Fintech Focus For September 27, 2021

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Quote To Start The Day: “It’s not a coincidence that the mid-February to mid-March 2020 downturn literally started the day after February expiration and ended the day of March quarterly expiration. These derivatives are incredibly embedded in how the tail reacts and there’s not enough liquidity, given the leverage, if the Fed were to taper.”

Source: Cem Karsan

One Big Thing In Fintech: Last week, JPMorgan Chase & Co announced its foray into neobanking with a digital bank launch in the U.K.

The development comes after JPMorgan Chase chairman and CEO Jamie Dimon nodded to fintech’s threat to the dominance of traditional banking institutions.

Specifically, Dimon said fintechs made great strides in building digital and physical banking solutions; “From loans to payment systems to investing, they have done a great job in developing easy-to-use, intuitive, fast and smart products.”

Source: Benzinga

Other Key Fintech Developments:

  • NYSE President on shared success.
  • InvestX added Jefferies, Virtu funds.
  • Mark Cuban: DeFi disrupting banks.
  • Gluwa, Aella reach 1M transactions.
  • SocGen incubator launching cohort.
  • Barclays adds Amazon fintech lead.
  • Cobo adding $40M to expand DeFi.
  • FTX moving operations to Bahamas.
  • Circle integrates with Plaid for ACH.
  • Huobi ceasing China user accounts.
  • Circle CEO, Visa SVP talked crypto.
  • Doconomy secures $17M in funding.
  • ETH mining pools sever China ties.
  • OKEx token is hit big by crackdown.
  • Citi, Snowflake teams on trade data.
  • Fintechs is worth as much as SaaS.
  • Twitter rolls out bitcoin lightning tips.
  • State Street dominating US custody.
  • Kentucky stops Celsius crypto offer.
  • Betterfly is acquiring four companies.
  • Claro takes on anti-BNPL campaign.
  • Best in finance since spreadsheets.
  • Awning added $9.3M for fintech offer.
  • Analysis: Wells Fargo cloud strategy.
  • Chipper Cash intros money fintech.
  • JPM is moving retail system to cloud.
  • MoneyLion now listed on the NYSE.
  • Ocrolus secures an $80M Series C.
  • LatAm facing new digital disruption.
  • Voyager: Crypto igniting innovation.
  • Kakao Pay pushes back $1.3B IPO.
  • A new generation of climate fintechs.
  • Affirm looking to boost rapid growth.
  • Liti launches ScamBusters for fraud.
  • MX, Pinwheel team on experiences.
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Watch Out For This: The People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are strictly prohibited.

China’s crypto crackdown comes as Beijing is looking to fulfill its climate targets. The country is the world’s biggest carbon emitter and has set out to become carbon neutral by 2060.

The PBOC is also working on its own digital currency. China is seen as a leading contender in the race toward central bank-issued digital currencies, having tried out a virtual version of the yuan in several regions.

Source: CNBC

Interesting Reads:

  • The race towards crypto regulations.
  • A weaker economy threatening debt.
  • TIME’s NFT collection is selling out.
  • Why regulators should back PFOF?
  • Infrastructure plans will pass House.
  • Watch for potential collateral scarcity.
  • TikTok shows Zillow of manipulation.
  • What’s driving new proptech growth.

Market Moving Headline: “[A]s long as September employment isn’t a disaster, the Fed will begin tapering at its November meeting. Therefore, it would skip a formal announcement and a one-meeting delay to dive right into the tapering process. It seems we’re headed for an eight-month taper, or [a] $15 billion reduction per month.”

Source: Moody's

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Posted In: Fintech
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