Binance is backing out of its plans to acquire FTX; & more!
Welcome to your daily FinTech news!
In case you missed it, please see below today's most relevant news, or tune in to our Daily Fintech Podcast here.
NEWS HIGHLIGHT
Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse. Link here
BREAKING NEWS
J.P. Morgan and Mastercard modernize account-based payments with innovative 'pay-by-bank' solution, an ACH payment that uses open banking, which enables customers to pay bills directly from their bank account with greater security. Link here
Elon Musk detailed his vision for Twitter’s plan to enter the payments market and suggested that, in the future, users would be able to send money and extract their funds to authenticated bank accounts on the platform. Link here
Fintech Saudi released its fourth Annual Report 2021/2022, providing an overview of the FinTech industry in Saudi Arabia over the last year. Link here
INSIGHTS
Mastercard’s study shows that buy now, pay later is rising in popularity in APAC, where consumers are increasingly turning to these payment arrangements to pay for bigger-ticket items like electronics and appliances. Link here
Mexico has arguably the largest opportunity worldwide for Banking as a Service (BaaS). Its financial system is in dire need of reform. Zac T.’s guide will give an overview of the regulatory challenges and examine the main players in the industry. Link here
FINTECH NEWS
Moonfare expands to offer investment platform with the launch of a new Moonfare Private Investment Office (MPIO), to support family office clients as they adapt to changing market circumstances and construct a well-diversified private market investment portfolio. Link here
BigPay hits RM1 billion milestone for international remittance feature. The company said that the achievement is a testimony to the growing demand for its feature, which is available in over 50 countries and supports over 30 currencies. Link here
DIGITAL BANKING NEWS
Spanish banks will test digital euro. The Spanish banking sector has set up a working group and proof-of-concept to assess the impact of the implementation of a digital euro. Link here
Nubank opens its new product account for teenagers under 18 in Brazil. The novelty provides access for people aged 12 to 17 years after the consent of a responsible parent who is a Nubank customer in Brazil. Link here
Recommended by LinkedIn
Gatehouse Bank announced that it has planted 20,800 trees on behalf of customers through its Woodland Saver accounts. The trees are planted strategically for maximum impact and will sequester tonnes of carbon emissions. Link here
BLOCKCHAIN
Bitso launches QR crypto payments for travelers in Argentina. A function that will let tourists travel using crypto and avoid the inconvenience associated with exchanging cash for local currency. Link here
PARTNERSHIPS
Starling bolsters support for bereaved customers through partnership with Settld. The partnership will streamline account administration for those who are handling the affairs of a Starling bank customer who has passed away. Link here
11:FS and Griffin partner to bring the power of embedded finance to UK businesses and simplify the building and launching of financial products by allowing companies to innovate faster without compromising security. Link here
Paysera has partnered with Airwallex to enable its clients to send money to 149 countries and open IBAN accounts in 9 countries. Link here
Mexican mortgage lender Yave raised $7.5 million in funding, and plans to expand beyond Mexico in the future. Link here
Creditshelf partners with Goldman Sachs and hits profitability. The company has entered an additional secured financing facility, with Goldman Sachs providing up to €100m to meet the ever-increasing loan demand of their SME client base. Link here
Blnk raises $32M in debt and equity. The fintech plans to “accelerate financial inclusion within underserved communities across the country” and support its “AI-powered” lending infrastructure. Link here
Ping is working off of $15 million in seed funding from a group of investors, and wants to simplify global payments while helping Latin Americans embrace crypto. Link here
Ark Invest swoops in to buy US$21.4 mln in Coinbase shares. The majority of shares purchased went to ARKK, the firm’s flagship exchange-traded fund (ETF), which targets innovative and disruptive projects. Link here
Hyphen Group raises US$20M funding round led by PCCW. With this new investment, Hyphen Group will accelerate its path to profitability while continuing to deliver on its mission to empower and connect people to a better financial future. Link here
This ends Your Daily Fintech News. Let me know if there are any questions or comments. Until the next!
Regards,
Marcel van Oost
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