Latest FinTech News

  • Three Industries That Will Be Blockchain Innovators Post-Pandemic
    Three Industries That Will Be Blockchain Innovators Post-Pandemic
    Nash’s co-founder said three industries will benefit from blockchain technology after the COVID-19 pandemic. Fabio Canesin, co-founder of blockchain fintech firm Nash, believes that as the world comes out of the COVID-19 pandemic, blockchain technology offers a “unique” opportunity to the public due to its “borderless” nature. During an interview with Cointelegraph, Canesin states that he sees the “greatest” emerging use case in blockchain for three core industries in a post-pandemic era: government, nonprofit, and small-to-mid-size businesses. Blockchain helping to distribute Coronavirus-related stimulus checks For the government entities, Nash’s co-founder explained: “This could mean using blockchain for stimulus checks instead of sending payments via traditional systems, which take much longer and are prone to errors.
  • Leaked Documents Suggest Former Wirecard Exec Was Linked to Secret Russian Gov Operations
    Leaked Documents Suggest Former Wirecard Exec Was Linked to Secret Russian Gov Operations
    Jan Marsalek reportedly bragged of ties with Russian intelligence services and touted secret documents about chemical weapons used in the UK. Wirecard’s recently-prosecuted former Chief Operations Officer, Jan Marsalek, may have had ties to Russian intelligence services.
  • LabCFTC to Announce the Winner of Project Streetlamp at Fintech-Focused Virtual Events Series Later This Year
    LabCFTC to Announce the Winner of Project Streetlamp at Fintech-Focused Virtual Events Series Later This Year
    The Commodities Futures Trading Commission (CFTC) announced that its FinTech research wing, LabCFTC will be hosting a series of interactive virtual events during autumn 2020.
  • Cointelegraph Exclusive: CFTC Moves Annual Fintech Conference Online
    Cointelegraph Exclusive: CFTC Moves Annual Fintech Conference Online
    In response to the COVID-19 pandemic, the CFTC is changing up the format for its annual Fintech Forward conference. On July 9, LabCFTC, the fintech office of the Commodity Futures Trading Commission, announced that it will replace its annual one-day Fintech Forward conference with three separate online sessions under the series title Empower Innovation 2020.  The new conferences will take place on Sept.
  • Malaysian Regulator's Shariah Advisory Council Allows Digital Asset Trading
    Malaysian Regulator's Shariah Advisory Council Allows Digital Asset Trading
    The Malaysian authority that oversees compliance with Islamic law in finance has permitted digital asset trading. In a landmark announcement, Securities Commission Malaysia’s Shariah Advisory Council declared that digital assets trading was permissible. The Malaysian Shariah Advisory Council is the authority that oversees the implementation of Islamic laws in the operation of Islamic Financial Institutions. Securities Commission chairman Datuk Syed Zaid Albar made the announcement during an online conference Invest Malaysia 2020 on July 7, stating: “The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.” A way forward for the Malaysian crypto space Kelvyn Chuah, the founder of SINEGY, the first Malaysian digital asset exchange approved by Malaysia’s securities watchdog, told Cointelegraph that the announcement bears extreme significance as more than 60% of Malaysian are Muslims. Chuah added, “At the same time, Malaysia is aiming to be the hub of Islamic Finance and fintech.
  • China's top fintech, e-commerce companies continue blockchain bets
    China's top fintech, e-commerce companies continue blockchain bets
    Data from SCMP’s 2020 China Internet Report shows healthy fundraising activity in China’s internet tech sector while fintech and e-commerce companies continue to explore blockchain tech potential.
  • Monetary Authority of Singapore Completes  CBDC Project Ubin Phase 5, Blockchain Sector Sees Major Growth Despite COVID-19
    Monetary Authority of Singapore Completes CBDC Project Ubin Phase 5, Blockchain Sector Sees Major Growth Despite COVID-19
    Sopnendu Mohanty, the Chief FinTech Officer at the Monetary Authority of Singapore (MAS) announced that Phase 5 of Project Ubin has been completed, and partners of the project are already working on a production in the payments space.
  • Wirecard Folds: A Blow to Crypto Cards, but a Chance for Blockchain
    Wirecard Folds: A Blow to Crypto Cards, but a Chance for Blockchain
    A temporary nuisance for crypto debit card holders, the Wirecard debacle reminds the public of the problems blockchain technology was designed to fix. Some of the most impactful frauds in modern history, from the Enron scandal to the Bernie Madoff investment scheme, were carried out by malignant actors inside or at the helm of corporate entities who manipulated the tangled, esoteric financial records.
  • Austrian Crypto Users Will Soon Be Able to Spend Crypto at 2,500 Locations
    Austrian Crypto Users Will Soon Be Able to Spend Crypto at 2,500 Locations
    Over 2,500 Austrian merchants can now accept cryptocurrencies as a payment method. Crypto holders in Austria will soon be able to spend their coins at more than 2,500 points of acceptance using A1 Payment — one of the largest mobile network operators in the country. According to an announcement made by Austrian fintech firm Salamantex, its Crypto Payment Service Software is now integrated into the A1 Payment platform.
  • More Than 2,500 Merchants In Austria Just Got Closer to Bitcoin
    More Than 2,500 Merchants In Austria Just Got Closer to Bitcoin
    Crypto owners in Austria have been offered another opportunity to spend their cryptocurrencies throughout the country. Austrian fintech firm Salamantex has announced that their Crypto Payment Service Software has been integrated into the A1 Payment, a service by one of Austria’s biggest mobile network operators, A1.
