Singapore’s Grab pulls the plug on investment services citing non-viability
Customers will have to withdraw their money by 13 October, after which the accounts will be permanently closed.
Cash
FinTech Futures: Top five stories of the week – 25 August 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Krakowski Bank Spółdzielczy taps Diebold Nixdorf to modernise ATM network
KBS aims to upgrade its entire ATM network by the end of 2023.
UK’s Financial Conduct Authority to step up protections for cash access
In the UK, 3.1 million adults use cash to pay “for everything or most things”.
SumUp secures $100m credit facility to expand merchant cash advance product
The facility is being provided by Chicago-based investment firm Victory Park Capital.
ICYMI fintech funding round-up: Pockit, Orbital, Traction & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Seacoast Bank strikes deal with NCR for ATM-as-a-Service solution
Seacoast Bank is leveraging NCR’s ATM-as-a-Service solution to replace its conventional ATM fleet.
Cash management – trends and priorities
While real-time data remains an ideal, the cash management process needs first to adapt to expanded ecosystems and networks.
The Philippines’ UnionBank taps NCR to manage its ATMs
The Philippines’ ninth largest bank currently operates over 400 ATMs across the country.
Global fintech investment falls over H1 2023 amid economic turbulence but sector remains resilient
According to Innovate Finance data, $27.3bn was injected into the industry globally during H1 2023 through 1,714 deals.
Thieves make away with $20m from Revolut following payment flaw
Flaws in its US and European payment systems meant that some declined transactions were wrongly refunded.
UK fintech TreasurySpring secures $29m Series B funding
The funding follows its $10 million Series A held in June 2021, and brings its total capital raised to $42 million.
UK paytech Ryft introduces in-person card payments to St Helena
Ryft says the small, remote island has “historically struggled” to access international payment platforms.
Tradeweb acquires Aussie trading platform Yieldbroker in AU$125m deal
The Yieldbroker platform claims to facilitate trading of approximately AUD 6 trillion annually.
How digital payments are changing the world
In both sociological and economic terms, the rapid switch to digital payments is fascinating.
FCA continues clampdown on unregistered crypto ATMs in Exeter, Nottingham and Sheffield
The regulator says it will review the evidence gathered and consider taking further action where necessary.
TD Bank nixes First Horizon merger citing regulatory approval delays
The merger has been mutually terminated and TD Bank has agreed to fork out $200m in cash to First Horizon.
FinTech Futures: Top five stories of the week – 5 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
HPS CEO Abdeslam Alaoui Smaili on innovation in the payments industry
FinTech Futures chats with HPS CEO Abdeslam Alaoui Smaili at WeMeeting 2023 in Marrakesh, Morocco.
Deutsche Börse to acquire Denmark’s SimCorp in €3.9bn deal
SimCorp will sit within a newly created investment management solutions segment, Deutsche Börse says.
NZ wealth manager JBWere taps Duco for cash and asset reconciliations
JBWere NZ will use Duco to reconcile cash and securities held with sub-custodians, share registries and banks.
FCA outlines new measures for banks to tackle money laundering via the Post Office
The NECC estimates “hundreds of millions” of pounds are laundered annually using cash deposits at the Post Office.
Demystify Podcast: Demystifying China, CDBCs and cashless with Richard Turrin
Based out of China, Richard Turrin has a ringside seat on how China is transforming into a cashless society.
UK government delays plan to sell NatWest shares by two years
Rather than offload a 15% stake in the group this year, HM Treasury has pushed the date back to August 2025.
SoFi acquires Wyndham Capital Mortgage in all-cash deal
The acquisition includes both “talent and technology” and is designed to help SoFi scale.
CBDCs – miracle money or new world order?
CBDCs promise much, but their cost when it comes to privacy could be dear.
Employee financial wellness start-up Rain lands $116m in equity and debt
The total funding is made up of a $66 million Series A equity round and a $50 million debt facility.
South Africa rolls out PayShap, a new real-time digital payments service
With PayShap, consumers will have access to instant, real-time payments across participating banks.
US, European agencies seize €44m worth of BTC in crypto mixer raid
The law enforcement agencies seized seven terabytes worth of data, consisting of 1909.4 BTC.
Stripe raises $6.5bn in funding at reduced valuation of $50bn
In March 2021, the fintech landed $600 million in funding, confirming a valuation of $95 billion.
US regulators shutter New York’s Signature Bank following SVB collapse
Signature Bank is a large lender in the cryptosphere.
Canada’s Versapay names Carey O’Connor Kolaja as new CEO
O’Connor Kolaja replaces former CEO Craig O’Neill, who is set to move to an advisory role within the firm.
Bank of Japan to launch CBDC pilot programme in April
The pilot will test the technical feasibility of a CBDC and leverage the “skills and insights” of private industry.
Solving the cybersecurity puzzle
FinTech Futures speaks to City University of London’s Raj Muttukrishnan and Crossword’s Stuart Jubb.
FCA clamps down on unregistered crypto ATM operators in Leeds
The FCA will review evidence gathered during the visits and consider further potential enforcement action.
Paysafecard CEO Udo Mueller departs firm
Mueller will focus on “helping other companies and entrepreneurial fintech enthusiasts in their growth ambitions”.
FinTech Futures: Top five stories of the week – 3 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
More banking hubs and pods earmarked for UK as branch closures continue
A further nine banking hubs and six deposit services have been recommended by Link.
US lender Upstart to cut 20% of jobs in bid to return to profitability
Upstart is also suspending development of its small business loan product.
UK-based digital asset wallet Mode to shut down
Mode says it is winding down its services “due to unsuccessful funding and difficult market conditions”.
