Fintech news covering digital payments, neobanks, financial technology startups, and innovations in financial services.
The OCC approved Revolut's national bank charter but required separate supervisory sign-offs for four specific product lines, an unprecedented condition for de novo charters. Revolut serves one million US customers via partners and intends to migrate them to its own institution.
AMC Entertainment CEO Adam Aron publicly rejected Robinhood's tokenized shares, calling the unauthorized product contemptible and vile. He raised concerns regarding investor rights and securities regulation associated with the tokens, highlighting potential impacts on AMC's ability to raise capital through synthetic trading mechanisms.
Brazil's central bank and the European Central Bank are exploring a technical link between their instant payment systems, Pix and TIPS. Sources indicate a pilot project could launch in 2028, marking a significant step in the cross-border expansion of Brazil's dominant digital payment platform despite ongoing US tariff tensions.
Coinbase Global filed a registration notice with the SEC to introduce single-stock perpetual futures in the United States. Chief Policy Officer Faryar Shirzad noted the product requires subsequent approval from the Commodity Futures Trading Commission, following earlier CFTC clearance for crypto perpetuals.
A PYMNTS report contends that installment payment options significantly influence consumer purchasing decisions, particularly among Gen Z. Survey data reveals that existing users develop lasting shopping habits, with many extending financing use from everyday expenses to discretionary categories like travel and entertainment.
The OCC granted a provisional charter to OpenReserve Bank, a Salt Lake City-based crypto institution backed by major investors like Andreessen Horowitz. The bank aims to serve institutional clients with stablecoin issuance and tokenized deposits under a regulated national bank framework.
PayPal laid off 251 employees at its San Jose headquarters, targeting engineers and senior managers, as part of a broader global workforce reduction. The company plans to cut approximately 20% of its global workforce, totaling around 4,760 jobs, to save $1.5 billion in expenses.
FIS introduced an Embedded Banking Platform allowing U.S. banks to integrate accounts and payments directly into corporate business software via APIs or widgets. Pilot partners include M&T Bank, which stated the technology allows reaching customers through software they already use daily, amid rapid global market growth attracting significant investment.
The article examines Remitly's second-quarter results, highlighting record revenue and customer growth while questioning the sustainability of take-rates. It notes that adjusted EBITDA surged due to AI-driven efficiency gains, allowing the company to raise its full-year outlook despite scrutiny over one-time tax boosts and operating leverage.
State-owned power financier REC Ltd. will issue India's first tokenized bonds, raising up to 5 billion rupees through blockchain technology. The notes, due in May 2028, require investors to use the Reserve Bank of India's digital currency, aiming to boost liquidity in the debt market.