An opinion editorial in American Banker makes the case for eliminating the Consumer Financial Protection Bureau; says the agency provides for unnecessary expansion of federal regulatory power; suggests a return to segregated oversight; provides a list of overreaching executive powers in addition to its recent unconstitutional ruling. Source
Artificial Intelligence (AI) is becoming ever more integrated into the financial services sector, but how much further can it continue? Data, computing and social acceptance are some of the many reasons why its growth is being restricted.
The Mexican operation represents Nubank's second-largest market and is seen as a strategic target in the company's internationalization plan.
But as prices fall, the market is changing.
The VPC Speciality Lending investment trust sold it’s exposure to Avant loans and their equity stake as it continues a move out of the sector; the fund has been shifting to a balance sheet strategy for quite some time and this is another indicator of that move; they also sold their equity exposure in Australian point of sale lender zipMoney. Source.
A new report from Economist Intelligence Unit finds that banks are less fearful of fintech companies and that trends in the market are causing banks' interests to collide with fintechs for greater market partnerships and collaboration; the Economist Intelligence Unit report cites PSD2 as a leading factor for greater banking cooperation with fintechs; the report's Editor Renee Friedman says the research finds that "banks will increasingly have to adapt their culture and digital strategies to their customers' needs if they are to compete, not expect their customers to bend to theirs." Source
International payments network Swift has created their alternative to blockchain which they believe is a better, more reliable solution; global...
The Lazarus Group has allegedly stolen nearly $2 billion of crypto since 2017....
Fintech startup Klarna is launching a desktop browser extension that provides many of the features that you can find in the company’s mobile app — but on your computer. In addition to the ability to manage your Klarna payments, the extension automatically applies coupon codes when you’re on a checkout page. Klarna has acquired Piggy...