Facebook’s plan to launch a cryptocurrency has raised concerns that state banking regulators may not be equipped to oversee large, international companies.
In a downturn, some fintechs, such as independent lenders, will be more vulnerable to economic forces than those working to service banks' regulatory needs.
Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.
House Financial Services Committee Chairwoman Maxine Waters and Rep. Patrick McHenry, the top GOP panel member, said Facebook must testify about Project Libra.
Synapse is working to refine its application programming interfaces to meet know-your-customer and other complex requirements, but it's a tall order, the head of the back-office-services platform says.
TD and several other banks are licensing credit underwriting and fraud prevention technology from the fintech Avant to get their digital-lending products to market faster.
As bankers' skepticism about blockchain deepens, crypto firms should demonstrate how the technology can help financial companies, such as by extending access to the underbanked, says Hinkes, a prominent advocate of blockchain.
Chime, Chart IQ, Starling Bank and several other startups have raised millions of dollars from venture capital and private-equity firms this year. Here's what they plan to do with their haul.
Criminals are inventing new ways to hide dirty money amid transactions for digital goods bought and sold on everything from Amazon to game-app sites. Banks need to wake up to the threat, says Ben Duranske, Facebook Payments' former compliance chief.
