Rise of stablecoins could spark bank runs, market volatility: European Central Bank

Last modified September 22, 2020. Published September 22, 2020.
The European Central Bank on Tuesday warned that the rise of stablecoins could pose significant risks for the financial system, including liquidity disruptions and market volatility, if the issuances aren’t carefully regulated.

Hanover Insurance expands online policy quoting to include small businesses

September 22, 2020.
Massachusetts-based Hanover Insurance Group rolled out a new online policy quoting and issuing tool for small business clients on Tuesday, allowing agents to more easily offer stand-alone speciality coverage.

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.

US Bank partners with fintech TravelBank in bet on business travel resurgence

September 22, 2020.
U.S. Bank has partnered with TravelBank to offer the fintech’s technology to business clients, allowing customers to instantly create and send virtual credit cards to employees and contractors for travel expenses.

NatWest executive warns against negative rates as UK central bank mulls recovery options

September 22, 2020.
NatWest Group CEO Alison Rose said negative rates in the U.K. could exacerbate problems for banks, issuing her warning as the country’s monetary policy leaders consider further stimulus efforts.

PNC incubator numo buys debit payments fintech Sentral

September 22, 2020.
PNC Financial Services’ fintech incubator has acquired Sentral, a Pittsburgh-based company that connects debit card networks with card-linked offer providers, in a bid to capitalize on the growing payment services market.

‘Russia’s Google’ Yandex to buy nation’s largest digital bank Tinkoff for $5.5B

September 22, 2020.
Russia’s largest tech company, Yandex, has agreed to buy the nation’s largest digital bank, Tinkoff, for $5.5 billion, just months after Yandex ended a decade-long partnership with Sberbank.

Insurtech Bright Health clinches $500M in new funding

September 22, 2020.
Bright Health Inc. raised $500 million in a Series E funding round, the insurtech revealed Tuesday, after securing “significant” investments by T. Rowe Price, Blackstone and Tiger Global Partners as it gears up to start offering new products in more markets throughout the U.S. next year.

Wealthsimple launches first crypto exchange in Canada

September 22, 2020.
Canadian fintech company Wealthsimple launched its country’s first regulated crypto exchange on Monday, just a month after regulators gave the company the go-ahead.

Ally unit makes deal with fintech Sezzle to offer ‘buy now, pay later’ option

September 22, 2020.
Ally Financial said on Tuesday that it will be adding fintech Sezzle’s installment payments platform to its retail market lending choices, giving customers a "buy now, pay later" option, which has been growing in popularity for online sales.

Credit Suisse CEO expects wealth management slowdown

September 22, 2020.
Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.

Libra currency co-founder leaves Facebook to join venture capital firm NFX

Last modified September 22, 2020. Published September 22, 2020.
A co-creator of Facebook’s experimental digital currency Libra is leaving the project before it fully launches to become a general partner with the venture capital firm NFX.

Fintech helmed by ex-PayPal, Capital One executives rolls out digital banking service

September 22, 2020.
One, a startup founded by PayPal’s first CEO and a former Capital One executive, said on Tuesday that it debuted what it bills as the first combined digital banking service that includes saving, borrowing, spending and sharing.

Brazilian fund manager partners with Nasdaq to launch world’s first crypto asset ETF

Last modified September 22, 2020. Published September 22, 2020.
Brazil’s Hashdex Asset Management inked a deal with New York-based Nasdaq to offer the world’s first cryptocurrency exchange-traded fund on the Bermuda Stock Exchange.

Open-banking startup Tink acquires OpenWrks’ platform as it expands into UK

September 21, 2020.
Swedish open-banking firm Tink acquired the aggregation platform of U.K.-based OpenWrks, the startup said on Monday, taking another step in an effort to expand across Europe.

Goldman Sachs to lead IPO for car insurtech startup Root worth up to $6B: Reuters

September 21, 2020.
Goldman Sachs has been hired by auto insurtech Root to lead the startup’s preparations for an initial public offering with a target of raising $5 billion to $6 billion, Reuters reported Monday.

Google Pay adds digital-token, ‘tap to pay’ features for Indian users: press reports

September 21, 2020.
Google on Monday upgraded its payment mobile app for Indian users, according to local media reports, bringing secure and contactless options to the country as its mobile-payments market grows aggressively.

US banks can now provide services to stablecoin issuers, OCC says

Last modified September 21, 2020. Published September 21, 2020.
U.S. banks will be permitted to hold reserves on behalf of stablecoin issuers under a new set of regulations released Monday, offering clarification for financial institutions amid increased digital currency development.

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.