Fintech: Page 38
The latest fintech news for banking professionals.
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Permission granted by Revolut
Revolut to offer 30-minute, fee-free remittances from US to Mexico
Remittances sent from the U.S. to Mexico increased by 37.7% between November 2020 and 2021, according to research published by BBVA.
By Robin Bradley • Jan. 31, 2022 -
Permission granted by Diem Association
Diem to end crypto project, sell its assets to Silvergate Bank for $182M
The California bank said Monday it intends to launch a stablecoin this year using the assets it acquired in the deal.
By Dan Ennis • Updated Feb. 1, 2022 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.
By Banking Dive staff -
Permission granted by H&R Block
H&R Block launches challenger bank Spruce
The tax-preparation company last March teased its desire to offer digital checking and savings accounts. Spruce marks H&R Block's second foray into banking after it surrendered its charter in 2015.
By Robin Bradley • Jan. 21, 2022 -
Drew Angerer via Getty Images
Crypto questions, Fed vacancies fill 2022 regulatory agenda with unknowns
The people doing the regulating will be as important as rulemaking substance — and the Senate's vote on the Fed's Lael Brainard can serve as a test of Republicans' appetite for change.
By Dan Ennis • Jan. 20, 2022 -
Permission granted by SoFi
SoFi gets OCC's conditional approval to become a bank
The OCC restricted the bank, once it's operational, from crypto activity without first obtaining the regulator's non-objection.
By Dan Ennis • Jan. 19, 2022 -
Courtesy of Starling Bank
Neobank Starling halts advertising on Facebook, Instagram
The U.K.-based fintech's CEO, in a blog post, said the company would not post ads on Meta platforms until the social media giant addresses its scammer infestation.
By Robin Bradley • Jan. 7, 2022 -
Dan Kitwood/Getty Images News via Getty Images
NCUA OKs crypto partnerships for credit unions
"Financial services has always been 'adapt or die,'" Kyle Hauptman, the regulator's vice chair, told CoinDesk. "I don't want credit unions to go the way of Blockbuster Video because we, the regulators, prevented innovation."
By Robin Bradley • Jan. 4, 2022 -
5 banking trends to watch in 2022
A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.
By Dan Ennis , Anna Hrushka , Robin Bradley • Jan. 4, 2022 -
Permission granted by Dave
Banks are 'missing the mark' on overdraft revamps, Dave CEO says
"Getting rid of overdraft solves part of the problem, but it also can hurt customers who are relying on those funds to get by, even though it's a very expensive credit," said the fintech's top executive, Jason Wilk.
By Anna Hrushka • Dec. 21, 2021 -
Permission granted by Customers Bank
Customers Bank plays up 'fintech-forward' focus in rebrand
The bank said it's attracting "younger, more diverse, more tech savvy" clients, and the new branding is "designed to capture this vibe."
By Anna Hrushka • Dec. 16, 2021 -
Jack Taylor / Stringer via Getty Images
Crypto custody firm Anchorage Digital raises $350M in $3B valuation
The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.
By Anna Hrushka • Dec. 15, 2021 -
Chime customers can deposit funds at Walgreens for free
The retailer joins CVS, Walmart and 7-Eleven in allowing Chime's customers to make deposits at their brick-and-mortar locations. Walgreens, however, is the only retailer to do so without charging a fee.
By Anna Hrushka • Dec. 14, 2021 -
Matt Cardy/Getty via Getty Images
Wells Fargo to use HSBC's blockchain tech to settle forex transactions
Through the arrangement, the banks will sidestep CLS, a Federal Reserve-regulated third party, to settle matched foreign-exchange transactions in U.S. and Canadian dollars, euros and British pounds.
By Robin Bradley • Dec. 13, 2021 -
Column
Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'
Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.
By Dan Ennis • Dec. 10, 2021 -
Alex Wong via Getty Images
Crypto execs tout financial inclusion during digital-asset hearing
Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.
By Anna Hrushka • Dec. 9, 2021 -
Megan Quinn/Banking Dive
Crypto execs push for tailored regulation, but not a rush to judgment
At stake, they said in a Wednesday hearing on Capitol Hill, is the U.S.'s leadership in the field.
By Dan Ennis • Dec. 8, 2021 -
Dan Kitwood via Getty Images
The decentralization in DeFi just an illusion, BIS says
DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.
By Robin Bradley • Dec. 7, 2021 -
Permission granted by Office of the Comptroller of the Currency
Crypto, cybersecurity and climate in focus in OCC risk report
"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.
By Anna Hrushka • Dec. 7, 2021 -
Lintao Zhang via Getty Images
Quotable Quarles: 5 takeaways from the Fed governor's farewell speech
The outgoing central bank official suggested a change to big banks' stress-testing framework, warned against stifling digital-asset innovation and cautioned the misuse of Fed emergency funds.
By Dan Ennis • Dec. 3, 2021 -
Courtesy Stash
How Stash helps its customers navigate emerging wealth tools
"One of the biggest learnings for us ... was making sure that we give context to the information that we're asking for and why," said Claudio Esposito, the fintech's senior vice president of product.
By Suman Bhattacharyya • Dec. 3, 2021 -
Permission granted by Circle
Execs from 6 crypto firms to testify Dec. 8 before House panel
Representatives from Coinbase, Circle — and a former acting comptroller — are set to discuss "the challenges and benefits of financial innovation" as lawmakers seek answers.
By Robin Bradley • Dec. 2, 2021 -
Steve Jennings via Getty Images
Diem co-creator Marcus to leave Facebook parent Meta by end of year
In a series of tweets and Facebook posts Tuesday, David Marcus said he is leaving to pursue other projects. Stephane Kasriel, vice president of product at Novi, will take over his role leading the stalled crypto effort.
By Anna Hrushka • Dec. 1, 2021 -
Kevin Dietsch via Getty Images
Senate banking panel chair seeks stablecoin issuer feedback
The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.
By Anna Hrushka • Nov. 29, 2021 -
Dan Kitwood via Getty Images
Bank regulators to roll out crypto guidance in 2022
A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.
By Anna Hrushka • Nov. 23, 2021 -
Permission granted by Citigroup
Citi names crypto team chief, looks to hire 100 more in digital asset effort
Puneet Singhvi will become the head of digital assets for Citi's institutional clients group Dec. 1, according to an internal memo.
By Robin Bradley • Nov. 23, 2021
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