Financial Services

Digital wallet usage is by far highest in China, where 45% of adults use the payment method daily, and an additional 41% do so at least once a week. By comparison, just 6% use digital wallets daily in the US.

Reducing the need to rely on third-party partners minimizes risk for Stash and creates value if it’s acquired.

The bank will instead focus on affluent customers in the region, narrowing its operations ahead of the impending economic downturn.

They formed the Open Finance Association, a trade association for fintechs. We’re likely to see more fintechs unite globally as open finance grows.