Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [December 17, 2020] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Artificial intelligence loan platform upstart listed on NASDAQ

On December 16, 2020, U.S. local time, upstart, a financial technology startup, was officially listed on NASDAQ (Stock Code: upst). Upstart connects borrowers with bank partners through its online platform and assists in loan decision-making through artificial intelligence technology. Compared with the traditional credit system which relies heavily on FICO score, upstart will also include variables such as education and employment history, cost of living, bank account transaction information and other variables into the decision-making scope, so as to help borrowing users obtain more loans at lower interest rates without reducing risk. Previously, the stock price performance of online loan platforms, including lending club, greensky and elevate, has not been satisfactory after their listing. However, it remains to be seen whether upstart’s banking partners and artificial intelligence advantages can make it stand out.

[2]. US $70 million financing of bestow life insurance

On December 16, 2020, bestow, an insurance technology platform in the United States, announced that it had obtained $70 million in round C financing, with the participation of existing and new investors such as Valar ventures, new enterprise associates, core innovation ventures and Sammons financial. After the completion of this financing, the accumulated financing amount of bestow has reached 145 million US dollars. Bestow was founded in 2017 to provide algorithm driven life insurance underwriting services for users. Through its API, partners can provide insurance products to users more conveniently.

[3]. The German government has introduced a new law to legalize blockchain electronic securities

Germany’s finance ministry said Merkel’s cabinet passed new legislation on Wednesday to introduce all electronic securities as part of its broader blockchain strategy. The bill relaxed previous rules that forced issuers and holders of securities to use paper certificates to prove transactions. “Paper securities may be valuable out of nostalgia, but the future will be electronic,” said Olaf Scholz, finance minister He added that electronic securities reduce costs and management burdens. Now, paper certificates can be replaced by registers of central securities depository institutions or private banks, and encrypted securities registers based on blockchain technology are also possible. Justice Minister Christine Lambrecht said the bill would provide legal clarity and enhance the potential of new technologies.

[4]. U.S. regulators issue new regulations, large technology companies may be expected to carry out banking business

On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) of the United States issued new regulations on industrial banks and industrial loan companies, which allows large enterprises to carry out banking business, while avoiding the restrictions on capital and liquidity of professional financial companies. This may mean that Amazon, Facebook and other technology giants will also have a major impact on Wall Street business in the future.

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