Weekly News Highlights – 20 October 2022

Stay up to date with the latest news from fintech! This week, we bring you updates on regulations, legislations, partnerships, and more. Enjoy reading!

Nubank preps own digital currency (Finextra)
Brazilian digital banking behemoth Nubank is developing its own cryptocurrency, called Nucoin, for its millions of customers. The Nucoin token will be the basis for a rewards programme when it launches next year, distributed for free to the bank’s 70 million customers for discounts and other perks. However, Nubank says that in the future it also wants to see Nucoins traded in the crypto market. The bank is inviting 2000 customers to participate in a forum group to help develop the token, which is being built on the Polygon network. Read more

Enfuce launches real-time card spending control tool (the paypers)
Finland-based Card-as-a-Service fintech Enfuce has rolled out its dynamic spend management tool Authorisation Control. Combined with Enfuce’s turnkey Card-as-a-Service (CaaS) platform, Authorisation Control gives card providers flexibility to create sophisticated rules for approving and declining transactions in real time, and to have total control over how, where, and when cards can be used. As cards, apps, embedded payments, and digital wallets become more widely used across a fast-expanding array of B2B and B2C applications and sophisticated use cases, card providers like companies, fintechs, and neobanks require more advanced spend controls than just limiting purchases to a certain sum or merchant category. Read more

HealRWorld Partners With Mastercard to Launch UNSDG-Focused Corporate Sustainability Card (The Fintech Times)
The social impact fintech, which is based in New Jersey in the US, has launched a corporate debit card that will reward sustainable businesses and promote the United Nations Sustainable Development Goals (UNSDGs). The offering comes complete with various business banking features, including multi-currency accounts, domestic and international payments, employee cards and an expenses management app; all tied together within the company’s accounting platforms. In addition to these features, users will have access to the company’s ‘Sustain Planet Earth Committed (SPEC)’ SDG self-reporting educational tool and designation for small businesses. This will enable users to learn more and report on their support of one or more of the SDGs, as well as to the ESG-aligned consumers and businesses of the company’s digital community and marketplace. Read more

Digital challenger Bunq wins “landmark” case against Dutch Central Bank (Fintech Futures)
Digital challenger Bunq has won its appeal against the Dutch Central Bank (DNB) regarding the use of modern technology such as AI and machine learning for anti-money laundering (AML) checks. The firm took the regulator to court earlier this year to challenge what it calls the DNB’s “antiquated and ineffective” AML strategy. “Where DNB insisted on using one-sided reporting from account holders – a system resting squarely on the honesty of fraudsters – Bunq favoured the use of technology such as machine learning to fight money laundering effectively,” Bunq says. “Today, the Dutch court ruled in favour of Bunq’s stance.” Describing the appeal as a “landmark case”, Bunq says it is the first time a bank has sued a regulator “over such a fundamental issue”, adding firms usually prefer to settle any disputes “behind closed doors”. Read more

JP Morgan invests in Second Life’s payment platform Tilia (Finextra)
JP Morgan has made a strategic investment in Tilia, the payments platform initially built to power the economy of online virtual world Second Life. Tilia is built for game, virtual world and mobile app developers, handling payment processing, in-game transactions, as well as payouts to creators by converting in-world tokens to fiat currency including USD. The unit was built from the ground up by Linden Labs to power Second Life and its creator-based economy but is now being spun out as it looks to take cash in on the expected metaverse goldrush. Read more

N26 launches new crypto product (the paypers)
Mobile bank N26 has announced the launch of its cryptocurrency product that will allow eligible customers to buy and sell almost 200 cryptocurrencies in their N26 app. N26 Crypto will first launch in Austria and will be made available progressively to eligible customers in the market over the coming weeks. The launch addresses local demand, where 40% of N26 users are either actively trading, or have expressed interest in investing in cryptocurrencies, according to the company. The Mobile Bank will roll out N26 Crypto in key markets in stages over the next 6 months. Read more

Apple and Goldman Sachs to launch savings account for Apple Card (Fintech Futures)
Apple has partnered with Goldman Sachs to offer Apple Card users a new “high-yield” savings account to help customers save money and access rewards. Due to launch “in the coming months”, the savings account will allow Apple Card users to deposit their “Daily Cash” rewards automatically with no fees, no minimum deposits and no minimum balance requirements. Users will be able to spend, send and save Daily Cash directly from their Apple Wallet. Additionally, customers can also deposit funds into the savings account through a linked bank account or from their Apple Cash balance. They will also be able to withdraw funds at any time for no fees. Read more

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