BNPL payments now reflected in credit reports
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On Monday, Equifax started adding “pay-in-four” installment loans to its credit reports. Experian and TransUnion said they would roll out similar developments this year as well.
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Fintech News Stories
Will sanctions affect trust in payments networks?
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Visa and Mastercard have blocked several Russian financial institutions from its payments systems. A run on Russian banks has begun.
Read MoreWhat follows Russian exclusion from SWIFT?
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In a joint statement on Saturday, the U.S., U.K., E.U., and others announced that they would move to exclude “selected Russian banks” from SWIFT, the international payments system. The group of countries has also frozen assets belonging to Russia’s central bank in response to the country’s invasion of Ukraine.
Read MoreCrypto exchanges may face legal demands from Ukraine gov
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Mykhailo Fedorov, Vice Prime Minister and Minister of Digital Transformation of Ukraine, called on crypto exchanges to block Russian and Belarusian accounts following the invasion of Ukraine. Exchanges like Kraken and Binance pushed back at the demand.
Read MoreUnder martial law, Ukraine limits withdrawals and suspends digital wallets
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The National Bank of Ukraine imposed several temporary restrictions to avoid economic panic and collapse. The PFTS Stock Exchange also suspended trading on Thursday.
Read MoreBaltic states, Poland, UK call for Russian removal from SWIFT
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Hours into the Russian invasion of Ukraine, the foreign ministers of Estonia, Latvia, and Lithuania encouraged “disengaging Russia from SWIFT,” the international payments system. Polish and UK officials echoed these calls as well.
Read MoreUK banks to face higher standards for AI-driven loans
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Financial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreWhat does BlockFi’s SEC settlement mean for crypto?
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In a settlement with regulators, BlockFi agreed to register with the SEC and pay $100M in federal and state fines. It plans to launch an SEC-approved crypto interest-bearing security.
Read MoreIndian gov-owned LIC eyes IPO
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India’s state-run Life Insurance Corporation (LIC) announced yesterday that it would sell 5% of its shares to raise $8B. If approved, it would be the largest IPO in the country’s history.
Read MoreIs BNPL facing a reckoning?
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Regulators in the U.S. and U.K. have voiced greater interest in reigning in BNPL providers. Consumer rights groups warn that consumers do not realize that they’re assuming debt through these services.
Read MoreWhat is crypto’s media strategy?
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Forbes announced this morning that Binance is buying a $200M stake in the publication. Binance previously sued Forbes for defamation, and then voluntarily dropped the suit.
Read MoreTennessee debates state gov investment in NFTs and crypto
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State representative Jason Powell introduced a bill to Tennessee’s state legislature that, if passed, would allow the state to invest in crypto and NFTs. It would do so by amending the state government’s list of “permissible investments.”
Read MoreMassachusetts eyes fintech incubation—and, hopefully, a bigger boom
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Through public-private partnerships, conferences, and communities, the state has encouraged cross-pollination between academic institutions, investor communities, regulators, and regional talent pools. Last year, Massachusetts saw a record-breaking $3.1B raised in fintech venture funding.
Read MoreAfrican fintechs smashed fundraising records in 2021
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African startups raised between $4.3B and $5.2B in 2021. Between 53% and 62% of that funding went to fintech.
Read MoreWirex brings crypto-linked Visa cards to U.S.
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The London-based crypto payments platform has officially launched in the U.S. Wirex was the first to let customers make payments through prepaid Visa debit cards that are linked to crypto wallets.
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