Category: Trade & Industry

As we entered 2023, it looked as though plans to regulate cryptoasset ads would severely curtail how crypto businesses could market to UK customers. In a change of tack, the government now proposes that a special exemption will allow registered crypto firms to continue promoting their services. These firms will still need to prepare for…

Following the launch of the UK’s most recent consultation on crypto regulation, this week we are releasing a short series of blog posts considering the implications. During this series, we will look at the Treasury’s change of tack in relation to financial promotions; next steps for crypto businesses seeking to access the UK market; and…

Wirex deepened its partnership with Visa. The new agreement enables Wirex to issue its crypto debit and prepaid cards to more than 40 countries. The company is working on finalizing another partnership that will facilitate card issuance in Australia. Cryptocurrency payments company Wirex unveiled a strategic partnership with Visa this week. The agreement makes Wirex…

PayPal Holdings increased its technology and development spend year over year as the company reduced its headcount in January.  WHY IT MATTERS: PayPal, one of many tech companies worried about economic uncertainty like Stripe and Amazon, reduced its headcount by 7% — 2,000 employees — the company announced last month. PayPal did not specify the areas of business…

Hong Kong and Shanghai Banking Corporation (HSBC) launched a new digital payments solution this week. The new offering, called HSBC Merchant Box, is designed to make it easier for SMEs to make international payments across regional and global e-commerce platforms using real-time exchange rates. HSBC Merchant Box will be available to selected HSBC commercial customers…

Cross-border payments company Tazapay raised $16.9 million in Series A funding. The investment, which brings the company’s total funding to $21.9 million, was led by Sequoia Capital Southeast Asia. Tazapay processes “hundreds of  millions” of dollars each year in card and local, real-time payment methods. Singapore-based cross-border payments company Tazapay closed $16.9 million in Series…

Bankomat Chief Executive Nina Wenning, questions what constitutes a bank branch in the 21st century. The Swedish shared utility service she heads provides ATM cash access, but since consumers leverage “online e-commerce services and many other digital banking and payment tools,” she wonders “what is a branch in the 21st century? Does it have to…

With 2022 in the rearview mirror, let’s look at the trends that will shape the banking and payments space in 2023. The current elephant in the room is the looming recession, and it is essential that financial institutions manage risks and prioritize budgets while maintaining a clear route toward long-term growth. Tech investment will retrench…

Technology spend at banks varied during the fourth quarter of 2022 amid talk of a recession.  The $3 trillion Bank of America saw 8% growth in non-interest expenses in Q4 to $5.1 billion and $1.8 trillion Wells Fargo saw a 5% year-over-year increase in tech spend to $902 million contributing to the bank’s 23% increase…

Finzly has released an API connection to the U.S. FedNow Service. The API enables developers to test out the new set of payment rails in a sandbox environment. FedNow, the U.S. Federal Reserve’s real-time payment rails, is set to launch later this year. Banking-as-a-service provider Finzly released its new API that offers connection to the…