Barclays, HSBC, Lloyds Test Tokenized Sterling Deposits in Live Deals

A group of the UK’s largest banking institutions has moved tokenised bank money out of laboratory tests and into actual customer activity, completing the first live retail transactions using digital representations of ordinary sterling deposits. The work sits inside the Great British Tokenized Deposit programme,… Read More

Revolut Customers Caught in DriveWealth Data Breach After Third-Party Security Incident

Digital bank Revolut has become entangled in another customer-data scare after a security incident at US brokerage partner DriveWealth. The event is separate from an earlier September episode at Revolut itself. This time, the exposure occurred on DriveWealth’s systems, not inside Revolut’s own infrastructure. DriveWealth… Read More

MyComplianceOffice Secures $100M+ Growth Financing From Accel-KKR Credit Partners

MyComplianceOffice (MCO), a specialist in compliance software for financial firms, has secured more than $100 million in growth financing from Accel-KKR Credit Partners. The capital is intended to fund product work, artificial intelligence projects, and a larger technology staff as banks and asset managers look… Read More

Digital Bank Revolut Plans to Keep Lending Low Even as It Builds a Global Banking Platform

Revolut is taking what appears to be a distinctly conservative path on credit even as it builds out a full banking presence in more countries. Rather than following the traditional model of recycling large volumes of customer deposits into loans, the fintech intends to keep… Read More

Tink Founders Return with Freda, an AI Compliance Platform

The Fintech founders who built one of Europe’s open banking platforms Tink have stepped back into the startup arena with a very different problem in mind: the constant work of staying compliant. Daniel Kjellén and Fredrik Hedberg founded Stockholm-based Tink in 2012 and spent a… Read More

JPMorgan’s Jamie Dimon Predicts AI Infrastructure Outlays Will Top $1 Trillion Next Year

Jamie Dimon, the longtime chief executive of JPMorgan Chase (NYSE: JPM), told an audience in India this week that outlays on artificial-intelligence infrastructure are on track to cross the $1 trillion mark in 2027. The remark, delivered on the sidelines of the bank’s annual India… Read More

Apple Savings Raises Interest Rate Earned by Users, Still Lower than Others

Apple (NASDAQ:AAPL) could be considered one of the largest Fintechs in the world due to its massive install base and its popular wallet features. One of Apple’s services pays interest on a savings account managed by partner Goldman Sachs. This week, Apple notified savings account… Read More

Kremlin Linked Fintech A7 Reportedly Moved Billions via Global Banks Using Forged Invoices

A recent investigation has revealed how a Kremlin-linked payments company allegedly moved more than $6.9 billion through major international banks by exploiting gaps in compliance controls and using a large-scale document-forgery operation. The reporting from the FT is said to be based on hundreds of… Read More

Global Financial Centres Index Shows New York City Leads, London Second But 6th in Fintech

The Global Financial Centres Index (GFCI 40) was published last week, and according to their rankings, New York City continues to lead the way, something that should come as no surprise. Following NYC are London, Hong Kong, Singapore, and Shanghai. The GFCI 40 is published… Read More

JPM Uses DTCC’s Central Trade Matching Platform (CTM)

JP Morgan is now using DTCC’s Central Trade Matching Platform (CTM), according to a public release. JPM is using the service for US-listed options, including commission reconciliation and post-trade processing. DTCC says that CTM’s automated matching capabilities allow JPM to gain operational efficiency while mitigating… Read More

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