Rise in awareness about short-term loans among the youth population and increase in digital payment infrastructure, especially in developing economies, drive the growth of the market. In addition, the rapid rise in government efforts to promote financial inclusion has fueled the growth of the cash advance services market.
WILMINGTON, Del., Nov. 30, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Cash Advance Services Market by Type (Credit Card Cash Advance, Merchant Cash Advance, Payday Loans, and Others), Deployment (Online and Offline), Service Provider (Banks, Credit Card Companies, and Others), and End User (Personal and Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global cash advance services industry generated $73.7 billion in 2022 and is anticipated to generate $138.5 billion by 2032, witnessing a CAGR of 6.6% from 2023 to 2032.
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Prime determinants of growth
The rise in awareness about short-term loans among the youth population and the increase in digital payment infrastructure, especially in developing economies, drive the growth of the market. However, factors such as the high-interest rate charged by cash advance lenders, along with the negative impact of payday loans on credit scores are expected to limit the growth of this market. Conversely, an increase in the adoption of advanced technologies in the lending landscape is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Deployment, Service Provider, End User, and Region.
Rise in awareness about short-term loans among the youth population
Increase in digital payment infrastructure, especially in developing economies
Rapid rise in government efforts to promote financial inclusion
Increase in the adoption of advanced technologies in the lending landscape
High interest rate charged by cash advance lenders
Negative impact of payday loans on credit scores
The payday loans segment to maintain its leadership status throughout the forecast period
Based on type, the payday loans segment held the highest market share in 2022, accounting for two-fifths of the global cash advance services market revenue, owing to rise in the need for quick access to funds during financial emergencies, along with the increasing awareness about payday loans among the younger generation. However, the others (including tax refund advances and personal installment loans) segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032, owing to the increasing demand from consumers for quick access to funds to meet immediate financial needs, such as unexpected expenses or temporary cash flow shortages.
The online segment to maintain its lead position during the forecast period
Based on deployment, the online segment accounted for the largest share in 2022, contributing to more than half of the global cash advance services market revenue, owing to the growing adoption of digital technologies and the increasing focus on online financial services, which eventually drives the need for online cash advance service segment. However, the online segment is also expected to portray the largest CAGR of 7.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period.
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The banks segment to maintain its leadership status throughout the forecast period
Based on service provider, the banks segment held the highest market share in 2022, accounting for around half of the global cash advance services market revenue, owing to the changes in economic factors and shift in consumer behavior and demand influencing the growth of the cash advance services market. However, the credit card companies’ segment is projected to manifest the highest CAGR of 8.5% from 2023 to 2032, owing to the growth in awareness of credit card cash advances as an option for obtaining short-term loans and increase in expansion of the reach of financial technology companies.
The personal segment to maintain its lead position during the forecast period
Based on end user, the personal segment accounted for the largest share in 2022, contributing to around two-thirds of the global cash advance services market revenue, owing to the rise in demand for short-term funds and several benefits & schemes provided under cash advance services to individual consumers, which eventually drives the demand for cash advance services in personal segment. However, the commercial segment is expected to portray the largest CAGR of 7.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global cash advance services market revenue, owing to the growing consumer demand for short-term loans, along with the rising number of unbanked and underbanked consumers to ensure financial needs in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.3% from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to the growing focus on the expansion of fintech companies and increased customer-centric cash advance services solutions tailored to the diverse needs of the Asia-Pacific consumer market.
Leading Market Players: –
- American Express Company
- CAN Capital Inc.
- Creditstar Group
- Finova Capital, LLC
- National Business Capital
- Social Finance Inc.
- Square Inc.
- THL Direct
- TitleMax, Inc.
The report provides a detailed analysis of the key players in the global cash advance services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
KEY BENEFITS FOR STAKEHOLDERS:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the cash advance services market analysis from 2022 to 2032 to identify the prevailing cash advance services market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the cash advance services market forecasts assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global cash advance services market outlook.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global cash advance services market share, key players, market segments, application areas, and market growth strategies.
