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.

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.

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.

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.

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.

Ant Group gets green light for Shanghai listing as part of blockbuster IPO

September 18, 2020.
Chinese fintech Ant Group cleared a key hurdle for its blockbuster initial public offering Friday when a committee approved its proposed listing on the Shanghai Stock Exchange’s STAR Market.

AI fraud detection ‘arms race’ poses ethical dilemma for insurers

September 18, 2020.
An Israel-based company promises insurers state-of-the-art weaponry in the fight against fraud: artificial intelligence that reveals the “genuine emotional state of a person” when they file a claim.

Blockchain Capital becomes latest member of Facebook-backed Libra group

September 18, 2020.
Blockchain Capital, a venture capital firm focusing on crypto technologies, has joined forces with the Facebook-backed Libra Association as the group continues working to develop and manage a new digital currency.

European insurance group calls for light touch on AI regulation

September 18, 2020.
European insurers called for an industry-driven approach to regulating the use of artificial intelligence, asking that government intervention be used only in the highest-risk situations involving the new technology.

Deutsche Börse buys stake in fintech Quantitative Brokers to support growth plan

September 17, 2020.
Deutsche Börse is acquiring a majority stake in Quantitative Brokers, a data analytics firm that helps automate securities trading, as part of a larger strategy to attract passive investors by expanding its technology-based tools.

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.

Sweden’s SEB launches green-technology investment unit

September 17, 2020.
Skandinaviska Enskilda Banken said Thursday that it will provide a needed infusion of venture capital for sustainability-focused entrepreneurs, starting with SEK 300 million ($34.2 million) for investments and aspiring to reach SEK 1 billion ($113.9 million) over time.

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.

Citigroup IT director who ran popular QAnon conspiracy site placed on paid leave

September 17, 2020.
A high-level Citigroup employee was placed on paid leave after he was revealed to be the operator of a popular website dedicated to the QAnon conspiracy theory, a bank spokesperson told Fastinform on Thursday.

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.

Australia’s central bank not pursuing a digital currency

September 17, 2020.
The Reserve Bank of Australia is not currently considering the issuance of a central bank digital currency, its payments policy department said Thursday, bucking the trend of most other central banks around the world.

Citi updates data services platform for securities services clients

September 17, 2020.
Citigroup said on Thursday that it revamped its data services platform for its securities services clients in a bid to “enhance efficiency,” a move that comes as the bank looks to beef up its technology in the face of potential sanctions from regulators over its risk management functions.

SWIFT to launch overhauled platform for instant cross-border transactions

Last modified September 17, 2020. Published September 17, 2020.
SWIFT, a global financial messaging service, will revamp its technology in a bid to provide instant communication and transaction management for up to 4 billion accounts across the world’s banks and other financial institutions.

Blackstone joins Lloyd’s market via investment in digital syndicate Ki

September 17, 2020.
U.S. private equity firm Blackstone is making a foray into the Lloyd’s of London market as one of two investors committing $500 million to all-digital syndicate Ki, specialty insurer Brit, the startup’s inaugural backer, said Thursday.

Libra hires former HSBC executive as CEO of crypto payments unit

Last modified September 17, 2020. Published September 17, 2020.
The Facebook-backed Libra Association said on Thursday that it appointed former HSBC executive James Emmett as the CEO and managing director of Libra Networks, the unit tasked with developing and operating the company’s cryptocurrency payments system.