Friday February 23, 2018 –
Here are the new and noteworthy stories we have been following this week.
Sound Practices: implications of fintech developments for banks and supervisors issued by the Basel Committee
The Basel Committee on Banking Supervision (BIS) published a paper on how fintech may affect the banking industry and the activities of supervisors in the near to medium term.
https://www.bis.org/press/p180219.htm
Google’s Tez payments app now lets users handle their utility bills and more
Google’s Tez payment service in India now allows for bill payments via the app.
https://techcrunch.com/2018/02/19/google-tez-utility-bills/
Cashing out? Why notes and coins may become a thing of the past in Sweden
Sweden is one of the most cash-free societies in the world. The proportion of cash payments in the retail sector fell from about 40% in 2010 to about 15% in 2016.
https://www.theguardian.com/world/2018/feb/19/krona-public-toilets-cashless-sweden-coin
Greenlight Raises $16 Million Series A Financing and Announces New Strategic Partnerships
Atlanta based Greenlight Financial Technology, issuer of the kid, teen, and student debit card with parental controls raised $16 million in Series A financing.
Bank of America is worried about the threat of cryptocurrency to its business
In its annual SEC filing Bank of America warned of competitive and regulatory pressures related to new technologies, specifically cryptocurrencies.
BNP Paribas launches fintech investment fund
BNP Paribas has launched a new investment fund to take direct minority stakes in innovative startups in financial services and insurance as part of its strategy to build the ‘bank of the future’.
https://www.finextra.com/newsarticle/31724/bnp-paribas-launches-fintech-investment-fund
A mobile payments app from US banks is less than a year old, but rivals Venmo’s volume
Zelle and Venmo are going head-to-head in the P2P race. Zelle has reportedly handled $75 billion in volume in 2017 – double Venmo’s volume.
https://www.cnbc.com/2018/02/23/mobile-payments-zelle-has-rival–paypals-volume-in-under-a-year.html
