SEC Chairman affirms stance on ICOs; Cleveland Fed says P2P loans look “predatory”; bug potentially freezes over $100M of Ethereum; Apple gets into in-app P2P payments; Revolut applies for an EU banking license; and Deutsche Bank CEO says robots are coming for your bank jobs.
The FSB has a report on AI and machine learning in financial services; Visa brings real-time payments to Europe; the U.S. will get bitcoin futures contracts; the SEC told celebrities to cool it on their ICO endorsements; and Quartz has a great report on how Amazon’s cloud is changing the economics of financial services entrepreneurship.
J.P. Morgan launched a new digital bank for millennials. Zelle partnered with IBM. The U.K. said that crypto-currencies are a “low risk” for terrorist financing. The DTCC published a white paper on the current state of fintech. And what’s the Big Idea with America’s fintech lag? Plus, Happy Halloween!
The CFPB outlined new consumer data-sharing principles; J.P. Morgan Chase is buying WePay; IBM and J.P. Morgan are both working DLT cross-border payments projects; you can now use Venmo to pay online; and PayPal’s market cap is now bigger than that of AmEx.
SoFi has withdrawn its ILC application and the ICBA wants a moratorium on all ILC applications; a DLT PoC shows its potential for global financial services; Hyatt announced it experienced a data breach that exposed customer payment info; China’s government shows its heavy-handedness (again…); and Russia will begin issuing “CryptoRubles” on a blockchain.
Digital currency and ICO regulation continues to dominate the news: The SEC set up a new unit dedicated to it and brought charges for ICO-related fraud; Overstock has a new SEC-compliant exchange platform in the works; Japanese banks are making a national digital currency; and South Korea banned ICOs.