Uber gears up for super app launch
/The rideshare giant said it will soon add plane, train, and rental-car booking to its app in the U.K. It also said it may scale these services beyond the U.K. if the new services gain traction.
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What’s Egypt’s long game with InstaPay?
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Launched on March 23 by Egypt’s central bank, InstaPay permits electronic transfers from accounts belonging to different banks. 13 banks currently use the app and run on its Instant Payment Network (IPN).
Read MoreApple eyes building its own payments tech
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A multiyear plan would help the computing giant develop its own infrastructure for financial products. It would facilitate new approaches to payment processing, risk assessment for lending, fraud analysis, credit checks, and more.
Read MoreMajor U.S. banks face climate change vote
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Shareholders are set to vote on proposals to reduce financing for projects in oil and gas. The banks include JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley.
Read MoreThe hidden costs of paycheck advances
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According to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
Read MoreTencent eyes holding company for WeChat Pay
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The Chinese tech giant said it is looking into whether Chinese regulators will force it to house its financial businesses in a holding company. Two financial holding company licenses have recently been issued in the country.
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 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.
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