NEW YORK, March 27, 2019
FinancialBuzz.com News Commentary
NEW YORK, March 27, 2019 /PRNewswire/ -- Consumer trends are constantly changing with the development of the technology industry. Technology has reshaped the way people interact with daily activities such as communication, food, education, business, and specifically, finance and the integration of advanced technology into finance, also known as financial technology, now allows consumers to send or receive digital monetary transactions through enabled devices like computers and smartphones. Consumers can now simply pay for products and services in the palm of their hands. Financial technology uses computers, or other complex technologies, to support or enable, banking and financial services such as digital payment solutions to advance and develop. A large majority of banks, insurers and investment managers have already invested in financial technology, while others are still expected to enter into the sector within the next three to five years. Specifically, with the continued adoption of financial technology, companies can expect a 20% average return on investment on their innovation projects as technologies such as infrastructure-based technology through platformification and open application programming interfaces (APIs) are reshaping the industry. Meanwhile, robotic process automation (RPA), chatbots, and Distributed Ledger Technology (DLT) are enabling faster, more efficient and accurate services. Additionally, the development of the technology will prompt consumers to shift towards digital-based transactions, further promoting the total growth value in transactions. According to Mordor Intelligence, the global financial technology market is expected to witness a CAGR of 8.6% over the forecast period from 2019 to 2024. Codebase Ventures Inc. (OTC: BKLLF) (CSE: CODE), LendingClub Corporation (NYSE: LC), China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), Hexindai Inc. (NASDAQ: HX), Ideanomics, Inc. (NASDAQ: IDEX)
The innovative use of technologies now allows fintech providers to deliver low-cost personalized products, which has a significant impact on customer approval and satisfaction. Specifically, personalized products retain consumers, as well as mount pressure against traditional payment providers. And overall, the increasing rate of consumers using digital platforms has resulted in total digital transactions amounting to USD 3.40 Trillion in 2018. Moreover, the data projects that total transactions will grow at a CAGR of 13.2% by 2024. In particular, the digital commerce segment alone accounted for USD 2.87 Trillion in 2018, which signifies that consumers are transitioning from brick-and-mortar shopping to e-commerce. "Back then, FinTech was mostly around vendors and about companies' ability to build technology and sell it to financial services organizations," said Matt Harris, Managing Director at Bain Capital Ventures, "The beginning of modern FinTech began roughly 10 years ago during the global financial crisis, which convinced the incumbents that they were fighting for survival. This provided a great deal of room for innovators to build businesses. In the most recent phase, which has taken place over the past five years, the incumbents have gone from ignoring startups to fully recognizing the threat of technology-enabled, entrepreneurially-led competitors."
Codebase Ventures Inc. (OTCQB: BKLLF) (CSE: CODE) is also listed on the Canadian Securities Exchange under the ticker (CSE: CODE). Earlier today, the Company announced breaking news that, "its wholly owned subsidiary, Pressland (pressland.com), has released plans to build a first-of-its-kind data management platform (DMP) to help fight fake news.
"We're building an enterprise service for global media companies, social media networks and other third parties fighting the spread of misinformation online," said Jeff Koyen, Codebase's Chief Strategy Officer. "This is a highly scalable, disruptive technology that will serve the public interest by stopping the spread of fake news."
The Brooklyn-based company is using artificial intelligence (AI) and natural language processing (NLP) to analyze around-the-clock global news output. This proprietary process (currently in alpha) will yield a vast, unique data source that can be used to identify misinformation before it spreads online.
Pressland's commercial licenses will serve everyone fighting fake news — from international tech companies to local news outlets.
"We're thrilled to have recognized Pressland's globally disruptive potential at the earliest stage," said George Tsafalas, Codebase's CEO. "Our investment in time and capital are proving to be well-spent, and we expect Pressland to far exceed our expectations when it comes to market this year."
Planned revenue streams include enterprise-grade data licensing, paid tools for media professionals, subscription fees and trade intelligence services. An additional application layer will provide commercial resources for third-party developers building their own products to fight fake news.
Pressland is led by Codebase's Jeff Koyen, a seasoned media executive, entrepreneur and technologist who has worked at Forbes, Dow Jones, Digiday and Travel + Leisure. His team includes engineers, journalists and advisors who have worked at the world's largest tech, media and marketing companies, including Google, BBC News, the Pulitzer Center, CNN, Bloomberg, Casper, McCann, Viacom and The Washington Post. Pressland's CTO, Nicholas Zaillian, is assembling a team of top AI and NLP experts based in New York, Israel and Mountain View, CA.
