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Facebooks payment bots, APIs & Australian questions of fairness?

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Ruling Boosts CFPB, Raises Marketplace Lending Questions, (BNA)

(Errata : For Australia in fact).From November 12th, 2016 unfair contract terms for SME borrowers will become prohibited. What is unfair contract terms ? Of course, the definition is vague but the author explained 3 tests.

While Facebook is doing everything possible not to become a credit agency, it is entering payments. A very interesting platform to build on top of for our readers, perhaps.

We have talked repeatedly about APIs and the future of finance where financial platforms will be in large part an aggregation of many APIs. We have also covered yesterday the importance of data in finance through a new type of “data hunters” jobs. Today we report on PSD2 regulation which will mandate, in Europe, banks to have and to open their APIs, more or less. We have reported in the past that the UK and Australian banks and regulators are discussing the pros and cons of an open-API mandate.  While this regulation will affect Europe, we feel this is of global interest and worth thinking about.

Optimism of America’s Small Businesses at Record HighLendKey releases a private student loans report. We applaud the initiative. Lending Times sought the student loans report mentioned just above. The meat of the report in our eyes is the Total Student Default curve we reproduced. We, however, find it strange that defaults are decreasing, and most importantly we find it very strange how fast the defaults are improving. I question the data in this report on this basis and we will seek further clarification.

Analysis

Buy or sell shares in a single-family house

Events

Largest P2P lending event, American Banker, New York, 2016
Lend360, Chicago

About the author

George Popescu

Serial entrepreneur.

George sold and exited his most successful company, Boston Technologies (BT) group, in 2014. BT was a technology, market maker, high-frequency trading and inter-broker broker-dealer in the FX Spot, precious metals and CFDs space company. George was the Founder and CEO and he boot-strapped from $0 to a $20+ million in revenue without any equity investment. BT has been #1 fastest growing company in Boston in 2011 according to the Boston Business Journal and the only company being in top 10 fastest in 2012-13 as it was #5 in 2012. BT has been on the Inc. 500/5000 list of fastest growing companies in the US for 4 years in a row ( #143, #373, #897 and #1270). After the company sale in July 2014 until February 2015 George was Head-of-Strategy for Currency Mountain ( www.currencymountain.com ), a USD 100 million+ holding company focused on retail and medium institutional currencies, precious metals, stocks, fixed income and commodities businesses.

• Over the last 10 years, George founded 10 companies in online lending, craft beer brewery, exotic sports car rental space, hedge funds, peer-reviewed scientific journal ( Journal of Cellular and Molecular medicine…) and more. George advised 30+ early stage start-ups in different fields. George was also a mentor at MIT’s Venture Mentoring Services and Techstar Fintech in NY.

• Previously George obtained 3 Master's Degrees: a Master's of Science from MIT working on 3D printing, a Master’s in Electrical Engineering and Computer Science from Supelec, France and a Master's in Nanosciences from Paris XI University. Previously he worked as a visiting scientist at MIT in Bio-engineering for 2 years. George had 3 undergrad majors: Maths, Physics and Chemistry. His scientific career led to about 10 publications and patents.

• On the business side, Boston Business Journal has named me in the top 40 under 40 in 2012 in recognition of his business achievements.

• George is originally from Romania and grew up in Paris, France.

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Testimonials

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"Your daily letter is great!" , Ram , Founder and CEO, PeerIQ

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"Hi George - just want to tell you that you are doing a great work with Lending Times;-) Brgds, Kasper" , Kasper, Partner and Co-founder at Dansk Faktura Børs A/S

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"I've been following your newsletter for some time now and have been very impressed with the content." Charlie,Co-Founder | Bolstr

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"Hey George, I must say I really enjoy your site. It has inspired me to do some changes at our platform and we are the biggest consumer lender in Sweden." , Ludwig, CEO @ Savelend Sweden AB

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"Your daily email is very useful. It gives quick update on what's going in the market. Thank you very much for all that info." Yann Murciano, Head of Base Metals Trading at Morgan Stanley

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