Tehanu Makes History With Groundbreaking ‘Interspecies Money’ Transfer
An African-based tech startup, Tehanu, has completed its first “interspecies money” transfer. This lets people send money through digital wallets to help protect mountain gorillas in Rwanda. This is the first transfer of its kind. Tehanu’s platform helps workers earn...
Dukascopy Debuts Money Market Products Targeting Stable Returns
Dukascopy Bank is introducing new money market investment products just in time for its 20th anniversary. These products are called Interest USD, Interest EUR, and Interest GBP, and they provide annual interest rates of 5.70%, 4.03%, and 5.45%. The rates...
New Rules Disrupt Norway’s Progress Toward Becoming The First Cashless Economy
Norway has been progressing toward becoming the world’s first cashless economy, but these efforts hit a major roadblock with the country’s Parliament passing new rules. Norway’s Stores Must Not Discriminate Against Cash Users The new rules now oblige shops in...
CFPB Facing Lawsuits Over New Banking Rules As Financial Institutions Argue It Overstepped Its Authority
The Consumer Financial Protection Bureau (CFPB) recently introduced new open banking rules that would allow consumers the right to instruct their banks to transfer their financial data to other institutions at no extra charge. Now, the banks are pushing back...
The FCA Is Cracking Down On Finfluencers Who May Be Offering Products Illegally
The UK financial regulator, the Financial Conduct Authority (FCA) started another crackdown on the so-called “finfluencers” — social media personalities who are offering financial products on popular social networks. Right now, the regulator is interviewing around 20 influencers under caution...
Afin Bank Gets Green Light To Offer Mortgages And Savings Products To African Diaspora In The UK
A digital lender Afin Bank recently secured the regulatory green light that will allow it to start offering savings products and mortgages to African diaspora living and working in the UK. Afin Bank Secures The Necessary License To Start Servicing...
AI-Based Stock Picker Outperformed S&P 500 By Nearly 50%
Artificial Intelligence (AI) is faster and more accurate than humans, which is nothing new. In fact, this is why it has been introduced to areas where high-speed and equally high accuracy are essential, such as investing. However, now the results...
European Central Bank To Implement A Cross-Currency Settlement Service On The TIPS
The European Central Bank recently started implementing a cross-currency settlement service on the Eurosystem’s Target Instant Payment Settlement (TIPS) service. Connecting Cross-Currency Settlement Service To Tips According to reports, the service will allow any payment originating in one Tips currency...
ASIC Will Likely Issue A Standalone Guidance On Low-Cost Credit Contracts Including BNPL
The Australian financial regulator, the Australian Securities and Investments Commission (ASIC) recently saw its Commissioner Kate O’Rourke confirm that the agency will likely issue a standalone guide regarding low-cost credit contracts which include Buy Now, Pay Later (BNPL). ASIC Wants...
Morgan Stanley Rolls Out New GenAI Solution To Support Staff In Gaining Insight From Data Libraries
Morgan Stanley recently introduced a new generative AI-powered assistant called AskResearchGPT. It intends to offer it to staff members, who will be able to use it in surfacing and distilling insights from its massive research library. What Can AskResearchGPT Do?...
Binance Executive Released After Spending Six Months In Nigerian Custody
Six months after arresting Binance’s executive Tigran Gambaryan and holding him in custody, the Nigerian government finally released him and dropped all money laundering charges. Binance Executive Was Released Due To Declining Health The decision to release the exchange’s official...
BIS Points Out The Risks Of Tokenization
Tokenization of money has been a big topic in financial circles for years, and for a long time, central banks have been focused on the positives, as the process truly does bring numerous benefits. However, the Bank for International Settlements...
The New Ruling Sets The US On The Path Of Open Banking
A recent ruling has decided that consumers in the US will have the right to instruct their banks to transfer their financial data to other institutions in accordance with the banking rules created by the Consumer Financial Protection Bureau. What...
The Second Day At AFP Raises The Question: Does The US Need Faster Payments?
The Association for Finance Professionals (AFP), taking place in Nashville, Tennessee, saw quite intriguing debates on the Convention’s second day when the topic of Faster Payments emerged. However, some have argued that the US maybe doesn’t need Faster Payments. The...
Mastercard Reveals Connect Plus — Its New ‘Command Center’ For Open Banking
Payments giant Mastercard recently unveiled a new set of tools created to simplify the way people share their financial data with various third parties. What Can Connect Plus Offer? Mastercard’s new solution is known as Connect Plus, and it is...