The Company estimates it will cost up to USD $1 million for engineering and development costs for the platform over the next two years.
About Codebase Ventures Inc. - Codebase Ventures Inc. is a small, hands-on team of financial and technology experts who invest early in great ideas. We operate from the understanding that technology is always evolving, bringing early opportunities for strategic investments that can deliver the exponential returns to our shareholders. We seek out and empower the innovators who are building tomorrow's standards with platforms and protocols, not just products. We invest early, support our founders, take their ideas to market and work tirelessly to help them realize their vision."
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."
China Internet Nationwide Financial Services Inc. (NASDAQ: CIFS), incorporated in 2014, commenced its business by providing financial advisory services to small and medium size companies ("SMEs"). China Internet Nationwide Financial Services Inc. recently announced that its wholly-owned subsidiary, Beijing Anytrust Science & Technology Co., Ltd has developed an e-commerce big data system for InterPark Chifeng BizMarket, a subsidiary of InterPark Holdings Corporation. The agreement, which was signed earlier this year, is valued at approximately USD 1 Million. Per the terms of the agreement, CIFS Anytrust has developed an e-commerce and e-payment system and a warehouse management platform using big data and A.I. technology to assist CF BizMarket in conducting cross-border financial and business transactions, obtaining comprehensive information about buyers/suppliers, performing enterprise credit risk control, etc. As previously announced, AnyInfo's Enterprise Edition gathers, analyzes, categorizes a massive amount of financial and operational data, and provides users with comprehensive information for over 30 million enterprises in China. Mr. Jianxin Lin, Chairman and Chief Executive Officer of CIFS, commented, "We are thrilled to be working with BizMarket, an e-commerce giant in the Korean and Asian markets. The agreement with BizMarket marks the international expansion of our Fintech business, and we are in discussions with other multinational corporations in the region. We hope to sign more service development agreements like this in the near future."
Hexindai Inc. (NASDAQ: HX) is a fast-growing consumer lending marketplace based in Beijing, China facilitating loans to meet the increasing consumer demand of the emerging middle class in China. Hexindai Inc. recently announced that it has been officially accepted as a member of the Nandu Finance Digital Union on June 11, 2018, in recognition of the Company's industry position, strong regulatory compliance, technology innovation and corporate social responsibility. Launched in April 2018 by the Nanfang Metropolis Daily and the Nandu Finance Institute, the Union aims to establish an industry communications platform for regulators, industry players and consumers. The Union explores the latest trends in new finance, and supports the rapid growth of financial technology in order to drive the digital transformation of China's financial services industry. The Union provides a platform for members to share their latest industry insights and technological know-how with other fintech business leaders. The Union is very selective in its membership application process with strict standards. Evaluation for membership is based on operational scale, industry position, fintech capabilities, compliance with government regulations, growth potential and corporate social responsibility. "We are extremely proud to be accepted into the Union," said Mr. Xinming Zhou, Chief Executive Officer of Hexindai. "We would like to leverage this great platform to share our experience and jointly tap the tremendous growth opportunities in new and digital finance in China."
Ideanomics, Inc. (NASDAQ: IDEX) seeks to become a leading fintech company by combining deal origination and enablement with the application of blockchain and artificial intelligence technologies as part of the next-generation of financial services. Ideanomics recently provided an update on Fintech Village, its planned global headquarters for innovation. Since announcing its intention to acquire the former UConn campus in July of 2018, Ideanomics has received regular partner inquiries, ranging from private businesses to colleges and universities, each of which declared an interest in participating in the Company's plans for Fintech Village in West Hartford, CT. In addition to these inquiries, Ideanomics has been in discussions to bring up to ten leading fintech companies to the area from Asia, Israel, and Europe, with the intention to establish their innovation operations within a single, collaborative campus which will be one-of-a-kind in terms of such focus. Interest from the business and educational partners includes program collaboration efforts, IP development, and joint ventures, with interest from the fintech partners including participation in the real estate development of the site, establishing research labs with complementary partners and services, as well as the potential for partnerships and joint ventures. The focus of partner involvement will be to provide a mix of education, use case, and application development for key industries which are positioned to benefit from Blockchain, AI, and Big Data technologies, including Banking, Insurance, Accounting, Legal, Healthcare & Medical, Supply Chain & Logistics, and more.
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