Mae solution.
Funding Circle unveils 250 million GBP SME loan securitization.
Is Funding Circle a bargain buy?
Zopa raises 140 million GBP.
Zopa valuation falls by almost half.
Zopa bank fudraising delays are not related to P2P lending difficulties.
RateSetter to close family finance loan product.
Uncapped raises 10 million GBP.
Student Finance raises 1.15 million euro.
Growth Street CEO exits.
Finastra joins World Economic Forum.
RMBS gears up for securitization windfall.
Securization, but not as we know it.
N26 sees IPO in 4-5 years.
Klarna Bank to use Amazon for cloud services.
European fintech to be the trend setter.
Reserve Bank raises P2P lending limit by 5x.
MyMoneyMantra disrupts loan marketplace business.
Xiaomi to launch digital lending solution Mi Credit.
Xiaomi offers digital lending for young consumers.
Online lending to witness consolidation.
International: P2P lending volumes.
Mexico: Goldman invests in MercadoLibre Loan.
Southeast Asia: FinAccel raises $90 million for low-fee lending app.
Brazil: The next small business lending frontier.
Africa: Consumer credit scoring gets $20 million funding for Migo.
New Zealand: P2P lending, crowdfunding 2019 data.
Mexico: SoftBank invests $100 million in Konfio.
International: Crypto lending sees solid growth.
China gradually cleans up P2P lending.
Brazil: Rebel lands $10 million.
Indonesia: Komunal secures seed money.
International: In-branch video enhances customer service.
Africa: Fintech boom creates niche ecosystems.
International: OpenID Foundation launches microsite focused on open banking.
Prosper Performance Update – October 2019 (Prosper), Rated: AAA
New York Gives SoFi Green Light on BitLicense (SoFi), Rated: AAA
FT Partners' CEO Monthly Alternative Lending Market Analysis (FT Partners), Rated: AAA
Online Lending Platform Refines the Science of Underwriting (CFO.com), Rated: AAA
Kabbage data places Vermont at third-highest small business revenue growth in the first half of 2019 (Vermont Biz), Rated: AAA
StreetShares Discontinues Major Segment of Its Financing Business (deBanked), Rated: A
Monzo hires Visa exec to lead US push (ZangPay), Rated: A
There's a better way to regulate small-dollar lending (American Banker), Rated: A
Bad Credit? Regulators Back Ways for Risky Borrowers to Get Loans (WSJ), Rated: A
Assets managed by robos up 10% so far in 2019 to $ 283 billion (Investment News), Rated: A
Fintech Lending Stocks Have Been a Bust. Here's Why. (Barron's), Rated: A
Bank Regulators' Proposals Won't Erase Madden Uncertainty (Law360), Rated: A
These Funding and Business Assistance Programs Are Helping Felons Restart Their Lives (Stamford Advocate), Rated: A
More students from higher-income families taking out student loans (Marketplace.org), Rated: A
Crypto lender hires local mayor to smooth over regulatory hurdles (Decrypt), Rated: A
Payday Lender Curo Group Can't Derail Securities Class Action (Bloomberg Law), Rated: A
Curo Can't Ditch Investor Suit Over Canada Products (Law360), Rated: B
Elevate Credit to Attend the Jefferies' Crossover Consumer Finance Summit (BusinessWire), Rated: B
Harvard University and ArborCrowd Partner to Host Panel That Examines the Future of Commercial Real Estate Investing (Yahoo! Finance), Rated: B
Finicity Solution Live Within Ellie Mae Encompass Consumer Connect (Markets Insider), Rated: B
Funding Circle Unveils £250 Million Securitization of SME Loans With Waterfall Asset Management (Crowdfund Insider), Rated: AAA
Is the current share price of FTSE fintech company Funding Circle a bargain buy? (The Motley Fool), Rated: A
Fintech Zopa raises £140m just in time for banking licence (Yahoo! Finance), Rated: AAA
Zopa valuation fall hits Augmentum Fintech but other gains buoy portfolio (AltFi), Rated: A
Zopa Bank fundraising delays 'not down to P2P lending concerns' (P2P Finance News), Rated: A
RateSetter to close family finance loan product (P2P Finance News), Rated: AAA
Uncapped raises £10M to offer revenue-based finance to growing businesses (TechCrunch), Rated: A
UK start-up Student Finance raises €1.15m to tackle university loans (Fintech Futures), Rated: A
Growth Street CEO exits (AltFi), Rated: A
Finastra joins World Economic Forum (Finastra), Rated: B
China gradually cleans up P2P lending businesses (Ecns.cn), Rated: AAA
Securitization: RMBS gears up for windfall (Euromoney), Rated: AAA
It's securitization, but not as we knew it (Euromoney), Rated: A
German fintech N26 targets IPO in 4-5 years (Reuters), Rated: A
Klarna Bank picks Amazon for expanded cloud services (American Banker), Rated: A
European FinTech: the next generation trend setter (Finextra), Rated: A
International P2P Lending Volumes November 2019 (P2P-Banking), Rated: AAA
How in-branch video banking enhances customer service experience (Bob's Guide), Rated: A
Crypto Loans See Solid Growth, Platforms Attract Community Interest (CoinTelegraph), Rated: A
OpenID Foundation Launches New Microsite Focused on Open Banking and Fintech Developers (OpenID), Rated: B
Peer-to-peer lending and crowdfunding 2019 data published (Scoop), Rated: AAA
RBI Raises Peer-To-Peer Lending Limit Fivefold (Bloomberg Quint), Rated: AAA
A 30-year-old company is disrupting the loan marketplace business in an old-fashioned way (Economic Times), Rated: A
Xiaomi announces launch of digital lending solution Mi Credit in India (The News Minute), Rated: A
Xiaomi Offers Digital Lending Marketplace For Young Indian Consumers (PYMNTS), Rated: B
Online lending segment to witness consolidation in next 5-6 months: CASHe's Ketan Patel (IBS Intelligence), Rated: A
FinAccel raises $ 90 million for low-fee lending app (Impact Alpha), Rated: AAA
Indonesian P2P lender Komunal bags seed money in East Ventures-led round (Tech in Asia), Rated: A
Goldman Makes Biggest Mexico Fintech Bet With MercadoLibre Loan (Bloomberg), Rated: AAA
The Next SMB Lending Frontier (Nexoos), Rated: AAA
SoftBank pours $ 100M into Mexico's Konfio (TechCrunch), Rated: A
Brazilian FinTech Rebel Lands $ 10M For Affordable Loan Products (PYMNTS), Rated: A
Consumer credit scoring is the latest African fintech sector to get funding with $ 20 million for Migo (Quartz Africa), Rated: AAA
Africa's fintech boom is creating niche ecosystems to power the industry's future globally (Quartz Africa), Rated: A
Highlights from the report include:
In October, 64% of originations were rated AA-B. The dollar‑weighted average FICO on the platform was 720, relatively flat month‑over-month.
The weighted average income of borrowers on the platform in October was ~$106K, relatively flat month-over-month.
The weighted average borrower rate for October originations increased 30 bps month-over-month largely due to a shift in Prosper Rating mix.
Source: Prosper
See the full report here.
New York State Department of Financial Services (NYDFS) has approved SoFi's BitLicense application, allowing SoFi Invest customers in New York to trade cryptocurrencies on its platform through SoFi Digital Assets, LLC.
FT Partners recently announced our role as exclusive financial advisor to
Source: FT Partners
Through the use of artificial intelligence, Upstart examines approximately 1,600 variables pertaining to loan applicants, says CFO Sanjay Datta. But he doesn't like to draw attention to the artificial intelligence per se.
In a Nov. 8 report, Kroll rated the performances of five loan securitizations, worth a cumulative $1.5 billion, that Upstart offered from mid-2017 through early this year. Each one has significantly outperformed Kroll's forecast at the time of the deal.
Kroll predicted that Upstart's first securitization, dated June 21, 2017, would experience 13.07% credit losses by October 2019. But the actual losses were only 9.96%, 24% better than forecast.
Kabbage placed Vermont at the third-highest in the nation at 173.90 on the Kabbage Index Value, based on monthly median-revenue growth for small businesses.
The Kabbage Index Value (KIV), a value used to track revenue growth of small businesses, increased almost 22 points, from 136.8 to 158.4 points, indicating U.S. small businesses' median revenue grew 15.7% in the first six months of the year. This represents a 22% increase compared to the same time period in 2018 and a large contrast from the second half of 2018 when small business revenue only grew 1.8 percent.
Source: Kabbage
StreetShares quietly discontinued a major part of its financing business on November 15, a new disclosure filed with the SEC revealed.
The company has only facilitated $180 million in funding to small businesses since inception in 2014. That would indicate that the invoice factoring portion was roughly half of the company's funding volume.
Monzo has hired a Visa executive — who was previously with Standard Chartered — to lead its US business as it ramps up efforts to become a fully-fledged bank in the country even though complex rules have deterred some rivals, according to the FT.
Innovation in online lending has shifted consumers away from traditional payday lenders. And while that's a safer bet, the shift has also sparked a misguided policy conversation around online lending that is focused on the wrong thing: capping interest rates.
Consumers with spotty or no credit histories might find it easier to get loans after federal banking regulators endorsed alternatives to traditional methods of assessing creditworthiness.
