Leading Off LendingClub laid off 30% of its workforce; Facebook acquired a $5.7B minority stake in Indian conglomerate Reliance Industries’ technology and telecoms arm; American multinationals are pilot testing China’s central bank digital currency; Monzo applied for a U.S. banking license; and Alibaba announced a major investment in cloud infrastructure. In the News LendingClub […]
Leading Off Rakuten withdrew its application to operate its bank as an ILC—but plans to refile with the FDIC; digital payments and e-commerce continued to surge during the coronavirus pandemic; China continued to draft relevant laws for the circulation of the digital yuan; Revolut launched its app and services in the U.S.; and Robinhood offered […]
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.
Leading Off Google will begin offering checking accounts to users through a partnership with Citi and a Stanford University credit union; Facebook announced its new Facebook Pay P2P payments service; FinCEN Director Kenneth Blanco discussed the applicability of the “travel rule” to crypto firms; the Fed highlighted the risks posed by stablecoins in its November […]
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.
E-Trade followed Charles Schwab and TD Ameritrade in dropping its transaction commission fees; PayPal has withdrawn from the Libra Association amid regulatory and legal concerns, and others may follow; the FSB is scrutinizing the concentration of bank services in three major cloud providers; PayPal became the first non-Chinese company to gain a Chinese payments license; and a Wells Fargo study concluded that new technologies will replace 200,000 bank jobs in the next decade.