Latest news with #financialservices
Yahoo
15 minutes ago
- Business
- Yahoo
Trendyol, Baykar CEO, ADQ and Ant International to develop fintech platform in Turkey
ANKARA (Reuters) -Turkey's Trendyol Group, Baykar CEO Haluk Bayraktar, Abu Dhabi's sovereign fund ADQ and Ant International have agreed to explore a potential joint fintech venture offering digital financial services in Turkey, the companies said on Wednesday. The four parties signed a memorandum of understanding to form a platform that would provide services including digital payments, loans, deposits, investments and insurance. The launch would be subject to regulatory approvals. The companies said the platform would target individuals and small businesses, with a particular focus on Trendyol's network of sellers. "The project aims to combine Trendyol's e-commerce infrastructure, Baykar's AI and cybersecurity tools and Ant's experience in financial technology," a statement said. Bayraktar, best known for leading Turkey's top drone manufacturer, said the initiative would rely on domestic infrastructure and aim for high security standards. Alibaba Group President Michael Evans, representing Trendyol's main investor, said the partnership reflected interest in Turkey's digital economy while ADQ's deputy CEO, Mansour AlMulla, cited the country's growth potential in the sector. Ant International said Turkey's large and digitally active population made it a significant market. The companies did not disclose an expected investment size.
Reuters
17 minutes ago
- Business
- Reuters
Trendyol, Baykar CEO, ADQ and Ant International to develop fintech platform in Turkey
ANKARA, July 16 (Reuters) - Turkey's Trendyol Group, Baykar CEO Haluk Bayraktar, Abu Dhabi's sovereign fund ADQ and Ant International have agreed to explore a potential joint fintech venture offering digital financial services in Turkey, the companies said on Wednesday. The four parties signed a memorandum of understanding to form a platform that would provide services including digital payments, loans, deposits, investments and insurance. The launch would be subject to regulatory approvals. The companies said the platform would target individuals and small businesses, with a particular focus on Trendyol's network of sellers. "The project aims to combine Trendyol's e-commerce infrastructure, Baykar's AI and cybersecurity tools and Ant's experience in financial technology," a statement said. Bayraktar, best known for leading Turkey's top drone manufacturer, said the initiative would rely on domestic infrastructure and aim for high security standards. Alibaba Group ( opens new tab President Michael Evans, representing Trendyol's main investor, said the partnership reflected interest in Turkey's digital economy while ADQ's deputy CEO, Mansour AlMulla, cited the country's growth potential in the sector. Ant International said Turkey's large and digitally active population made it a significant market. The companies did not disclose an expected investment size.
Telegraph
2 hours ago
- Business
- Telegraph
‘I've pretty much given up on this lot': why banks may not help Reeves out
Wooing bankers at the Mansion House might not be a Labour chancellor's favourite pastime. But Rachel Reeves has little choice. Her financial plans are in tatters. The economy is sluggish. Her £25bn tax raid on employers has backfired, hammering jobs and pay. And every attempt to hold back the tide of public spending is met with rebellion from her own MPs. She needs to find ways to boost the economy – and with it, tax revenues. Financial services, long one of the main engines of Britain's economy, is one of the few sectors that may be able to make a difference. Reeves and Sir Keir Starmer went on a charm offensive in the City before the general election in an effort to win over bosses. Several ended up backing Labour, believing their pro-business message. Many now feel betrayed. The National Insurance contributions increase has lumped them with extra costs. Their best customers have been chased off by attacks on non-doms. Entrepreneurs, another key market for financiers, are under the cosh from higher inheritance tax. And the threat of a wealth tax looms. 'I have pretty much given up on that lot,' complains one bank boss. 'They just don't understand business and probably don't want to understand business.' In an effort to restore some goodwill – and boost growth – the Chancellor has announced what she claims is the biggest overhaul of finance rules in more than a decade. In some cases, that means tearing up red tape that has hampered the City's growth for years. Theoretically, it will allow banks to lend more, leave finance firms less at risk of mis-selling scandals and remove the threat of more environmental paperwork. The critical question is whether or not financiers will be in a mood to help Reeves. 