Dear readers, As we’re sure is the case with all of you, we’ve been disturbed by the tragic killing of George Floyd and the ensuing violence and shocking responses on the part of some elected and law enforcement officials. The mission of The Fintech Update is inherently niche, and we feel neither well-placed nor qualified […]
Leading Off Former Coinbase CLO Brian Brooks became the OCC’s new COO and deputy comptroller; Square was approved by the FDIC and Utah state financial regulator to open a ILC bank subsidiary; JPMorgan Chase plans to close 1,000 branches in response to the global coronavirus pandemic; and TransferWise announced a partnership with Alipay. In the […]
New York regulators approved Bakkt to offer Bitcoin futures; Barclays has ended its relationship with Coinbase in the U.K.; Venmo rolled out instant bank transfers; the woman responsible for hacking Capital One may have targeted 30 other firms; TransferWise has launched a debit card in Australia and New Zealand; and Funding Circle surpassed the $10 billion mark in its combined global lending.
The SEC delayed its decision on Bitwise’s proposed bitcoin ETF again; Paytm is working with Citi to launch its first physical card in India; Investec shut down its robo-advisory business; the ECB produced a white paper exploring the risk to the EU posed by crypto assets; British MPs called for shared bank hubs; Coinbase expanded global access to the USD Coin stablecoin; and crypto trading platform eToro is expanding to the U.S.
Manny Alvarez was appointed Commissioner of the California Department of Business Oversight; lawmakers introduced a proposed bill to regulate companies’ use of AI tools; Coinbase launched a debit card in the U.K. tied to users’ cryptocurrency accounts; WeLab became the fourth company to acquire an online-only banking license in Hong Kong; U.K. challenger bank Monzo raised $100M in Series F funding; and N26 faced regulatory scrutiny from German regulators over its handling of customer complaints.
Kik is expected to challenge the SEC over an ICO enforcement action; Coinbase rolled out crypto institutional services in Asia; Alipay was granted an EU e-money license; Bitcoin ATM startups reported growth; the EU and Japan finalized a data flow agreement; and IBM landed a $260m IT infrastructure deal with the Bank of the Philippine Islands.