1.UK – P2P
P2P Finance News reports on three P2P players who have made personal money in the sector.
“THREE founders of peer-to-peer lenders have been named among the top 100 richest entrepreneurs behind the UK’s fastest growing firms.
The Telegraph newspaper has compiled a Technology Hot 100 list of the most successful founders of Britain’s fastest-growing private companies.
It assesses wealth based on the financial stake a founder has in the business and also only includes companies with an average annualised growth greater than 20 per cent, and with 10 or more employees.”
2. UK - FinTech
The Mail, a late-comer to the LCF story, alleges a connection with Johnny Mercer, MP.
“A director at the training firm that employs high-flying Tory MP Johnny Mercer has been caught up in the scandal at collapsed savings company London Capital & Finance.
Stephen Jones sits on the board of The Crucial Group with Mercer, who is paid £85,000 a year for 20 hours work a month as a non-executive director.
Crucial is owned by Paul Careless, whose other firms earned fees of £58m selling LCF bonds to savers.”
3. US – FinTech
Associated Press’ release platform carries an announcement of a new incubator.
“EvoNexus, Southern California’s leading startup technology incubator, today announced it is opening the region’s first financial technology (FinTech) incubator with strategic founding sponsors, Royal Bank of Canada (RBC) and Franklin Templeton. The new incubator will serve as the premier SoCal center for FinTech innovation with startups focusing on technology areas that will impact financial services companies of all sizes and the customers they serve.
The areas of technology that they will focus on include: artificial intelligence/machine learning, bank/wealth/payment technology, capital markets technology, cybersecurity, blockchain, mobile payments, P2P lending, digital cash, InsurTech, RegTech, data science, predictive behavior analytics and key telecommunication enablers such as 5G, IoT and edge computing.”
4. US – FinTech
The House of Representatives has introduced the Token Taxonomy Act of 2019 (H.R. 2144) legislation – a bill that is designed to enable a digital asset that is a utility token unregulated by the Securities and Exchange Commission (SEC), according to Crowdfundinisider.
“The bill states:
“… to exclude digital tokens from the definition of a security, to direct the Securities andExchange Commission to enact certain regulatory changes regarding digital units secured through public key cryptography, to adjust taxation of virtual currencies held in individual retirement accounts, to create a tax exemption for exchanges of one virtual currency for another, to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency for other than cash, and for other purposes.”
Thus, the legislation may create a tradable utility token which stands in contrast to recent SEC guidance.
The Token Taxonomy Act is said to provide regulatory certainty for businesses, entrepreneurs, and regulators in the U.S.’s blockchain economy.”
5. International – FinTech
Mistubishi Financial Group is to offer its own crypto, according to Cryptocurrency Guide.
“Mitsubishi UFJ Financial Group Inc. plans to put its original digital currency into practical use by the end of this year, according to President Kanetsugu Mike.
The major banking group hopes to enable other enterprises, such as retail stores, to use the digital currency, called “coin,” as their own currencies and bearing their own respective corporate names.”