As the world of finance and technology continues to evolve, it’s important to stay up-to-date on the latest news and trends in the fintech industry. From new product launches to regulatory changes, there’s always something happening in this fast-paced sector. Here’s a roundup of the 10 most noteworthy fintech news stories from May 21-27, 2023.
1. PayPal Launches Cryptocurrency Trading Platform
On May 24, PayPal announced the launch of its cryptocurrency trading platform, allowing users to buy, hold, and sell Bitcoin, Ethereum, and other digital assets. This move marks a significant step forward for mainstream adoption of cryptocurrencies.
2. Visa Acquires Plaid for $5.3 Billion
Visa announced on May 25 that it had completed its acquisition of Plaid, a fintech company that provides APIs for connecting financial accounts to apps and services. The $5.3 billion deal is expected to help Visa expand its digital payments capabilities.
3. Robinhood Faces SEC Investigation
On May 21, it was reported that Robinhood, the popular trading app, is facing an investigation by the Securities and Exchange Commission (SEC) over its handling of customer accounts. The investigation comes amid increased scrutiny of the app’s business practices.
4. Mastercard Launches Digital Identity Service
Mastercard announced on May 26 that it had launched a new digital identity service that allows users to verify their identity online using biometric data such as fingerprints or facial recognition. The service is designed to improve security and convenience for online transactions.
5. Square Launches Business Banking Service
Square, the payments company founded by Twitter CEO Jack Dorsey, announced on May 24 that it had launched a new business banking service called Square Banking. The service offers small businesses access to loans, savings accounts, and other financial products.
6. Coinbase Goes Public
Cryptocurrency exchange Coinbase went public on April 14, but its stock price has been volatile in the weeks since. On May 21, the company’s shares fell below their opening price for the first time, amid concerns about regulatory risks and competition from other exchanges.
7. Stripe Raises $600 Million in Funding
On May 24, Stripe, the payments company that powers many online businesses, announced that it had raised $600 million in a new funding round. The company is now valued at $95 billion, making it one of the most valuable fintech startups in the world.
8. UK Regulator Proposes New Crypto Rules
The UK’s Financial Conduct Authority (FCA) proposed new rules on May 21 that would require cryptocurrency firms to register with the regulator and comply with anti-money laundering and counter-terrorism financing regulations. The move is aimed at improving consumer protection and reducing financial crime.
9. Goldman Sachs Launches Digital Wealth Management Platform
Goldman Sachs announced on May 25 that it had launched a new digital wealth management platform called Marcus Invest. The platform offers automated investment portfolios and personalized financial advice to customers.
10. Amazon Launches Buy Now, Pay Later Service
On May 26, Amazon announced the launch of a new buy now, pay later service called Amazon Pay Monthly. The service allows customers to split the cost of purchases into monthly payments, with interest rates ranging from 0% to 20%. The move is seen as a challenge to other buy now, pay later providers such as Klarna and Afterpay.
In conclusion, these 10 fintech news stories from May 21-27, 2023 highlight the ongoing innovation and disruption in the financial services industry. From the mainstream adoption of cryptocurrencies to the launch of new digital banking services, these developments are shaping the future of finance and changing the way we manage our money. As always, it’s important to stay informed and keep up with the latest trends in this rapidly evolving sector.
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- Source: https://zephyrnet.com/top-10-fintech-news-stories-for-the-week-ending-may-27-2023/