'It will be the City/financial services which might go some way to bail her out of the sinking ship. She needs to persuade top taxpayers to stay and not fear wealth taxes,' says Peter Hargreaves, the co-founder of share trading platform Hargreaves Lansdown. Here are the biggest of the changes Reeves has announced under her so-called 'Leeds Reforms' – and the City's view on whether they will work. Mortgage rules relaxed Tough mortgage lending rules were brought in after the financial crisis. The idea was to limit risky loans and avoid another cycle of boom and bust in the housing market. However, there are concerns the measures went too far, needlessly preventing households from getting a home of their own. To combat this, the Bank of England will now allow more borrowers to take out mortgages of more than 4.5 times their income. The Financial Conduct Authority (FCA) is also considering simplifying the rules to make it easier for existing homeowners to remortgage and a new, permanent government mortgage guarantee scheme will support loans to buyers with a deposit of less than 5pc. Lower capital buffers Challenger banks are getting a boost as they will be allowed to hold less capital against home loans, freeing up cash to better compete with the high street giants. That suggests there could be more, and cheaper, loans for house-buyers. In a Brexit benefit, the Bank of England is also ditching some EU-era rules, freeing some mid-sized banks from the requirement to hold capital to cover the cost of their resolution should they collapse. That should mean lower costs and lower prices too. So-called 'ring-fencing' rules separating retail and investment banking activities will also be 'reformed' after claims the system was too onerous and tied up too much capital. Action to tackle mis-selling scandals Banks are terrified of another PPI scandal – the mis-selling crisis that cost the industry more than £50bn, plus years of humiliation. There are fears we are at the foothills of a repeat, with a motor finance mis-selling scandal expected to cost the industry an estimated £40bn. City chiefs will be relieved by new proposals to rein in the power of the Financial Ombudsman Service (FOS), which has been involved in the motor finance scandal. It follows concerns that the FOS was becoming too powerful and setting rules by the backdoor. 'What we want the FOS to do is what it was set up to do, which is a quick, effective, efficient, impartial disruptive resolution system to ensure fairer outcomes for consumers where they have specific issues with firms,' says a Treasury source. 'The FOS isn't a quasi-regulator. If a firm is abiding by the rules and regulations, they shouldn't be found somehow in the wrong from the FOS.' Share ownership British households are remarkably reluctant to invest in the stock market, given the scale of the UK's financial industry. Just 8pc of personal wealth is held in equities and mutual funds, less than any other G7 economy. To address that the Government is planning a national campaign backed by banks and stock brokers to promote the importance of investment – invoking the 'Tell Sid' share ownership campaign used to promote British Gas's privatisation in the 1980s. Reforms will also include watering down the grim warnings that accompany any investment advert. A Whitehall source said the warnings particularly dissuade women from investing, so rewording the small print to be 'more proportionate' and to note the likely benefits of share ownership could be good for equality too. 'For too long, lengthy risk warnings and a tangled system of financial advice have made it too hard for consumers to even begin to decipher their options,' the growth and competitiveness strategy for financial services states. Banks will be able to alert customers about specific investment opportunities and urge them to buy stocks and shares, instead of holding cash. Previously lenders could not promote these kinds of products because they were seen as too risky. However, Reeves has shelved plans to overhaul cash Isas to encourage more cash into stocks after a backlash from building societies. Listings Taskforce Businesses are also getting encouragement to list on the stock market, with easier rules and less bureaucracy on secondary fundraising. A new Listings Taskforce will seek to make London a more attractive market for companies to raise funds and grow, 'to ensure the UK attracts the best and brightest businesses from around the world'. It comes amid fears that London's star is fading as the capital struggles to attract initial public offerings from foreign, and even domestic, businesses. The paperwork needed to raise fresh money after a company has listed will also be reduced. Meanwhile, a 'dedicated concierge service' will help guide foreign businesses wishing to set up shop in the UK, helping them manage regulations and local market conditions. Green U-turn Reeves has also abandoned plans for stricter rules governing green investments, despite previously backing the measure. In a lecture last year, the then shadow chancellor said she planned 'to push ahead with a UK green taxonomy', strict rules that would dictate what investments could qualify as environmentally friendly. However, that plan has now been shelved. 