Leading Off The FDIC issued a statement addressing the use of cloud computing services in the financial services sector; Libra hired Stuart Levey, HSBC’s Chief Legal Officer as its CEO; Samsung partnered with SoFi to launch a debit card; Zoom acquired encryption firm Keybase to bolster the security of its product; Robinhood raised $280M in […]
Hi all, The Fintech Update will be off next week in observance of the Easter and Passover holidays. We hope you and your families are doing well and staying safe amid the ongoing disruptions caused by Covid-19, and we wish you all the best for happy and healthy weeks ahead. Take care, The Fintech Update […]
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 NYDFS requested coronavirus contingency plans from its regulated crypto entities; Robinhood faced another service outage, its third in two weeks; Sesame Credit rolled out a new digital bank offering; the Bank of England published a report on how central bank digital currencies; Standard Chartered unveiled a new Hong Kong-based virtual bank; Revolut is rolling out gold trading through its app; the UK’s new budget includes a ‘major review’ of its fintech sector; and Ant is planning a major expansion of its reach and services.
Leading Off Robinhood experienced severe system outages; Ant Financial took a minority stake in Klarna; the European Systemic Risk Board warned of the systemic risk of cyber threats in a new report; Starling is applying for an Irish banking license as it aims to expand in Europe; and South Korea passed legislation on crypto regulation. […]
Leading Off The FDIC shared new guidance for fintech firms seeking to partner with banks; the CSBS launched an online platform aimed at improving its supervision of fintech firms and other nonbanks; JPMorgan announced it will launch a digital bank in the UK; the UK FCA revealed that it suffered a data breach last year […]