Will sanctions affect trust in payments networks?
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Visa and Mastercard have blocked several Russian financial institutions from its payments systems. A run on Russian banks has begun.
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Fintech News Stories
What follows Russian exclusion from SWIFT?
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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.
Read MoreCrypto exchanges may face legal demands from Ukraine gov
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Mykhailo Fedorov, Vice Prime Minister and Minister of Digital Transformation of Ukraine, called on crypto exchanges to block Russian and Belarusian accounts following the invasion of Ukraine. Exchanges like Kraken and Binance pushed back at the demand.
Read MoreUnder martial law, Ukraine limits withdrawals and suspends digital wallets
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The National Bank of Ukraine imposed several temporary restrictions to avoid economic panic and collapse. The PFTS Stock Exchange also suspended trading on Thursday.
Read MoreBaltic states, Poland, UK call for Russian removal from SWIFT
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Hours into the Russian invasion of Ukraine, the foreign ministers of Estonia, Latvia, and Lithuania encouraged “disengaging Russia from SWIFT,” the international payments system. Polish and UK officials echoed these calls as well.
Read MoreOpera adds Ethereum Layer 2 wallet to its Android browser
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Through a partnership with DiversiFi, Opera users on Android will be able to make cheap and instant crypto transactions within their mobile browser wallet. The Layer 2 swapping feature is 100 times cheaper than Ethereum Layer 1.
Read MoreFTX looks to luxury market for growth
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The crypto exchange announced that it has hired Lauren Remington Platt, a beauty entrepreneur, to spearhead partnerships with luxury brands. The move hopes to capture the wealth of the crypto class.
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 MoreThrough acquisitions, SoFi eyes one-stop-shop status
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The personal finance giant announced today that it’s acquiring banking-software maker Technisys SA through an all-stock deal worth $1.1B. SoFi’s stock has slid more than 30% since the beginning of the year.
Read MoreDelta to offer BNPL option through AmEx
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Through AmEx’s Plan It BNPL tool, AmEx U.S. Customer Card members can now split payments made on Delta.com. The airline’s app will offer the same feature this spring.
Read MoreWhat’s a likely exit strategy for lagging insurtechs?
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Most insurtechs are trading at 80% below their 52-week highs, according to Alex Agus, an investor with Avid Ventures. Companies like Bright Health, Oscar Health, and Lemonade may look to be acquired.
Read MoreRoblox stock tumbles by 25%
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In a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreUK banks to face higher standards for AI-driven loans
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Financial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreWhat does BlockFi’s SEC settlement mean for crypto?
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In a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreDiscover to offer non-card payments
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Through a partnership with fintech Buy It Mobility Networks Inc. (BIM), Discover will let merchants accept payments directly from consumers’ bank accounts. The feature is popular in Asian markets.
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