The U.S. House heard testimony on fintech and regulation; Zelle is adding 100,000 new customers per day; Lightning Network could mean much more efficient crypto transactions; S. Korea is not banning crypto exchanges; and Alibaba is taking a 33% stake in Ant. Also: what’s the Big Idea with the SEC and CFTC stepping up crypto scrutiny?
U.S. Fed governor talks banks and fintech; Synchrony buys $6B in PayPal loans; U.S. banks set up a vendor management JV; U.S. banks finally get real-time payments; Coinbase rolls out custodial services; and Kabbage gets $200M from Credit Suisse. Plus, what’s the Big Idea with global regulators and ICOs?
J.P. Morgan launched a new digital bank for millennials. Zelle partnered with IBM. The U.K. said that crypto-currencies are a “low risk” for terrorist financing. The DTCC published a white paper on the current state of fintech. And what’s the Big Idea with America’s fintech lag? Plus, Happy Halloween!
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?
The Basel Committee publishes a new paper on fintech. Square applies for an ILC charter. And what’s the Big Idea with ICOs?
The NYDFS sued the OCC over its proposed “fintech charter,” while the CSBS announced a new initiative to “modernize” state regulation of fintech firms; the CFTC created an internal fintech lab to engage with new products and innovators; SoFi is expanding into the wealth management market; the DTCC produced a new white paper on cloud-based financial markets infrastructure; and IBM is working to build “the world’s first securities lending blockchain platform.”