Hello Fintech Friends,

Do you know an amazing fintech operator looking for their next adventure?

This Week in Fintech is looking to hire our first Chief Operating Officer.

The ideal profile is someone who,

• Has worked in fintech for 3+ years,
• With early startup experience, and
• A background in operations, people management, business development, partnerships, and/or “chief of staff” type roles.

You can see more details about the role on our LinkedIn.

Interested? Send a resume (no cover letter needed) to hiring@thisweekinfintech.com!

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

Today's writeup is brought to you by our friends at Persona.

💼 Fintech Job of the Week

Rainforest, which helps software companies grow revenue by embedding payments into their products — without taking on risk or compliance headaches – is hiring a Customer Success Manager,  Account Executive, and Partnerships Manager.

Share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

JP Morgan rolled out an in-house generative AI chatbot research analyst for employees.

Australian bank Westpac is now offering debit cards to children as young as eight in order to help them develop better financial skills.

📰 Other News

Banks UBS and CIBC completed an intraday FX swap transaction using the blockchain (digital ledger) platform Finteum. This proof of concept is important because it was completed within minutes; today, interbank markets have to reserve high quality liquid assets as reserves for intraday trading, which is expensive due to high interest rates. T+0 settlement could reduce the need for reserves.

Visa introduced an SMB online toolkit for Vietnamese merchants to accept contactless payments.

Mexican bank Banorte is growing quickly – 14% year over year – and recently passed 1 billion pesos in deposits. 

The Bank of Ghana completed a proof-of-concept to use digital credentials for international trade and CBDC-based cross-border payments.

The Federal Reserve, FDIC, and OCC issued a warning on the potential risks associated with third-party deposit arrangements between banks and fintechs.

Trading on Switzerland's SIX Exchange was halted due to a tech breakdown.

💻 Fintech

🚀 Product Launches

Indian consumer credit provider CRED released a personal financial management tool for affluent customers:

Global neobank Revolut, which now stands at 9 million UK customers and 45 million global customers, launched cash deposits in the UK.

Paddock Capital launched a UK commercial finance brokerage to help accountants source and secure funding solutions for their clients.

Fintech consultancy and advisory practice Fiat Growth launched fractional finance, bookkeeping, and accounting services.

Open banking provider Plaid launched a set of new compliance tools for banks and credit unions, including a solution to let banks build open banking APIs themselves, a permissions manager for banks to see where customer accounts are connected, and a dashboard to provides institutions with insights about the thousands of apps on Plaid’s network.

Payment processor Finix launched recurring billing, which will customize and automate payment plans for subscriptions, installment payments, donations, and membership fees.

Personal investing app Robinhood launched joint investing accounts to let users manage their investments together.

10x Banking released new ‘core conversion’ tools to make it faster for banks to migrate off of legacy cores and ledgers.

Universal* launched their beta to let retail investors purchase and invest in wrapped baskets of crypto.

Pocketnest, a financial wellness platform, launched Birdie, a generative AI chatbot designed to help financial institutions engage with Millennial and Gen X customers.

Historically, Know Your Business (KYB) has been a manual, disjointed, and complex endeavor — think manually collecting info, endless back-and-forths with customers, and piecing together multiple solutions.

But it doesn’t have to be. Check out this guide from Persona to learn how to streamline your KYB-KYC process and better meet ever-changing regulations, combat fraud, and build trust. Download the guide here.

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

The Reserve Bank of India thawed its payments freeze in a surprise move by granting cross-border payment aggregator licenses to BillDesk, Amazon, and Adyen.

Real-time payments provider AppBrilliance is bringing TCH’s real-time payments to closed-loop wallets.

PayPal beat analyst expectations with an 11% YoY increase in transaction volumes and 8% increase in net revenues, driven partly by its small business product suite and the ability to accept Apple Pay.

🤝 Partnership Corner

Bridge partnered with Coinbase to let users deposit fiat to their crypto wallets.

Payment facilitator Stripe partnered with regional bank Fifth Third’s Newline embedded finance product (built off of BaaS platform Rize) to expand embedded financial services for Stripe’s platform users and customers.

The Independent Community Bankers of America’s payments subsidiary partnered with fintech Pidgin to facilitate instant payments to community banks.

Cross-border payments facilitator Airwallex partnered with Canadian corporate card and expense management technology startup Float on borderless cards.

Merchant underwriting, fraud, and risk management platform Kompliant partnered with Equifax to enable joint products to their users.

MercadoPago partnered with Mexican airlines to let customers pay with their MP accounts:

👎 The Bad News

The Lithuanian central bank appointed an independent supervisor for local payment provider Kevin and banned them from taking on new customers, after the firm repeatedly failed to file its annual reports.

Come meet us in-person at thisweekinfintech.com/events