👀 NEWS HIGHLIGHT
Binance US has pulled the plug on a $1 billion deal to acquire the assets of bankrupt crypto lender Voyager Digital.
In a tweet, Voyager says it has received a letter from Binance US "terminating the asset purchase agreement".
Voyager filed for Chapter 11 bankruptcy protection in July, listing assets of between $1 billion and $10 billion and liabilities in the same range.
💡INSIGHTS
How will FinTech impact the traditional Wealth Management space?
The speed and magnitude of FinTech’s impact on the traditional wealth management space will be dependent on the industry’s ability to adapt to the changing market landscape.
FinTech firms have recognized this and developed three capabilities to streamline the delivery of financial services. Those services include:
1️⃣ Platform trading
2️⃣ Robo-advising
3️⃣ Mobile money management
FedNow ⭐️
⚫️ The Complex Future for FedNow
The introduction of FedNow will shift the payments landscape by undercutting banks, payments companies, and closed-loop wallets.
Read the whole story by Simon Taylor below 👇
⚫️ There Are Gaps In The US Real-Time Payment System. Who Will Fill Them?
A lot of ink has been spilled speculating about FedNow, the US government’s forthcoming real-time payments infrastructure.
However, few have considered the key factor governing its ultimate success: will consumers, businesses, and institutions actually adopt FedNow?
Read the full Forbes article by Rocio Wu where she explains more about Real Time Payments.
⚫️ FinTech Automation signed an agreement with the Federal Reserve Bank of Boston to provide payments technology on FedNow Service platform.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🇺🇸 NATIONAL HIGHLIGHTS
⭐️Super.com targets its $85M equity, debt raise into new savings super app.
⭐️Summer announced that it has raised $6M in new capital, totalling to $18M in funding to date.
⭐️Gemini and Arrington join auction for failed crypto lender Celsius.
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Join my Angel Investors Syndicate!
DIGITAL BANKING
Valley National Bank announced the launch of a new innovation platform which will accelerate and enhance its collaboration with fintech companies to meet the needs of Valley’s customers in a rapidly evolving digital environment.
PAYMENTS
Miura Systems announced the launch of its new, elegantly designed, Miura Android Smart POS payment device.
Shopify teamed up with Melio to launch a new bill pay tool designed to allow U.S.-based merchant customers to manage their expenses and vendors via its platform.
Ansa is building a digital wallet infrastructure to help businesses process small payments and offset high credit card fees for smaller transactions.
ConnexPay announces a partnership with Payouts Network to launch a new functionality that will enable payouts via Push-to-Card modalities.financial technology.
Sardine AI and Fortress Trust joined forces to enhance the safety and security of blockchain-based payments ("ePayments") worldwide.
CRYPTO
The bitcoin price is still down by around 60% from its late-2021 all-time highs while CoinbaseCOIN has been hard hit by violent bitcoin and crypto price swings.
MOVERS & SHAKERS
BMO Financial Group named Darrel Hackett as its new US CEO.
MoneyGram named Seth Ross as its new chief digital officer to lead the firm’s direct-to-consumer business and global digital strategy.
If you are a fintech startup and have over 100 questions send me an email, maybe I can answer a few.