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…
A federal judge ruled in favor of the NYDFS in its ongoing suit to prevent the OCC’s “fintech charter”; Mark Zuckerberg testified before Congress about Libra; Apple Pay is now the most popular U.S. mobile payments app; Kabbage expanded its product mix to include payments; Revolut launched in Singapore; and the Economist considers whether negative press and regulatory scrutiny have doomed the Libra project.
Global regulators, including FATF and the FSB, weighed in on the risks posed by stablecoins; the U.S. government is reportedly considering creating its own cryptocurrency; EU regulators are looking into potential antitrust violations by Apple Pay; the FT brought new evidence of fraudulent accounting practices at Wirecard; Venmo will launch its first credit card; Revolut is looking to raise $1.5B in debt and equity; and digital bank Chime experienced a service disruption affecting millions.
Libra is facing scrutiny from European antitrust regulators; N26 launched in the U.S. market; Mark Carney suggested potentially replacing USD with crypto as the world’s reserve currency; Apple launched its credit card to U.S. consumers; Mastercard experienced a data breach affecting mostly German customers; and Tala raised $110M in Series D funding.
The Federal Reserve plans to launch a real-time payments system within the next five years; Robinhood received approval from the U.K. FCA to operate as a broker in the country; Walmart is seeking a patent for a digital currency that customers could use within the retailer’s ecosystem; Apple updated its website ahead of the launch of Apple Card; Swedish payments firm Klarna raised $460M, making it the most valuable European fintech; and the FT discusses India’s importance as a battleground for digital payments market share between American and Chinese competitors.
The U.S. SEC delayed making a decision on two bitcoin ETFs; FICO and Equifax announced they plan to sell customer data to banks; a new report indicates that the majority of crypto exchanges lack appropriate KYC and AML controls; Apple announced it will introduce a new credit card in partnership with Goldman Sachs and Mastercard; and Hong Kong’s securities regulator announced new guidance on crypto token offerings.