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Cash Advance Services Market Report Highlights
Aspects Details Market
- Credit Card Cash Advance
- Merchant Cash Advance
- Payday Loans
By Service Provider
- Credit Card Company
By End User
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
Key Market Players: THL Direct, Social Finance, Inc., American Express Company, Square Inc., PayPal, Creditstar Group, National Business Capital, CAN Capital, Inc., TitleMax, Inc., Finova Capital, LLC
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Newmark Group Reports Fourth Quarter and Full Year 2023 Financial Results
Conference Call to Discuss Results Scheduled for 10:00 a.m. ET Today
NEW YORK, Feb. 22, 2024 /PRNewswire/ — Newmark Group, Inc. (Nasdaq: NMRK) (“Newmark” or “the Company”), a leading commercial real estate service provider to large institutional investors, global corporations, and other owners and occupiers, today reported its financial results for the three months and year ended December 31, 2023.
A complete and full-text financial results press release, including information about today’s financial results conference call and Newmark’s dividend declaration, is accessible in the “Media” section at https://nmrk.com. It is also available directly at any of the following web pages:
https://ir.nmrk.com (PDF version of the full press release, PDF of a quarterly results investor presentation, and supplemental Excel financial tables)
https://ir.nmrk.com/investors/news-releases/financial-and-corporate-releases (Links to the PDF version of the full press release, PDF of a quarterly results investor presentation, and to Excel financial tables)
https://nmrk.com/media (PDF version of the full release only)
(Note: If clicking on the above links does not open a new web page, you may need to cut and paste the above URLs into your browser’s address bar.)
Today’s conference call is expected to contain forward-looking statements with respect to the Company’s financial outlook.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Singularity Closes $2.2M in Latest Funding Round to Provide Institutions Confidential Access to DeFi
DENVER, Feb. 22, 2024 /PRNewswire/ — Singularity, founded in late 2022, has successfully concluded its second funding round at the end of 2023, with this round led by Gumi Cryptos Capital. The funding will support the development of its protocol, aimed at facilitating compliant access to DeFi as well as ensuring commercial confidentiality for all on-chain activities, with an emphasis on institutional users.
Notable participation from investors such as Nomura’s digital asset subsidiary Laser Digital, Eureka Partners, and previous round investors including Apollo Crypto, Digital Asset Capital Management, and Gandel Invest, underscores top tier institutional and Venture Capital firms’ confidence in Singularity’s vision. With this latest round, Singularity has raised close to US$4 million since its inception.
Singularity is leading the way in developing a KYC/KYB-compliant institutional DeFi access layer, providing access to leading protocols for on-chain institutional participants while prioritizing commercial confidentiality. Users can seamlessly access existing on-chain liquidity and conduct transactions within Singularity, all while benefiting from on-chain anonymity by utilizing advanced zero-knowledge technology.
The initial cohort of institutional users comprises a significant portion of Singularity’s investors, spanning liquid funds, asset managers, and venture capitalists. Singularity stands as one of the first DeFi infrastructure protocols leveraging Noir-based zero-knowledge circuits. Noir is a domain-specific language for SNARK proving systems developed by Aztec Labs. It serves as a universal language for zero-knowledge (ZK) circuits. Users can have confidence in the commercial confidentiality of their on-chain activity protected by state-of-the-art cryptography.
“We look forward to launching in the coming months with our early institutional users. We focused on designing and building in 2023, and, in what was a very difficult year for primary markets, our investors’ commitments validate the institutional need to transact on-chain without information leakages” said Jemma Xu, co-founder of Singularity, “We have an exciting product roadmap ahead with more integrations and multichain deployments. Our immediate focus is on growing our institutional user base.”
“We are proud to support Singularity in their efforts to advance DeFi accessibility. Singularity addresses a crucial need in the market, providing institutional users with both the compliance and the commercial confidentiality necessary to participate in DeFi. We look forward to partnering with Singularity in this journey,” said Miko Matsumura, Managing Partner at Gumi Cryptos Capital.
