Markets

The European fintech has felt the pinch of the global decline in funding across the fintech industry. The funding in this sector during the first six months of 2023 dropped by more than half compared to the previous period. European...

Klarna has shut down its open banking division known as Klarna Kosma. This division is being shut down by the company in less than 18 months since it was launched. The Klarna Kosma brand and business division was unveiled in...

The business environment across Germany has dropped significantly in July for the third consecutive month, according to a survey. Analysts have warned that the economic recession in Germany has been struggling to make a recovery after falling into a recession...

Hong Kong is looking to create a banking talent with expertise in Islamic finance and the Middle East. The country seeks to use this talent pool to attract companies and wealthy entities in the region that plan to invest in...

Kuwait has recorded the first surplus in nine years within the 2022/2023 financial year that ended in March. The Kuwaiti finance ministry has attributed the surplus to the surge in oil prices reported in 2022. Kuwait posts its first surplus...

The Business Development Bank of Canada (BDC) is spearheading sustainability efforts by businesses. The bank has a team dedicated to creating solutions and supporting sustainable projects for entrepreneurs across Canada to ensure they have access to a low-carbon economy. BDC...

The Bank of Spain has registered the eToro multi-asset investing platform as a virtual asset exchange. The regulator approved eToro’s registration to serve as a service provider of virtual currency and electronic wallet custody services. The registration is a major...

A new payment system launched by the Federal Reserve known as FedNow was launched last week. This service targets banks and credit unions, allowing them to transfer money instantly at any time. According to the CEO of Plaid, Zach Perret,...

Banking giant Goldman Sachs is considering exiting the partnership deal that it has with Apple. The partnership between Goldman Sachs and Apple started in 2019, with the two institutions announcing plans to release a virtual credit card. Goldman Sachs to...

The Republic of Palau has announced a partnership deal with Ripple for the pilot of the USD-backed Palau stablecoin. This stablecoin will be issued on XRP Ledger, with the goal being to foster privacy and security in settlements and liquidity...

The Fintech Open Source Foundation (FINOS), the foundation fostering open innovation in the financial services industry, has announced the creation of an open standard project inspired by Citi. The project describes the consistent controls needed to sustain compliant public cloud...

The Business Development Bank of Canada (BDC) is promoting sustainable practices and fostering a focus on climate solutions across the finance industry. BDC is a government-backed institution set to support Canadian companies that are owned by the private sector. BDC...

Virtu Financial has reported a drop in revenues and net trading income during the second quarter of the year. The New York-based electronic market maker has posted financial results that depict a negative performance that mimics that posted by other...

XTB, a forex and contracts for difference (CFD) brokerage company, has reported a net profit of PLN 421 million during the first six months of 2023. The net profits dropped by 12.2% during the first half of the current year...

The UK financial market regulator, the Financial Conduct Authority, is set to effect the new Consume Duty next week. The FCA found that 7.4 million people have unsuccessfully tried to reach out to one or more of their financial service...