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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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 MoreWhat’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 MoreE.U. to outlaw anonymous crypto transactions
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European Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreBank of Italy bans N26 onboarding
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Italy’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreVisa and Mastercard still work in Russia. How?
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Both payments processors had previously announced that that they would stop doing business in Russia. But their cards still work within the country, because Visa and Mastercard were forced to switch to Russia’s domestic payments-processing system in 2015.
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 MoreWhite House outlines plan for equity in home appraisals
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An interagency panel, the Property Appraisal and Valuation Equity task force, released a plan for addressing discrimination in the appraisal industry. The group first convened last summer.
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 MoreWhat’s the place of celebrities in crypto?
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FTX announced that tennis star Naomi Osaka will become a brand ambassador for the crypto exchange. She will get an equity stake and be compensated in crypto as well.
Read MoreNew Jersey to restrict NFTs as gifts to public officials
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In an update to the state’s bribery- and corruption-prevention laws, the New Jersey General Assembly may soon vote to prevent public officials from receiving NFTs and virtual currency as gifts. The bill was approved by the Science, Innovation, and Technology Committee last week.
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.
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