REPORT
Accenture research finds that over half of consumers in major markets have used tools like digital wallets, which are more popular than credit cards.
Card-issuing banks that take a timid approach to payments innovation could lose out on $89 billion in revenue in the next three years.
👉 Check out the #fintechreport: “Payments gets personal—strategies to stay relevant” by Accenture here
REPORT
Recent market turbulence as the consequence of FTX’s failure further underlines and incentivizes the need for appropriate accounting tools and procedures, whether for risk management, reporting purposes, or tax loss harvesting.
👉 Download the full Financial Technology Partners research report here
REPORT
Check out this amazing FinTech report: “The UX Playbook for Finance” with some great case studies.
👉 Read the full UX Playbook for Finance report here
👀 NEWS HIGHLIGHT
Federal authorities are moving to seize hundreds of millions of dollars in assets in the U.S. tied to the bankrupt cryptocurrency exchange FTX, a sign that the battle over control of the company’s remaining funds is escalating.
Seth Shapiro, a Justice Department official, said at an FTX bankruptcy court hearing that the federal government has seized or is in the process of seizing Robinhood shares whose ownership is disputed by FTX and BlockFi, a cryptocurrency lender that collapsed in late November.
👉 Read the full WSJ source article here
📰 ARTICLE
Employees of embattled tech groups are flooding secondary markets as the industry’s former darlings such as Klarna and Stripe have been forced into aggressive cost-cutting measures, according to brokers and investors.
👉 Read the Financial Times article by Tabby Kinder here
👨💻 BLOG
A fascinating trend has happened in FinTech in recent years, where financial services are being delivered by non-financial companies. One of the best examples of this trend is with debit and credit cards.
👉 Read the whole blog by Jonathan Ching here
💡INSIGHTS
Improved digital account opening must be a top priority for 2023.
More than ever, consumers expect to finish the entire process on their smartphones, in a matter of minutes.
👉 Read the whole The Financial Brand article by Jim Marous here
🧐 ANALYSIS
The marketplace for North American payments has undergone a series of evolutionary waves.
Today, businesses prefer payment acceptance services and other financial services interwoven into their business management solutions.
👉Read the whole Flagship article by Rom Mascetti and Brittany Logans here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️ FTX founder Sam Bankman-Fried pleaded not guilty to all eight criminal counts. Link here
⭐️ Wyre told employees that it is shutting down amid layoffs. Link here
⭐️ FinTech stocks did worse than Fin or Tech in 2022. Link here
⭐️ Venture funding for fintech startups is down almost everywhere, and Boston is no exception. In 2022, 37 local startups raised $814 million in equity. Link here
DIGITAL BANKING
IMM, Superior IRA & HSA and Health Savings Account announced a strategic partnership. Link here
BNPL
Sezzle announced the expansion of Sezzle Up into the Canadian market. Link here
Apple Pay Later will launch in 2023 with iOS 16.3. The launch of the service was been delayed due to developmental issues. Link here
CRYPTO
Cathie Wood's ARK Invest made its largest investment in crypto exchange Coinbase's stock, adding about $5.5 million of the shares. Link here
The Winklevoss twins and their cryptocurrency exchange Gemini are being sued for fraud by investors. Link here
Coinbase will pay a $50 million penalty and invest another $50 million in its compliance program to settle a New York State regulatory investigation. Link here
The Financial and Regulatory Authority of the Bahamas is temporarily holding FTX assets with a value of $3.5 billion based on market pricing. Link here
FTX founder Sam Bankman-Fried is reportedly cashing out large amounts of cryptocurrency soon after being released on bail. Link here
The United States Attorney’s Office for the Southern District of New York formed the FTX Task Force to “trace and recover” missing customer funds. Link here
MOVERS & SHAKERS
Swift announced the appointment of Stephen Grainger as the Chief Executive for the Americas & UK Region. Link here
Kirsten Muetzel has been named as the President of Blue Ridge Bank‘s Fintech Division. Link here
The Clearing House appointed David Watson as its new president and CEO beginning Feb. 1st. Link here
The head of Goldman Sachs Group Inc's direct-to-consumer unit, Swati Bhatia, is stepping down from the role. Link here