Friday March 30, 2018 –
Here are the new and noteworthy stories we have been following this week.
Citigroup to Again Be a Nationwide Bank, but in Digital Form
Citi plans to leverage mobile / digital functionality to serve a national market – Bank to add full suite of banking, credit-card, lending, and investment tools for all mobile app users.
Denizen Launches World’s First True Global Account for Banking
BBVA backed Denizen launches a global, borderless account for expat banking which allows customers to receive money in one country and pay it out in another immediately, avoiding international transfer fees and eliminating currency exchange fees.
Visa, MasterCard losing market share due to surge in UPI transactions
UPI payments in India are growing rapidly – Reserve Bank of India data shows that transactions via UPI have reached half the value of debit and credit cards.
Federal Reserve may review rules on lending to the poor
The Fed may change CRA rules as part of a broader effort to revise a range of banking regulations.
Venture Capital Surges Into Crypto Startups
VC investment in cryptocurrency startups is growing – while ICOs were supposed to disrupt venture capital, such funding in blockchain-based companies is surging, with startups raising $434 million since December.
China’s UnionPay plans global expansion of QR code e-payments in battle with Alipay and Tenpay
China UnionPay is looking to expand its QR code digital payment services abroad through partnerships with global e-payment service providers – recently signed agreement with ACI.
WhatsApp payments now supports QR codes: How it works
WhatsApp’s latest feature allows users to scan QR codes to send money.
DBS Is Walking and Talking Like Fintech
DBS is making big bets on digital and is seeing impressive numbers – The ROE from traditional, brick-and-mortar banking customers is 18%, while it’s 27% for digital.
US subprime mortgage bonds back in fashion
Subprime mortgage bond issuance doubled in Q1 2018 compared to a year ago, going from $666 million to $1.3 billion.
HSBC to offer Paypal as global disbursement option for corporate clients
HSBC becomes the latest to add Paypal to its global disbursement service for corporate customers.
Going Cashless: My Journey Into the Future
A nice read – making payments without cash.