All the market drama surrounding plunging cryptocurrency values in 2018 took the focus off of the real progress blockchain technology made...
The amount of money it has taken Chase—and will continue to require the bank—to build out a full-service travel business isn’t just about serving existing customers. It’s about new customer acquisition and changing the nature of competition in the credit card space.
Following the successful integration with Coinbase’s newly launched NFT marketplace, the San-Francisco-based startup plans to dabble further into the NFT tech and decentralized finance.
Little-known cryptocurrency mana surged to an all-time high over the weekend amid excitement over Facebook changing its name to Meta.
After more than a year of research focused on how millennials bank JP Morgan announced the launch of Finn by Chase; the app includes checking & savings accounts, a debit card, personal financial management tools and other features that would appeal to a younger user base; the thinking behind the app is to give customers another option and grow their customer base in regions that don’t include many branches. Source.
Chinese conglomerate HNA has reported it will buy a 25% stake in Old Mutual's US asset management unit; HNA will pay approximately $445 million; following the sale, Old Mutual will own 26% of the US asset management business, a decrease from 51%; Old Mutual is expected to also sell the remaining portion of the company with a number of offers from strategic buyers and private equity groups; HNA has been increasingly adding financial services companies to its portfolio with recent acquisitions including Deutsche Bank and Anthony Scaramucci's SkyBridge Capital. Source
The new client house branch will allow retail, business and private banking customers to enjoy coffee and receive personal service; “A client house to me should feel like home,” comments Erik Van Den Eynden, CEO of ING Belgium, to Banking Technology; the branch has all the banks’ typical functions and meeting rooms complete with screens for video conferencing; the company will attempt to open about 15 by end of 2020. Source.
Mizuho along with 60 other banks are launching a new digital wallet called J-Coin Pay; the name implies that J-Coin...
Revenues at Latin America’s most valuable fintech more than tripled year-on-year to $877.2m in the quarter, helped by growth in its loan book and new customers.
The Volcker Rule was enacted in the aftermath of the 2008 financial crisis to prohibit banks from some of their riskiest activities; the rule is having a damaging effect when it comes to smaller banks who wish to work with fintech companies; according to the rule, banks cannot engage in proprietary trading and it limits banks from making investments in hedge and equity funds; smaller banks like community banks and credit unions don't have the resources of big banks to build out new technology so they look to partner with fintech firms; the limitations force these banks to invest in individual companies rather than funds who could potentially invest in a portfolio of companies; policy makers are looking toward Volcker Rule adjustments and the OCC recently signaled changes could be coming soon; while regulation has helped to curb abusive practices in financial services it would help to tailor legislation in a more specific fashion. Source