In terms of fintech news, the highlighted topics for this week are: banking, digital currency, mobile wallets, crypto and cooperation deals. Dive into the news and enjoy the selection of materials!
Circle files to become a bank (Finextra)
Circle has filed with the Securities and Exchange Commission to become a US Federally-chartered national commercial bank. The move would see Circle becoming a full-reserve bank, operating under the supervision and risk management requirements of the Federal Reserve, US Treasury, OCC, and the FDIC. Read more.
Cashless pioneer China extends lead with digital yuan (Nikkei Asia)
The People’s Bank of China, the country’s central bank, has been working toward a full launch of a digital version of the yuan – and now the cyber currency is available to use even for foreign residents in cities where pilots are conducted. Read more.
Razer withdraws from competitive mobile wallet market (Finextra)
Multinational gaming company Razer is to shut down its e-wallet and card services to focus on B2B payments, as their beta is coming to an end. In a notice to users, the firm says all wallet and card payment services will be suspended from 31 August, with the full withdrawal taking place a month later. Read more.
Venmo lets credit cardholders buy crypto with cashback (Finextra)
Venmo credit card users can now automatically buy cryptocurrency using the cashback they earn on purchases. Customers enable the Cash Back to Crypto feature on their Venmo credit card home screen and then choose whether they want their rewards in Bitcoin, Ethereum, Litecoin or Bitcoin Cash. Read more.
Apple Pay set sights on launching BNPL offering with Goldman Sachs (Payments Cards and Mobile)
Apple is reported to be working on a service that will let consumers pay for any Apple Pay purchase in instalments in direct competition to other BNPL offerings (Buy Now, Pay Later) together with Goldman Sachs. Read more.
One of the world’s biggest crypto exchanges agrees to pay $100 million and block US users as part of a legal settlement (Market Insider)
BitMEX, a crypto exchange company, agreed to pay $100 million and block American users in a settlement with the Commodities Futures Trading Commission. The company has neither admitted nor denied the allegations and said that it is “committed to becoming a regulated exchange”. Read more.
Consumer Antivirus Firms NortonLifeLock and Avast to Merge in $8.6 Billion Deal (Security Week)
Consumer cybersecurity firms NortonLifeLock and Prague-based Avast announced earlier this week that the two firms have agreed to merge in a deal valued between roughly $8.1-$8.6 billion. Under the terms of the agreement, Avast shareholders could receive a combination of cash and newly issued shares in NortonLifeLock, with alternative consideration elections available. Read more.
Vemanti Group signs mou with PVcomBank to bring banking services to the underserved (Fiancial IT)
Vemanti Group, Inc. announced that it has signed a Fintech and Banking-as-a-Service (“BaaS”) business cooperation Memorandum of Understanding (“MOU”) with Vietnam Public Joint Stock Commercial Bank (“PVcomBank”) to jointly develop financial products and banking solutions for the underserved consumers and small businesses in Vietnam. Read more.
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