The regulators on Tuesday backed the use of information such as borrowers' cash flow as an alternative to the traditional credit-evaluation system, which relies on scores issued by companies such as Equifax Inc. and Experian PLC based on applicants' past history of borrowing and repayments.
Assets managed by digital advisers grew 10% over the first three quarters of 2019 to reach a total of $283 billion, according a new report from Aite Group, a consulting firm.
Fintech lenders were supposed to be the next big thing in finance. Big data, machine learning, peer-to-peer platforms, social networking data: the list of buzzy new ideas that were supposed to upend the business of money lending went on and on.
1. Prosper
Prosper is a peer-to-peer lending platform. The entire process is online, with no background check. Hence criminal history does not affect getting a loan.
2. HelpForFelons.org
HelpForFelons.org has lists of grants and loans for felons and links to reentry programs around the country.
Whether their families are higher income, lower income, or somewhere in between, a majority of all students today take out loans to cover at least part of their undergraduate degree. Which wasn't always the case.
In fact, over the last 20 years, the percentage of students from higher-income families — defined here as making more than $114,000 a year — who take out loans to get a bachelor's degree has more than doubled, from 30% in the mid-1990s to 60% now, according to a new report out Wednesday from the American Enterprise Institute. The percentage of students from low-income families who take out loans is higher, just over 75%, but hasn't increased nearly as much since the 1990s.
Source: Marketplace.org
Cred, a crypto lending and borrowing platform, announced earlier this week that it has added a local California mayor to its roster to further boost government relations for its business.
Ally Medina, mayor of Emeryville—a city in California, will lead the company's strategic government relations and business development initiatives.
Curo Group Holdings Corp. failed to shake off a proposed shareholder class action after the District of Kansas found sufficient allegations that the company didn't disclose facts that were bound to impact its financial performance.
Source: Law360
Elevate Credit, Inc. (NYSE: ELVT), today announced that its Chief Executive Officer, Jason Harvison, and Chief Financial Officer, Chris Lutes, will attend the Jefferies' Crossover Consumer Finance Summit on December 12, 2019 at The New York Lotte Palace Hotel. Mr. Harvison and Mr. Lutes will be available for 1×1 meetings with investors.
On Tuesday, November 20, Harvard University's Real Estate Development Club together with ArborCrowd (the "Company"), the first crowdfunding platform launched by a real estate institution, hosted a panel of experts at Harvard University to discuss the future of commercial real estate investing. The panel was attended by graduate students interested in pursuing a career in commercial real estate.
Finicity, a provider of real-time financial data access and insights, and Ellie Mae, the cloud-based platform provider for the mortgage finance industry, today announced that Finicity's digital Verification of Assets (VoA) solution is now available through Ellie Mae's Encompass Consumer Connect, part of the Encompass Digital Lending Platform.
Marketplace lending company Funding Circle (LSE:FCH) recently unveiled its £250 million securitization of SME loans with Waterfall Asset Management. The duo reported that the portfolio brings the total amount of UK Funding Circle loans securitized to £1 billion and the deal will notably open up the small business loans asset class to an even wider range of investors such as insurance companies and pension funds.
On, average Funding Circle collects 4.86% of the total amount of new loans generated annually as transaction revenue and 0.82% of the annual principal balance of loans under management in servicing fees.
Financial technology company Zopa has raised £140m, just in the nick of time to meet a key requirement of its provisional banking license.
Zopa announced on Tuesday it had secured the investment from IAG Capital, a US investment group that first backed the online lender in 2018.
Zopa has seen its valuation fall by 47 per cent following its latest fundraise to a new money valuation of £188m.
The trust wrote down £10.3m in the value of Zopa and its share price has fallen has fallen 4.67 per cent as a result today.
ZOPA'S struggle to raise last-minute funding so it can launch its banking brand should not be seen as a sign of trouble for the peer-to-peer lending sector, an analyst claims.
RATESETTER is to stop offering its family finance product from the new year.
Uncapped, a London-headquartered and Warsaw-based startup that wants to provide "revenue-based" finance to growing European businesses, is officially launching today and disclosing that it has raised £10 million in funding.
Educational technology start-up Student Finance has raised €1.15 million in a seed funding round led by Seedcamp and Mustard Seed Impact.
Greg Carter, the CEO of Growth Street, has stood down from his role.
Carter, who co-founded the business in 2014, is to remain with Growth Street in an advisory role, the company said.
Finastra today announced that it has joined the World Economic Forum. The move will see the company collaborating with industry leaders and policy-makers to drive change across financial services, world trade and beyond, to help build a better, sustainable future.
Southwest China's Sichuan Province became the country's latest province to ban all peer-to-peer lending (P2P) businesses amid regulators' tightened grip on the internet financial industry due to monetary risks.
Volumes have picked up since then, and RMBS-related issuance is forecast to reach $100 billion in 2019, up from $86 billion in 2018, according to Standard & Poor's. However, the market is still a shadow of its former self. The banks still dominate mortgage lending, but not nearly to the extent that they used to. Most are quick to point out that their online disruptors have yet to perform through a cycle.
The banks still dominate mortgage lending, but not nearly to the extent that they used to. Most are quick to point out that their online disruptors have yet to perform through a cycle.
There is no more 'originate to distribute', the grand name for the strategy behind so much of the dysfunctional lending that drove the sub-prime residential mortgage-backed securities (RMBS) crisis.
Today banks provide funding to a growing army of private and buy-side institutions that make the loans, and the banks then arrange securitization exits for them.
German fintech N26, valued at $3.5 billion in its latest funding round, views a stock market listing as an attractive option, but rather in 4-5 years than in the short-term, its Germany head told Reuters.
In a move to aid faster expansion and provide more security and regulatory compliance tools, Klarna Bank in Sweden is strengthening its longtime relationship with Amazon Web Services by making it the bank's preferred cloud provider.
Klarna says it will leverage the AWS global infrastructure to support its scale, now at 60 million customers across 170,000 merchants in 17 countries.
Despite the influence of the US, we are finding something quite different when exploring the way the FinTech market is evolving. European technological innovation is having a profound effect on the approach US companies are taking, reversing the well-known 'cultural influencing trend.'
The total volume for the reported marketplaces in the table adds up to 658 million Euro.
Source: P2P-Banking
While they turn to online banking, and given the rise in digital transformation, the most customers still appreciate the need for financial advice face-to-face, especially for complex transactions or help. Accenture's recent study of financial service consumers show that on average two-thirds of consumers favour face-to-face interaction with their bank.
A 2018 study supported by the retail banking industry group EFMA, Vidyo and CUNA Strategic Services suggested more customers would be willing to use in-branch video (90 percent) than online video banking (85 percent).
Today, the entire crypto loaning industry is estimated at $4.7 billion and the number of crypto loan platforms is growing rapidly, according to a report made by blockchain company Graychain Ltd. While lenders have only earned a combined $86 million in interest since 2018, the demand for cryptocurrency loans is growing. In the first quarter of 2019, over 5,400 new loans were issued, and in the second, at least 18,500. The volume of lending also increased, with lenders issuing $64.8 million in loans in the first quarter and $159.3 million in the second.
Source: CoinTelegraph
The OpenID Foundation has launched a new microsite focused on global open banking initiatives and providing resources for fintech developers implementing the Foundation's Financial-grade API (FAPI).
The Financial Markets Authority (FMA) today published its third statistical report on peer-to-peer lending (P2P) and crowdfunding services in New Zealand.
Year-on-year, there were 34% fewer successful crowdfunding offers and 52% less investment from licensed service investors.
India's central bank has raised the lending cap for peer-to-peer platforms fivefold, providing a boost to such lending.
The aggregate exposure of a lender to all borrowers at any point of time, across all non-banking financial company-peer-to-peer platforms, will be capped at Rs 50 lakh against Rs 10 lakh at present, the Reserve Bank of India said in a statement on Developmental and Regulatory Policies issued on Dec. 5.
MyMoneyMantra is taking on rivals like BankBazaar and Paisabazaar head on. The company is growing its giant distribution network even as it swiftly expands its digital footprint to scale faster. But its physical network will remain the core business. A digital-only model just doesn't deliver, believes its founder.
Xiaomi on Tuesday announced Mi Credit, its digital lending solution in India. Mi Credit is Xiaomi's second Mi Finance solution to be launched in India after Mi Pay.
The new venture is an app called Mi Credit, and it's a marketplace for personalized lending, offering users credit between Rs 5,000 ($70) and Rs 100,000 ($1,400). Xiaomi said it offers a "low" interest rate.
The NBFC (non-banking financial company), which lends to the young salaried segment with a monthly income of Rs 15,000 and upwards, is already profitable. With a monthly run-rate of 19000 loans, the lender has 30,000 unique customers. Its CEO Ketan Patel, who had spent 18 years in Kotak Mahindra Bank before joining CASHe, told IBS Intelligence that as long as lenders use technology to focus on strong underwriting, they need not worry about collections or NPAs.
FinAccel's mission is to improve financial inclusion across Southeast Asia's "vast and fast growing middle class". Its starting point is Indonesia, where most of the country's 265 million people lack access to formal financial services but do have a cell phone.
Indonesian peer-to-peer lending company Komunal secured an undisclosed amount of seed funding in a round led by East Ventures, with local VC firm Skystar Capital also participating.
Goldman Sachs Group Inc. agreed to lend $125 million to Mercado Credito, the bank's third loan to a Latin American fintech this year and the biggest ever in Mexico.
