U.S. lawmakers voiced their concerns regarding Facebook’s Libra rollout; Australian digital bank 86 400 was granted a banking license; The FCA announced its partnership with the Alan Turing Institute to explore the use of AI in the financial sector; N26 raised an additional $170M; and Jamie Dimon said he does not expect Libra to have a short-term impact on JP Morgan.
Federal authorities arrested the leaders of OneCoin on charges including money laundering and securities fraud; Congress held hearings on whether and how to create a federal privacy law; the Bank of England plans to take supervisory action against Visa for a 2018 European data center outage; Philadelphia became the first major U.S. city to ban cashless stores; Ant Financial unveiled a new banking platform; and MasterCard dropped its bid to acquire Earthport.
Twenty-two state AGs challenged the CFPB’s proposed fintech sandbox; the Senate Banking Committee is set to examine financial data collection; JPMorgan Chase introduced its own dollar-backed cryptocurrency; President Trump signed an EO setting aside federal funds for AI projects; IBM won a $700M five-year technology deal with Banco Santander; Ant confirmed its acquisition of WorldFirst; and U.K. challenger bank Starling raised £75M in Series C funding.
The New York AG reported three crypto exchanges to the NYDFS; U.K. banks were hit with widespread outages; PNC joined Ripple Net; California prepared the first U.S. IoT security legislation; the U.K. parliament published a report calling for crypto regulation; and Fannie Mae’s GC joined Coinbase.
Fintechs are getting into subprime credit card lending; Tether is facing scrutiny about its cash reserves; Coinbase acquired blockchain identity startup Distributed Systems; the WEF reported on AI and financial services; and Monzo is close to $150M in new funding, which would value it at nearly $1.5 billion.
What’s The Big Idea with Circle, Coinbase, and Revolut all making moves to expand their capabilities? Also: The CFTC subpoenaed several crypto exchanges; Ant raised $14B in the largest fundraising round in history; Google published its AI “code of ethics”; Facebook took another privacy hit; and the CFSI unveiled its 2018 FinLab cohort.