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.

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.

Fintech Affirm raises $500M in funding round led by Singaporean wealth fund

September 17, 2020.
Point-of-sale loan fintech Affirm raised $500 million in a Series G funding round led by Singaporean sovereign wealth fund GIC, a longtime backer, and Durable Capital Partners, the firm said Thursday.

ICBC launches first virtual Visa credit card in Hong Kong

September 17, 2020.
Industrial and Commercial Bank of China said Thursday that it has launched the first Visa virtual credit card in Hong Kong in response to the increasing popularity of cardless payment via mobile phones.

Mastercard pledges $500M to help close racial wealth gap

September 17, 2020.
Mastercard will invest $500 million in Black communities over the next five years, the U.S.-based credit card issuer said Thursday, the latest financial institution to take action to help to close the racial wealth and opportunity gap across the United States.

UK regulators propose suspending interest and fees for COVID-19-affected borrowers

September 16, 2020.
The U.K.’s top financial regulator proposed that banks freeze new interest payments and other charges for struggling borrowers who are continuing to face hardships due to COVID-19.

Mastercard, Handpoint partner to bring contactless payment tools to small businesses in Europe

September 16, 2020.
Mastercard and U.K.-based Handpoint jointly unveiled a partnership on Wednesday that will bring “essential technology” for contactless payment options to thousands of small and medium-sized businesses in European countries.

JPMorgan trims net interest income forecast for 2020 but eyes revenue offset

September 15, 2020.
JPMorgan Chase, the largest U.S. bank by assets, cut projected net interest income for 2020 while pointing to signs that offsetting business increases could see it through the current stretch of low loan growth.

Visa rolls out online checkout service in Canada as e-commerce surges

Last modified September 15, 2020. Published September 15, 2020.
Visa said on Tuesday that it is bringing its online checkout service Click to Pay to Canada, which will let shoppers make purchases without needing to repeatedly manually give their passwords and account numbers, citing a recent surge in domestic e-commerce.

Citigroup CFO says revenue will drop and loss provisions will grow in Q3

September 14, 2020.
A Citigroup executive said the bank has not fully absorbed the impact of the pandemic, and is set to increase loan loss reserves to prepare for an expected uptick in credit losses amid a period still mired in challenges.

Tangerine to become Canada’s first digital bank with Visa-linked checking accounts

September 14, 2020.
Bank of Nova Scotia subsidiary Tangerine Bank said Monday that later this year, it will become the first fully digital bank in Canada to offer Visa Debit.

AmEx nabs former Wells Fargo exec for new US merchant services role

September 10, 2020.
American Express has hired Colleen Taylor as president of its merchant services division in the U.S., a newly created role that manages the relationships with millions of merchants that accept the payment network's card.

CBA to launch its first no-interest payment card

September 10, 2020.
Commonwealth Bank of Australia customers will soon be able to access the bank’s first no-interest payment card as it rolls out later in 2020, and a version for business clients is also in the works, the bank said Thursday.

HSBC, Mastercard partner to develop financing approach for cities’ sustainable projects

Last modified September 10, 2020. Published September 10, 2020.
HSBC has joined Mastercard’s City Possible program to accelerate sustainable urban development, with the companies saying Thursday that they plan to work together to craft an approach to green financing for sustainable projects in “net-zero” cities worldwide.

JPMorgan employees found diverting pandemic relief funds: Bloomberg

September 9, 2020.
JPMorgan Chase has discovered that some of its employees had received federal money intended for businesses struggling due to the COVID-19 pandemic, Bloomberg reported Wednesday.

Mastercard debuts virtual testing platform for central bank digital currencies

Last modified September 9, 2020. Published September 9, 2020.
With the global shift to digital currency options accelerating due to the conditions brought on by the coronavirus pandemic, Mastercard said Wednesday that it engineered a new platform for central banks to test the potential for national digital currency systems.

Mastercard, Square expand card payment services to ‘cash-heavy’ Falkland Islands

Last modified September 8, 2020. Published September 8, 2020.
Mastercard and fintech Square partnered with the Falkland Islands to dramatically expand access to card payments to the South American territory, which has limited financial infrastructure and relies heavily on cash.

UK digital bank Revolut expands to Japan

Last modified September 8, 2020. Published September 8, 2020.
Digital bank Revolut, which describes itself as “the world’s first truly global financial superapp,” took a step toward becoming truly global this week with the launch of a banking app in Japan.

Mastercard partners with Asian Development Bank, fintechs to digitize supply chains

September 8, 2020.
In an effort to address supply chain interruptions throughout Asia caused by COVID-19, Mastercard said Tuesday that it has partnered with the Asian Development Bank to develop technology to increase wholesalers’ access to credit and improve overall efficiency in the region.