MercadoLibre dominates Latin American e-commerce with an almost 25% market share and 40 million unique monthly visitors, Julie Chariell, a senior analyst at Bloomberg Intelligence, said in a November report. It's based in Argentina, but almost two-thirds of its $603 million in third-quarter net revenue came from Brazil, according to the company's financial statements. Its market value more than doubled this year to $29 billion.
The borrower, a unit of MercadoLibre Inc., plans to use the money to triple in about one year its $100 million working-capital portfolio provided to small and midsize companies in Mexico, Martin de los Santos, a senior vice president, said in a phone interview.
Source: Nexoos
See the full white paper here.
Three months after Goldman Sachs lent $100 million to Mexican fintech Konfio, SoftBank has invested another $100 million into the financial services company. The investment confirms Reuters' August report that SoftBank was in advanced talks with the startup — now one of the most heavily funded fintechs in Mexico.
Rebel, a Brazilian FinTech that offers unsecured credit to middle-class citizens in the country, has raised $10 million in new equity funding, according to a press release.
Migo, a fintech startup offering credit-as-a service to large companies, has raised $20 million in a Series B round led by Brazil-focused venture firm, Valor Capital Group. The round also saw participation from existing investors including The Rise Fund and Velocity Capital. It follows a $13 million Series A round in August last year.
In the inaugural edition the Global Fintech Index City Rankings, four African cities are identified among the top 100 fintech ecosystems globally.
Global Finech Index City rank
Johannesburg, South Africa 62
Nairobi, Kenya 63
Lagos, Nigeria 71
Cape Town, South Africa 87
Accra, Ghana 123
Kigali, Rwanda 132
Kampala, Uganda 168
Author Allen TaylorPosted on December 5, 2019 Categories alternative lending, ArborCrowd, Artificial Intelligence, Bitlicense, consumer credit, Cred, crowdfunding, crypto lending, Curo, Daily News Digest, digital lending, elevate credit, Events, Featured, FinAccel, Finastra, Finicity, fintech, FT Partners, Funding Circle, Goldman, Growth Street, Invoice factoring, IPO, kabbage, Klarna Bank, Komunal, Konfio, lawsuits, Madden, MercadoLibre Loan, Mi Credit, Migo, Monzo, MyMoneyMantra, N26, New Zealand, Online Lending, open banking, OpenID, p2p china, p2p India, p2p lending, p2p uk, prosper, RateSetter, Rebel, Regulation, Reserve Bank of India, RMBS, Robo-advisors, securitization, small business, small business lending, small-dollar lending, SME lending, SoFi, softbank, StreetShares, Student Finance, Student Loans, Uncapped, underwriting, Upstart, Xiaomi, Zopa
Thursday October 3 2019, Weekly News Digest
News Comments Today's main news: Morningstar to rate blockchain securities. nCino raises $80M. RateSetter rolls out Access, Plus, Max. Revolut losses double. Today's main analysis: Race and homeownership. Today's thought-provoking articles: Big banks are losing mortgage share. Race and homeownership. LendIt Fintech Europe highlights. International P2P lending volumes for September 2019. United States Morningstar to offer […]
The post Thursday October 3 2019, Weekly News Digest appeared first on Lending Times.
Today's main news: Morningstar to rate blockchain securities. nCino raises $80M. RateSetter rolls out Access, Plus, Max. Revolut losses double.
Today's main analysis: Race and homeownership.
Today's thought-provoking articles: Big banks are losing mortgage share. Race and homeownership. LendIt Fintech Europe highlights. International P2P lending volumes for September 2019.
Morningstar to offer ratings on blockchain securities. This should have been easily seen. Blockchain-based securities is growing fast and could overtake traditional securities in volume in short order.
nCino raises $80 million. nCino is working to make banks more competitive with fintech.
Big banks are losing mortgage share. Of course, they're losing that share to non-bank lenders and alternative lenders.
White Americans are largest homeowner segment. Across the board, white Americans are the largest homeowner segment, however, there are markets where they don't dominate.
BFS Capital eliminates upfront fees.
Self launches first-of-kind secured credit card without a credit check.
Crowdfunding may not come to commercial real estate.
RiverNorth Marketplace Lending announces monthly distribution of $0.18 per share.
Robots will eliminate 200,000 bank jobs in 10 years.
Goldman traders kicked off desk.
The 7-year auto loan.
Naborly raises $7.5 million.
How much can you get from a business loan?
Best mortgage lenders for first-time buyers.
Coinbase to offer 1.25% APy on USDC holdings.
Curo wants to drop lawsuit.
eOriginal chief product officer honored.
OYO partners with Biz2Credit on small business financing for hotels.
Finastra launches Fusion Mortgagebot Data Insights.
Seattle Bank expands relationship with Finastra.
RateSetter rolls out Max, Access, Plus.
Revolut doubles losses.
Visa expands Revolut partnership.
LandlordInvest asks staff to avoid EU travel as P2P lenders prepare for Brexit.
Small business owners should beware when backing business debt.
Fintech is the future of finance.
Brokers should be Open Banking advocates.
Drapers, Klarna to launch Next Generation Entrepreneurs.
Bunq to launch in UK.
Entrepreneurs reveal how failures, triumphs shape who they are.
Ex-city minister shines spotlight on P2P lending secondary markets.
P2P lending volumes.
How Linked Finance links Irish SMEs with quick loans.
LendIt Fintech Europe 2019 highlights.
Bnext raises $25 million.
Australia: RateSetter partners with PLAN Australia.
Indonesia: Pawnshop PT Pegadaian to invest $35 million in local fintech.
Canada needs to take more chances on fintech.
South Africa: CredoLab to drive financial inclusion.
Australia: National Australia Bank to provide $57 million to Symple Loans.
Asia: INLOCK listed as one of the largest crypto exchanges.
Australia: Which banks have cut home loan rates?
Singapore: 40 solutions shortlisted for 2019 fintech awards.
Morningstar Inc. will offer ratings to blockchain based securities (Ripple Coin News), Rated: AAA
North Carolina-based Fintech Startup nCino Raises $ 80M (Crunchbase), Rated: AAA
Bank Wars; ABS East + Blockchain; Housing (PeerIQ), Rated: AAA
White Americans Have the Highest Homeownership Rates but There Are Large Differences Among Cities (LendingTree), Rated: AAA
BFS Capital Eliminates Upfront Fees to Simplify Financing for Small Business Owners (Yahoo! Finance), Rated: A
Self Announces The Self Visa Credit Card, A First-Of-Its-Kind Secured Credit Card That Does Not Require A Credit Check (Globe Newswire), Rated: A
The Crowdfunding Revolution Might Never Come To CRE (Bisnow), Rated: A
RiverNorth Marketplace Lending Announces Monthly Distribution of $0.18 Per Share (Crowdfund Insider), Rated: A
The Robot Revolution Will Wipe Out 200,000 U.S. Banking Jobs in the Next Decade (Fortune), Rated: A
Goldman Sachs Tries Banking for the Masses. It's Been a Struggle. (WSJ), Rated: A
Small bank's big digital goal: Launch 3 niche banks (American Banker), Rated: A
The Seven-Year Auto Loan: America's Middle Class Can't Afford Its Cars (WSJ), Rated: A
Naborly Raises $ 7.5M in Seed Funding (FINSMES), Rated: A
How Much Money Can I Get From a Business Loan? (All Business), Rated: A
Best Mortgage Lenders for First-time Buyers (Benzinga), Rated: A
Coinbase Announces 1.25% APY on USDC Holdings (DeFi Rate), Rated: A
Investors Say Curo's Bid To Nix Their Suit Misses The Point (Law360), Rated: A
eOriginal Chief Product Officer Honored as a 2019 HousingWire Tech Trendsetter (PR Web), Rated: B
OYO Announces Partnership With Biz2Credit to Provide Small Business Financing Options to Hotel Owners (Globe Newswire), Rated: B
Finastra Launches Fusion Mortgagebot Data Insights to Help Financial Institutions Optimize their Mortgage Business (Financial Content), Rated: B
Seattle Bank expands relationship with Finastra to drive innovation (Finastra), Rated: B
Welcome to Access, Plus and Max! (RateSetter), Rated: AAA
Fintech unicorn Revolut's losses double as it pushes for global expansion (CNBC), Rated: AAA
Visa Expands Alliance with Revolut to Grow in Fintech Space (Zacks), Rated: A
LandlordInvest staff asked to avoid EU travel as P2P lenders prepare for Brexit deadline (P2P Finance News), Rated: A
Small business owners should beware when backing their business debt (Money Week), Rated: A
The future of finance is fintech (Raconteur), Rated: A
Brokers should be Open Banking advocates (Bridging and Commercial), Rated: A
Drapers and Klarna launch Next Generation Entrepreneurs (Drapers), Rated: A
Dutch app-only bank Bunq to launch in UK this week (AltFi), Rated: A
10 Respected Entrepreneurs Reveal How Failures and Triumphs Shaped Who They Are Today (Digital Journal), Rated: A
Ex-City minister shines spotlight on P2P lending secondary markets (P2P Finance News), Rated: B
How Linked Finance is Linking Irish SMEs With Quick Loans (deBanked), Rated: AAA
LendIt Fintech Europe 2019 Conference Highlights (Lend Academy), Rated: AAA
Bnext raises $ 25 million for its mobile banking alternative (TechCrunch), Rated: A
International P2P Lending Volumes September 2019 (P2P-Banking), Rated: AAA
P2P lender partners with aggregator (Broker News), Rated: AAA
National Australia Bank to provide $ 57m warehouse funding facility to Symple Loans (AltFi), Rated: A
Which banks have cut home loan rates already? (mozo), Rated: A
Indonesia's State-Owned Pawnshop PT Pegadaian to Invest $ 35 Million in Local Fintech Firms (Crowdfund Insider), Rated: AAA
Another Milestone Comes True: INLOCK Is Listed on One of the Largest Crypto Exchanges (NewsBTC), Rated: A
40 Innovative Solutions Shortlisted for 2019 FinTech Awards (MAS), Rated: A
CredoLab set to drive financial inclusion in South Africa (Next Billion), Rated: AAA
Stability's important, but Canada needs to take more chances with fintech (Financial Post), Rated: A
Chicago-based financial service provider, Morningstar Credit Ratings announced plans to diversify its business operation by providing ratings for debt securities issued on public blockchains, also known as crypto-assets. Morningstar Inc, the parent company of the rating agency is valued at $6.4 billion. Last year it generated $1.7 billion in revenue. The company is well known for rating mutual funds from giants of the financial world like Prudential and Morgan Stanley among others.
