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E-Trade followed Charles Schwab and TD Ameritrade in dropping its transaction commission fees; PayPal has withdrawn from the Libra Association amid regulatory and legal concerns, and others may follow; the FSB is scrutinizing the concentration of bank services in three major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.
FIN urged Congress to apply BSA standards to crypto firms; Jay Clayton affirmed his stance that crypto products are subject to existing securities laws; China’s proposed cryptocurrency is taking shape ahead of an expected go-live later this year; Stripe launched a lending product for online businesses; Uber is exploring offering loans to its drivers; the Hong Kong Stock Exchange suffered cyber attacks; and U.K. digital banks are expected to triple their customer base over the next year, but likely will remain unprofitable.
Bitwise filed with the SEC to create a bitcoin ETF; the EBA called on the EU to review its current regulatory stance on crypto assets and consider promulgating new rules; Google was granted an EU payments license; N26 raised $300M, giving it a $2.7B valuation; two prominent UK fintechs are setting up new EU offices ahead of Brexit; China established new anti-anonymity regulations for blockchain firms; and MUFG launched a $185M VC fund focused on fintech.