Jane Fraser to become CEO of Citi next year
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Citibank has named Jane Fraser to become CEO of the megabank. She will assume the role once current CEO Mike Corbat retires in February.
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Fintech News Stories
Descartes Underwriting secures $18.5M to evolve insurance models
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Paris-based insurtech Descartes Underwriting secured $18.5 in Series A funding to evolve its technology-based risk and underwriting tools.
Read MoreWealthsimple gets regulator’s nod to test crypto platform
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Wealthsimple, a Canadian robo-adviser that also operates in the U.S. and the U.K., received conditional approval from Canadian Securities Administrators to test a cryptocurrency platform over a two-year period.
Read MoreSEC: Insurtech Unicorn Lemonade Files To Go Public, Here's What You Need To Know
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Lemonade filed its S-1 with the Securities and Exchange commission yesterday for an initial public offering.
Read MoreBuoyed by deposit growth, Goldman considers AI assistant for online bank Marcus
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Goldman Sachs’ digital bank Marcus is on the cusp of rolling out new offerings, including a checking account and possibly an AI assistant, per a report from Business Insider.
Read MoreEmpower to acquire robo-adviser Personal Capital for nearly $1B
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Empower Retirement, a subsidiary of Canada-based financial company Great-West Lifeco, will acquire robo-adviser Personal Capital for $825M on closing and up to $175 million for planned growth.
Read MorePolicybazaar plans 2021 IPO at $3.5B valuation
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Policybazaar, an Indian digital insurance marketplace backed by Softbank, Tencent and Tiger Global Management, announced that it will go public next year at a $3.5 billion valuation. The size of the IPO will be about $500 million.
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Payments community considers impact of WeChat ban
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An Executive Order dated August 6 prohibits “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States.” It takes effect in 45 days of the Order, and includes digital payments through WeChat.
Read MoreJPMorgan Chase cuts the words ‘master,’ ‘slave,’ and ‘blacklist’ from internal code
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America’s reckoning on race relations is now impacting bank programming language. JPMorgan Chase is eliminating the terms ‘master,’ ‘slave,’ and ‘blacklist,’ from its technology policies, standards and control procedures, as well its programming code.
Read MoreIndia taps private sector to set up new payments body
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India’s central bank is taking applications from companies for efforts to set up a new umbrella entity for retail payments. The new organization could be a for-profit entity, and will operate alongside the bank-backed nonprofit National Payments Council of India (NPCI), which currently oversees retail payments in the country.
Read MoreJPMorgan Chase spoke with USPS about banking services at post offices
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Amid recent scrutiny of changes to USPS operations, The Capitol Forum reports JPMorgan Chase (JPMC) spoke with the postal provider about offering banking services at post offices.
Read MoreUK regulator gives nod to digital securities exchange Archax
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The U.K.’s Financial Conduct Authority (FCA) has granted a license to upcoming digital securities exchange and custodian Archax.
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