Here are what I consider to be the top 10 most important fintech news stories of the past week.
Bitcoin prices surge after Paypal jumps into the cryptocurrency business from CNN Business – PayPal made a big splash in the crypto space by saying it will allow its customers to buy leading cryptocurrencies and use them in transactions.
JPMorgan Chase takes on Square and PayPal with smartphone card reader, faster deposits for merchants from CNBC – JPMorgan has launched QuickAccept targeted at small businesses, allowing them to take card payments through a mobile app or contactless card reader.
Ant Group to launch $35 billion IPO after final nod from China regulator from Reuters – Ant Group, formerly Ant Financial, the world’s most valuable fintech company, has been given the go ahead from China’s regulator to do simultaneous IPOs in Shanghai and Hong Kong.
Chinese Fintech Company Lufax Seeks Up to $2.4 Billion in U.S. IPO from The Wall Street Journal – Speaking of China, former leading peer to peer lender now turned asset manager, Lufax, is eschewing a China listing and will go public in the U.S. as it seeks to raise $2.4 billion.
The end of free bank accounts is bad news for Monzo and its rivals from Wired UK – Ryan Weeks takes a look at the impact of the UK going to negative interest rates and it might not be pretty for the leading digital banks there.
Mainstream DeFi is ‘inevitable’: US currency comptroller from Coin Telegraph – The acting head of the OCC, Brian Brooks, said at DC Fintech Week that decentralized finance will render many of the financial services offered by banks obsolete.
Household Access to Banks Improved But Could Be Driven Lower by Covid-19, FDIC Says from The Wall Street Journal – A new survey released this week by the FDIC shows that the percentage of unbanked households in the U.S. feel from 6.5% in 2017 to 5.4% in 2019.
Coronavirus Tanked the Economy. Then Credit Scores Went Up. from The Wall Street Journal – The average credit score has been going up steadily in recent years and has actually accelerated this year during the pandemic.
Leading a $15 million round, Prosus Ventures makes the challenger bank Klar its first bet in Mexico from Techcrunch – The new online bank from Mexico, Klar, is becoming the latest Latin American fintech to watch as it raises a sizable Series A.
Why Central Banks Want to Create Their Own Digital Currencies Like Bitcoin from The Wall Street Journal – A good primer on Central Bank Digital Currencies (CBDCs) for those wondering what all the fuss is about.