North Carolina-based nCino, which has developed a cloud-based operating system for financial institutions, has raised $80 million in a round of funding led by T. Rowe Price Associates Inc.
In U.S Housing, borrower home equity is hitting all time highs. Homeowners with a mortgage saw equity increase by 4.8% since 2Q2018. This equates to $4,900 gained per American homeowner and a strengthening of the US consumer balance sheet.
Over the past ten years, the largest American banks – Wells Fargo, JPMorgan, and Bank of America – have seem their share of home loan originations fall 30% as digital customer friendly non-banks such as Quicken Loans take share.
Source: PeerIQ, Financial Times
Americans who identify as white own a disproportionately large percentage of homes in all of the nation's 50 largest metros. White Americans make up an average of 59% of people in the metros featured in our study, but they own around 73% of owner-occupied homes.
Where white Americans own the most homes relative to their overall population
% of the population – White alone: 46.99%
Median household income – White alone: $91,806
% of owner-occupied homes – White alone: 68.65%
Difference between % of owner-occupied homes and % of population: 21.66%
Source: LendingTree
Where white Americans own the least homes relative to their overall population
Difference between % of owner-occupied homes and % of population: 7.47%
BFS Capital today announced it has eliminated all upfront fees on its financing solutions, including loans and business advances, as it simplifies pricing for small business owners.
BFS Capital customers can now apply for and receive up to $500,000 in financing with no origination fees, no processing fees and no upfront costs.
Self, a leading fintech startup offering people a way to build their credit while also saving money, today announced the release of the Self Visa® Credit Card. This first-of-its-kind secured card uses a unique funding model to provide customers with a line of credit without the need for a significant upfront investment or a credit check – two areas that perennially sideline subprime consumers who are looking to build their credit scores.
Crowdfunding has not coalesced into the influential force in commercial real estate some may have expected, and is at risk of being decimated by the next economic downturn.
RiverNorth Marketplace Lending Announces Monthly Distribution of
.18 Per Share (Crowdfund Insider), Rated: A
RiverNorth Marketplace Lending Corporation, an established and currently operating as a closed-end interval fund dedicated to the marketplace lending asset class, announced on Tuesday its monthly distribution of $0.18 per common share for the months of October, November, and December 2019.
Technological efficiencies will result in the biggest reduction in headcount across the U.S. banking industry in its history, with an estimated 200,000 job cuts over the next decade, Wells Fargo & Co. said in a report.
The $150 billion annually that the country's finance firms are spending on tech — more than any other industry — will lead to lower costs, with employee compensation accounting for half of all bank expenses, said Mike Mayo, a senior analyst at Wells Fargo Securities LLC.
Two dozen of Goldman Sachs Group Inc.'s most profitable traders were kicked off their desk last year to make room for the swelling ranks of the firm's Main Street lending arm.
The first one, introduced this summer, is called "booyah" and is aimed at college students and young graduates. The $122 million-asset bank sees it as a way to target a specific audience outside the central Florida area and boost deposits in order to ward off competitive threats from fintechs.
Walk into an auto dealership these days and you might walk out with a seven-year car loan.
That means monthly payments that last well past when the brake pads give out and potentially beyond when the car gets traded in for a new one. About a third of auto loans for new vehicles taken in the first half of 2019 had terms of longer than six years, according to credit-reporting firm Experian PLC. A decade ago, that number was less than 10%.
Naborly, a San Francisco, CA-based credit bureau for the rental industry, closed its $7.5m seed funding round.
It's rare for two loan offers from two lenders to come out to exactly the same number. Different lenders (traditional banks, online lenders, alternative lenders) evaluate a variety of factors, have different algorithms, and may place more emphasis on different aspects of your business history.
Citi Mortgage
Today, Coinbase announced the launch of USDC rewards. US Coinbase customers are now eligible to earn 1.25% APY rewards on all USD Coin ($USDC) held on Coinbase.
This announcement comes amid the DeFi boom in 2019. While 1.25% APY is substantially higher than traditional savings rates at banks, it's still lagging behind the broader DeFi lending market. As of writing, Compound currently offers 5.34% APY on USDC holdings while dYdX offers 3.85% APY – View current USDC lending rates. This doesn't account for other stablecoins, such as Dai, where holders can earn upwards of 8%.
Investors on Tuesday said their stock-drop suit against online lender Curo is
about misrepresentations regarding a transition away from its most profitable product, not a simple failure to meet financial goals, as the company suggests. The online lender said in an August dismissal bid that investors were trying to plead a "fraud by hindsight" case in alleging Curo misled them about a transition away from offering lucrative single-pay loans in Canada, which had drawn the scrutiny of regulators there, and into longer-term open-end loans.
eOriginal, a digital lending technology pioneer, is proud to announce that Simon Moir, Chief Product Officer, has been named to HousingWire's Tech Trendsetters list for 2019. HousingWire's inaugural award recognizes the impactful and innovative technology leaders serving the housing and mortgage finance industry. This is on the heels of eOriginal's second consecutive listing as one of HousingWire's HW Tech 100TM in April 2019.
OYO, the world's third-largest and fastest-growing chain of hotels, homes and spaces*, has partnered with Biz2Credit to provide working capital and commercial real estate loans to existing and potential hotel partners across the United States.
Finastra has launched Fusion Mortgagebot Data Insights – a powerful new tool that benchmarks mortgage borrower behavior and demographics for banks and credit unions against that of more than 1,400 other Fusion MortgagebotPOS users. The solution leveraged Big Data and machine learning to provide users with new insights into consumer behavior to drive a better borrower experience.
Seattle Bank, a single branch boutique bank with $650 million in assets, has selected Fusion Phoenix from Finastra to be the open, modern core to run its banking operations, enabling the bank to better serve clients. The core banking system will be integrated with additional Finastra solutions, including Fusion Mortgagebot, Fusion Card Payments, Fusion Analytics, Fusion Item Processing Services, Fusion LaserPro, and Fusion Digital Banking.
I am delighted to say that our three new investment products – Access, Plus and Max – launched today and are ready for you to enjoy.
British financial technology start-up Revolut's losses doubled in 2018, the firm said Tuesday, as the company embarks on an aggressive global expansion.
The London-headquartered firm recorded a £32.8 million ($40.3 million) net loss on revenues of £58.2 million for 2018. That was more than double the £14.8 million loss it posted a year earlier, while revenue climbed 354%.
Visa Inc. (V – Free Report) has expanded its partnership with fintech company Revolut. This London based company will be assisted by Visa to expand its business globally.
LANDLORDINVEST has asked staff to avoid travelling outside the UK after 31 October as peer-to-peer lending platforms prepare for the latest Brexit deadline.
After all, one argument for setting up a business as a limited company, rather than operating as a sole trader, is that you separate your affairs from the company's.
However, while this is true in theory, it may not pan out in practice. If your business needs to borrow, lenders often expect owners to stand behind the loan. They ask for a personal guarantee that the debt will be repaid. These guarantees aren't secured – they're not tied to a particular asset, such as your home – but they do give lenders a legal right to come after your personal wealth in the event your business defaults.
When Innovate Finance was formed five years ago, with a mandate to represent an emerging UK fintech community, the picture was different to today. The focus was on models challenging traditional approaches to banking, disrupting the incumbents' model that had stood for decades.
In the years since, peer-to-peer lending became simpler, management of personal finances became more accessible, and remittance processes became faster and more affordable.
It's now more than a year and a half since the introduction of Open Banking, which allows people to securely share data about how they spend their money with other parties.
Drapers' Next Generation Entrepreneurs are the founders and chief executives that we think are changing fashion. The list shines a light on the new wave of game-changers, innovators and boundary-breakers that are making their mark on the UK fashion industry, as well as emerging businesses that exhibit innovative, entrepreneurial spirit.
The Dutch app-only bank bunq is to launch in the UK this week, saying there are "too many traditional banks" in the UK.
