The Basel Committee publishes a new paper on fintech. Square applies for an ILC charter. And what’s the Big Idea with ICOs?
The WSJ writes that Goldman Sachs has made $1B from selling data gained after its purchase of credit bureau TransUnion; China’s Ant Financial plans to expand its DLT initiatives to increase the transparency of and access to its financial services; the ECB said DLT is not mature enough to be part of Europe’s market infrastructure; China may pass restrictive data rules for foreign businesses; and digital savings firm Digit decided to charge for its service.
The battle for MoneyGram has sparked a lobbying war in Washington, D.C., that promises to test the new administration’s willingness to accept Chinese investment in American companies; JPMorgan reportedly invested $600 million in fintech last year; over 200,000 retail stores in Japan will begin accepting bitcoin this summer; former LendingClub CEO Renaud Laplanche raised $60 million for his new venture; and online lender Elevate Credit IPO’d on the NYSE.
In the world of financial innovation, DLT is a truly global phenomenon.
The U.S. House of Representatives relaunched its “Blockchain Caucus,” which focuses on issues related to DLT policy; BoA became the first bank to launch mobile payments on the Zelle network; Facebook now offers cross-border payments in its Messenger app, thanks to a new partnership with Transferwise; China’s largest P2P lender, Lufax, will offer online wealth management tools to China’s retail investing market; Goldman Sachs was named “Most Innovative in Finance” by Fast Company; and Bill Gates argues that governments should tax companies that replace human workers with AI-enhanced robots.
FINRA published a new DLT white paper and requested public comment on DLT-related policy issues; several fintech firms launched the Consumer Financial Data Rights group, aiming to protect consumers’ access to their own financial data; China’s Ant Financial announced its intent to buy U.S.-based money transmitter MoneyGram; JPMorgan and Intuit formed a data-sharing partnership; and the Wall Street Journal profiled Chinese messaging app WeChat in its battle for mobile-internet market share in China.