In a speech to the country’s legislators, Bank of Russia Governor Elvira Nabiullina announced that members of Russia’s alternative to SWIFT, the international payments network, would be kept anonymous. She said 52 institutions from 12 countries currently participate in the network.
Read MoreIn its ESG report for 2021, JPMorgan announced that it had financed and facilitated $285B toward various ESG goals, including development finance, green projects, and community development. It’s part of its larger goal to commit $2.5T toward ESG initiatives over the next decade.
Read MoreAmazon announced that it had added Amazon One—which lets customers pay with their palm print—to the checkout process at a Whole Foods store in Austin, Texas. It’s one of the first Amazon-owned stores outside Seattle to have the feature.
Read MoreIn a memo to staff, Mastercard CEO Michael Miebach said all employees’ compensation would be tied to the company’s ESG goals. This had previously only been the case for Mastercard executives.
Read MoreThis morning, Fyle, an India-based expense-management platform serving US businesses, announced that it launched a real-time spend-management integration for all Visa cards. Fyle said it would roll out similar integrations with other card issuers at an unspecified date.
Read MoreAdam Willems, Lead Reporter for The Financial Revolutionist, wrote about the future of taxes for WIRED. Looking at crypto’s efforts to tokenize city taxes, Adam argues that crypto is trying to turn taxes into another investment vehicle.
Read MoreAccording to PwC, 80% of central banks worldwide are considering rolling out a central bank digital currency (CBDC). PwC estimates the larger stablecoin ecosystem to be worth $190B.
Read MoreFor the first time in 11 years, mortgage rates reached 5% this week. The rate has increased by 1.24 percentage points in the past five week, and 1.89 as compared to the end of 2021.
Read MoreMeta, Facebook’s parent group, announced that it’s rolled out payments products on its metaverse platform Horizon Worlds. Combined, its various sales fees could lead to Meta taking up to 47.5% of creator profits.
Read MoreFIBR Tech Ltd., which provides online lending to businesses, and ANNA Money, a business account and admin service provider, have announced searches for new buyers. Both businesses are currently owned by ABH Holdings, which includes sanctioned Russian billionaires as its owners.
Read MoreThe retail giant announced John Rainey, current CFO at PayPal, as its next finance head. He will start the job on June 6.
Read MoreAccording to a survey of 7100 teenagers by Piper Sandler, Apple Pay saw the most monthly users among teens than any other payments app. It beat out competitors like Venmo, Cash App, and PayPal in terms of market share among teenagers.
Read MoreInvestigative work by the New York Times revealed that lawmakers in at least six states have worked directly with crypto lobbyists to draft legislation. Some bills copy-paste wording directly from lobbyists’ proposals.
Read MoreIn a letter to Wells Fargo, the New York City government said it won’t open new Wells Fargo depository accounts. It follows accusations that the bank discriminates against Black homeowners.
Read MoreThe PAVE report could drastically change how homes are bought and sold in the U.S. and address a long history of discrimination against minority homeowners—especially if PAVE’s recommendations are codified into law. That’s a big if when Congress has a hard time agreeing on, well, almost anything.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
