Qualcomm 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.
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Fintech News Stories
CFPB 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 More4 regulatory showdowns affecting the future of finance
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From cannabis to cryptocurrency, the future of fintech lies in the hands of regulators. Find out how alternative payments rails, smart contracts, and securities enforcement can potentially change everything.
Read MoreRobinhood to launch stock-lending feature
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The trading platform’s new offering would let users generate passive income by loaning out their stocks to other financial institutions. It’s set to roll out in the first half of 2022, according to a Robinhood spokesperson.
Read MoreHow will new cybersecurity rules affect fintech?
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Yesterday, President Biden signed the Cyber Incident Reporting For Critical Infrastructure Act of 2022. The law shortens reporting timelines for cybersecurity incidents and names the Cybersecurity and Infrastructure Security Agency (CISA) as the leading government body for enforcement.
Read MoreReserve Bank of India bans Paytm payments bank onboarding
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Indian regulators have forced the country’s payments giant to pause the onboarding of new customers during an IT audit. This is the second time Paytm has faced such a ban in five years.
Read MoreStripe recommits to crypto payments
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On Thursday, Stripe CEO John Collison announced that Stripe is re-entering the crypto space. FTX US said it will use Stripe to automate KYC processes, approvals, and crypto purchases from debit cards and ACH transactions.
Read MoreTencent stock dives 10% due to fintech fines
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The People’s Bank of China (PBOC), the country’s central bank, may levy record fines against Tencent’s WeChat Pay for failing to comply with KYC and AML regulations. The PBOC discovered these violations during an inspection of the company in 2021.
Read MoreFintech scams promise windfall for crime prevention firms
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Silent Eight, a Singapore-based financial crime prevention firm, announced yesterday that it had raised $40M in Series B funding. HSBC and Standard Charter’s venture wings were listed as investors.
Read MoreACI integrates Venmo and PayPal for IRS filings
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Real-time payments provider ACI Worldwide announced these new digital payments options for U.S. federal taxpayers, not for state filings. ACI is the first platform to offer tax payments through Venmo.
Read MoreShould banks be worried about Zelle?
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More than 17 million Americans were the victims of fraud on digital wallets or peer-to-peer payment apps in 2020. A large proportion of these crimes took place on Zelle, according to the New York Times.
Read MoreNew tool to tackle bias in finance
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On Monday, machine-learning solutions provider Stratyfy released UnBias, which helps financial institutions discover and undo bias in their systems. UnBias will be available as a standalone offering.
Read MoreDutch Bros. doubles down on rewards
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In an earnings call with analysts on Tuesday, the coffee chain’s executives said they would invest in expanding customer use of the Dutch Rewards app. Between 20% and 25% of rewards transactions include stored-value activity, according to the company’s CFO.
Read MoreBNPL payments now reflected in credit reports
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On Monday, Equifax started adding “pay-in-four” installment loans to its credit reports. Experian and TransUnion said they would roll out similar developments this year as well.
Read MoreBank of America to launch all-in-one app
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In a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
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