'The consultation on the value case for a UK green taxonomy showed that other policies were of higher priority to accelerate investment into the transition to net zero and limit green washing,' the financial strategy said. Swathes of other red tape are also being slashed to bring dynamism back to the Square Mile. From faster authorisations of businesses and their regulated bosses to making it easier for insurers to set up investment funds in London, this could end up resembling a bonfire of red tape which the previous government would envy. Will it work? The Treasury was keen to trumpet praise from the City, publishing supportive statements from the bosses of institutions including NatWest, HSBC and Royal London. There is certainly room for households to borrow more. The average family spends less of their income on mortgage repayments now than they did 20 years ago, according to the Bank of England. Yet not everyone is convinced these reforms will trigger a new big bang. Hargreaves believes taxes need to come down if Reeves really wants to see growth. 'There is a level at which it's impossible to tax an electorate more,' he says. 'We are there; more taxes will result in more defections and more tax avoidance schemes. I remember in the Seventies, businessmen took a disproportionate part of their day working out how to avoid taxes rather than run their businesses.' Andy Bell, founder of stockbroker AJ Bell – which would stand to benefit from a surge in retail investment – also wants Reeves to take action on taxes. 'It's not about over-regulation – it's all demand. In order to kick-start demand there needs to be incentives,' he says. 'That could be by way of stamp duty relief on all UK shares or, a bit more controversially in the current environment, it could be exemptions to inheritance tax on UK shares and funds which invest in UK shares.' Steven Fine, the chief executive of Peel Hunt, says Reeves needs to be more ambitious with her plans, suggesting the Chancellor should 'reform the Isa regime, initiate a full consultation on stamp duty and use incentives to attract listings'. He wants tax breaks for companies that list on the stock market and entrepreneurs tax relief only for those who take their businesses public. Conversely, Dave Howell at RSA Insurance says it is the constant changing of the rules that is damaging for his industry. 'If the Government is serious about cutting red tape, insurers need three things: stability, simplicity and open and honest communication with the regulators,' he says. Andrew Griffith, the shadow business secretary, says: 'All the uncertainty is killing confidence – there's more rain on the moon than IPOs in London at the moment.' Talking about growth and reforming rules is 'irrelevant if the City fears a big wealth tax or raid on bank balance sheets is coming this autumn', he adds. The Chancellor's speech to business leaders made her sound like a born-again Thatcherite. 'In too many areas, regulation still acts as a boot on the neck of businesses, choking off the enterprise and innovation that is the lifeblood of growth,' she said. City bosses will hope it is more than just empty words.
Yahoo
2 hours ago
- Business
- Yahoo
Oportun Named to the CNBC World's Top Fintech Companies 2025 List
SAN CARLOS, Calif., July 16, 2025 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that it has been named to the third edition of CNBC's World's Top Fintech Companies 2025 for the second year in a row. Oportun was recognized for its intelligent borrowing, savings, and budgeting tools that enable its members to build a better financial future. This prestigious award, presented in partnership with Statista, is based on an in-depth analysis of key performance indicators for more than 2,000 eligible companies using publicly available sources such as annual reports, media monitoring, and company websites. 'Oportun is committed to helping our members take control of their finances and move forward with confidence, ' said Raul Vazquez, CEO of Oportun, 'Being recognized as one of the world's top fintech companies by CNBC is a powerful validation of our mission, our incredible team, and the impact that our technology-driven solutions provide for deserving individuals who might otherwise be ignored by mainstream finance.' For more information about Oportun, visit About OportunOportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members' financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun Media Contact: Stephanie HicksCosmo PR for Oportun(805) 295-9455stephanie@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 hours ago
- Business
- Yahoo
The Smartest Bank Stocks to Buy With $100 Right Now
