Hello Fintech Friends,

Welcome to the 1,381 new readers who’ve joined us since last week. You’re joining 135,000+ other subscribers who were also glued to their newsfeeds this week.

Between the card networks creating interoperability with every payment system – from QR codes to real-time payment rails – and banks diving head first into stablecoins, it feels like the pace of payments is speeding up globally. After years of complaining about slow, costly, inefficient payment systems, 2024 feels like an inflection point in finally digitizing global payments.

We start the week with none other than Robinhood, Kraken, and Paxos all teaming up to launch a new global dollar stablecoin:

New Global Dollar Stablecoin Backed by Robinhood, Kraken, Paxos and Other Crypto Heavies

The Global Dollar Network, whose participants will earn yield for helping foster adoption of USDG, also includes Anchorage Digital, Bullish, Galaxy Digital and Nuvei.

CoinDeskIan Allison

And a great guest piece from MIT MBA Clara Estol on why stablecoins are such powerful technology for Argentina:

Argentina and Latin America: How Technology is Reshaping the Financial Landscape

In a region where high inflation and currency depreciation erode wealth, and traditional banks and governments fail to provide stability, how are fintech innovations—such as stablecoins, neobanks, and fintech startups—reshaping the financial landscape in Argentina and across Latin America? One of the reasons I decided to study Economics

This Week in FintechClara Estol

Speaking of stablecoins: We have a big TWIF announcement on the topic coming out very soon (no, it's not our own coin...) so watch this space 👀

Please enjoy another week of fintech and banking news below.

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

What happens when the wow-factor of AI wears off? SVB’s new Future of Fintech report identifies how a new generation of fintech companies is creating more value per dollar invested than legacy AI companies, creating waves of optimism through the space. Yet, when the novelty of a new product wanes, what will matter most? Read the Future of Fintech 2024 report

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🏦 Financial Services & Banking

🚀 Product Launches

Wells Fargo Launches Paze for Online Checkout: Wells Fargo has introduced Paze, a new online checkout option, allowing users to consolidate multiple cards into one digital wallet. It enhances online security by tokenizing card numbers and facilitates a smoother checkout experience.
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Singapore Gulf Bank's Crypto-Compatible Banking for Corporates: Singapore Gulf Bank has launched crypto-compatible banking services tailored for corporate clients, allowing them to integrate digital assets within conventional banking frameworks.
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Mastercard’s “Pay Local” for Digital Wallets in Asia: Mastercard has introduced "Pay Local" in Asia, enabling digital wallet users to make cross-border payments with reduced fees and favorable exchange rates, boosting wallet accessibility in the region.
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NatWest's Virtual Corporate Cards for Business Expenses: NatWest has rolled out mobile-enabled virtual corporate cards for business expenses, allowing companies to streamline employee spending and track expenses digitally.
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📰 Other News

Coinbase & Visa Partnership: Coinbase and Visa have collaborated to enable real-time crypto deposits through Visa Direct. This integration allows Coinbase users to quickly fund their accounts using eligible Visa debit cards, enhancing trading access and transaction efficiency on the platform.
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NYSE After-Hours Trading Extension: The New York Stock Exchange plans to extend after-hours trading by 90 minutes, ending at 8 p.m. ET. This change aims to improve market access and accommodate investors across global time zones.
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Florida's Bank Ban Error: A new law in Florida inadvertently bans many banks from operating within the state due to language regarding ESG policies. This has caused unintended restrictions and requires legislative review.
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Visa Expands QR Code Payments in Asia-Pacific: Visa is set to connect its network with various QR code schemes across the Asia-Pacific region, aiming to enhance digital payments and expand merchant accessibility.
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JP Morgan's Blockchain Arm Rebrands to Kinexys: JP Morgan has rebranded its blockchain division, Onyx, to Kinexys, reflecting its focus on blockchain-powered solutions for streamlined payments and financial services.
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FTC Sues Cash Advance App: The FTC has filed a lawsuit against a cash advance app for allegedly deceptive practices, including hidden fees and difficult cancellation processes, citing consumer harm.
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SEC Charges JP Morgan Affiliates: The SEC fined JP Morgan affiliates $151 million for undisclosed conflicts of interest involving mutual fund transactions that lacked transparency for investors.
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VyStar Credit Union Fined Over Digital Migration: VyStar Credit Union received a $15 million fine due to significant issues in its online banking migration, which disrupted customer access to financial services.
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💻 Fintech

🚀 Product Launches

Starling Bank’s Bank Impersonation Detector: Starling Bank introduced an in-app detector to combat impersonation fraud, helping customers recognize and avoid deceptive messages and fake profiles to improve account security. Read more

Ant International's Stablecoin Payment System with Grab: Ant International, Grab, and StraitsX launched a cross-border stablecoin payment solution, enabling more accessible digital transactions across Southeast Asia. Read more

Calendarise by Aurora Payments: Aurora Payments launched "Calendarise," an all-in-one POS system for SMBs with features like appointment scheduling, client management, and payment processing, designed to streamline operations for service-based businesses. Read more

Lili Connect for Small Business Financial Management: Lili introduced "Lili Connect," a tool aimed at helping small businesses manage finances with integrations for invoicing, tax tools, and real-time expense management, easing financial operations for entrepreneurs. Read more

Libeara and Fundbridge Tokenized US Treasuries Fund: Libeara and Fundbridge Capital plan to offer a US Treasuries fund tokenized on a public blockchain, allowing investors to access fractionalized government bonds, which enhances transparency and accessibility. Read more

TBC Uzbekistan’s “Salom” Card: TBC Bank in Uzbekistan launched the "Salom" card, a digital-first banking solution for daily transactions, designed to improve accessibility for consumers and small businesses. Read more

RideNow Finance by Octane and RideNow: Octane and RideNow Powersports partnered to create "RideNow Finance," a solution for financing powersports equipment, targeting consumers with convenient and flexible lending options. Read more

Novo’s Suite of Solutions: Novo announced a suite of solutions for small businesses, including credit, financing, and bookkeeping tools, tailored to streamline financial management and growth for entrepreneurs. Read more

What happens when the wow-factor of AI wears off? SVB’s new Future of Fintech report identifies how a new generation of fintech companies is creating more value per dollar invested than legacy AI companies, creating waves of optimism through the space. Yet, when the novelty of a new product wanes, what will matter most? Read the Future of Fintech 2024 report

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📰 Other News

Cross River's $1B Growth: Cross River’s Commercial Banking Group achieved over $1 billion in financing, focusing on diverse real estate assets and industries. Their innovative approach to structuring and syndicating loans aims to fuel growth for clients nationwide. Read more

🤝 Partnership Corner

Bam Azizi on LinkedIn: 🚀 another BIG news 🔥 It’s official: We have partnered with Binance team…

🚀 another BIG news 🔥 It’s official: We have partnered with Binance team to enable 230,000,000 🤯Binance users to leverage Mesh for various usecase across…

LinkedInBam Azizi

👎 The Bad News

Synapse and Evolve Bank Funds Recovered: Following regulatory scrutiny, Evolve Bank restored funds for Synapse customers after a temporary freeze due to Synapse’s operational issues, aiming to regain trust with customers impacted by the disruption. Read more

VyStar’s Investment in Nymbus: VyStar Credit Union invested $20 million in Nymbus, a core banking provider, despite technical issues with Nymbus that led to service disruptions and customer dissatisfaction during an online banking migration. Read more

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