Pandemic accelerated digital payments adoption by three years: Square

September 22, 2020.
Payments fintech Square found that the shift to cashless payments, which received a jump-start in the pandemic, is likely around for the long term, based on an analysis of data from its millions of customers.

Standard Chartered launches online bank Mox in Hong Kong with numberless cards

September 22, 2020.
London-based Standard Chartered unveiled a new virtual bank built for tech-friendly users in Hong Kong called Mox on Tuesday, as legacy banks continue to capitalize on a digital shift during the pandemic.

Swiss Re CEO says company may back off from casualty market amid COVID-19 uncertainty

September 22, 2020.
Swiss Re CEO Moses Ojeisekhoba said the carrier is considering reducing its casualty exposure as low interest rates and uncertainty from the pandemic increase business risk and make the market more challenging.

Stripe settles with Massachusetts over lax oversight of cryptocurrency scam

September 21, 2020.
U.S. payments processing firm Stripe agreed to pay $120,000 to Massachusetts over its failure to prevent a scam that purportedly used the fintech’s accounts to offer sales of the cryptocurrency PlexCoin. 

Federal Reserve proposes overhaul of community reinvestment rules on heels of OCC changes

Last modified September 21, 2020. Published September 21, 2020.
The Federal Reserve proposed an overhaul of Community Reinvestment Act rules on Monday, following closely behind a separate set of new regulations that may complicate compliance for banks.

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.

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.

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.

European Commission proposing further steps to create Capital Markets Union: Reuters

September 17, 2020.
The European Commission is working on updating its path toward creating unified capital markets, with a plan that may include easing listing rules for small companies and developing a common record of share prices, according to Reuters.

Zurich rolls out products geared toward businesses anticipating climate risks

September 17, 2020.
Zurich Insurance Group is launching new products aimed at helping businesses to prepare for and manage a range of growing risks related to climate change, as environmental risks become an increasingly prominent concern for companies.

Former JPMorgan trader sentenced to eight months in prison for currency rigging: Reuters

Last modified September 17, 2020. Published September 17, 2020.
A former JPMorgan Chase foreign currency trader was reportedly sentenced to eight months in prison for conspiring to manipulate currency values, in a scandal that also included traders from Barclays and Citigroup.

U.S. Deutsche Bank employees not required to return to office until July 2021

September 16, 2020.
Deutsche Bank will not require its U.S.-based employees to return to its New York office until next July, definitively signaling that the German bank is joining others in preparing for a long stretch of remote work.

Kraken becomes first cryptocurrency exchange to win US bank charter

September 16, 2020.
San Francisco-based fintech Kraken will be the first company to receive a new type of bank license created by the state of Wyoming to allow banks to hold both U.S. dollars and digital assets, the company said Wednesday.

Nasdaq to list its first crypto exchange after Diginex deal approved by shareholders

September 16, 2020.
Diginex moved a step closer to trading on the Nasdaq exchange after shareholders of a blank check company approved a merger with the cryptocurrency and blockchain services firm.

PNC says it will close 280 branches by end of 2021 as customers go digital: American Banker

September 15, 2020.
PNC Financial Services Group will close 280 branches by the end of next year as customers increasingly rely on digital banking services, CEO William Demchak said at a conference Monday.

Confirmation of controversial Fed nominee Judy Shelton remains up in the air

September 15, 2020.
Support for confirmation of U.S. Federal Reserve Board of Governors nominee Judy Shelton remains uncertain, with two Republican senators stating their opposition to the Trump administration pick and others undecided.

Big UK banks face impending rise in troubled loans from pandemic, Moody’s finds

September 15, 2020.
The U.K.’s biggest banks are likely to see troubled loans surge by 2022 as the fallout from the coronavirus pandemic eats its way through the economy, Moody’s said in a report Tuesday.

CORRECTED: Bank of Montreal expands sustainable lineup with launch of four new retail funds

September 15, 2020.
BMO Investments launched four new sustainable funds, creating new options for retail investors interested in low-risk sustainable investing, as it catches up on the surging environmental, social and governance trend. Correction: A previous version of this story misstated the number of BMO's existing sustainable funds and the total assets BMO Financial Group had under management. The errors have been corrected.

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.

Bank of America continues aggressive patenting strategy in first half

September 14, 2020.
Bank of America’s approved patents surged by 20% in the first half of the year, compared with the same period a year ago, with almost half related to technologies involving artificial intelligence, machine learning or information security.