Thirty-seven community groups called on the FDIC to reject Square’s ILC application; Apple and Goldman Sachs announced their plans to jointly release an iPhone-based credit card; Mizuho clinched support of AliPay and UnionPay for the rollout of its new digital currency platform; Mastercard is working with a domestic partner on a JV to enter the Chinese payments market; the government of Seoul, South Korea set up a $1B investment fund for fintech and blockchain startups; and SoFi is expanding its business lines to include investment services and new types of loans.
The DOJ is investigating crypto price manipulation; U.S. and Canadian regulators are investigating nearly 70 ICOs; BOX and T0 are working on an SEC-compliant, blockchain-based securities exchange; SoFi plans to expand into crypto investing by 2019; and 2018 VC funding for blockchain firms has already surpassed 2017 totals.
SoFi has withdrawn its ILC application and the ICBA wants a moratorium on all ILC applications; a DLT PoC shows its potential for global financial services; Hyatt announced it experienced a data breach that exposed customer payment info; China’s government shows its heavy-handedness (again…); and Russia will begin issuing “CryptoRubles” on a blockchain.
Digital currency and ICO regulation continues to dominate the news: The SEC set up a new unit dedicated to it and brought charges for ICO-related fraud; Overstock has a new SEC-compliant exchange platform in the works; Japanese banks are making a national digital currency; and South Korea banned ICOs.
Europe considers heightened requirements for fintech firms; the SEC reveals that it was was hacked; a former SEC Chairman says SoFi’s recent scandals may cause problems for its ILC application; and what’s the Big Idea with mobile payments in Asia?
The OCC says it’s not ready for fintech applications; the CFPB approves its first no-action letter; Cagney steps down from SoFi amid scandal; China bans crypto exchanges; and what’s the Big Idea with open banking?