In an interview with The Financial Revolutionist, Gary Paulin, Head of Global Strategic Solutions at Northern Trust, argues that the future of the front office rhymes with the cloud-computing landscape. He envisions an ecosystem of partnerships built around a client’s value chains, which, he asserts, would offer all firms the opportunity to compete with the fund manager giants.
Read MoreThe Council of Economic Advisers reported that skyrocketing rents were responsible for 40% of the Consumer Price Index increase in May. At least 35% of people in the U.S. live in rented housing.
Read MoreThe BNPL giant is in talks to fundraise at a $15B valuation. It had previously been valued at $46B.
Read MoreSamsung announced that it’s merging its Pay and Pass apps into Samsung Wallet, a single, integrated platform for financial products, official documents, home and car keys, and more. Users in France, Germany, Italy, Spain, the UK, and the US are the first to have access to the updated service.
Read MoreGolden Ark, a marijuana payments startup, has launched a metaverse-based payments system. It’s developed virtual cannabis as a cryptocurrency that supports real-life cannabis authentication and transactions.
Read MorePayPal announced the launch of its “PayPal Pay Monthly” service, which lets customers pay in monthly installments for purchases between $199 and $10,000. WebBank is the lender for the service.
Read MoreIn an interview with The Financial Revolutionist, Brian McLoughlin, Partner and Co-Founder of MTech Capital, details upcoming fundraising challenges, discusses the likelihood of major acquisitions, and describes why insurtech remains a promising site for investment.
Read MoreBrian Brooks, former acting Comptroller of the Currency during the Trump administration, said the head of “one of the two largest banks in the United States” was considering a ban on gun purchases using the bank’s debit and credit cards. Brooks convinced the bank CEO to not go ahead with the move.
Read MoreA report by the Filene Research Institute and Ceres Accelerator for Sustainable Capital Markets suggests more than 60% of credit unions risk climate-related losses. These credit unions represent over $1.2T in assets.
Read MoreAxie Infinity, a “play-to-earn” video game in which users receive tokens for playing on the platform and trading characters as NFTs, has seen the value of its tokens decline by more than 90%. Hackers also robbed Axie’s creators of more than $620M in cryptocurrencies.
Read MoreThe Netherlands Authority for Consumers and Markets (ACM) said Apple will comply with a ruling that requires the computing giant to allow other payments methods for dating app purchases. Penalty payments surrounding the case totaled €50M.
Read MoreBitcoin’s value dropped as much as 17% after crypto lending platform Celsius froze withdrawals on its platform. Bitcoin fell to its lowest value since December 2020, contributing to crypto’s aggregate value sliding from a high of $3T to below $1T.
Read MoreDigital payments company MFS Africa acquired US-based Global Technology Partners (GTP), a card-issuing startup, which will let MFS issue virtual debit cards to its customers. MFS Africa paid $34M for GTP through cash and shares.
Read MoreInvestigative work by Reuters suggests Binance has processed more than $2.35B in crypto originating from hacks, fraud, and illegal drug sales. The volume of illicit crypto processed by Binance has plummeted since it established KYC/AML protocols, but the crypto exchange has still failed to cooperate with cybercrime investigators on several occasions since then.
Read MoreIn an interview with The Financial Revolutionist, Mark Loehr, CEO of OpenExchange, explains his path to OpenExchange, offers tips for organizing virtual meetings, and outlines his vision for the future of virtual contact.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
