Stay up to date with the latest news from fintech! This week, we bring you updates and developments on payments, banking, partnerships, crypto, crowdfunding, cloud technology and more. Enjoy reading!
N26 withdraws from US (Finextra)
German digital bank N26 is to shut down its US operations in order to sharpen its focus on its European business. The app-based bank opened for business in the US in July 2019 and has amassed 500,000 customers, who must now find a new banking partner before the shutters come down on 11 January. The firm says its renewed focus on its European operations will enable it to move into new verticals to include investment products in the coming year. Read more.
Mastercard Advances Global Open Banking Capabilities With Close of Aiia Acquisition
Mastercard announced it has completed its acquisition of Aiia, a leading European open banking technology provider that offers single and secure API access to banks and fintech companies, and enables users to easily perform account-to-account payments. Aiia further advances Mastercard’s existing distribution channels, technology, data practices and global multi-rail and open banking strategy. Read more.
Brazil Prepares New Regulations for Fast-Growing Fintechs (US News)
Brazil’s government plans to publish new regulations for fintechs on Friday, following public consultations by the central bank. They said the regulations for financial technology companies were discussed at an extraordinary meeting of the National Monetary Council, which oversees the Brazilian financial and monetary system. Read more.
PH, SG sign agreement enhancing ASEAN digital payment cooperation in World Fintech Festival (Manilastandard.net)
The Philippines and Singapore deepened their fintech-based relationship with various cross-border collaborations that will strengthen ASEAN regional payments and provide financial inclusivity to Overseas Filipino Workers (OFWs) and micro-small-to-medium-sized enterprises (MSMEs). During the recent World Fintech Festival Philippines (WFF) 2021 - Singapore Fintech Festival (SFF), Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon signed the expanded Fintech Innovation Function Cooperation Agreement. Read more.
Binance and Ripple weigh in on crypto regulation (Finextra)
Having both been put under the cosh by financial regulators, Binance and Ripple have now outlined their visions for how the crypto industry should be governed. Now, the exchange is calling for a global regulatory framework governing crypto markets, saying that it is working with policymakers to “achieve the mutual goal of protecting users, while allowing innovation to continue in a responsible manner, ensuring a healthy trajectory forward for the industry”. Read more.
US Partnering with Israel to Counter Ransomware, Regulate FinTech (Nextgov)
Israel’s NSO Group represents just one aspect of the country’s lively tech industry, which may be about to get another energizing jolt from its government. The United States is partnering with Israel through a new task force to identify a policy path that will foster growth and healthy competition in the rapidly expanding market for financial services technology while deterring ransomware and other cyber threats, according to the Treasury Department. Read more.
Remitter Officially Partners with Visa Ready For Fintech Enablement Certification Program (PR Newswire)
Remitter USA Inc., an AI-powered, digital communications and collections platform used to optimize customer engagement and improve collections, announced its official partnership with the VISA Ready Fintech Enablement Certification Program. The Visa Ready program enables partners to accelerate their growth by providing certification guidelines and access to Visa products and go-to-market expertise. The program will allow Remitter to differentiate its solution, establish trust with potential clients and expand its business with the Visa Ready seal of approval. Remitter will also be able to leverage more partnership opportunities by ensuring its solution meets Visa standards and global payments regulations. Read more.
Franklin (BEN) Faces Lawsuit for Destroying Blockchain Startup (Nasdaq)
A lawsuit has been filed against Franklin Resources, Inc. BEN by a group of investors claiming that the company sabotaged a startup named Onsa to get its technology and, hence, an entry into the flourishing fintech market. The news was reported by Bloomberg.
Claims suggest that Onsa developed a “tokenized” money market, which could convert assets into digital tokens, being the first of its kind to be approved by the Securities and Exchange Commission. Read more.
U.S. Bancorp to Acquire TravelBank, an All-in-One Expense and Travel Management Solution (Businesswire)
U.S. Bancorp, the parent company of U.S. Bank, has entered into an agreement to acquire TravelBank, a San Francisco-based fintech company that provides an all-in-one, tech-driven expense and travel management solution. TravelBank is easy to use for employees and helps businesses control and track expenses, automate processes, streamline approvals and reporting, and ensure compliance with company policies. Read more.
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