Britain becomes global epicenter of bank scam pandemic, and lawmakers want Big Tech to reimburse victims: Facebook, Microsoft, and Twitter could require financial services to be authorized by regulatory bodies.
Eastern Caribbean Central Bank’s digital currency falters: The regional authority’s digital instrument, DCash, stopped working last month. It’s a timely reminder for other would-be central banks to invest in resiliency.
The firm closed the acquisition and made it available to online merchants in Australia and the US.
Koho’s cash haul brings big product possibilities: The Canadian neobank can use its latest CAD$210 million ($167.5 million) round to build out offerings tailored for its paycheck-to-paycheck target demographic.
A PYMNTS survey shows that most users of standalone BNPL services are interested in bank-backed versions—including customers of the biggest standalone players.
In 2021, mobile finance apps reached 573.1 million downloads in the US, up nearly 19% from 481.9 million in 2020.
Digital brokers will need to diversify and expand their offerings to boost user numbers after the retail investor craze ends.
UBS’s $1.4B acquisition of Wealthfront brings in new tech and, more importantly, lots of affluent millennial and Gen Z investors.
Monzo hangs with a younger crowd: The UK-based neobank won’t join a postal-banking deal that will help older Britons, but it will expand into an investing space that attracts younger consumers.
Because the system can’t turn a profit, it can offer more competitive pricing, which may help spur adoption when it launches in 2023.
Solarisbank, Contis wrap up BaaS bulk-up: The newly merged European banking-as-as-service providers now have a scale that will help them compete in a crowded regional field.
As part of a broader push toward liquidity assistance, checking customers will get a $100 cushion for certain transactions. Alternatives like this are becoming a must-have in a post-fee landscape.