The Big Idea | Big Tech and Financial Services (Jan. 31, 2020)

Throughout the year, we’ll be offering a deeper look at some of the biggest trends in fintech, which we believe will continue to impact financial services in the coming decade. This week, we’re taking a look at the expansion of the “Big Tech” firms into financial services. As always, if you have any ideas for…

TFU | Jan. 20 – 26

The Bank of England is looking for a technology partner to help it develop a “fit for purpose cloud environment”; Japanese lawmakers are creating a proposal for a government-backed digital currency; Vodafone became the latest firm to drop out of the Libra Association; Democrats urged the U.S. FTC to investigate Yodlee for allegedly selling consumer financial data without consent; and Canapi Ventures unveiled a new, $545 million fintech fund.

TFU | Jan. 13 – 19

Leading Off Former CFTC Chairman Chris Giancarlo launched the Digital Dollar Foundation to help create a U.S. government-backed digital currency; Visa announced that it will acquire Plaid for $5.3B; Revolut is reportedly nearing a new funding round at a $5B valuation; and Ant Financial announced it will host a “massive” fintech conference in Shanghai in…

TFU | Jan. 6 – 12

The SEC found new evidence against Telegram in its ongoing investigation of the firm’s ICO; the White House released new principles to guide regulation of AI in the private sector; China’s central bank passed another hurdle on its way to issuing a ‘digital yuan’ token; Travelex was hacked, exposing customers’ personal financial data and leading to a $6M ransom; Tencent and China UnionPay are working to integrate their mobile payments systems; and HighRadius raised $125M at a valuation greater than $1B.

TFU | Dec. 23 – Jan. 5

Dear readers, Welcome back and Happy New Year! We hope you had an enjoyable holiday season. We’re looking forward to continuing to share the latest developments in fintech with you in 2020. Best, Team TFU Leading Off The NYDFS is exploring how regtech solutions can improve its effectiveness and efficiency; Switzerland’s finance minister said the…