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Financial Institutions Utilize Diverse and Maturing Fintech Solutions

FinancialBuzz.com News Commentary


News provided by

FinancialBuzz.com

17 May, 2019, 13:00 GMT

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NEW YORK, May 17, 2019 /PRNewswire/ -- The evolution of technology has completely reshaped many industries around the world. Now, almost every industry has incorporated technology into their business models in order to thrive among the competition. Sectors ranging from communication, food, education, business, to even finance have all integrated innovative and advanced technology. Specifically, the financial world has been deeply impacted by the growth of technology. Moreover, banks and firms have been heavily investing in financial technology or "fintech" solutions to provide their consumers with exceptional services. Fintech is described as a technology that seeks to improve or potentially automate financial services. For instance, many banks have launched mobile banking services which eliminate the need for consumers to physically go to a bank. Instead, consumers can now access their bank accounts, make payments, and deposit funds in the palm of their hand. A large majority of global banks, insurers, and investment managers have already dove into the fintech industry, however, within the next 3 to 5 years, even more are expected to enter into the market. Furthermore, with the adoption of fintech solutions, companies can expect a 20% average return on investment on their innovation projects. Through the use of these technologies, companies are able to create and deploy low-cost personalized products for consumers. And as a result, the innovative products are having a significant impact on the consumer, pressuring traditional firms to adapt to the competition. According to data compiled by Mordor Intelligence, the global fintech market is expected to register a CAGR of 13.2% during the forecast period from 2019 to 2024. CLPS Incorporation (NASDAQ: CLPS), First Data Corporation (NYSE: FDC), Overstock.com, Inc (NASDAQ: OSTK), BGC Partners, Inc. (NASDAQ: BGCP), LendingClub Corporation (NYSE: LC)

Primarily, infrastructure-based technologies, through platformification and open application interfaces (APIs) are reshaping the fintech industry. Other operation advancements such as robotic process automation, chatbots, and Distributed Ledger Technology are all enabling greater agility, efficiency, and accuracy. According to Capgemini's 2018 World Payments Report, there were approximately 600 billion total digital transaction. Furthermore, the report suggests that digital transactions are on pace to grow by 46% over the next four years, growing to 876 billion transactions by 2021. Capgemini also notes that the Asian markets are expected to lead the pack, exhibiting a CAGR of 29% during the period. Other developing markets include regions like Central Europe, the Middle East and Africa, which are expected to register a CAGR of 20%. However, concerns over fraud and security are expected to undermine the industry as consumers fear that cyber attackers can access their accounts or e-wallets and steal personal information or even digital currency. Nonetheless, tech companies and financial institutions have partnered together in order to provide more secure platforms. "If you have not heard about the Fintech revolution that is happening right now, you need to get out from under your rock. These revolutionary advancements are not just impacting the financial industry. They have the potential to change the way we conduct transactions in all aspects of business," said Daniel Newman, Chief Executive Officer of Broadsuite Media Group and Principal Analyst at Futurum. "Technology has driven us to where we are. As an industry with a heavy focus on technology, it is obvious that changes will happen rapidly and frequently. With the Fintech revolution being the newest disruptor of choice, the banking industry and its consumers will need to hold on for the ride. It will take some time for this technology is gain enough speed to become widely accepted. However, it is definitely on the horizon. Only time will tell what we can expect when we visit our local bank for this is only the beginning."

CLPS Incorporation (NASDAQ: CLPS) earlier this week announced, "a strategic investment in Economic Modeling Information Technology Co., Ltd. ("EMIT"), a financial big data company. Upon closing of the transaction, CLPS will hold a 30% ownership stake in EMIT.

Established in 2017, EMIT was founded by a team of PhD faculty members from Shanghai University of Finance and Economics ("SHUFE") in cooperation with SHUFE's Fintech Research Institute. EMIT provides financial modeling and analysis services to financial services companies and delivers a full range of value-added data mining and data analytics IT solutions to its clients that include intelligent investment systems, risk warning systems, and credit card decision engine core systems. EMIT's "financial data modeling platform + financial risk warning platform" business model provides its customers with comprehensive financial data services, such as financial data strategic planning, service mode design, and risk control.

Mr. Raymond Lin, Co-Founder and Chief Executive Officer of CLPS, commented, 'Big data has become an important area of technological advancement in the financial industry. Our strategic investment in EMIT allows us to expand upon our expertise in providing the financial industry with applications of industry-leading technologies. EMIT's expertise in data modeling, deep learning and machine learning, and blockchain technology will benefit CLPS's future development by further expanding our client network. In addition, by offering applications of data mining, we will be able to extend our competitive edge in the banking, insurance and financial sectors.'

