Welcome to the 2,374 new readers who’ve joined us since last week. You’re joining 139,000+ other subscribers. Today's newsletter is brought to your by our friends at Silicon Valley Bank.

--

Hello Fintech Friends,

It's that time of year again.

The sprint to plan 2025 before the December fade...

A last chance to make good on your new years' resolutions...

And the annual Fintech Formal in New York💃

🤵This year, we've changed it up to an invite-only black-tie event for 250 fintech friends on December 13th. Want to join? We'd love to have you. Let us know at formal@thisweekinfintech.com.

🏆 We'll also be presenting the winners of the 2024 TWIF Fintech Awards on-stage.

We're giving out awards in 4 categories. Winners will be announced in the newsletter. Who should win?

• Fintech of the Year: Recognizing the most impactful and innovative fintech company across all sectors.
• Best New Startup: Celebrating the most promising new player in the fintech ecosystem, launched within the past 12 months.
• Best Fintech Partnership: Most impactful and innovative collaboration between fintech companies, financial institutions, or tech partners that has driven exceptional results and transformative solutions in the industry.
• Most Innovative Financial Institution: Recognizing the “incumbent” financial institution that has demonstrated exceptional innovation, customer-centricity, and operational excellence in adopting and integrating fintech solutions, driving digital transformation and enhancing financial services.

This Week in Fintech Awards 2024

Celebrating Innovation and Excellence in FinTech The This Week in Fintech Awards honors the top fintech companies, products and innovations of the year. Join us in recognizing the trailblazers who are shaping the future of finance. As the fintech industry continues to evolve at a rapid pace, we’re excited to celebrate the startups and teams who are leading the charge in innovation and impact within the industry. The This Week in Fintech Awards seeks to recognize the best of the best, showcasing the most groundbreaking technologies, services and partnerships of 2024. This is your chance to shine! Nominate your company in the fintech space for their outstanding achievements this year. Winners will be recognized at the 2024 Fintech Formal! (www.fintechformal.com)

Google Docs

Fintech Formal is brought to you by our friends at iLEX and Spidr:

iLEX provides responsive FinTech solutions that enhance compliance, minimize risk, and cultivate strategic partnerships for your growth and success.

Spidr's platform enables companies of varying sizes across different industries to develop, launch, and expand embedded banking and FinTech products.

✍️ PS: If you missed it, we also had an epic writeup this week from Jas Shah in partnership with our friends at Plaid. Check it out:

Plaid: Stitching Together the Future of Finance

Hey Fintechers and Fintech newbies 👋🏽 Regular TWIF readers and those who caught my 1st write-up on PayPal a few months back should already know me, but for those who don’t, Hello! I’m Jas Shah, a reformed engineer and now fintech product consultant and advisor helping fintechs, banks, and others create

This Week in FintechJas Shah

Please enjoy another week of fintech and banking news below.

(👍👎 Have feedback for us? Let us know!)

Fintech’s next chapter: New report explores the future

Under the backdrop of regulatory scrutiny and security concerns, SVB’s 2024 Future of Fintech report finds that while fintech companies are facing headwinds, they’re also finding immense opportunity. Get insight into the health of the fintech sector in this new report leveraging SVB’s unmatched proprietary data and deep sector knowledge. Read the report.

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

🍻 Upcoming Events

🥂 On December 13th, join us at the 2024 Fintech Formal:

The Fintech Formal

The Fintech Formal0

📸 See photos from last week's Cape Town Fintech Meetup here!

Cape Town Fintech Meetup, Nov ’24

216 new items added to shared album

Google Photos

💼 Fintech Job of the Week

Alex De Marco on LinkedIn: #hiring #productmanager #financialcounseling #healthtech #behavioralhealth…

We're hiring a Product Manager to help us bring financial counseling to behavioral health care, starting with gambling addiction treatment! #Hiring…

LinkedInAlex De Marco

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

💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

French bank Societe Generale brought its own Euro-based stablecoin to the XRP Ledger.

📰 Other News

Goldman Sachs prepared plans to spin out its digital assets platform, signaling a strategic move to separate and potentially monetize its blockchain and cryptocurrency technologies.

The UK planns to outline a comprehensive crypto strategy, with local startups anticipating potential regulatory or economic advantages from a Trump presidency.

Payhawk selected JPMorgan as its banking partner, strengthening its financial infrastructure and payment solutions ecosystem.

Goldman Sachs planned to spin out its blockchain platform, indicating a continued commitment to blockchain technology despite market volatility.

European mobile payment operators enabled payment interoperability, facilitating smoother cross-platform financial transactions across the region.

Mastercard aims to eliminate passwords and manual card entry by 2030, focusing on enhancing security and user experience in digital payments. The firm's Multi-Token Network also connected to Kinexys Digital Payments as a payment settlement solution to enhance the availability of B2B cross-border payments to business applications.

The CFPB released a detailed statement on deposit insurance reform, addressing regulatory concerns following the failure of the First National Bank of Lindsay. The CFPB also expanded its regulatory oversight of big tech payment applications, signaling increased scrutiny of digital payment platforms and their financial services ecosystem.

Citigroup faced investigation by US federal agencies over potential ties to Russian oligarchs, raising significant compliance and reputational risk concerns.

💻 Fintech

🚀 Product Launches

Tencent partnered with Visa to launch a pay-by-palm solution in Singapore.

Quantoz Payments issued Euro and US dollar stablecoins.

Knot launched AccountUpdater, which allows card issuers using CardSwitcher to update cardholder details (card info, name, address, phone) across Knot-connected merchants with a single API call, requiring no effort from the cardholder.

EY unveiled a managed service for global payrolls.

Beacon launched a digital wallet for immigrants to Canada.

Arc launched Arc Intelligence, an AI platform for the $2 trillion private credit industry.

Luma Financial Technologies expanded into life insurance, offering an integrated technology platform solution.

Stripe launched their pay with crypto product for merchants.

PayPal PYUSD aimed to bring speed and reduced costs to cross-border payments with Xoom.

Fintech’s next chapter: New report explores the future

Under the backdrop of regulatory scrutiny and security concerns, SVB’s 2024 Future of Fintech report finds that while fintech companies are facing headwinds, they’re also finding immense opportunity. Get insight into the health of the fintech sector in this new report leveraging SVB’s unmatched proprietary data and deep sector knowledge. Read the report.

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

📰 Other News

Revolut's Nik Storonsky hinted at a potential US banking license application, after the company passed 50 million users and hinted at a target of 100 million.

Sunshine+Kittens aimed to revolutionize financial education for kids.

🤝 Partnership Corner

FinTRAC registered Navro to operate its innovative payments curation platform in Canada.

Klarna added Google Pay to its big tech partners after an Apple deal.

👎 The Bad News

Finastra, a fintech data and payments infrastructure provider that serves 45 of the world's top 50 banks, is investigating a major data breach impacting its internal file transfer system.

Thousands of PayPal customers reported a two hour outage yesterday (but the company's stablecoin did not go offline).

TrueLayer, a former fintech unicorn, laid off 25% of its staff in a single day, significantly reducing its workforce.

The Federal Trade Commission alleged that Dave, a financial app, deceived users on its overdraft features and marketing claims.

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