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Feb 27 2021

Fintech Blend Explains how its Digital Lending Platform Supports Data Connectivity so Borrowers can Connect to Asset, Payroll, Tax Accounts

San Francisco-based Blend, which claims to offer market-leading digital lending technology that makes the process of acquiring a loan simpler, faster, and safer, notes that in the increasingly competitive lending sector, it’s now more important than ever to work with technology that provides your clients the best user experience (UX) possible.

According to Blend, an “obvious” choice may be a “targeted point solution” — they are often marketed as offering services that are “specialized” for the mortgage sector. However, when you are trying to piece together “fragmented” experiences across multiple point solutions, you’re probably failing to offer the “seamless, end-to-end process” that consumers have started to expect from service providers, Blend noted.

Blend recommends that lenders may look for a tool that “goes beyond the basics” — one that is capable of growing with their organization, can offer flexibility, improve continuously, while supporting “long-term agility.” The Blend team writes in a blog post that if you’re looking to “maximize the positive effects of transformative technology for customers now while setting up your organization for a successful future, a unified mortgage lending solution can offer the right capabilities.”

Blend points out that “consistency” and “continuity” are essential to “the success” of a mortgage lending product or solution. They also mentioned that with a more cohesive platform, your team and clients may “rely on a dependable, streamlined journey instead of a disjointed experience across multiple systems.” As noted by Blend, a unified platform “integrates easily across existing technology stacks, offers a holistic view of customer touchpoints, and streamlines document collection into one hub.”

The Blend team added:

“With Blend’s Digital Lending Platform, applicants can complete conditions by connecting their financial accounts, utilizing mobile document upload, and providing signatures through e-sign tools. Through one portal, we provide a sense of stability and security by delivering a seamless experience across the board.”

Blend claims that no matter how “impressive” or “efficient” your mortgage lending platform might be, your actual results will be “hindered by an application experience that fails to meet customer needs — a fantastic back-end won’t have any impact if borrowers don’t complete the application, after all.”

While commenting on how to offer the “best” application experiences, Blend notes that their product specialists recommend the following:

  • Conversational interfaces with “clear, easy to understand guidance and language”;
  • Embedded data connections that “provide applicants with easy access to their information, speeding up the application process and minimizing manual data entry”;
  • User-centered design with “answers to common questions built into the process”;
  • Intelligent metrics that “gather insights into how consumers interact with the application, so lending teams can focus on continual improvement”;
  • Rapid document requests “to help accelerate the loan cycle”;
  • Omnichannel services that “meet consumers where they are and allow loan teams to seamlessly start applications over the phone, in person, or send a link to borrowers to complete on their preferred device”

The Blend team further noted that loan officers, processors, and underwriters may get “weighed down by manual work.” When mortgage lending solutions are able to leverage automation to provide greater efficiency for lending teams, “time opens up to handle more loans and focus on building customer relationships,” Blend explained.

The Fintech firm also mentioned:

“Blend’s Digital Lending Platform features data connectivity, which allows borrowers to connect to their asset, payroll, and tax accounts. When applications are completed, our platform helps identify any potential red flags to surface issues and reduce manual downstream work. Blend’s intelligent automation prompts the borrower with questions for further explanation and can create a gift letter template to quickly review, edit, and sign — all within the same process and portal.”

Blend also mentioned that strong insights are “the foundation for building a strong strategy and positioning your financial institution well for any market condition.” By using analytics and reporting tools, lenders are able to identify “process bottlenecks” and “team inefficiencies” well before they can “negatively impact the bottom line.”

When selecting a reporting tool, Blend suggests looking at the reporting dashboard to quickly check “high-level insights and metrics within a helpful hub.”

They also suggest looking at interactive reports to “track trends over time with pre-built data visualizations.” Additionally, you may check out generated reports “when you need a finer-tuned analysis with tailored information incorporated, this feature allows you to create and download customizable reports.”

You may also view the reporting API to “achieve even deeper customization with an API that enables your team to securely import data into your tool of choice.”

Blend concludes:

“Our full Mortgage Suite can help you deliver a seamless digital mortgage experience through a single platform — powered by automated verification and workflows, a seamless application experience, and the reporting tools your organization needs to thrive.”

As covered, Blend has also explained how relationship banking can be “reframed” for an “increasingly digital” environment following the COVID outbreak.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: analysis, api, automation, Banking, blend, blog, connectivity, data, data visualizations, Design, digital, digital lending, end-to-end, Environment, fintech, Future, information, lending, LINE, market, Mobile, more, mortgage, Mortgages, online lending, outbreak, payroll, product, red, San Francisco, security, Strategy, tax, Teams, Technology, United States, us, user experience, ux, verification, view, work

Feb 26 2021

Southeast Asian Fintech Grab to Create 350 New Jobs in Singapore during 2021 to Support Business Growth and Development Plans

Southeast Asian Fintech firm Grab has revealed that it will be creating about 350 new jobs in Singapore during 2021 in order to support its ongoing growth and development plans.