“We are excited to support Singularity on its journey to bring private and compliant DeFi accessibility to institutions.” said Jez Mohideen, CEO of Laser Digital.
Users can both leverage the underlying existing on-chain liquidity and transact within the Singularity, obfuscating both wallet addresses and order details. At launch, Singularity will be integrated with some of the major DeFi protocols and will continue to grow its integrations to provide users with a diversity of on-chain strategies.
Singularity, a protocol developed by PG Foundation, is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated whilst leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.
Kakao Brain Debuts ‘KARA-CXR’, a Web-Based Radiology Report Service Powered by Large-Scale AI
“AI Assistant for Radiologists”
- Kakao Brain introduced last month a web-based radiology report Research Use Only (RUO) service powered by its large-scale artificial intelligence (AI), “KARA-CXR.”
- Kakao Brain plans to expand the interactive functions supporting various imaging medical examinations through the advancement of large-scale multi-modal generation AI technology.
SEOUL, South Korea, Feb. 22, 2024 /PRNewswire/ — Kakao Brain has unveiled the research use only (RUO) web-based solution powered by “KARA-CXR” (short for “Kakao Brain AI for Radiology Assistant-CXR”), a large-scale AI algorithm that instantly generates preliminary radiology reports for doctor’s review when chest X-ray images are uploaded onto the web.
Through this user-friendly and seamless solution, medical researchers can experience various functions such as: receiving two types of AI interpretations of chest X-ray images together (a simple report and a detailed full report); ability to upload multiple DICOM files at once and receiving multiple reports simultaneously; and being able to share the AI interpretations within the research group or medical community. It also features compliant security measures that anonymize and protect any personal information contained in DICOM files.
Kakao Brain started developing ‘KARA-CXR’ in 2022, collaborating with 11 leading university hospitals and large medical institutions. Partners include: Ewha Womans University Medical Center (Seoul, Mok-dong), Ajou University Hospital, Soonchunhyang Medical Center (Cheonan, Gumi, Seoul), Chungnam National University Hospital, Chungbuk National University Hospital, Keimyung University Dongsan Medical Center, Inha University Hospital, Dongguk University Ilsan Hospital, among others. ‘KARA-CXR’ has analyzed over 16 million chest X-ray images and readings. KARA-CXR is built on Kakao Brain’s healthcare-specialized large-scale generative AI model, and the research team is preparing to publish the results in influential academic journals.
Kakao Brain is preparing to obtain the European Union certification and seek approval from the US FDA and Korean Ministry of Food and Drug Safety. Kakao Brain is committed to the expansion of AI-powered radiology solution to address the inefficiency in the existing interpretation and reporting process, a shortage of radiologists, and to unburden healthcare professionals from the increasing workload. As an RUO tool, KARA-CXR is currently available for research use only and is not intended to diagnose, treat, cure, or prevent any disease.
Kim Il-doo, CEO of Kakao Brain, stated, “As KARA-CXR was developed using high-quality data and the latest technology involving large-scale learning and generative AI, I hope that it will eventually play a great role in enhancing the workflow for the radiologists, not to mention improving the efficiency of chest x-ray image interpretation.” He also added, “We are planning to go beyond generating AI interpretations of chest X-rays by expanding the algorithms to include interactive functions that support a variety of medical imaging tests, by utilizing the advanced large-scale multi-modal generative AI technology.”
Kakao Brain is a Korea-based global AI technology company. Founded in 2017, Kakao Brain aims to develop AI technology that will change people’s lifestyle and embraces the challenge of asking the ‘Unthinkable Question’ to spark innovation, allowing everyone to live better lives. Kakao Brain has developed numerous innovative AI technologies and services designed to enhance people’s quality of life through continuous technological innovation. These include the large-scale language model KoGPT and the image generation model Karlo. Additionally, Kakao Brain contributes to the development of the AI technology community by releasing ‘Coyo,’ a dataset consisting of approximately 740 million images and text. More information about Kakao Brain can be found on their official website: https://KakaoBrain.com/.
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