Next Insurance seeks $250M raise on $2.25B valuation: Bloomberg

September 18, 2020.
Next Insurance could double its valuation to about $2.25 billion in its next financing round, when it will seek to raise around $250 million from investors, according to Bloomberg.

Fintech FLEETCOR to buy cross-border payments provider in bid for overseas growth

September 18, 2020.
Fintech FleetCor Technologies will acquire Associated Foreign Exchange, a cross-border payments provider, as the company pushes to expand its international corporate payments business.

EU covered bond issuance to drop due to more stimulus, fewer mortgages: S&P

September 18, 2020.
New issuances of covered bonds in Europe, where they are most common, are expected to fall in the second half of 2020, as central bank stimulus provides a competitive new source of funding for banks, S&P Global said.

Italians flock to unit-linked life insurance plans, bucking usual crisis trend

Last modified September 18, 2020. Published September 18, 2020.
Life insurers in Italy saw strong sales of unit-linked plans in the first half of 2020, marking a shift from previous economic crises when policyholders poured money into savings accounts, Fitch said.

Mastercard encourages staff to come back to New York offices

September 18, 2020.
Mastercard, the second-largest U.S. credit card issuer, is encouraging employees to return to its New York-area offices, joining banks and other financial firms as they seek to bring staff back from remote work.

Mastercard, PayPal launch fintech partnership focused on Latin America

September 18, 2020.
Mastercard and PayPal rolled out a new partnership with banks geared toward accelerating fintech development and digital and financial inclusion in the Latin America and Caribbean regions.

UK insurers must pay out BI claims ‘as quickly as possible’ after High Court ruling

September 18, 2020.
U.K. insurers were urged by a financial regulator on Friday to pay business interruption claims in full as soon as possible, following a High Court ruling in favor of policyholders facing steep losses from the pandemic.

Figure launches digital fund services using blockchain

September 18, 2020.
U.S.-based fintech Figure has launched the first end-to-end digital fund services using blockchain technology, adding to its existing portfolio of lending and banking offerings.

Hong Kong eyes ‘risk-based approach’ for new anti-money laundering guidelines

September 18, 2020.
Hong Kong’s Securities and Futures Commission is considering adopting what it called a “risk-based approach” as part of a series of changes for the global banking hub’s anti-money laundering and counter-financing of terrorism guidelines.

Fed expands underwriting guidelines for largely untapped Main Street loans

Last modified September 18, 2020. Published September 18, 2020.
The Federal Reserve on Friday issued new guidance to banks broadening the eligibility for new business loans under its Main Street Lending Program, after the $600 billion program faced criticism over its sluggish start.

JPMorgan to move 200 London bankers with no-deal Brexit growing likely: Bloomberg

September 18, 2020.
JPMorgan Chase will move about 200 bankers from London to several other European cities due to the increasingly likely prospect of the U.K. leaving the European Union without a financial services deal, Bloomberg reported.

Chime overtakes Robinhood as largest US fintech startup with $14.5B valuation: CNBC

September 18, 2020.
Mobile-banking startup Chime closed a round of fundraising that sent its valuation surging to $14.5 billion, making it the most valuable consumer-facing fintech startup in the U.S., CNBC reported Friday.

UK-based insurer Beazley overhauls US executive risk leadership structure

September 18, 2020.
Beazley’s U.S. subsidiary has revamped its executive risk insurance management team, the latest personnel moves in the company’s push to continue business growth and regain profitability amid a difficult year.

COVID-19 a bigger risk for Caribbean insurers than tropical storms, AM Best says

September 18, 2020.
Although tropical-storm activity through August reached record levels, the biggest threat to Caribbean property and casualty insurers’ profitability this year is the COVID-19 pandemic, AM Best said Friday.

Euronext, CDP Equity in exclusive talks with LSEG to acquire Borsa Italiana

September 18, 2020.
Euronext and CDP Equity revealed Friday that they are now in exclusive talks with the London Stock Exchange Group to acquire Borsa Italiana, Italy’s only major stock exchange, which was sought after by two other bidders.

Goldman is latest bank to send traders home after COVID-19 exposure: Bloomberg

Last modified September 18, 2020. Published September 18, 2020.
Goldman Sachs became the second bank to send workers home from its Manhattan headquarters after at least one employee tested positive for COVID-19, according to a Bloomberg report.

Sustainable investments did better than conventional peers in H1 2020: Morgan Stanley

September 18, 2020.
Sustainable equity funds and U.S. taxable bonds performed better than conventional holdings in the first half of the year, Morgan Stanley found, making the growing investment category appear even more attractive.

Sumitomo Mitsui admits its shareholder vote-counting problems may go beyond Toshiba

September 18, 2020.
Sumitomo Mitsui Trust Bank said on Friday that the vote-counting problems found at Toshiba’s annual general shareholders’ meeting, which was held in July, may have occurred at other companies as the bank used the same tallying procedures.

NAB transitions business banking platform to Amazon cloud service

September 18, 2020.
National Australia Bank successfully moved its NAB Connect business banking platform to Amazon Web Services, giving some 70,000 customers access to new features in the process.

Citi’s ESG fund makes its debut investment in biofuel, employment startups

September 18, 2020.
Citigroup, the third-largest U.S. bank by assets, said Friday that its new environmental, social and governance investment fund has put money into four startups focusing on sustainability initiatives.