Friday August 16, 2019 –
Here are the new and noteworthy stories we have been following this week.
Mexico Considers Banning Cash for Gasoline Purchases, Highway Tolls
Mexico is considering a ban on the use of cash for gasoline and toll payments as a way to curb tax evasion and money laundering and in turn supporting the broader national mission of reducing cash increasing the banked population.
China’s central bank says it’s close to releasing its own digital currency
According to the People’s Bank of China, its digital currency is “almost ready” for release and will operate under a two-tier system where both the central bank and commercial banks can be issuers.
Venmo launches instant transfers to bank accounts
Venmo has announced the launch of Instant Transfers allowing users to instantly move funds to their bank account for a fee of 1% with a minimum of $0.25 and a maximum of $10.
https://techcrunch.com/2019/08/12/venmo-launches-instant-transfers-to-bank-accounts/
SoftBank ‘operating group’ to forge alliances between its start-ups
SoftBank has created an “operating group” within its Vision Fund with the goal of forming alliances between the company’s portfolio of start-ups and to help them to go public.
https://www.ft.com/content/b956f236-bd14-11e9-b350-db00d509634e
WeChat Pay and Alipay partner QFPay raises $20 million to develop new digital payment solutions
QFPay that works with WeChat and Alipay on facilitating merchant acceptance and payments in international markets has raised $20 million in fresh funding from a group of new and returning investors.
Verve Global Card launches first international transaction in New York, USA
Verve, a payments technology company and Interswitch’s card scheme in Africa has partnered with Discover to allow for Verve Global Cards to be used internationally on the Discover Global Network.
Business lender signals turnaround complete with big acquisition
CIT has struck a deal to acquire Mutual of Omaha’s banking subsidiary for $1 billion as it executes on its business transformation plan to become a “national middle-market bank.”
https://www.crainsnewyork.com/markets/business-lender-signals-turnaround-complete-big-acquisition
UK regulator offers 18-month delay for Strong Customer Authentication rules
The UK’s Financial Conduct Authority (FCA) has confirmed an 18-month delay to the introduction of Secure Customer Authentication (SCA) rules for e-commerce transactions to allow merchants, card issuers, and payments companies additional time for implementation.
Cuentas Announces Prepaid Card Processing Services Agreement with InComm
Cuentas, a Hispanic focused provider of mobile banking and payment solutions has signed a five-year card issuer processing deal with InComm to support its General Purpose Reloadable prepaid card.
https://finance.yahoo.com/news/cuentas-announces-prepaid-card-processing-123100459.html
US neobank Zenus gets licence
Puerto Rico-based challenger bank, Zenus, was granted a banking licence by US regulatory authorities this week and expects to launch soon. (currently in wait list mode.)
https://www.fintechfutures.com/2019/08/us-neobank-zenus-gets-licence/
Regulators Approve Bitcoin Venture Backed by NYSE Owner
New York state regulators have granted Bakkt a limited trust company charter allowing it to hold bitcoin and other cryptocurrencies on customers’ behalf.
https://www.wsj.com/articles/regulators-approve-bitcoin-venture-backed-by-nyse-owner-11565984183
