TFU | Mar. 30 – Apr. 5

Hi all, The Fintech Update will be off next week in observance of the Easter and Passover holidays. We hope you and your families are doing well and staying safe amid the ongoing disruptions caused by Covid-19, and we wish you all the best for happy and healthy weeks ahead. Take care, The Fintech Update…

The Big Idea | FinTech in the World of COVID-19 (Apr. 1, 2020)

Throughout the year, we’ll be offering a deeper look at some of the biggest trends we see shaping fintech now and in the coming decade. This week, we’re taking a look at the fintech sector during the coronavirus crisis and what it might mean for financial services going forward. As always, if you have any…

TFU | Mar. 23 – 29

Leading Off Rakuten withdrew its application to operate its bank as an ILC—but plans to refile with the FDIC; digital payments and e-commerce continued to surge during the coronavirus pandemic; China continued to draft relevant laws for the circulation of the digital yuan; Revolut launched its app and services in the U.S.; and Robinhood offered…

TFU | Mar. 16 – 22

Leading Off Former Coinbase CLO Brian Brooks became the OCC’s new COO and deputy comptroller; Square was approved by the FDIC and Utah state financial regulator to open a ILC bank subsidiary; JPMorgan Chase plans to close 1,000 branches in response to the global coronavirus pandemic; and TransferWise announced a partnership with Alipay.  In the…

TFU | Mar. 9 – 15

The NYDFS requested coronavirus contingency plans from its regulated crypto entities; Robinhood faced another service outage, its third in two weeks; Sesame Credit rolled out a new digital bank offering; the Bank of England published a report on how central bank digital currencies; Standard Chartered unveiled a new Hong Kong-based virtual bank; Revolut is rolling out gold trading through its app; the UK’s new budget includes a ‘major review’ of its fintech sector; and Ant is planning a major expansion of its reach and services.

TFU | Mar. 2 – 8

Leading Off Robinhood experienced severe system outages; Ant Financial took a minority stake in Klarna; the European Systemic Risk Board warned of the systemic risk of cyber threats in a new report; Starling is applying for an Irish banking license as it aims to expand in Europe; and South Korea passed legislation on crypto regulation. …