We could have devoted this entire newsletter to the crypto crackdown, but that would have been needlessly punitive for all of us.
·
Three years after being approved for a bank charter by the State of Wyoming, Custodia Bank goes live, accepting business account deposits.
You could say Banking as a Service is under siege.
The number of severe enforcement actions BaaS banks received skyrocketed in 2023 to 13.5% of the total. When you consider there are probably only around 100 banks out of 4,800 that are involved in banking as a service, you can see why this number is disturbing.
Fintech funding rounds of this size are few and far between- Zopa plans to use the investment to further its plan to "be Britain's best bank."
A new report from Trustwave SpiderLabs provides a rich description of the myriad of threats facing financial services companies. 2023 Financial Services Sector Threat Landscape covers prominent threat actors and tactics, breaks down the financial services attack flow into steps, and covers several common hacker entry points.
The good news this week is that we had no more bank failures in this country. While a buyer was found for Signature Bank (most of it anyway) the fate of First Republic still hangs in the balance.
·
With 2.6 million people and the highest remittances in Africa, Nigeria is currently the 7th most populous country in the world.
While Brazil's PIX has achieved great success, it is not alone. UPI has thrived in India, ushering millions into the digital economy.
Total UK fintech investment dropped to $9.6 billion in the first half of 2022, down almost threefold from $27.8 billion in the same period in 2021, according to KPMG's Pulse of Fintech, a biannual report on fintech investment trends.
On June 13, the UK released its digital strategy paper looking at all growth areas such as intellectual property, leveling up, and talent.