News Briefing - Crowdfunding, SME And Alternative Finance

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1.UK – P2P

AltFi reports:

“Marketplace lender Assetz Capital has bolstered its headcount with the appointment of five new Relationship Directors since the beginning of November as it approaches its £1bn lending milestone. 

In their new roles, the relationship directors will work with brokers and intermediaries to provide businesses and property developers with development finance, property investment finance, commercial mortgages and bridging loans.”

 

2. UK – P2P

 

New peer to peer lending rules come into effect on Monday, December 9th, reports Crowdfundinsider.

“The new rules were the result of a review by the UK Financial Conduct Authority (FCA).

The UK largely created the entire sector of peer to peer lending. One of the most prominent sectors of Fintech, P2P lending has emerged as a viable asset class generating better risk-adjusted returns in a low-interest rate environment. While not without a few growing pains, P2P has been a net positive for both credit markets and for smaller investors seeking higher rates of return on their money.

At the time the updated rules were announced in June of 2019, the FCA stated:

“[The] P2P sector had developed a wider, more complex, range of business models. Many platforms in the sector are now taking a much more active role, by taking decisions on behalf of the investor. In addition, we explained that we had also seen some poor business practices, for example, in disclosure of information to clients, charging structures, wind-down arrangements, and record-keeping.”

The response by platforms has mostly been positive with some questioning if the net effect will be to dim innovation in the online lending sector. The UK P2PFA, the advocacy group representing the P2P industry, stated at the time the new regulations were announced that the rules “reflect what is already good practice in the peer to peer lending market and we welcome that.”

 

3. UK – AltFi

Workplace pension provider Smart Pension has partnered with Revolut to provide a pensions savings solution for its business customers, according to AltFi.

Smart Pension is a global savings and investments technology platform provider. It is also one of the UK’s largest providers of workplace pensions. 

The collaboration will allow companies from across Europe that sign up for Revolut’s business account to set up a workplace pension for their UK employees and employers can automatically pay into a workplace pension for their UK workers.”

 

 

4. UK – AltFi

 

Monese has launched joint accounts for UK customers, hoping to lure in customers which want an alternative to the "lengthy process and unnecessary red tape" associated with traditional banks, according to AltFi.

The joint accounts are free for consumers to open, but there is a one off card delivery fee of £4.95.

Monese is also offering EUR joint accounts between EEA registered users across Europe.

The Monese joint accounts come with free and instant transfers between Europe and sterling accounts, as well as free Monese transfers globally.

Customers will be able to use their joint account with Apple Pay and Google Pay, as well as make use of Monese's budgeting and money management features.”

 

5. International – FinTech

… and a stunt in Singapore. Crowdfundinsider reports.

SpaceChain, a Singapore-based blockchain community platform, announced on Thursday it has sent its blockchain hardware wallet technology to the International Space Station. The company claims that its tech is considered the first technology demonstration of blockchain hardware on the space station and will be installed in Nanoracks’ commercial platform.”