– Courtney Nichols Gould, Founder& co-CEO, SmartyPants Vitamins
– Annie Jackson, co-founder & COO, Credo Beauty
– Sarah Kauss, Founder & CEO, S'well
– Stephen Kuhl, co-founder & CEO, Burrow
– Renaud LaPlanche, co-founder & CEO, Upgrade, Founder of Lending Club (NYSE: LC)
– Jody Levy, Founder, CEO & Creative Director, World Waters (Maker of WTRMLN WTR)
– Betty Liu, Founder of Radiate, Executive Vice Chairman of The New York Stock Exchange (NYSE)
– Ben McKean, Founder, Hungry Root
– Sasha Plavsic, Founder & CCO, ILIA Beauty
– Nat Turner, co-founder & CEO, Flatiron Health
The former City minister, who has already tabled several parliamentary questions regarding the role of the Financial Conduct Authority (FCA) in the collapse of Lendy and Collateral, has widened the scope of his P2P queries.
He has tabled two parliamentary written questions in the past week.
The nation's Central Statistics Office puts the number of active enterprises in the private business economy at over 250,000. As of June, Linked Finance had made more than 2,100 loans for a grand total of more than €100 million.
We have just wrapped up what I think has been the most successful European conference LendIt has ever had.
We kicked off the show with Rishi Khosla, CEO and Co-Founder of OakNorth. Their approach to underwriting is super interesting. While they have very much a digital approach, they are originating loans typically for £5 million to £10 million to fast growth companies.
Fintech startup Bnext has raised a $25 million funding round. The Spanish company is building a banking product and has managed to attract 300,000 active users.
You can lend money to small and medium businesses and earn interest through October, you can save money using Raisin, you can get a loan, a mortgage, an insurance product, etc. Bnext generates revenue from those partnerships.
Mintos leads ahead of Zopa and Ratesetter. The total volume for the reported marketplaces in the table adds up to 639 million Euro.
Milestones in culumulative volume lent crossed this month:
Investly: 50M EUR
Viventor: 100M EUR
Peer-to-peer lender RateSetter has announced a partnership with PLAN Australia that will make its unsecured personal loan and car loan products available to the group's 1,700 brokers and their clients.
Australia's biggest business bank is furnishing a $57m (£46m) warehouse funding facility to personal lender Symple Loans, as part of its $2bn (£1.63bn) commitment to fund technology startups.
It's been two days since the Reserve Bank board made the call to lower the official cash rate from 1.00% to 0.75% – an historically low rate in Australia.
Athena and Homestar raced out of the blocks following Tuesday's RBA announcement – both delivering full 0.25% cuts to their respective variable rate home loans before the ink on RBA Governor Philip Lowe's monetary policy statement was dry.
Fellow online lender UBank wasn't far behind after announcing a 0.25% rate cut of its own across a number of variable rate offers.
The state-owned pawnshop PT Pegadaian in Indonesia is reportedly planning to invest Rp 500 billion (appr. $35.26 million) in several local Fintech firms this year.
On September 30, 2019, after nearly six months of preparation, the INLOCK project, a peer-to-peer lending solution, was listed on the Liquid by Quoine exchange, one of the largest Japanese crypto exchanges in the Asian region, with a daily turnover of $150-200 million.
INLOCK is a peer-to-peer lending platform; its customers can lend or borrow using their cryptocurrencies as a collateral.
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that 40 finalists have been shortlisted for the FinTech Awards to be presented at this year's Singapore FinTech Festival x Singapore Week of Innovation and Technology (SFF x SWITCH).
Credit scoring fintech company, CredoLab announced on Tuesday, 1 October 2019, that it has officially launched in Africa. Starting in South Africa, CredoLab is aiming to drive financial inclusion in emerging economies on the continent by credit scoring more people, especially those who are new to banking or credit.
According to Ernst & Young's 2019 Global Fintech Adoption Index, Canada is 14 points, and the U.S. 18 points, behind the global average of 64 per cent consumer fintech adoption, and we trail world leaders like China, India and Russia by even more. The two countries' approaches to regulating fintech, which in many ways reflect enduring national stereotypes, almost certainly have contributed to our continent's fintech lag.
Author Allen TaylorPosted on October 3, 2019 Categories auto loans, Banks, BFS Capital, big banks, Biz2Credit, Blockchain, blockchain securities, Bnext, Brexit, Bunq, business debt, business lending, Coinbase, commercial real estate, Credit Cards, CredoLab, crowdfunding, crypto lending, Curo, Daily News Digest, eOriginal, Featured, financial inclusion, Finastra, fintech, Goldman Sachs, INLOCK, Investly, LandlordInvest, lawsuits, Lending Club, LendingTree, LendIt Fintech Europe, Linked Finance, Mintos, Morningstar, mortgage, mortgage lenders, Naborly, nCino, News, open banking, p2p lending, p2p uk, Pawnshop PT Pegadaian, RateSetter, Renaud Laplanche, Revolut, RiverNorth Marketplace Lending, secondary market, Self, small business financing, SMEs, Symple Loans, Upgrade, Visa, Viventor
Thurday December 7 2018, Daily News Digest
News Comments Today's main news: Google gets EU eMoney license. JD launches online P2P lending service in China. Hexindai partners with Kunming Aotous. Today's main analysis: Equity sector analysis. Today's thought-provoking articles: Internet finance in a state of flux in China. P2P lending looking for a fresh start. Wonga collapse clears way for US payday lenders in UK. United […]
The post Thurday December 7 2018, Daily News Digest appeared first on Lending Times.
Today's main news: Google gets EU eMoney license. JD launches online P2P lending service in China. Hexindai partners with Kunming Aotous.
Today's main analysis: Equity sector analysis.
Today's thought-provoking articles: Internet finance in a state of flux in China. P2P lending looking for a fresh start. Wonga collapse clears way for US payday lenders in UK.
Equity sector analysis. A PeerIQ analysis. Also, Square is refiling its Industrial Loan Charter.
Affirm's launch pitch at PhocusWright.
5 business trends that will continue in 2019. I'm glad to see alternative lending on this list.
Wonga collapse clears path for US payday lenders. This should not be a surprise, but how long will it be before they get in trouble with the FCA?
Collapse of ethical lenders leads to credit fear.
Eight credit unions went belly up in 2018. This changes the competitive dynamic for alternative lenders.
JD launches P2P lending service online. And it's evidently quite popular.
JD Finance removes Hefeng.
Hexindai partners with Kunming Aotous.
Internet finance is in a state of flux.
P2P lending looks for a fresh start.
Top 10 banking technology case studies of 2018.
Lithuania: Google gets eMoney license.
India: Fees charged by various P2P platforms.
Australia: Mums and Dads turn to commercial real estate.
Indonesia: UMG Group launches VC facility.
Vietnam: Central bank warns against P2P lending.
Fed Raises Rates; Sector Analysis; Loan Performance (PeerIQ), Rated: AAA
Affirm – Launch pitch at Phocuswright 2018 (PhocusWire), Rated: A
5 Business Trends That Will Continue to Rise in 2019 (Entrepreneur), Rated: A
Wonga collapse clears decks for US payday loan firms in UK market (The Guardian), Rated: AAA
Collapse of ethical lenders stokes fears over access to credit (Financial Times), Rated: A
Eight UK Credit Unions Went Out Of Business In 2018 (PYMNTS), Rated: A
JD launches P2P online lending products (en.ce.cn), Rated: AAA
JD Finance removes second P2P lending feature from its app (Technode), Rated: A
Chinese P2P Lender Hexindai Announces Funding Sources Partnership With Kunming Aotous (Crowdfund Insider), Rated: AAA
Internet finance in a state of flux with regulators stepping in to bring some stability and direction (Global Times), Rated: AAA
Google Gets EU eMoney License (PYMNTS), Rated: AAA
Peer-to-peer lending looks for fresh start as interest wanes (Financial Times), Rated: AAA
Top ten banking tech case studies in 2018 (Fintech Futures), Rated: A
Mums and Dads turn to commercial real estate as resi slows in Australia (The Investor), Rated: A
Various fees charged by P2P platforms (India Times), Rated: A
UMG GROUP LAUNCHES VENTURE CAPITAL FACILITY IN INDONESIA (Digital News Asia), Rated: A
Central bank warns of P2P lending (Vietnam News), Rated: B
In regulatory news, Square will refile its Industrial Loan Charter application with the FDIC.
Credit card master trust data showed that net charge-offs dropped by 8 bps YoY, decreasing for the second month in a row.
Source: Bloomberg, PeerIQ
We have identified a $377 billion addressable U.S. online travel market. Millennials, the largest consumer group in the U.S., are shifting their spending from products to experiences.
We've also found that 55% of people are avoiding credit cards at checkout when paying for travel. 67% are looking for options to pay over time.
1. Consumers will demand more control over their data.
2. Alternative lending will continue to grow.
Given that around 80 percent of small business loan applications are rejected, startup founders are increasingly looking to nontraditional financiers for capital.
Since 2006, P2P lending has skyrocketed by 110 percent per year.
Chicago-based Enova, which also operates Pounds to Pocket and On Stride, saw UK revenue jump 20% to $36.6m (£29m). Texas-headquartered Elevate Credit operates in the UK under the Sunny loans brand, and saw its own UK revenue jump 23% to $32m, as new customer loans for Sunny rose 45% to $26,671.
Curo, which is behind WageDayAdvance, saw UK revenue jump 27.1% to $13.5m, while underlying earnings nearly halved from $8.1m to $4.2m. It was helped by a "high percentage of new customers".
Ethical lenders that have been touted as alternatives to high-cost firms such as Wonga and BrightHouse are going out of business at the fastest rate in years, fuelling concerns that less well-off customers are in danger of losing access to credit.
