Under pressure from the U.S. Securities and Exchange Commission, Robinhood has taken steps to ensure its crypto division isn’t violating securities law. The trading platform recently delisted several tokens, including Polygon, Cardano, and Solana, in response to the government agency’s litigation against other crypto exchanges. However, these actions weren’t enough to assuage the SEC. Despite […]
Fintech
China’s Ant Group doubles down on global expansion with cross-border payments offering Alipay+
Chinese fintech major Ant Group is looking to boost its global presence via its digital offering, Alipay+, as it seeks to connect mobile payment apps around the world. “What we found is that people want to use their home e-wallets when they travel abroad. So they don’t want to have to load their card into […]
Fed proposes expanding operating hours for FedWire and NSS
The US Federal Reserve Board is seeking feedback on a proposal to start operating its two large payments services seven days a week. Currently, both the Fedwire Funds Service and the National Settlement Service (NSS) operate Monday through Friday, excluding holidays. Under the proposal, both services would operate every day of the year. The operating […]
Wells Fargo says US investigating Zelle complaint handling
Wells Fargo has joined JP Morgan in revealing that US authorities are investigating the handling of complaints about P2P payments service Zelle. In an SEC filing, Wells says: “Government authorities have been conducting formal or informal inquiries or investigations regarding the handling of customer disputes related to fund transfers made through the Zelle Network.” JP […]
RBC launches incubator
The Royal Bank of Canada is backing a new incubator programme for fintech and cybersecurity startups. The bank is working with the Rogers Cybersecure Catalyst at Toronto Metropolitan University on the RBC FinSec Incubator. Early-stage companies working on security for the financial sector that join the programme will get the chance to demonstrate their technologies […]
Tide partners with Adyen in German market
Tide has announced that it will offer business accounts in Germany, marking the beginning of the company’s expansion into Europe. The move has been executed in partnership with payments platform Adyen, which is fronting their banking-as-a-service solution to support small and medium-sized businesses (SMBs) in the region. Oliver Prill, Tide’s CEO, commented: ” We’re delighted […]
IFC and SocGen’s Romania deal marks sustainable finance milestone
Societe Generale (SocGen) and the International Finance Corporation (IFC) have signed a Collaboration Framework Agreement to bolster sustainable finance in developing countries. As part of the agreement, signed at the World Economic Forum’s annual meeting in in January, IFC and SocGen will provide project co-financings and risk sharing agreements, assisting in the private sector’s mobilisation […]
Mastercard Teams Up with Fintech Startups to Accelerate Digital Payment Solutions
Mastercard has launched a new program to promote collaboration with startups worldwide seeking to expand digital payments. Dubbed the Start Path Acceptance program, this initiative allows Mastercard to address crucial challenges within the digital economy through strategic partnerships. Mastercard Teams Up with Fintech Innovators The payment giant’s global acceptance footprint has experienced remarkable growth, doubling […]
CFPB Closes Years-Long Probe Into PayPal, Venmo
After three years of investigation, the Consumer Financial Protection Bureau officially closed its probe into PayPal and its subsidiary Venmo this week. According to PayPal, the investigation centered around Venmo’s unauthorized funds transfers and collections processes, along with related issues such as the handling of consumer payments when mistakenly directed to unintended recipients. PayPal states […]
Platforms Rally to Push FinTech IPO Index 3% Higher
A 3% gain in the FinTech IPO Index this past week was led by the platforms. And in many cases, those firms have yet to report earnings — so, perhaps, let’s call this an anticipatory rally. Katapult, the lease-to-own platform, saw its shares leap 49.7% through the past five sessions. The company filed its 10-K […]