Report finds, with some caveats, that banks did just fine after disasters: Rebuilding credit and local players’ knowledge helped with resiliency. But disasters may be intensifying. And the report left out one kind of risk.
Binance.US can use its $200M to move closer to banking: The crypto exchange’s first-ever outside funding round could diversify its offerings away from volume-dependent trading.
Cash accounted for 18% of global payments at the point-of-sale (POS) last year, down from 20.5% in 2020, per FIS’ Global Payments Report.
Improving B2B payment automation and resolving cash flow issues provides a route into the SMB payments market.
Fintech focused on later-stage companies lands $775M: Despite sluggishness in funding, Liquidity, which is involved in lending, said it’s arranged a package of capital commitments.
Dimon warns of competition diminishing banks’ role in financial services: The JPMorgan Chase CEO’s annual letter to shareholders identified rising competitors and defended tech spending as necessary for maintaining the bank’s standing.
OCC wants to treat ‘large regionals’ more like mega banks: Acting Comptroller of the Currency Michael Hsu’s three failure-planning measures for the four biggest US regional banks make sense if the goal is to avoid repeating 2008.
UK government wants to make an NFT: The government is taking steps to foster and promote a domestic digital assets industry, including directing the Royal Mint to create an NFT.
Zopa claims profitability: The UK neobank broke the news at the Innovate Finance’s IFGS 2022 conference—but didn’t explain how it’s defining profitability.
Offering users 3% at PayPal merchants and 2% elsewhere can help PayPal achieve the user engagement goals it outlined earlier this year.
Moneybox mulls financial planning and crypto: £35M ($48.1M) in funding will help the UK robo-advisor expand its offerings and appeal to retail investors more focused on personal financial management (PFM) than on trading.
The US challenger’s plan to mix decentralized finance with traditional banking in a “hybrid finance” approach could shore up its appeal to younger users.
Revolut includes pandemic-related coverage in travel insurance: Paid customers of the UK neobank with super-app ambitions can now get coverage from Allianz Partners across more than two dozen European markets.