The figures mark the worst year since at least 2010, as the sector battles against rising regulatory and technology costs.
Eight credit unions closed in 2018, and they affected an estimated 14,000 people with a collective £25 million in savings. Even some of the more successful CUs have had to curtail lending. Credit unions cap rates at 3 percent a month.
Despite initial reports of the feature's disappearance, Hefeng Online Lending was still available until 4 p.m. on Wednesday. Previously, all products were labeled as being "sold out" after it was removed from the app's main page. It has subsequently been completely removed.
E-commerce giant JD.com has become the first Chinese tech tycoon to launch peer-to-peer online lending products, CHNFUND.com reported on Sunday.
"Hefeng online lending" or literally "Hefeng Wangdai", a platform providing information service on P2P online lending under JD.com, sold out all the products within seconds after it started operation on Sunday.
JD Finance has removed its second peer-to-peer (P2P) lending feature from its app after it had been online for less than 10 days, highlighting difficulties in China's P2P loans sector.
Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Wednesday it has formed a funding sources partnership with Kunming Aotou Economic Information Consulting Co., Ltd. (Kunming Aotou).
Hexindai reported that through this agreement it will assess borrowers that are using its risk management and credit assessment capabilities before referring them to Kunming Aotou which will facilitate the loans through a trust fund.
Recently, the Beijing-based Chang An Property Casualty Insurance Co was reported to have compensated nearly 2 billion yuan ($290 million) for its joint business with a number of domestic peer-to-peer (P2P) online lending platforms, according to a report of the Time Weekly.
The Lengjing reported that so far 220 P2P platforms had submitted their self-investigation reports to the government.
Google Payment Lithuania, a unit of Alphabet's Google, was granted an electronic money institution license by The Board of the Bank of Lithuania.
The Lithuanian FinTech initiative now covers more than 100 licensed companies, with most of them involved in payments, electronic money and peer-to-peer lending and crowdfunding.
But even P2P Global Investments, the first investment fund dedicated to the sector when it launched in 2014, admits the initial "frenzy" of interest has died down.
It is considering changing its name because it no longer accurately reflects the fund's interests.
Mike Bristow, chief executive of property lender CrowdProperty, suggested that some companies have tried to take advantage of the hype around peer-to-peer without making effective business plans.
Micro-lending: Mynt
Philippine fintech, Mynt, talks about the business case and technology behind its current micro-lending efforts and where it is planning to head with other financial services, leveraging the customers and data of its majority shareholder, the country's largest Telco.
Robocash – fintech crossing the borders
In 2017, peer-to-peer (P2P) platform Robocash started its operations in the European Union (EU). Since then, it attracted more than €4 million
Live Oak Bank and Finxact – riding the second wave
The US, in particular, is in urgent need of new core offerings to support next generation digital banking.
Home Credit – to its credit
In an exclusive tour of Home Credit's (HC) operations in Prague, we met seven staff members and learned about its retail challenger Air Bank, P2P lender Zonky and Home Credit Venture Capital (HCVC).
Mobile banking: RBC – farewell friction
Royal Bank of Canada (RBC) has been proactive with its digitisation strategy.
They are also navigating their way around banks' lending restrictions through peer-to-peer lending, further boosting their investment prospects.
Every loan involves a cost. From the time of signing up to delay in repaying the loan, here's a list of charges a borrower needs to pay while taking a loan from a peer-to-peer (P2P) lending platform.
UMG Idealab has started its venture journey in Indonesia with 11 portfolios to date.
UMG Idealab is looking for startups in IoT, Big Data, Voice Recognition (VR), and Artificial Intelligent (AI). He aims to invest in 20 startups next year.
The State Bank of Việt Nam (SBV) has warned local people and firms to consider carefully and be cautious before taking part in peer-to-peer (P2P) lending as there are many potential risks related to the service.
Author Allen TaylorPosted on December 27, 2018 Categories affirm, alternative lending, Banking, BrightHouse, Central Banks, commercial real estate, Credit, Credit Cards, Credit Unions, Curo, Daily News Digest, elevate credit, eMoney license, Enova, Equity, Featured, Google, Hefeng, Hexindai, internet finance, JD Finance, On Stride, p2p china, p2p lending, payday lending, PeerIQ, Pounds to Pocket, Square, Sunny Loans, UMG Group, Venture capital, Vietnam, WageDayAdvance, Wonga
Monday August 20 2018, Daily News Digest
News Comments Today's main news: SoFi is shopping for $1B credit line. KBRA assigns preliminary ratings to Prosper Marketplace Issuance Trust, Series 2018.2. Monzo headed to unicorn status. China Rapid Finance debuts up to $20M share repurchase program. Today's main analysis: Forcasting cash flows using machine learning. Today's thought-provoking articles: Report sheds light on early success of real […]
Today's main news: SoFi is shopping for $1B credit line. KBRA assigns preliminary ratings to Prosper Marketplace Issuance Trust, Series 2018.2. Monzo headed to unicorn status. China Rapid Finance debuts up to $20M share repurchase program.
Today's main analysis: Forcasting cash flows using machine learning.
Today's thought-provoking articles: Report sheds light on early success of real estate crowdfunding. Key facts about SBA loans. 7 out of 10 people in the UK bank online. Why blockchain is the future of global lending.
SoFi is shopping for $1 billion credit line. The interesting thing about this is, they're looking at banks.
KBRA assigns preliminary ratings to Prosper Marketplace Issuance Trust, Series 2018-2.
Forecasting cashflows using machine learning. This is a very interesting read from PeerIQ.
PeerIQ CEO on OCC fintech charter.
On the early success of real estate crowdfunding. There are some very interesting findings in this report. Anyone interested in real estate crowdfunding would do well to read this.
Fintech names on the Inc. 5000 list of fastest growing companies.
Treasury's plan to legitimize online lenders is good for small businesses.
Fintechs are cautious about OCC fintech charter.
CRA-like standards for fintech could reduce credit access.
Companies offer employees payday loan alternative.
Zelle wants to let consumers pay businesses.
TransUnion unveils solution to extend real-time credit offers.
Credit Karma acquires Approved.
RealtyShares exits industrial property investment.
Monzo could join the ranks of European unicorns. This would do a lot to legitimize digital banking in Europe. The question is whether the rise of digital banking, and challenger banks, in the UK and Europe will ever migrate to the U.S.
7 out of 10 people bank online.
How P2P lending plugged the funding gap for small businesses.
Curo, QuickQuid, and LendingStream could face big legal action.
Income investing, inflation, and P2P lending.
Lndr adds PayPal integration.
China Rapid Finance debuts up to $20 million share repurchase program.
China regulator orders bailout of P2P lenders by managers of distressed assets.
Regulations help resolve P2P plight in China.
China orders bad-loan managers to help failing P2P lenders.
Why blockchain is the future of global lending.
European IPOs may shake off sluggish start with a fall bonanza.
India: P2P lending has great potential, but too early to compare to equities.
Australians borrow money not knowing how personal loans are assessed.
Cambodia gets a fintech association.
SoFi Eyes $ 1B Credit Line, Post Q2 Loss (PYMNTS), Rated: AAA
KBRA Assigns Preliminary Ratings to Prosper Marketplace Issuance Trust, Series 2018-2 (Business Wire) Rated: AAA
Forecasting Cashflows using Machine Learning, Strong Retail Sales Report (PeerIQ), Rated: AAA
PeerIQ CEO Ram Ahluwalia on OCC Fintech Charter: Consumers Win if it is Implemented Correctly (Crowdfund Insider) Rated: A
New Research Sheds Light on Early Successes of Real Estate Crowdfunding (EquityMultiple Email), Rated: AAA
Key Facts About the SBA (Email from SmartBiz Loans ) Rated: AAA
Many Fintech Names on the Inc. 5000 List of Fastest Growing Companies (Lend Academy) Rated: A
Treasury's plan to legitimize online lenders is good for small businesses (The Guardian) Rated: A
RPT-'Fintechs' sound cautious note on offer of U.S. bank charter (Rueters) Rated: A
CRA-like standards for fintechs could reduce access to credit (American Banker) Rated: A
Walmart And Others Offer Workers Payday Loan Alternative (NPR) Rated: A
Venmo competitor Zelle wants to let you pay businesses, too (Payment Source) Rated: A
TransUnion Unveils Solution to Extend Real-Time Credit Offers (DSNews) Rated: A
Credit Karma acquires US lendtech Approved (Fintech Futures) Rated: A
RealtyShares and Novaya Real Estate Ventures Exit Industrial Property Investment (Herald Courier), Rated: B
Monzo poised to join ranks of Europe's fintech 'unicorns' (Financial Times) Rated: AAA
Seven out of 10 people in UK now bank online (Financial Times) Rated: AAA
How P2P plugged the funding gap for small businesses (P2P Finance News), Rated: A
US-based payday loan giants Curo, QuickQuid and Lending Stream could face legal action in 'bigger scandal than PPI' (Daily Mail Online) Rated: A
Income investing, inflation and P2P lending (Investors Chronicle), Rated: A
Crypto Lending App Lndr, Adds PayPal Integration to Increase Adoption Rates (Bitcoin Exchange Guide), Rated: B
China Rapid Finance Debuts Up to $ 20 Million Share Repurchase Program (Crowdfund Insider), Rated: AAA
China regulator orders bailout of peer-to-peer lenders by managers of distressed assets (SCMP), Rated: A
Regulations help resolve P2P plight in China (Global Times) Rated: A
China orders bad-loan managers to help failing P2P lenders (Financial Times), Rated: A
European IPOs may shake off sluggish start with a fall bonanza (Gulf Times) Rated: AAA
Disruption or evolution? Why blockchain is the future of global lending (IT Pro Portal), Rated: AAA
Aussies borrow money not knowing how personal loans are assessed, study finds (Daily Telegraph) Rated: AAA
P2P has great potential, but too early to compare with equities (India Times), Rated: A
Cambodia Establishes New Fintech Association (Crowdfund Insider) Rated: AAA
Student loan refinancing company Social Finance (SoFi) is looking for a loan of its own: The company is in talks with banks to secure a revolving credit line of as much as $1 billion after posting a second-quarter loss.
Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of notes issued by Prosper Marketplace Lending Issuance Trust 2018-2 ("PMIT 2018-2"). This is a $500.5 million consumer loan ABS transaction.
Preliminary Ratings: Prosper Marketplace Issuance Trust, Series 2018-2
Class Preliminary Rating Initial Class Principal
A A+ (sf) $335,500,000
B BBB (sf) $59,950,000
C B+ (sf) $105,050,000
The price of a loan is the present value of the loan's cashflows (after accounting for losses and prepayments), discounted by an appropriate discount rate:
Cashflow Modeling with Credit Models
The inputs of a credit model are loan attributes and borrower factors such as:
Originator of the Loan
Term of the Loan
Interest Rate on the Loan
Original Principal of the Loan
Age of the Loan (Months on Book)
Loan Grade
Prior Loan Status
Borrower's Credit Score at Origination
The sparse transition model assumes 7 possible loan statuses which describe the performance of the loan:
Current (or Status C)
1 Month Delinquent (or Status 1)
Default (or Status D)
Paid Off (or Status P)
Once a loan arrives at a terminal absorbing state ("Defaulted" or "Paid Off") there is no future possible transition as there are no further cashflows. Therefore, the probability of a loan remaining defaulted is 100%.
Model Calibration
We asked Ahluwalia who will benefit from the OCC Fintech Charter and whether it was big tech, Fintechs or other.
"The long-term winner of the charter is the US consumer who will benefit from greater competition, innovation, and access to the financial system. New technology and entrants will also promote the dynamism and resilience of the US financial system," stated Ahluwalia. "Payments companies that seek to compete with Visa / Mastercard also stand to benefit. Payments arms of firms like Google, Apple, Amazon, and PayPal would fit the profile, as well as large non-bank lenders that can demonstrate sustainable profitability de-risked their business models. Fintech lenders are a major winner as well as they'll be able to compete on a more level playing field. Big technology firms have an opportunity to expand their role in financial services as well."
Some of the survey's key findings include:
A full 65 percent of respondents plan to allocate at least 10 percent of their portfolios to real estate crowdfunding sites, with nearly 40 percent expecting to allocate at least 20 percent
More than 60 percent of respondents report typical annual returns of at least 8 percent
Respondents considered "transparency and details with respect to investment opportunities" the most critical factor in a crowdfunding platform, exceeding all other choices, including "attentive customer service" and "diversity of investment opportunities"
With respect to individual investments, "geographic focus" (i.e. where a property is located) matters less to investors than "sponsor/lender experience", the property's upside potential or several other factors
Source: Real Estate Crowdfunding Investor Preferences
Source: SmartBiz Loans
Of the 5,000 companies on this year's list exactly 233 are in the financial services category. Below is a screenshot of the top 10 companies in this category. Leading the list is Fundrise, the real estate platform for individual investors, a name that would be familiar to Lend Academy readers (I interviewed CEO Ben Miller on the podcast last year). Another well known name is Fundera, the small business lending marketplace, who were the third fastest growing company in our category. I encourage you to explore the complete list here where you can search for specific companies or filter by industry, state and many other criteria.
Source: Lend Academy
Companies in this industry such as Kabbage, Lending Club and BlueVine have grown significantly over the past few years by offering financing to many small businesses that otherwise would not be able to get loans. Their deals are quick to approve, rarely require collateral and are usually tied in to a customer's financial systems for close monitoring.
Last month, the Office of the Comptroller of the Currency announced that it was moving ahead with its plan to allow online lenders to apply for banking charters. When recognized as a bank, those types of financiers would no longer have to comply with state laws and would instead be subject to federal banking regulations. "Companies that provide banking services in innovative ways deserve the opportunity to pursue that business on a national scale as a federally chartered, regulated bank," Joseph Otting, the comptroller of the currency, one of the country's top financial regulators, told the Los Angeles Times.
Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator's plan to offer them special federal charters because of concerns over legal challenges and requirements that are more onerous than expected.
The Office of the Comptroller of the Currency said last month it would accept applications for banking licenses from the likes of LendingClub and OnDeck Capital Inc, online lenders that do business outside the traditional banking system. They then could operate nationwide under one banking license rather than a patchwork of state-specific regulations.
Fintech executives lobbied for the license and applauded the OCC's decision, but they are not immediately rushing in, they told Reuters.
As reported in American Banker, consumer advocacy groups are concerned that financial inclusion expectations for fintechs chartered as special-purpose national banks may not perfectly mirror the requirements of the Community Reinvestment Act.
This possibility exists because the final version of the Office of the Comptroller of the Currency's licensing manual supplement for fintechs lacks the same level of specificity as the draft manual that was published for comment last March. Consumer advocates have been steadfast in their insistence that the substance of the CRA, which by its terms applies only to depository institutions, be applied to nondepository fintech national banks. Yet imposing CRA-like requirements on these institutions would likely result in reduced credit opportunities for low-income communities.
So when Loving heard about a company called PayActiv, a tech startup that helps companies get their workers emergency cash for very small fees, "I thought to myself, now that's a good idea," he says. And he signed up.
"Our data analysis showed that it was close to $150 a month being paid by the working poor — per employee or per hourly worker in this country," says Shah. "That's a substantial sum of money because it's about $1,800 or $2,000 a year."
Zelle, a Venmo-style app that lets consumers send money to friends, roommates and babysitters, is working on ways to ensure that customers can safely pay small businesses as well, according to people familiar with the situation.
Zelle, backed by Bank of America Corp., JPMorgan Chase & Co. and other banks, is beefing up its risk-assessment tools as part of the effort, according to one of the people, who asked not to be identified because the feature hasn't been announced. The idea is to help protect users when they're paying businesses like gardeners and hairdressers.
To meet the evolving needs of consumers, Chicago-based TransUnion has announced the launch of credit offers through a simplified, SMS-initiated, mobile experience. The technology seamlessly integrates real-time credit decisioning with consumer and device authentication, creating a secure, personalized, and dynamic user experience.
Credit Karma, based in San Francisco, has 80 million members across North America, almost half of which are millennials and 80% of which access the service via their mobile devices.
Andy Taylor, founder and CEO of Approved, says it started the firm with a "vision that borrowers could visit an open house not having even talked with a lender, find the home of their dreams, and get fully pre-qualified on their mobile device before a listing agent offered them a business card".
With this joint mobile mentality, both firms will be looking to cash in from the crowded US mortgage market. Approved says it has done nearly $5 billion in loan originations.
RealtyShares, an online platform for commercial real estate investing, has announced that one of its investment syndicates recently exited an industrial investment property—1 Distribution Center Circle in Littleton, Massachusetts—in partnership with Novaya Real Estate Ventures, an established Boston-based operator of commercial real estate throughout New England.
Monzo, the British digital bank popular with millennials, is set to become the latest European fintech "unicorn" with a fresh round of fundraising expected to put a valuation on the company of up to $1.5bn.
The east London-based online bank, known for its distinctive pink cards, is signing up 18,000 customers a week and aims to reach as many as 4m customers in the next couple of years, according to Tom Blomfield, its chief executive.
While email is still the most common reason people use the internet, online banking is the fastest-growing use. According to a survey by the Office for National Statistics — looking at the UK population, not just internet users — 69 per cent said they banked online, almost double the proportion recorded 10 years ago (35 per cent).
The ONS began running its survey in 1998. In the case of internet usage, people were asked about their use in the January, February and April before the survey.
Source: Financial Times
BEFORE the global financial crisis, banks were the lender of choice for Britain's small businesses, and perhaps the only option they would consider.
Since then, banks have become more risk averse and are pulling back from lending in some parts of the market, especially since the EU referendum. Peer-to-peer, or rather peer-to-business (P2B), lending has stepped in to fill the gap.
The Peer-to-Peer Finance Association (P2PFA) says the industry provided £660m of new lending to businesses in the first quarter of 2018 and, since the third quarter of 2017, there has been a 35 per cent increase in net lending.
Giant American payday lenders could face legal action in the UK today after they were accused of mis-selling loans to up to a million Britons.
Paydayrefunds.co.uk are preparing legal action against Quickquid, Curo and Lending Stream after the US-payday lending giants have so far refused to disclose information on customers who could be due tens of millions of pounds back in compensation.
The company issued a letter of action six months ago, which is due to run out next Friday. Paydayrefunds.co.uk revealed they have already appointed a barrister in preparation for issuing an injunction at the High Court against the lenders.
