May 10, 2024 @ 2:31 pm By Omar Faridi  |  

Kaspersky has released its annual Financial Threats Report for 2023, offering a detailed analysis of the evolving financial cyber threat landscape. The report reveals significant “increases in mobile banking malware and cryptocurrency-related phishing, signaling growing threats to digital financial assets.” 2023 witnessed a substantial rise… Read More

May 10, 2024 @ 2:30 pm By Omar Faridi  |  

FINTRAC announced that it has imposed an administrative monetary penalty on Binance Holdings Limited, also operating as Binance Holdings (IE) Ltd., Binance.com, Binance Global and Binance. This foreign money services business was “imposed an administrative monetary penalty of $6,002,000 on May 7, 2024 for non-compliance… Read More

May 10, 2024 @ 10:59 am By JD Alois  |  

Bitso, a Latin American digital asset platform, has announced a new digital wallet, which will be made available to its users beginning May 13th. According to a statement distributed by the firm, the Bitso Web3 Wallet has been created to interact with Web3 applications (dApps)… Read More

May 10, 2024 @ 9:44 am By Omar Faridi  |  

Gen Z consumers are tapping into credit at higher levels than their Millennial counterparts did in the early stages of adulthood (ages 22-24). TransUnion (NYSE: TRU) released these findings at the company’s 2024 Financial Services Summit. The new TransUnion study, Solving for Z, “explored credit… Read More

May 10, 2024 @ 9:17 am By JD Alois  |  

Call it fate or luck, but most FTX customers and creditors will receive their money back after the firm filed for bankruptcy protection. FTX, under the management of liquidators, said that 98% of FTX creditors would receive at least 118% of allowed claims. Other creditors… Read More

May 10, 2024 @ 9:04 am By Omar Faridi  |  

Fireblocks now offers support for $EIGEN, alongside access to restaking via EigenLayer, a protocol in the Ethereum ecosystem. This integration allows ETH stakers “to generate additional rewards” without committing further collateral through a process called “restaking.” EigenLayer is set to launch “the first round of… Read More

May 10, 2024 @ 9:02 am By Omar Faridi  |  

  BlockFi says they have engaged Coinbase (NASDAQ:COIN) as their distribution partner to ensure continuity of crypto withdrawals available to their eligible BlockFi Interest Account (BIA), Retail Loan, and Private Clients. As previously reported, BlockFi emerged from bankruptcy as of October 24, 2023. BlockFi filed… Read More

May 10, 2024 @ 8:58 am By Omar Faridi  |  

One of the world’s largest asset managers projects that the stablecoin market will tip $3 trillion in the next four years, a 22x leap from today. This, according to an update shared by Ripple Labs. Putting this adoption in context “requires understanding the role stablecoins… Read More

May 10, 2024 @ 8:54 am By Omar Faridi  |  

Nubank (NYSE: NU) announced that it has surpassed 100 million customers in Brazil, Mexico, and Colombia, making it the first digital banking platform to reach this milestone outside of Asia. The achievement reportedly comes on “the heels of record 2023 financial results, with over US$1… Read More

May 9, 2024 @ 10:08 pm By Omar Faridi  |  

Setu, an Indian Fintech company, unveiled Sesame – India’s “first” Large Language Model (LLM) specifically designed for the BFSI (banking, financial services and insurance) sector. Developed by Setu in collaboration with indigenous AI research firm Sarvam AI, this breakthrough marks a “ChatGPT Moment” in the… Read More

May 9, 2024 @ 9:10 pm By Omar Faridi  |  

Symphony – the markets infrastructure and technology platform – is expanding its global footprint by establishing a commercial office in the Middle East. The new office will be located in Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital, “underlining Symphony’s… Read More

May 9, 2024 @ 3:39 pm By JD Alois  |  

Stripe, a global Fintech that is a huge e-commerce and payments player, has issued a post that retail investors should be careful about claims they can invest in their shares. Stripe is a private company that may never go public. Today, due to excessive regulation… Read More

May 9, 2024 @ 3:21 pm By JD Alois  |  

Plenty was co-founded by Emily Luk (formerly of Stripe) and Channing Allen (formerly of Homebase) out of personal need. Luk and Allen met while working together at the on-demand payment platform Even, which was acquired by Walmart-owned One. The duo eventually married, and the idea… Read More

May 9, 2024 @ 3:01 pm By Omar Faridi  |  

Square unveiled Square Kiosk, which is described as a fully integrated software, hardware, and payments solution that enables self-serve ordering for quick-service restaurants. Designed with fast-moving and fast-growing restaurants in mind, Square Kiosk empowers guests “to customize and place orders through its sleek and intuitive… Read More

May 9, 2024 @ 2:59 pm By Omar Faridi  |  

Fasanara Capital Ltd, a global asset manager with around $4 billion in AUM and a market leader in the fintech lending space, is pleased to announce a $100 million credit facility to Mexican credit card lender, Plata. Plata aims to transform the financial ecosystem for… Read More

May 9, 2024 @ 2:56 pm By Omar Faridi  |  

U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use “by 31% over the prior year, and convenience-minded… Read More

May 9, 2024 @ 10:57 am By Omar Faridi  |  

Boarding public transport and pay the fare by simply tapping with a contactless payment card or mobile phone (to which the card is binded) on turnstiles or authorized readers: Rome is reportedly the first city in Europe to “offer this contactless payment service to cardmembers… Read More

May 9, 2024 @ 10:38 am By Omar Faridi  |  

The Payment Systems Regulator (PSR) is proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams. The PSR’s direction will underpin the Bank of England’s new CHAPS reimbursement rules. In… Read More

May 9, 2024 @ 9:44 am By JD Alois  |  

European crowdfunding leaders will meet this month to discuss the implementation of European Crowdfunding Service Provider regulation (ECSPR) and the Key Investment Information Sheet (KIIS) – a requirement for issuers raising money under the rules. The European Working Group will be meeting for the 2nd… Read More

May 9, 2024 @ 9:15 am By Omar Faridi  |  

As Wisconsin becomes the latest state to regulate Earned Wage Access (EWA) services, we connected with Nico Simko, founder and CEO of on-demand pay app Clair, to discuss the ever-changing EWA landscape, the impact of local state government’s efforts to protect consumers, and more. Nico… Read More