Hello Fintech Friends,
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Please enjoy another week of fintech and banking news below.
💬 Quote of the Week
📖 Read of the Week
Dee W. Hock, the legendary founder of Visa who passed away last week, was profiled by American Banker in the article Visa's founder, and his influence on today's fintech. The decentralized and collaborative approach that Hock took to influence the bank consortium behind National BankAmericard was unprecedented at the time, but became a model for much of the systems interoperability now so standard for online businesses.
His book, One From Many, does a great job telling the story of how building an industry consortium that came to dominate global payments, with control of 40% of the global credit card market and 3.8 billion cards accepted by 100 million merchants.
📊 Stat of the Week
US household debt surpassed $16 trillion for the first time ever last quarter. (Source)
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Portabl, the decentralized OS for universal financial identity, is hiring a remote-based Founding Engineer. 🏗️
🏦 Financial Services & Banking
🚀 Product Launches
American Express launched a cross-border payments product for US businesses.
📰 Other News
Goldman Sachs continues to push into retail banking through new products and partnerships. Meanwhile, as travel becomes one of the largest and most important consumer spend purchase categories, banking giant JP Morgan is building a full-scale travel agency and software suite.
Blackrock is partnering with Coinbase Prime for institutional crypto access.
Senators Elizabeth Warren and Dick Durbin sent a letter to Fidelity asking them to reverse their inclusion of bitcoin in 401ks. Sen. Pat Toomey and Kyrsten Sinema introduced a bill that would exempt crypto transactions under $50 from capital gains.
The UK’s Office of Financial Research created a hub for climate risk assessments.
Commonwealth Bank of Australia will hire 400 engineers at its new tech hub.
🚀 Product Launches
Japanese messaging superapp Viber launched Payments, a mobile digital wallet for paying bills and transferring money.
Up Bank, an Australian neobank, launched Maybuy, a savings alternative to buy-now-pay-later.
Crypto giant FTX launched stock trading, and will go into options trading next.
Warranty provider Extend launched shipping protection for purchases.
Binance launched its crypto card in Argentina.
Yapily launched a variable recurring payments product and signed Volume as its first customer.
Banking-as-a-service provider Synctera debuted a compliance suite.
A Chinese consortium launched a Swiss stock exchange connection.
📰 Other News
In a continued escalation of the African regulatory pressure on large fintechs, the Central Bank of Kenya directed all banks to stop working with Chipper Cash and Flutterwave. The Bank of Ghana is probing Flutterwave as well.
Investor Andreessen Horowitz wants to launch a wealth management service for the founders it backs.
Plaid and Gemini partnered to allow UK users to purchase crypto via their bank accounts.
Chinese billionaire Jack Ma will reportedly give up control of Ant Group, the multibillion financial firm he founded which has found itself in the crosshairs of the country’s regulators.
Italian payments giant Nexi will partner with Microsoft to build cloud-based payment services across Europe. Moov became a Discover issuer-processor and partnered with Metabank and Visa to become an acquirer-processor.
Brex will transition its small business customers to neobank Oxygen.
Cardless is building an AmEx card.
Crypto firm Babel Finance lost over $280 million in customer funds from prop trading.
Zillow faces shareholder lawsuits due to its failed house-flipping business.
The New York Department of Financial Services fined Robinhood $30 million for crypto anti-money laundering failures.
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