These new roles and requirements aim to support the Fintech company’s expansion of products and services to support the digitalization of micro SMEs and also the delivery of digital financial services across the Southeast Asia region. Grab is also committed to the development of the “digibank” which will reportedly be led by a Grab-Singtel consortium.

Grab’s announcement to hire more workers has come at a time when the company has signed a Memorandum of Intent (MOI) with the Infocomm Media Development Authority (IMDA) and Digital Industry Singapore (DISG).

Per the terms of the MOI, Grab will be working cooperatively with IMDA and DISG to grow its main line of products and also its engineering teams’ capabilities via the support of talent development programs like the TechSkills Accelerator (TeSA).

These programs are designed to enhance the technical skills of experienced professionals and offer practical, hands-on training to those who are interested in exploring different roles in the technology industry.

Some of these new hires will be specialists focused on AI, cybersecurity, data science, software development, and product management and design.

Grab stated that it will also be providing various employment opportunities in key areas like finance, operations, legal, public affairs and business development.

Tan Hooi-Ling, Co-founder, Grab, stated:

“As a Singapore-based tech company, Grab fully supports the development of the tech ecosystem here. We are building products that positively impact millions across Southeast Asia, and we want to continue deepening our R&D capabilities and push the boundaries of innovation, right here at our strategic base. This is only possible with the support of Grabbers across different business functions, who are continually learning and adapting to new technologies and customers’ requirements.”

Lew Chuen Hong, Chief Executive, IMDA, noted that in order to secure its digital future, Singapore “must be the place where companies choose to build unique digital products that cater for global markets.” Hong also mentioned that this is “the only way that Singapore can sustainably capture value and differentiate ourselves in the digital economy.”

He added:

“We are pleased to partner Grab, to strengthen Singapore’s tech ecosystem in these two key areas – to build our local talent in product development, and grow Singapore as the base for high-end R&D in tech.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2021, accelerator, AI, AIM, Asia, business, Co-founder, company, cybersecurity, data, data science, Design, digital, digital financial services, economy, employment, Engineering, expansion, finance, financial services, fintech, Future, General News, Global, grab, grab financial services, imda, innovation, Jobs, legal, lew chuen hong, LINE, linkedin, markets, Media, more, new hires, product, Products, science, Singapore, Software, Southeast Asia, tan hooi ling, tech, Technology

Feb 24 2021

MC Payment Ltd becomes First Digital Payments Company to be Listed on Singapore Exchange’s (SGX) Catalist

MC Payment Limited has revealed that it’s now listed on the Singapore Exchange’s (SGX) Catalist. The company claims that it’s the first digital payments platform to be listed on Catalist.

With a market cap of around S$139 million (appr. $105.4 million), the listing of MC Payment Limited brings the total number of firms listed on Catalist to 218, with a total market cap of about S$11 billion ($8.34 billion).

Based in Singapore, MC Payment Ltd is a Fintech firm that offers merchant payment services and e-commerce enabling solutions, with a special focus on servicing clients who are merchants in the retail, transportation and food and beverage sectors.

MC Payment Ltd maintains a business presence in several different Southeast Asian countries including Malaysia, Indonesia and Thailand.

Anthony Koh, CEO at MC Payment Limited, stated:

“As the first digital payments company to be listed on SGX, today marks an exciting start to MC Payment’s new growth chapter. Our listing comes at an opportune time, with digital payments in the region surging amidst the rise in online transactions, following safe-distancing measures imposed by the Covid-19 outbreak.”

Mohamed Nasser Ismail, Global Head of Equity Capital Markets, SGX, noted that they are pleased to welcome the listing of MC Payment Limited on SGX Catalist and will be supporting the “growth ambitions” of Singapore’s homegrown tech firm.

Ismail added that as a payment processing platform with properly developed infrastructure and the appropriate licenses across Southeast Asia, MC Payment is “well-positioned to tap on SGX’s fundraising platforms and Singapore’s technology hub status as a launchpad into the region.”

Founded in 2005, MC Payment Pte Ltd is an e-payment solution provider with headquarters in Singapore.

The company mainly works with acquiring banks and solution providers to provide merchants a “secure” and “compliant” processing platform.

MC Payment says it aims to solve all our payment problems. The company processes payments locally and globally with its wide range of payment methods, cross-border processing services and international payment network.

