The percentage of US adults who lacked savings to cover a full month of basic expenses rose to 29.0% in January, up from an already high 22.3% the previous month. This figure had hovered above one-fifth since June 2021, when states began terminating the expanded federal unemployment benefits that had helped many weather the pandemic.
Bank of Canada and MIT do a CBDC collab: The 12-month partnership through MIT’s Digital Currency Initiative (DCI) could help both parties better understand technical aspects and risks of a Canadian central bank digital currency (CBDC).
Chinese authorities are reportedly considering roping WeChat Pay into the spin-off, which may further complicate regulatory matters for Tencent.
CFPB’s exam manual update covers discrimination: The US regulator’s update is part of a larger push against discriminatory conduct under the Consumer Financial Protection Act (CFPA).
Rising volume and employer interest in equity compensation for workers attracts big players: Fidelity struck a partnership with Capdesk while JPMorgan plans to acquire Global Shares.
Chainalysis recommended steps for fighting sanctions evasion and long-term measures to revamp how the government addresses crypto-related crime.
The issuer plans to attract more SMEs and younger consumers while upping its tech capabilities ahead of a credit card inflection point.
Senators eye Wells Fargo’s refinancing operations: Bloomberg found the bank approved just 47% of Black homeowners’ refinancing requests, adding to the debate on whether tech propagates discrimination.
Kyash’s haul bodes well for digital banking in Japan: Its ¥4.9B ($44.6M) fund raise from a Series D round is a sign of investors’ confidence in Japanese digital banking players.
Allica Bank gets to £1B for deposits: The UK challenger bank hit the milestone just two years following its rollout, affirming its diversification strategy is working.
Fintech offers collectible assets to Europe’s ordinary investors: The Konvi platform lets people invest in wine and watches—with plans for NFTs—capitalizing on expected global growth in the collectibles market.
Walgreens and other major brands joined Mastercard Installments, further sharpening Mastercard’s edge in the BNPL space.
Fully digitized corporate onboarding is a must: A PYMNTS report finding suggests that banks’ prolonged, manual-task-riddled onboarding processes present competitive vulnerabilities for customer acquisition.