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 leap day, we’re taking a look at how fintech firms are acquiring national bank charters. As always, if you have any ideas for us, […]
Rakuten is applying for an ILC charter in Utah; Venezuelan president Nicolas Maduro was accused of using cryptocurrency to evade international financial sanctions; the U.K. FCA published guidance on crypto assets; Capital One disclosed that a data breach exposed the personal information of 100 million customers; and the London Stock Exchange is acquiring Refinitiv for $27B; and LabCFTC Director Gorfine is leaving the agency.
The New York AG’s office is investigating the parent company of the Bitfinex exchange for allegedly committing fraud valued at $850M; Robinhood applied for a national bank charter from the OCC; Revolut is facing investigations into its ties to Russia, and may lose its EU banking license; T-Mobile expanded its app-based checking account nationwide; SoftBank invested $1B in EU fintech Wirecard; and the American Banker profiled Mike Cagney’s new lending firm, Figure.
Square re-filed its ILC charter application; New York established a digital currency task force; Ant is considering acquiring WorldFirst; Google gained an EU e-money license; Robinhood is apparently preparing to expand to the U.K.; and the WSJ profiles the SEC’s Hester Peirce.
The NYDFS approved two new stablecoins and sued the OCC; leading crypto firms formed a DC lobbying group; there is now a searchable database of global blockchain projects; Blend appointed former U.S. Treasury Secretary Jack Lew to chair its board of advisors; and LabCFTC will host an emerging trends event on Oct. 3-4 in D.C.
Varo won preliminary approval for a US national bank charter; HSBC is reportedly launching a digital bank startup; IBM plans to demonstrate a blockchain-based cross-border payments service in October; British Airways was hacked, exposing customers’ personal and financial information; and U.K. challenger bank Monese raised $60 million in Series B funding.