  • Institutionalize Crypto: Big Four Analytics Tools May Lure in Traditional Investors
    Institutionalize Crypto: Big Four Analytics Tools May Lure in Traditional Investors
    Big Four firms introduce data analytics tools to help manage crypto and digital assets for institutional clients. Once dominated by young and savvy retail investors, the cryptocurrency market has seen increasing interest lately from institutional investors and large fintech firms.
  • BIS Plans New Central Banking Fintech Research Hubs in Europe, North America
    BIS Plans New Central Banking Fintech Research Hubs in Europe, North America
    The Bank for International Settlements is expanding its “Innovation Hub” with a handful of new locations in Canada and Europe.
  • Visa-Owned Fintech Startup Slammed With Class Action Lawsuit for Data Breach
    Visa-Owned Fintech Startup Slammed With Class Action Lawsuit for Data Breach
    A class action by aggrieved users of various payment apps such as Venmo, Square’s Cash App, and Stripe filed a lawsuit against Visa-acquired fintech company, Plaid, for a data breach.
  • Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More
    Class Action Alleges Visa-Acquired Co Was ‘Data Plumbing’ Venmo, Cash App & More
    A new class action alleges that Plaid, which Visa recently bought for over $5 billion, had unparalleled access to the financial information of millions of users. June 25, a new class action was filed in California against fintech startup Plaid, which was acquired by Visa for $5.3 billion earlier this year.
  • Shareholders File Criminal Complaint Against EY for Alleged Role in Wirecard Scandal
    Shareholders File Criminal Complaint Against EY for Alleged Role in Wirecard Scandal
    Shareholders in German fintech Wirecard are taking legal action against Big Four auditor EY in the fallout from the scandal now engulfing the company. Shareholders in German fintech Wirecard are taking legal action against Big Four auditor EY in the fallout from the scandal now engulfing the company. Earlier this month, the auditor had refused to sign off the fintech’s 2019 financial report after discovering a shortfall of €1.9 billion (roughly $2.1 billion) on its books.  Following EY’s discovery, German authorities arrested Wirecard’s (now-former) CEO, Markus Braun, who had been at the helm of the fintech for almost two decades.  Braun has been accused of conspiring to inflate the company’s assets and misrepresent what amounted to over 32% of Wirecard’s assets — $2.1 billion of a claimed $6.5 billion. According to CNBC on June 26, EY said that there are “clear indications that this was an elaborate and sophisticated fraud, involving multiple parties around the world in different institutions, with a deliberate aim of deception.”  The auditor defended its position, claiming that “even the most robust and extended audit procedures” would not be able to derail a “collusive fraud” of this nature. The German shareholders’ association, Schutzgemeinschaft der Kapitalanleger e.
  • Innovation Grant Worth $15 Million to Encourage Asian Blockchain Startups
    Innovation Grant Worth $15 Million to Encourage Asian Blockchain Startups
    Singaporean blockchain developers Building Cities Beyond creates an innovation grant to encourage development on its ecosystem. Building Cities Beyond (BCB) Blockchain, a Singapore based tech solution company for smart cities, has launched an innovation grant, worth $15 million, to encourage development on its ecosystem, according to Fintech News Singapore. This innovation grant comes as the company announced partnerships with leading accelerators in Asia to incubate selected projects. Targeting Asian projects The BCB Innovation Grant is said to target up to 1,000 projects within Asia.
  • What Recent Developments in the Fintech Space Mean for Our Future
    What Recent Developments in the Fintech Space Mean for Our Future
    There have been several significant movements forward for digital assets, and there are more to come.
  • Wirecard’s collapse causes UK banking chaos beyond crypto card crisis
    Wirecard’s collapse causes UK banking chaos beyond crypto card crisis
    Customers of some British fintech firms have found their accounts locked as the Wirecard insolvency affects even more people.
  • Research Suggests Transparency is Key for Utility-Based Crypto Projects
    Research Suggests Transparency is Key for Utility-Based Crypto Projects
    Crypto prices on the secondary market may depend on how much information is given to stakeholders says fintech researchers. Researchers suggest that utility token issuers should provide basic levels of transparency to the public before listing on exchanges.
  • Troubled Debit Card Issuer Wirecard Files for Insolvency
    Troubled Debit Card Issuer Wirecard Files for Insolvency
    Wirecard is now filing for insolvency as a sudden $2.1 billion hole in its balance sheet wipes out 32% of the supposed assets owned by the company. Troubled fintech company Wirecard, which powers many of the crypto debit cards on the market, has reportedly filed to open insolvency proceedings. As reported by Wall Street Journal and others, Wirecard filed an application with the Munich district court to begin preparing for insolvency resolution procedures.  The company cited its “impending insolvency and over-indebtedness” as motivation for the filing, alluding to the $2.1 billion of its balance sheet that went missing. Events unfolded quickly for Wirecard since discovering that 32% of its balance sheet never existed.
  • Ledger Will Provide its First Crypto Lending Partner YouHodler with Crypto Insurance
    Ledger Will Provide its First Crypto Lending Partner YouHodler with Crypto Insurance
    FinTech platform and crypto-backed loan service provider YouHodler has selected digital asset wallet provider Ledger Vault to be implemented across its platform, to offer its users an added layer of security and protection.
  • Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company
    Resigned Wirecard CEO Detained by Police as $2.1B Fraud Threatens Company
    The CEO of Wirecard, who resigned recently, was arrested by German police under accusations of conspiring to inflate assets and revenue to entice investors. The former chief executive officer of Wirecard, a German fintech company, has been detained by Munich police after being charged with misrepresenting the company’s balances. As reported by Reuters and many others, Markus Braun, who led the company for the better part of two decades, has been arrested by police in Munich, Germany.