COVID-19: Weekly wrap
FinTech Futures’ weekly coronavirus news wrap.
Coronavirus/COVID-19
Trump’s COVID-19 stimulus plan needs to swap checks for digital dollars
The potential for a CBDC to make such disbursements more efficient and effective is multi-faceted.
Top 10 coronavirus initiatives by fintechs
Many fintechs have used this pandemic as an opportunity to show their mettle.
Top 10 coronavirus initiatives by governments and regulators
A brief overview of how governments and financial regulators have reacted to coronavirus.
How selfies can make us all safer
A simple and quick way for consumers to be able to verify the authenticity of ID documents.
Making remote working work
This is critical to the continued success of your business in these unprecedented times.
Chime pilots instant $1,200 stimulus check payments
The US government plans to distribute stimulus checks from 13 April.
US Federal Reserve pours $2.3 trillion into financing economy
“This funding will assist households and employers of all sizes,” says the Fed.
Singapore’s financial regulator unveils $87.8m fintech care package
The package is one of the most fintech-specific aid offerings seen so far.
China calls on banks to lend more aggressively to small businesses
Analysts say cheaper loans will help the broader Chinese economy weather the current slowdown.
French markets regulator backs extension of short-selling ban
“I would probably be in favour of extending [the ban],” says chairman of the AMF.
RBS axes 130 jobs from investment banking arm despite coronavirus uncertainty
Trade unions have criticised RBS’ choice to lay off workers amid the crisis.
Japan’s $1tn stimulus offers $18,000 to small businesses
It includes more than JPY 6 trillion for cash pay-outs to households and small businesses.
Visa pours $210m into the coronavirus effort to help SMEs
Visa will split the money between NGOs and investment partners.
Starling Bank launches “spare” debit card feature to help those self-isolating
The ‘Connected Card’ gives someone else the ability to spend on their behalf.
Transformation in a post apocalyptic world
How do we ensure we are in a better place to serve, deliver, survive in the next Black Swan event?
Banking Technology April 2020 issue out now
All things equal: Closing the gender gap in fintech.
Judo Bank lands $307m from government to support SMEs
“This is a really substantial additional signal of support by the government,” says co-CEO.
Fifth Third Bank plans 1,000 new roles for COVID-19 jobless
The US bank is hiring across retail banking, mortgages, and operations.
What would a coronavirus start-up aid package mean for UK fintech?
Coronavirus could “wipe out a generation of start-ups”, says one fintech founder.
Funding Options plugs into open banking with 20 lenders
The firm wants to cut down loan decisioning times amid coronavirus urgency.
Trade finance fintech Envoy is ready for the coronavirus rebound
Banks will be “very hungry to get their money back,” says CEO.
Westpac’s acting CEO gains full authority as bank gears up COVID-19 response
Peter King will be Westpac’s CEO for at least the next two years.
Coronavirus exposes gaps in innovation
The pandemic has given fintechs a time to shine.
Rangewell calls for Nationwide’s returned £50m to go towards COVID-19 effort
Business finance firm says the bank has abandoned finance plans “when they are most needed”.
Will fintech CEOs follow in the footsteps of Dan Price post-coronavirus?
Monzo and Moven’s CEOs have both taken a 100% pay cut.
What the Fintech? Episode 2 | COVID-19: Is cash still king?
Find out Nick Kerigan’s take on the impact of COVID-19 and his banned buzzword.
UK fintech Tully helps distribute COVID-19 payment relief
The fintech wants to reach two million people in its first eight weeks of launch.
The return of humanity in the digital era
He highlights the positive impact of the current situation and how our past was not necessarily better.
COVID-19: a call for digital transformation
This will not be a short-term event so businesses must prepare for the long haul.
Wirecard, SAP and Futur/io launch ‘Innovation Now’ to assist merchants amid COVID-19
Merchants will be able to find “assistance packages” through the platform.
A banker goes a-banking, volume 6: the patience of the lambs
Better is possible. Better is needed. Better is now both a business decision and a moral imperative.
ECB calls for bank bonus moderation
The ECB will act against banks which don’t comply.
Monzo’s CEO takes 100% pay cut for 12 months
Senior management and the board will also take a 25% pay cut.
Nymbus launches loan processing system for US banks to deliver COVID-19 relief
Nymbus says it has digitised the entire Paycheck Protection Programme (PPP) loan process.
Banks waive overdraft interest on temporary basis
Banks & building societies have previously been shaking up their overdraft charging structures.
Jumio helps US sectors battling coronavirus verify users for free
Organisations “involved in helping students, patients and vulnerable populations” can apply.
Keeping traders trading from home
Traders have found themselves operating in a new world.
HSBC delays ‘vast majority’ of redundancies amid COVID-19
“Because of the extraordinary impact of the COVID-19 pandemic,” says Noel Quinn.
ABN Amro withstands $200m loss from margin call failure of one client
The loss is equivalent to almost 10% of the bank’s annual profits.