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: anthony koh, Asia, Banks, business, Capital Markets, ceo, company, covid-19, digital, digital payments, e-commerce, electronic payments, fintech, Food, food and beverage, fundraising, Global, Indonesia, Infrastructure, international, Malaysia, market, markets, mc payment, Merchants, mohamed nasser ismail, outbreak, payment, payments, platforms, retail, Singapore, Southeast Asia, tech, Technology, Thailand, Transactions, transportation, virtual payments

Feb 23 2021

Bancor Lawsuit Tossed: “New York is not a reasonable and convenient place to conduct this litigation”

A New York judge has tossed a lawsuit filed against Bancor, or BProtocol Foundation, that claimed the sale of unregistered securities, according to an Order Granting Motion to Dismiss received by CI. Judge Alvin Hellerstein dismissed the case and the Plaintiff’s offer to re-plead was denied.

BProtocol Foundation (Bancor) is organized under the law of Switzerland, with offices in Zug, Switzerland, and Tel Aviv, Israel. In 2017, Bancor raised about $153 million in a token offering.

According to company representatives, the ruling is decisive as Judge Hellerstein canceled an oral argument that had been scheduled. The ruling may impact other cases that seek to apply US securities law to digital offerings that sold outside the US.

According to the document, the case was filed on behalf of Timothy C. Holsworth. Holsworth, who replaced the initial plaintiff William Zhang, alleged that he purchased 587 BNT digital coins on September 4, 2019, from Wisconsin, on COSS, a digital exchange in Singapore, for an aggregate cost of $212.50.

The lawsuit alleged that Bancor “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.” The Plaintiff argued that BNT is a security and thus falls under US securities law.

Filed yesterday, the Order said the Plaintiff has not shown that he was directly contacted by Defendants or that he purchased securities as a result of any active solicitations by Defendants. The Order adds:

“Wherever the current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation.”

Thus the motion to dismiss was granted in favor of the Defendants.

Bancor was represented by Alex Spiro of Quinn Emanuel, a law firm that specializes in litigation and is active in multiple high-profile crypto and Fintech cases.


Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2017, alex spiro, bancor, Blockchain & Digital Assets, bpprotocol foundation, business, company, crypto, digital, exchange, fintech, Israel, Law, lawsuit, legal, New York, Offerings, other, Politics, Legal & Regulation, quinn emanuel, said, securities, security, Singapore, Switzerland, token, tokens, us, Wisconsin

Feb 17 2021

Cross-Border Payments Fintech Tranglo Continues to Expand Operations Globally to Support Local Businesses

Malaysia-based Tranglo, a cross-border payment firm, has established four new payment channels that are connected to financial networks in Brazil, Ghana, Nigeria, and Uganda. The payment corridors mark the Fintech firm’s first entry into Sub Saharan Africa and Latin American (LatAm) regions.

Tranglo’s management stated that they plan to do their part in reducing the overall cost of remittance payments in these areas.

World Bank data shows that Sub-Saharan Africa is one of the most expensive regions to send money to, averaging around 8.5% per transaction to send $200 during Q3 2020. Meanwhile, it costs around 5.8% of the transaction to send the same amount to Latin American regions.  The United Nations Sustainable Development Goals has recommended lowering the cost of transactions to 3% by 2030.

Nigeria, Ghana, and Uganda reportedly ranked 1st, 2nd, and 7th respectively in the world’s list of top 10 largest remittance recipients in the region last year, according to World Bank data. Remittance inflows for these countries was valued at $25 billion (or 43% of the total value of such payments in the region).

Tranglo’s network in these areas is supported by major online wallets, instant banking services, and cash pickups as well.

Meanwhile, remittance inflows to Brazil were valued at $3 billion last year. Despite projections of the global decline in remittance payments due to the COVID outbreak, Latin America has been fairly resilient, especially Brazil, which reported no contractions in growth during 2020.

With around three-fourths of remittance payments in Latin America originating from the United States, Tranglo had initially expanded operations to the North American markets via strategic partnerships with established players, which included integrating their international transactions infrastructure with Tranglo’s API.

Tranglo’s Brazil-based network includes direct bank transfers and cash pickups.

Tranglo’s single interface platform is supported by domestic and international partnerships, and it is currently accessible in more than 23 countries.

Jacky Lee, CEO at Tranglo, stated:

“It is just the first of many to come. We are already planning to expand into countries like Mexico and Argentina next, bringing our cross-border payment solutions to even more businesses in the region and beyond. We are also focusing on enhancing e-wallet support to stay ahead in the digital economy, so stay tuned for more exciting development this year.”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2020, africa, american, api, Argentina, Asia, Bank, Banking, Brazil, Businesses, Cash, ceo, cross-border payments, data, digital, digital payments, economy, fintech, Global, Infrastructure, international, international payments, International Transactions, jacky lee, latam, Malaysia, markets, mexico, money, more, nigeria, online wallets, outbreak, payment, payment solutions, payments, remittance payments, Remittances, supported, sustainable, tranglo, transaction, Transactions, transfers, Uganda, United Nations, United States, Wallets, world, World Bank

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