Friday April 13, 2018 –
Here are the new and noteworthy stories we have been following this week.
HSBC applies AI to track financial crime
HSBC is working with Quantexa to identify and track money laundering.
https://www.finextra.com/newsarticle/31922/hsbc-applies-ai-to-track-financial-crime
PayPal Makes a Move Toward Traditional Banking
PayPal is looking at offering checking accounts and debit cards in partnership with small banks.
https://www.wsj.com/articles/paypal-makes-a-move-toward-traditional-banking-1523266200
Chinese A.I. start-up raises a record $600 million in funding round led by Alibaba
SenseTime raises $600 million from Alibaba – largest investment in the AI sector.
Dutch payments company Adyen eyes June IPO: sources
Adyen planning IPO at a $7 – $11 billion valuation.
Verifone to be taken private for $2.6 billion in cash
Francisco Partners takes Verifone private for $2.6 billion.
LendingClub Founder Is Back and Wants to Replace Credit Cards
Upgrade is launching a ‘Personal Credit Line’ that combines fixed rate installment payments with the flexibility of a revolving credit line.
Investing app Stash partners with Green Dot to expand into banking
Stash is partnering with Green Dot to offer banking services – checking accounts and debit cards.
Santander launches the first blockchain-based international money transfer service across four countries
Santander has launched a blockchain based international payments service to retail customers in Spain, UK, Brazil and Poland.
JP Morgan first-quarter profit easily tops expectations
Chase generates revenue of $28.5 billion in Q1.
https://www.cnbc.com/2018/04/13/jp-morgan-chase-earnings-q1-2018.html
Citigroup earnings: $1.68 per share vs. $1.61 expected
Citi earns $18.9 billion in Q1.
https://www.cnbc.com/2018/04/13/citigroup-earnings-q1-2018.html
BRIEF-Wells Fargo Preliminary Q1 EPS $1.12
Wells reported $21.9 billion in Q1 revenue.
