Hello Fintech Friends,
Also, we’ve finalized the dates for three Fintech Treks this year:
- London, September 15 to 18
- Mexico City, September 29 to October 2
- Dubai, December 1 to 4
If you’d like to join, sign up here for more info.
Please enjoy another week of fintech and banking news below.
💬 Quote of the Week
📊 Stat of the Week
US demographic surveys show that from March to April, there was a 32% increase in those saying they were relying on credit cards and loans to meet their spending needs. More than 1 in 10 adults reported tapping loans from friends or family to meet spending needs, a 34% increase from a year ago. (Source)
On May 25-26, LendIt Fintech USA returns to the Javits Center for 2 days of world-class content and long awaited face-to-face networking. CxOs from Upstart, Goldman Sachs, Figure, Nubank and Fundbox are already confirmed to speak - join them to explore the complexities of today's financial services industry through insightful sessions focused on the most important trends in banking and lending. Save 15% on your pass with the code MEDIA15_TWIF - see you there!
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🏦 Financial Services & Banking
🚀 Product Launches
Citi launched instant Sepa payments in Europe.
BNY Mellon launched a carbon-tracking tool for its own paper checks.
📰 Other News
EBA Clearing, Swift and The Clearing House are running an instant cross-border payments pilot. Akoya became the first RTP provider for tokenized payments. And not to be outdone, The Fed is piloting its own FedNow program.
Mastercard is now getting into open banking.
The US Labor Department voiced concerns about Fidelity’s bitcoin 401k plans.
JP Morgan is getting sued by retailer Ray Ban for failing to stop a $272 million cyber theft.
Oops, a Citigroup trader triggered a European flash crash.
🚀 Product Launches
Block (fka Square) launched its loans product in Canada.
Germany’s Mondu partnered with banking-as-a-service provider Raisin to launch buy-now-pay-later for business payments.
Zai, an embedded fintech orchestration provider, launched a cheaper US x-border money transfer service.
Rapyd launched cross-border virtual accounts.
UK neobank Atom launched an instant loan quotes tool.
Australia’s Hay Group launched… hay-as-a-service, which is called Shaype?
📰 Other News
In a broader legal challenge than the ongoing German regulatory challenge to Apple’s walled garden around NFC payments, the European Commission brought antitrust charges against the tech giant for not allowing third-party apps to use its NFC payment features.
Defi lender Goldfinch passed $100 million in loans.
Tricolor issued a Hispanic auto loan bond.
WhatsApp is competing head-on with Google to win Indian payments users through giving cashback rewards. After a rocky domestic app launch, Coinbase is doubling down on its Indian presence. PayPal is also doubling down on its efforts to become the go-to digital wallet.
Payments provider BPC expanded to the Americas and Caribbean. European open banking provider Tink came to the Netherlands, Norway, Estonia, Finland and Latvia. UK buy-now-pay-later provider Zilch is coming to the US. Dutch neobank Bunq came to Ireland.
Crypto firms are pushing back against SEC treasury market policing proposals.
Financial Solutions Lab announced its 2022 Accelerator cohort.
You can now buy alcohol at a vending machine with your veins…
Come meet us in-person at www.fintechhappyhour.com, and join our angel investing syndicate.