Qualcomm to dive into the metaverse
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The tech giant announced yesterday that it’s created a $100M fund to invest in virtual reality (VR) and augmented reality (AR). The fund is called the Snapdragon Metaverse Fund.
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Fintech News Stories
CFPB expands anti-discrimination enforcement
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On Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreNium debuts SWIFT alternative
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The global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreCFPB quietly rolls out new enforcement routes
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In late February, the Consumer Finance Protection Bureau (CFPB) released updated “Rules of Practice for Adjudication Proceedings.” The amended process lets the CFPB avoid backlogged federal courts in favor of administrative courts.
Read MoreGrain-backed crypto challenges “stablecoin” definition
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Agrotoken, an Argentinian startup tokenizing grain by the ton through cryptocurrency, announced that its soy-, corn- and wheat-backed coins will be accepted as collateral by Santander. Agrotoken has also launched a 1,000-farmer test with Santander.
Read MoreFintechs are building out internal M&A teams
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After a series of IPOs and significant fundraising deals, fintechs are poaching junior bankers to evaluate and negotiate M&As internally. Banking giants increasingly see fintechs and other startups as talent competitors.
Read More“Climate fintech” needs to decide what it is
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Climate fintech funding rose to $1.2B in 2021, according to CommerzVentures. Carbon accounting attracted the most funding, raking in $410M last year.
Read MoreWith two new tools, Intuit courts SMBs
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The first, QuickBooks Get Paid Upfront, lets small businesses apply for an advance up to $30,000 for qualifying invoices; the second, QuickBooks Early Pay, lets employees paid through QuickBooks Online Payroll access earnings between paydays.
Read MoreCan virtual cards alleviate supply-chain woes?
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By letting small and midsize businesses (SMBs) issue instant cards to vendors, Mastercard looks to reduce payment cycle times to one day.
Read MoreIn new report, Fed flirts with central bank digital currencies
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Late last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.
Read MoreThrough Stripe, Ford zooms ahead on fintech
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Payment-processing platform Stripe announced a five-year contract with Ford Motor Company: an effort to revamp the automotive giant’s e-commerce strategy.
Read MoreCrypto exchanges look into equities trading
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Brett Harrison, President of FTX US, said new trading features could be rolled out within two months; Bitstamp did not provide a tentative timeline.
Read MoreThe metaverse’s battle royale for tech talent
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Over the past year, more than 40 Microsoft employees working on augmented-reality technologies have been poached by Meta, which has poured billions into metaverse initiatives.
Read MoreSpeed: It’s How Fintechs Say They Can Help With U.S. Stimulus Payments
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Speed is an oft-cited cultural difference between traditional financial service companies and their fintech counterparts, especially start-ups. And that’s a big benefit fintechs say they can offer the U.S. government as it prepares to dole out the stimulus payments enacted under the $2 trillion CARES Act.
Read MoreGodspeed, Paul Volcker
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As our ongoing “200 Financial Revolutionists” series honors leading financial innovators during the coming months, we also lost a leading light of finance and economics this week. Former Fed chairman Paul Volcker passed away at age 92.
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