About CLPS Incorporation: Headquartered in Shanghai, China, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology ("IT"), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company serves as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains ten delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining three global centers are located in Hong Kong, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com."

First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately 6 million business locations and 4,000 financial institutions in more than 100 countries around the world. First Data Corporation and Fiserv (NASDAQ: FISV) recently announced that their boards of directors had unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world's leading payments and financial technology providers, and an enhanced value proposition for its clients. This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover™ cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers. "I have long admired what Fiserv has achieved over the years, and I look forward to working with the talented associates of both companies as we set a higher standard of innovation and service in the industry," said First Data Chairman and Chief Executive Officer Frank Bisignano. "Our goal at First Data has always been to provide our clients with the most comprehensive suite of innovative, highly-differentiated solutions and services, and I am excited by the significant value that the combination with Fiserv creates for all stakeholders."

Overstock.com, Inc (NASDAQ: OSTK) is an online retailer and technology company based in Salt Lake City, Utah. Overstock.com, Inc. and its subsidiary tZERO Group, Inc. recently announced that Hong Kong-based private equity firm GSR Capital has retained tZERO to develop a smart contract token that will be utilized for an upcoming sale of cobalt. Subject to compliance with applicable regulatory requirements, the sale is expected to offer recurring tranches of electric vehicle (EV) battery-grade cobalt, with up to USD 200 Million of the material projected to be available for sale in 2019, with more planned for 2020. tZERO Group, Inc. is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. tZERO and GSR Capital intend to build an ecosystem in Asia for tokenized commodity purchase contracts that would simplify the process of identifying, purchasing and tracking the supply of rare minerals. The companies also envision adding a security token trading platform in the region, subject to compliance with applicable regulatory requirements. "We are excited to work with GSR and their partner on this innovative cobalt token offering," said Overstock Chief Executive Officer and tZERO Executive Chairman, Patrick M. Byrne. "Smart contract automation of these transactions will significantly reduce overall costs while effectively improving transparency in rare earth metals purchases throughout the supply chain process. We look forward to bringing the future of commodities purchasing to the global marketplace."

BGC Partners, Inc. (NASDAQ: BGCP) is a leading global brokerage and financial technology company.  BGC Partners, Inc. recently announced that it has completed the acquisition of Ed Broking Group Limited, an independent Lloyd's of London insurance broker with a strong reputation across Accident and Health, Aerospace, Cargo, Energy, Financial and Political Risks, Marine, Professional and Executive Risk, Property and Casualty, Specialty and Reinsurance. Ed will become part of BGC's insurance division, which was established in 2017 with the acquisition of Besso Insurance Group Limited. Steve Hearn, currently Group Chief Executive Officer of Ed, will become Head of BGC's insurance division. Mr. Hearn will report directly into Mr. Lynn. Under the terms of the agreement, BGC acquired 100% of Ed, which includes broking operations under the Ed brand in the UK, Singapore, Hong Kong, Dubai, Miami and China; Ed's German marine broking arm Junge & Co. Versicherungsmakler GmbH; Ed's managing general agent (MGA) operations Globe Underwriting Limited based in the UK; Epsilon Insurance Broking Services Pty Ltd in Australia; and Cooper Gay (France) SAS, which is based in Paris. Shaun D. Lynn, President of BGC Partners, commented on the announcement: "We are delighted to complete the purchase of Ed, a company with a great reputation, a global footprint and an excellent management team that will continue to build on BGC's success in growing the insurance brokerage business."

LendingClub Corporation (NYSE: LC) was founded to transform the banking system to make credit more affordable and investing more rewarding. Leading fintech analytics platforms, dv01 recently announced an expanded reporting partnership with LendingClub, securing its role as loan data agent for all completed CLUB Certificate transactions. Prior to this partnership, dv01 has provided reporting services for USD 2.75 Billion of LendingClub securitizations. As loan data agent, dv01 will receive loan data directly from LendingClub, which it will normalize, validate, and roll up for monthly servicer reporting. The company will also prepare and provide monthly loan tapes; reconcile the monthly remittance report; and provide approved investors access to the data through dv01's portal, which features a suite of reporting, analytics, and cashflow tools designed specifically for the online lending asset class. "LendingClub's previous work with dv01 has made it clear that investors appreciate the ability to conduct deep analysis into structured products, both before and after purchase," said Valerie Kay, Chief Capital Officer of LendingClub. "The unique structure of these CLUB Certificate transactions appealed to a new investor audience, and we're excited to offer these investors access to dv01's reporting and analytics portal as part of their introduction to the online lending asset class."

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About FinancialBuzz.com  

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the "site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, FinancialBuzz.com has not been compensated for financial news dissemination and PR services by any parties. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.FinancialBuzz.com..

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