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SuperMoney launches student loan refinancing marketplace

Financial services comparison site SuperMoney is venturing into new territory with the launch of its student loan refinancing comparison marketplace. And since student loans are the largest source of unsecured debt in the US, with outstanding loan amounts totaling $1.53 trillion, now is as good a time as ever for the new endeavour, reports Julie Muhn at Finovate.

The new marketplace aims to help students make smarter decisions when refinancing their existing student loans.

By submitting a single application, users can receive actual rate quotes in real time from multiple lenders, including LendKey, CommonBond, and SoFi.

Each offer shows users a breakdown of monthly costs, payments, and fees so that they can make the best decision based on their circumstances.

Read more at:
Banking Tech

IMF: Nations Need to Consider a Central Bank Backed Cryptocurrency

During her speech at Singapore Fintech Festival 2018, Christine Largarde, IMF’s Managing Director expressed the need for states to consider the possibility to issue digital currency, adding that there may be a role for the state to supply money to the digital economy.

Ms Lagarde is of the opinion that a central bank backed cryptocurrency could achieve the following goals financial inclusion, security and consumer protection; and to provide what the private sector cannot — privacy in payments.

How a central bank backed cryptocurrency could aid financial inclusion
She shared during her speech that cryptocurrencies offer great promise through its through its ability to reach people and businesses in remote and marginalized regions where banks are not exactly rushing to serve poor and rural populations.

Ms Largarde further added that it is critical because cash might no longer be an option, if the majority of people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind.

She emphasized of course, cryptocurrency is not necessarily the only answer. There may be scope for governments to encourage private sector solutions, by providing funding, or improving infrastructure.

Read more at:

Fintech News

NORTHERN POWERHOUSE DIGITAL & TECHNOLOGY CONFERENCE 2018

Our Sales Partnership Managers James & Adam will be attending Insider Media’s Northern Powerhouse Digital and Technology Conference.
They’ll be looking to speak connect with attendees who have an interest in both domestic and oversees travel.

To book an appointment

Email the team today

Billionaire-Backed Hong Kong Fintech Firm Plans U.S. IPO

TNG FinTech Group Inc., a Hong Kong-based digital wallet operator, plans to seek as much as $300 million in a U.S. initial public offering, according to people familiar with the matter.

The company, whose investors include billionaire Henry Cheng’s NWS Holdings Ltd., is working with advisers on preparations for the proposed share sale, according to the people. It aims to start trading next year, the people said, asking not to be identified because the information is private.

Proceeds from the IPO will be used to develop TNG’s planned virtual banking business in Hong Kong and to expand overseas, according to the people. TNG has recently raised more than $120 million in a Series B funding round, one of the people said.

TNG is seeking funds as competition heats up with Chinese internet giants Ant Financial and Tencent Holdings Ltd., which have also started offering digital payments in Hong Kong. Welab Holdings Ltd., another financial technology startup in the city that runs an online lending platform, filed in July for a Hong Kong initial public offering.

The notoriously expensive Asian city, with an economy focused on property and finance, has struggled to create major successes in the technology industry. Only one company from Hong Kong, Klook Travel Technology Ltd., which books activities for tourists, has made the CB Insights list of unicorns, or closely held startups with valuations of at least $1 billion.

Founded in 2013, TNG offers global money transfers, foreign-exchange transactions and bill payments. The company is profitable and has a valuation of close to $1 billion, one of the people said. NWS, the transportation unit of New World Development Co., owns less than 5 percent of TNG, according to the person.

A representative for TNG declined to comment. A representative for NWS confirmed the company is a shareholder of TNG, declining to comment further.

Read more at:
Bloomberg

UK banks publish fintech collaboration toolkit

A collective of top UK banks and and financial technology firms have helped to craft a set of guidelines designed to improve engagement between fintech startups and financial institutions.

The new guidelines have been developed by the British Standards Institute through sponsorship from the government-backed Fintech Delivery Panel as part of HM Treasury’s Fintech Sector Strategy.

The document has been jointly created by the UK’s top retail banks – Royal Bank of Scotland, Barclays, HSBC UK, Lloyds Banking Group, and Santander – and vendors, such as MarketInvoice, The ID Co., and iwoca, with the aim of addressing the issues that prevent fintechs and financial institutions from becoming successful allies.

The Publicly Available Specification – PAS 201:2018 – will be freely available not only to the 1,600 fintech companies currently operating in the UK but also to those international startups wanting to engage with UK-based financial institutions.

Finextra

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