SoFi is adding high-value services to its platform that target its specific market. Nu is adding millions of customers quarterly, but it's still a small fish in a large sea of financial companies in Latin America. 10 stocks we like better than SoFi Technologies › Bank stocks as a category are generally high-value, low-growth stocks. They typically pay dividends, often with attractive yields, and they're reliable for long-term growth as they drive the economy. However, if you're looking for great bank stocks, I'm going to turn the tables here and present two quality candidates that are high-octane growth stocks with no dividends that are not for the risk-averse investor. If that fits your investing profile, and you have $100 to invest right now, SoFi Technologies (NASDAQ: SOFI) and Nu Holdings (NYSE: NU) are two stocks you should take a look at. SoFi was one of the legions of special-purpose acquisition companies (SPACs) that stormed the markets a few years ago before petering out to a trickle these days. It's one of the few that actually took off, becoming a real industry disruptor with loads of potential. The bank is all online, with a multitude of easy-to-use services geared toward the novice user. Since it was created to be completely digital, and it's still small and growing, it has agility and flexibility that give it a leg up, in certain ways, over legacy banks. It's attracting customers at a rapid pace, with a record 800,000 new accounts in 2025's first quarter, a 34% increase from the same period last year. The target market is young professionals who are getting their feet wet in finance, with good jobs and a long runway in increasing engagement and adoption of financial services. The company calls its growth strategy the financial services productivity loop, and it involves cross-selling and upselling more services to monetize its user base more effectively over time. That means adding new customers and impressing them enough to keep them, as well as launching new services to have a broad assortment of products and solutions. To appeal to this specific market, it's using some aggressive marketing techniques like naming sports arenas that are meaningful to these users and sponsoring events they appreciate. More than that, it's rolling out services with the intent to deliver real value to its customers rather than simply mimicking what's already available through other banks. For example, it has offered access to initial public offerings (IPOs) usually only available to institutional investors, and it recently announced that it will offer users instant global remittances through a blockchain. Last week, it announced access to private markets through several partnerships. SoFi's core segment is lending, and as interest rates have started to come down, it has been boasting strong revenue gains and profit growth, as well as improving credit metrics. But it's focusing on expanding its platform, specifically in the financial services segment, which is low cost and fee based. It's probably only a matter of time until this segment becomes its largest, and scale is resulting in increasing net income. Chief Executive Officer Anthony Noto envisions SoFi becoming a top-10 bank with a huge, long-term opportunity. Nu is similar to SoFi, but it operates in Brazil, Mexico, and Colombia. It's growing fast, adding millions of new customers quarterly, but it has a way to go. The bank added more than 4.3 million new accounts in 2025's Q1 for a total of 118.6 million. The vast majority, 104.3 million, are in the company's home market of Brazil, where more than half of the adult population has a Nu account. Although it's still adding millions of new customers there, it's growing even faster in Mexico and Colombia where it's still a small presence. It only recently launched savings accounts in these countries, and it was recently approved for a bank charter in Mexico, making it the first all-digital bank to get one. Customers are highly engaged, and the company is reporting strong growth metrics. Revenue increased 40% year over year in 2025's Q1, and net income was up 74% to $557.2 million. Although sales growth decelerated in the quarter, Nu has been demonstrating admirable performance considering the high inflation and overall volatile macroeconomy in Brazil. Deposits increased 48% over last year in the quarter, and loan originations were up 64%, but net interest margin (NIM) was down from 19.5% last year to 17.5% this year. Management cites its heavy investments in expanding the business in Mexico and Colombia as pressuring the margin. However, even though those two regions aren't yet profitable, the Brazil business is profitable enough on its own to keep earnings positive and allow for newer growth areas. Nu has a small share of the financial services system in its regions, specifically in Mexico, but it's growing quickly, and there's a tremendous opportunity to capture more. Now is an excellent time to get in as it keeps expanding. Before you buy stock in SoFi Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and SoFi Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $680,559!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,005,670!* Now, it's worth noting Stock Advisor's total average return is 1,053% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 15, 2025 Jennifer Saibil has positions in Nu Holdings and SoFi Technologies. The Motley Fool recommends Nu Holdings. The Motley Fool has a disclosure policy. The Smartest Bank Stocks to Buy With $100 Right Now was originally published by The Motley Fool
