Hello Fintech Friends,
I gotta say, the Tucci had me on the edge of my seat last night.
Big, big shout-out to all of our amazing partners who are making the Fintech Formal a reality. Have a great weekend.
Please enjoy another week of fintech and banking news below.
💬 Quote of the Week
“Most probably will start using crypto without realizing it (eg their bank issues a mortgage on-chain) - they'll just get better rate & faster processing. Eventually they'll realize a lot of apps & workflows they use & love today will be running on Web3 rails. That's the end game.”
- Santiago R Santos (Source)
📖 Read of the Week
The fintech team at Andreessen Horowitz continues to put out engaging primers on how different elements of financial infrastructure interoperate. This week, they published a short overview of how money moves (domestically and internationally) and the components of that process.
📊 Stat of the Week
Challenger banks and fintechs tripled their share of the UK credit card market and grew their personal loan books by 50% this year. (Source)
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💼 Open Role Spotlight
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🏦 Financial Services & Banking
🚀 Product Launches
Standard Chartered's venture arm launched letsbloom, a fintech that helps regulated firms get on the cloud.
National Australia Bank relaunched its online small business lending service.
CommBank's venture arm launched a machine learning shopping app for Gen Z.
📰 Other News
CaixaBank is embarking on the tricky task of unifying its IT systems with the recently-acquired Bankia.
Singapore and Abu Dhabi collaborated on a 'breakthrough' cross-border trade finance program. The Philippines is accelerating its push to digital payments, in-line with the central bank’s goal of 50% of payments being digital by 2023.
🚀 Product Launches
Google Finance launched the ability for users to link and track all their brokerage holdings on Google.
UK fintechs Mode and PayEscape are partnering to let people accept their payroll in bitcoin. Ripple launched a bitcoin and ethereum hub, and is working on a defi offering. Venmo launched a crypto price-tracking feature.
AcreTrader launched AcrePro, an online brokerage for farmland.
Nasdaq launched a dataset for tracking retail investment activity.
Yieldstreet launched a fund for small investors to bet on art.
📰 Other News
Rapyd is partnering with shopping app Nate on a global e-commerce platform. Canadian fintech Newt signed a deal to operate a SaaS platform for BBVA’s customers in Mexico. Banking-as-a-service provider Jiko signed a partnership with Euphoria to build a banking app for the transgender community.
UK neobank Starling bought a £1 billion mortgage book.
Ikea is accepting open banking payments through Trustly.
And in very sad news, Brandon Dewitt, the co-founder of MX, passed away from cancer at age 38.
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- Starling Bank is to offset its carbon emissions starting this year which is estimated to cost around $40,000. They also added support for its multi-currency accounts into Xero in real time.
- Klarna has finally launched in Ireland and also launched “Money Talks”, a card game to encourage people to talk about money.
- Truelayer has signed new neobroker Lightyear as a customer for its payments product, to be use to fund accounts at the investment platform.
- PhonePe crossed 2 billion monthly transactions milestone.
- In India, Velocity, a revenue based finance startup, raised $20 million. GoKwik, a commerce enablement startup, raised $15 million. GuardianLink, an NFT marketplace, raised $12 million.
- BSP, the Philippine Central Bank, plans to build a regional instant bank transfer network. It's already integrated with Singapore.
- Arbo Works, a Singaporean fintech startup founded by ex-Google employees, raised an undisclosed amount.
In collaboration with Ben White.
- The Biden Administration signed into law the infrastructure bill, including a crypto tax amendment.
- Democratic Senators issued a letter pushing the CFPB on credit reporting errors.
- Federal Reserve Governor Christopher Waller said stablecoins need not face identical rules to bank deposits, countering the Presidential Working Group’s recommendations last week.
- OCC Comptroller nominee Saule Omarova testifies in front of the Senate Banking Committee on Thursday.
- The SEC issued a risk alert for electronic investment advisers, after examinations found deficiencies in internal policies related to information security and investor best interest.
- The SEC rejected a Bitcoin ETF proposal from VanEck.
- US prudential regulators are expected to release a crypto regulation framework, according to Politico (paywall).
- The SEC is reportedly scrutinizing BlockFi’s high-yield crypto accounts.
- Ripple accused the SEC of “picking winners and losers” in a March court filing.
- Deputy Treasury Secretary Wally Ademayo spoke about the opportunities and risks of crypto, and called for a regulatory framework.
- The UK’s Competition and Markets Authority is pushing back a key open banking initiative by 6 months.
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