Friday October 19, 2018 –
Here are the new and noteworthy stories we have been following this week.
Barclays to challenge Goldman in digital-only bank market
Barclays is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank.
https://ca.reuters.com/article/businessNews/idCAKCN1MO0SM-OCABS
Fidelity Starts Crypto Unit to Serve Wall Street Customers
Fidelity is entering into the emerging cryptocurrency arena with a new business to manage digital assets for hedge funds, family offices and trading firms.
U.S. Credit Card Giants Flout India’s New Law on Personal Data
Visa, Mastercard, and American Express have yet to comply with India’s new “data localization” law.
https://www.nytimes.com/2018/10/15/technology/visa-mastercard-amex-india-data-law.html
OnDeck launches new subsidiary to partner with banks
OnDeck has set up a subsidiary, ODK that will provide technology and other services to banks to support their online small business lending.
BBVA launches open banking platform in the US
BBVA has officially launched its Banking-as-a-Service platform in the US, using APIs to let firms offer their customers financial products.
https://www.finextra.com/newsarticle/32792/bbva-launches-open-banking-platform-in-the-us
Mastercard signs off on removal of card signature panel
Mastercard is introducing a voluntary programme for banks to eliminate the signature panel on plastic cards, and enabling token services on all cards.
https://www.finextra.com/newsarticle/32800/mastercard-signs-off-on-removal-of-card-signature-panel
Payments revenue to hit $2.4 trillion by 2027
A new BCG / Swift report projects that global payments revenue will grow at CAGR of 6.6% to $2.42 trillion by 2027.
https://www.finextra.com/newsarticle/32797/payments-revenue-to-hit-24-trillion-by-2027
SEC Launches New Strategic Hub for Innovation and Financial Technology
The SEC announced the launch of the Strategic Hub for Innovation and Financial Technology (FinHub) to support developments in new / emerging areas of financial technology.
https://www.sec.gov/news/press-release/2018-240
PayPal and American Express expand partnership, will allow use of points for PayPal purchases
PayPal and Amex announce an expanded relationship that includes payments by points at PayPal merchants and easier integration of the two companies digital services.
JPMorgan to build Silicon Valley fintech office
Chase is building a new 1,000 person “fintech campus” in Silicon Valley focused on digital payments and part of Chase Merchant Services.