Emma Aygemang gives us a report on the Financial Conduct Authority's study on peer-to-peer (P2P) investing, and there's a discussion on the implications of restricting the sector to private investors, and where P2P providers need to up their game.
A new cryptocurrency lending app called Lndr is planning integration with one of the most popular financial services in the world: PayPal. This integration will open the ownership to digital assets to 100 million people around the world, which can cause an unseen widespread of cryptocurrency usage even for people who never before considered using cryptocurrencies.
China Rapid Finance Limited (NYSE: XRF), one of China's largest consumer lending marketplaces, announced earlier this week the launch of its new share repurchase program, which allows the lender to authorized the repurchase of its ordinary shares in the form of American depositary shares with an aggregate value of up to $20 million.
During a Wednesday meeting in Beijing, the China Banking and Insurance Regulatory Commission asked four managers of distressed assets – Huarong, Cinda, Great Wall and Orient – to extend their mandate to non-performing loans owed by peer-to-peer (P2P) lending platforms, according to a source familiar with the matter. The meeting was first reported by Reuters on Thursday.
In July, a total of 165 platforms reported problems, among which 65 percent had difficulties in investments withdrawal, while executives of 8.72 percent of those firms stole money and ran away, according to a report released by domestic industry website wdzj.com on August 1.
Accumulated transactions in the domestic P2P industry had reached 7.48 trillion yuan by the end of July, the report said.
On Wednesday, the China Banking and Insurance Regulatory Commission asked the country's four State-owned asset management companies to help address rising risks in the P2P sector, according to media reports.
China's banking regulator has instructed the country's four state-owned bad loan managers to deal with failing peer-to-peer lending platforms, a sign of Beijing's concern about possible financial and social instability from the shadow banking sector.
Hundreds of P2P platforms have collapsed in recent months due to borrower defaults and fraud by platform operators. The defaults have sparked panic among investors, some of whom have sought early redemption of their investments.
European markets are set to see a slew of big initial public offerings this fall. Potential mega listings – from companies such as Aston Martin, Volvo Cars and Spanish oil firm Cepsa Trading – could help Europe overcome a relatively slow first half. IPOs there have raised about $31bn in 2018 so far, compared with almost $38bn in the same period last year, data compiled by Bloomberg show.
Still, volatile markets threaten to spook investors and owners away from new share sales. Concerns that turmoil in Turkey could hurt the region's lenders has added to pressure on European stocks from the US-China trade spat. Commodities have tumbled along with US equities, fuelling fears that the sell- off may be the start of a broader market correction.
Global spending on blockchain solutions is estimated to reach $2.1 billion this year, but for there to be a blockchain revolution, many barriers – technological, political, organisational and societal – need to be overcome first.
Currently, citizens in Europe have the lowest levels of 'complete trust' in traditional banks. This is worrying, given money is simply a means of exchange, built on the trust bestowed upon it.
However, some bankers will tell you the traditional financial system is 'global' and 'efficient' as it is, despite being fully aware of its flaws. In our industry, lending, if you're currently a non-bank lender who would like to diversify your global lending potential, you will find that it is punitively expensive, time-consuming and exclusive to large funds and traders. This ultimately reduces the potential reward for non-bank lenders through fees.
Given the astonishing fact 39 percent of the world's population are unbanked, blockchain technologies and associated crypto currencies could open the door for anyone, anywhere to lend, borrow and invest. All you need is internet access.
AUSTRALIANS have borrowed $46.6 billion in personal loans over the past 12 months, research has found, but experts claim many are unaware of how loan applications are assessed and how they may affect their own credit scores.
RateCity analysed Australian Bureau of Statistics data from the past 12 months and found personal loan numbers were up 6.4 per cent year on year, with more than half a million Australians using them to buy cars in that period. The total borrowing for new cars was $8.33 billion at an average loan size of $36,341; while a further $5.88 billion was borrowed for used cars.
On top of this, we borrowed $6.05 billion for debt consolidation and $2.54 billion for household goods, but despite the huge outlay, many borrowers are confused about how personal loans work and why they may not be offered the low interest rates they see on advertisements.
People with zero or poor credit score find it hard to get a loan from NBFCs and banks. P2P aims to serve such unbanked and underbanked population. Tell us how do you do it?
NBFCs and banks also lend to people 'new to credit'. These people typically have a financial transaction whether in form of a bank account or income data, whether salaried or self-employed, and can be validated on the risk ratios, basis the information.
Cambodia Fintech Association also reported it undertakes four major streams of work on behalf of its members, which are the following:
Champion: Advise government and regulators on policy change that supports Fintech innovation and growth
Assist: Provide research, legal/regulatory help, service provider discounts and other benefits that help our members build and scale their Startups
Match: Get customers to buy, investors to invest, and talent to get involved in Fintech solutions
Bridging: Connect ventures (capital), talents (education) and other stakeholders within the Cambodia Fintech ecosystem and provide connections to overseas hubs through our network Events and Partners
According to the Phnom Penh Post, CFA Vice President, Eddie Lee, stated that Cambodia is currently progressing in its fintech, but startups are slowly starting to surface in the country. Lee also explained that CFA has also signed a Memorandum of Understanding with the Taiwan Fintech Association, Thailand Fintech Association and Singapore Fintech Association to establish bridges with similar groups in the region. He added that the next step is to register the CFA with the Asian Fintech Network.
Author Allen TaylorPosted on August 20, 2018 Categories Approved, Banks, Blockchain, blockchain lending, Cambodia, China Rapid Finance, Credit, credit karma, crypto lending, Curo, Daily News Digest, digital banking, Featured, fintech, Fundrise, IPO, KBRA, LendingStream, line of credit, Lndr, Machine Learning, Monzo, News, OCC Fintech Charter, online lenders, p2p china, p2p India, p2p lending, p2p uk, PayActiv, Payday loans, paypal, PeerIQ, personal loans, prosper, Prosper Marketplace Issuance Trust, QuickQuid, real estate crowdfunding, RealtyShares, Regulation, SBA loans, small businesses, SmartBiz Loans, SoFi, Transunion, Unicorns, Zelle


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Middlesex Hospital Alliance Starts Gradual Resumption of Elective Activities
Home » What's New » Middlesex Hospital Alliance Starts Gradual Resumption of Elective Activities
NEWS FOR IMMEDIATE RELEASE
Strathroy, ON – The Province has now revoked/amended Directive #2. This allows hospitals to begin slowly "opening up" for elective activities that were paused in March due to COVID-19. The Ministry has developed a comprehensive framework to assist hospitals in assessing readiness and begin planning for the gradual resumption of scheduled surgeries and procedures, while maintaining the capacity to respond to COVID-19. The new expectation from government is that we would resume a low level of activities so long as a number of conditions/requirements have been achieved. At this time, we are only looking to expand service options at the Strathroy Middlesex General Hospital (SMGH) site. Future work will be done for the Four Counties Health Services (FCHS), Newbury site.
A gradual resumption of services will allow Middlesex Hospital Alliance to ensure a number of provincial conditions are met as staff and physicians work to restore services, including:
a sustained commitment to support long-term-care;
adequate supplies of personal protective equipment;
adequate supplies of drugs for surgeries;
the ability to quickly reduce services if a surge in COVID-19 occurs;
maintaining acute care capacity;
and options for delivering care in new ways, including virtually
This easing of the provincial directive, however calla for a gradual and incremental implementation of carefully thought-out resumption of scheduled cases.
Please be patient while we take the steps necessary to allow a safe, slow and incremental approach to gradually re-introducing services. SMGH resumed elective surgeries on June 1, 2020. Ambulatory care services will gradually resume commencing the week of June 8th at SMGH. It is anticipated that ambulatory care will restart at FCHS the latter part of June.
Patients will be notified of opportunities to reschedule surgeries and other appointments. Please do not contact the hospital about a postponed appointment. Patients will be contacted directly by their physician or surgeon's office.
Resuming scheduled hospital-based care for patients waiting for treatment has to be very carefully weighed with the overriding need to ensure Ontario hospitals can maintain capacity to be ready for any surge in COVID-19 patients.
MHA has worked diligently in preparing a thoughtful and responsible plan that emphasizes safety for our patients, physicians and staff.
"We appreciate that this time has been difficult for patients and families, awaiting surgeries and other services. As we gradually and thoughtfully resume services the safety of our patients, staff and physicians is paramount, said T. Stepanuik – MHA President & CEO. He added "COVID-19 has had a significant impact on our patients and their families, and we are committed to doing everything we can to resume care in a safe and thoughtful way."
At Middlesex Hospital Alliance, the last patient treated in hospital with the virus was discharged in mid-April. However, as a precaution, there are a number of measures in place to ensure patient, physician and staff safety.
When arriving at the SMGH site for a scheduled appointment patients are to enter through the main entrance
All patients will be screened at the screening station upon entering the hospital
Patients are asked to bring their own mask. Should a patient not have a mask, one will be provided. Masks are to be worn throughout the appointment or encounter until they exit the building
Patients requiring Emergency Department services will continue to enter through the Emergency Department entrance.
All patients will be asked to respect physical distancing requirements while in hospital. This will be challenging in some patient care areas, and masks will provide an additional layer of protection.
Visitors are still prohibited until further notice. Exceptions will be made for special circumstances.
For local hospital inquiries
Todd Stepanuik
Todd.stepanuik@mha.tvh.ca
519-245-5295 ext:5592

redpajama_set_name: RedPajamaCommonCrawl