Majority of central banks mull CBDCs
/According to PwC, 80% of central banks worldwide are considering rolling out a central bank digital currency (CBDC). PwC estimates the larger stablecoin ecosystem to be worth $190B.
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Citigroup pauses SPACs, awaits regulation
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The financial giant said it would temporarily halt public offerings through special purpose acquisition companies (SPACs). It’s concerned about increased oversight into SPACs from the SEC, which has yet to solidify specific guidelines.
Read MoreDimon’s shareholder letter: A subtle fintech strategy
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In his annual letter to shareholders, JPMorgan CEO Jamie Dimon shared his concerns about global volatility caused by the war in Ukraine, inflation, as well as consumer confidence. He also called for a “Marshall Plan” for decarbonization.
Read MoreMorgan Stanley doubts DeFi growth
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In a research report, Morgan Stanley said it expects growth within decentralized finance to slow down. It cited regulation and overcollateralization as the two primary factors affecting DeFi’s deceleration.
Read MoreLithuanian fintech harbors Ukrainian refugees
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Paysera, a Lithuanian company handling payments for online stores and retail customers, has refurbished the fourth floor of its global offices to house 16 Ukrainian refugees. It’s also halted payments to and from Russia in response to the country’s invasion of Ukraine.
Read MoreQualcomm to dive into the metaverse
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The tech giant announced yesterday that it’s created a $100M fund to invest in virtual reality (VR) and augmented reality (AR). The fund is called the Snapdragon Metaverse Fund.
Read MoreCFPB expands anti-discrimination enforcement
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On Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreNium debuts SWIFT alternative
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The global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreCFPB quietly rolls out new enforcement routes
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In late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreGrain-backed crypto challenges “stablecoin” definition
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Agrotoken, an Argentinian startup tokenizing grain by the ton through cryptocurrency, announced that its soy-, corn- and wheat-backed coins will be accepted as collateral by Santander. Agrotoken has also launched a 1,000-farmer test with Santander.
Read MoreFintechs are building out internal M&A teams
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After a series of IPOs and significant fundraising deals, fintechs are poaching junior bankers to evaluate and negotiate M&As internally. Banking giants increasingly see fintechs and other startups as talent competitors.
Read More“Climate fintech” needs to decide what it is
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Climate fintech funding rose to $1.2B in 2021, according to CommerzVentures. Carbon accounting attracted the most funding, raking in $410M last year.
Read MoreWith two new tools, Intuit courts SMBs
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The first, QuickBooks Get Paid Upfront, lets small businesses apply for an advance up to $30,000 for qualifying invoices; the second, QuickBooks Early Pay, lets employees paid through QuickBooks Online Payroll access earnings between paydays.
Read MoreCan virtual cards alleviate supply-chain woes?
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By letting small and midsize businesses (SMBs) issue instant cards to vendors, Mastercard looks to reduce payment cycle times to one day.
Read MoreIn new report, Fed flirts with central bank digital currencies
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Late last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.
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