Tencent reportedly faces a record fine over rule violations; Paytm was allegedly banned from onboarding new users for similar reasons.
Another bank sets up a metaverse HQ that consumers haven’t asked for: Siam Commercial Bank has become the second major financial institution to enter the metaverse.
Biometrics are poised for wider adoption: Consumers aren’t happy with the status quo for identity verification—and most of those who tried newer methods liked them, according to a PYMNTS and Pindrop survey.
APIs take off among banks: They’re critical for “as a service” innovations, but APIs raise the challenge of working with legacy tech stacks and finding developers during a talent shortage.
The payments firm partnered with FTX and launched a new API service aimed at attracting crypto firms.
Capchase lands more capital and customers: The fintech can use its $80M in funding to capitalize on surging investor demand in the revenue-based financing space.
Jamaica adds cash incentives for CBDC usage: The government’s offer of JMD$2,500 ($16.35) to the first 100,000 people who set up digital wallets after April 1, 2022 could drive adoption—but won’t ensure retention.
Data from the FDIC, NCUA, and the Office of the Comptroller of the Currency (OCC) on outcomes of initiatives targeting the underserved would also have value for banks.
Stilt offers credit solutions to neobanks: The US fintech’s banking as a service (BaaS) arm could take off due to neobanks’ need to diversify revenue.
A bill that would require banks to report incidents and ransomware payments to the Cybersecurity and Infrastructure Security Agency (CISA) passed the Senate.
The two firms can help each other relieve competitive pressures in their respective industries.