Weekly Online Lending Snapshot – December 22, 2017
The financial news cycle is notoriously slow over the holidays in the U.S., and with the exception of the news swirling around the passage of the GOP’s and President Trump’s tax bill, this year is no exception. Joseph M. Otting was sworn in as the new Comptroller of the Currency last month. This week he issued his first statement in that role, addressing bitcoin while failing to add much clarity on the issue of a special fintech charter. Although it was reported that a federal judge at the U.S. District Court for the Southern District of New York dismissed a lawsuit filed earlier this year against the OCC by the New York Department of Financial Services last week, it did little to clarify whether or not the OCC would move ahead with the charter.
In other news, it was reported that Amazon is in talks with Bengaluru-based digital lending startup Capital Float for an investment of up to $5-10 million to be able to offer financial services online in India. LexinFintech Holdings Ltd. raised $108 million after scaling back its previous plans to raise $500 million in a U.S. initial public offering. While many China-based fintech companies have decided to IPO in the U.S. in recent years, it was reported that the stock exchange of Hong Kong is proposing changes to its IPO rules to be more competitive with the U.S. exchanges.
Hope you have a happy holiday season!
Note that this report is updated as of Thursday’s market close to ensure we can get it to you before the weekend.