Issue 330 · Sep 23, 2021 Weekly edition · 6 min read

Issue #330

More large fintech companies like Square, PayPal and Robin Hood added crypto wallet functionality to their apps. With PTG Pactual a first Brazilian bank is offering that feature. This is increasing pressure on incumbent

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PayPal releases new consumer app for crypto, savings and direct deposits

PayPal has announced the release of a new app billed to be a one-stop-shop for all of the digital payment needs of the company’s customers. As previously reported by Cointelegraph, PayPal CEO Dan Schulman stated back in July that the company’s super app was ready for a rollout in the United States. According to a release issued on Tuesday, the new PayPal app will enable users to access all of the company’s digital financial products.

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In this issue · 14 items

How will quantum computing change finance? Aviva Investors — Quantum computers have the potential to shake up finance, cybersecurity and other sectors. But investors hoping to profit from the new technology must be patient – and separate reality from hype. Open story ↗ Robinhood trials crypto wallet; Revolut set to offer US stock trading Finextra — Robinhood is reportedly testing a cryptocurrency wallet and transfer features. Meanwhile, the firm is set to face some new competition, with Revolut getting the US regulatory greenlight to start offering commission-free stock trading. Open story ↗ More than half say BNPL will replace credit cards Altfi — Consumers are flocking towards BNPL with over half (54 per cent) saying that BNPL will replace their use of credit cards, according to research from Marqueta, which also found more than one in three (35 per cent) saying they had tried BNPL for the first time during the pandemic. The listed card issuing platform surveyed 1,000 UK consumers and found that despite recent warnings from the likes of Citizen’s Advice that BNPL can provide a slippery slope towards debt for some users, seven out of 10 consumers prefer BNPL options to credit cards due to affordability and ease of management. Open story ↗ China plans to break up Ant's Alipay and force creation of separate loans app Reuters — Beijing wants to break up Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, and create a separate app for the company's highly profitable loans business, the Financial Times reported on Sunday. The plan will also see Ant turn over the user data that underpins its lending decisions to a new credit scoring joint-venture, which will be partly state-owned, the newspaper reported, citing two people familiar with the process. Open story ↗ RegTalks with Nicholas Pratt, Funds Europe Knowyourcustomer — Tune in to listen to his insights into how technology and regulations are changing the world of asset management, why third-party integrators of multiple specialist solutions are the way forward, and what countries are effectively fostering RegTech growth and adoption. Join us for an extremely lively and thought-provoking chat with Funds Europe’s Nicholas Pratt where we discuss: Open story ↗ U.S. Bank to buy MUFG Union Bank in $8B deal Bankingdive — The MUFG sale is not a surprise. Bloomberg reported as recently as Friday that Mitsubishi was considering selling its 305-branch U.S. presence.The deal — the largest to be announced in the banking sector so far this calendar year — breaks down to $5.5 billion in cash and 44 million U.S. Bank shares, a price that represents 1.3 times MUFG's tangible book value. It would push U.S. Bank to about $664 billion in assets, according to The Wall Street Journal. Open story ↗ Inside Wells Fargo's multicloud strategy Ciodive — The financial services provider plans to work with Microsoft and Google to support its public cloud infrastructure. Wells Fargo is embarking on a decade-long marathon to modernize its technology infrastructure, with the goal of operating multiple clouds alongside third-party data centers, the financial services company announced last week. Open story ↗ $80 Billion Brazilian Investment Bank Launches Bitcoin and Crypto Trading App - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides bitcoinmagazine — Large Brazilian investment bank BTG Pactual has announced the launch of a new platform enabling customers to make direct investments in Bitcoin, making it the first large financial institution in Brazil to offer direct Bitcoin exposure.The bank’s Mynt platform allows users to purchase Bitcoin. BTG Pactual CEO, Roberto Sallouti, described Mynt's creation as being in response to a high demand from customers who wanted to trade in Bitcoin and crypto, Exame reported. Open story ↗ JP Morgan’s neobank Chase goes live Altfi — JPMorgan Chase has launched its new digital banking brand ‘Chase’ in the UK in a bid to take on the likes of Monzo and Starling Bank at their own game. The project has been underway for some time with news of the launch being revealed just a few months after the US bank acquired digital wealth manager Nutmeg. The banking giant, which claims the title of the fourth largest bank in the world and the largest in the USA, will initially offer a free basic current account and budget features. Open story ↗ Central bank of Ukraine to promote ‘fair’ Bitcoin regulation Cointelegraph — Crypto doesn’t pose a big risk for the financial system until it’s adopted enough to be less volatile, the NBU said.The central bank of Ukraine has moved to support the development of the cryptocurrency industry after the Ukrainian parliament adopted a major crypto law in early September. Open story ↗ Why Indian teenagers are keen on investing in cryptocurrency Quartz — “As an investor, I think cryptocurrencies are a good way to exponentially grow your wealth,” said Hashir Hussain, a 17-year-old student from Kolkata. “High volatility is a risk factor, but the profitability is a great plus.” Open story ↗ JPMorgan Chase buys college financial planning platform Frank Bankingdive — JPMorgan Chase has acquired the college financial planning platform Frank, the bank announced in a press release Tuesday. The outlet allows students to access a streamlined application process for student aid, as well as financial advice and a marketplace to find discounted online classes for college credit. Open story ↗ Deutsche Bank acquires Better Payment Finextra — Deutsche Bank has acquired Berlin-based payment service provider Better Payment to expand its market share in the fast-growing market for online payment processing and acceptance. Open story ↗ U.S. Bancorp (USB) to Acquire MUFG Union Bank in $8B Deal Entrepreneur — U.S. Bancorp USB has entered into a definitive agreement to acquire MUFG Union Bank’s core retail banking operations from Mitsubishi UFJ Financial Group MUFG for a cash-and-stock transaction valued at $8 billion, in a bid to boost its presence on the West Coast. The deal’s closure, expected in the first-half of 2022, is subject to the satisfaction of customary closing conditions and regulatory approvals. No shareholder approvals are required from both companies. Open story ↗

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PayPal releases new consumer app for crypto, savings and direct deposits

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