The FTX fiasco continued to steer the information all week. Daily contained new revelations of the staggering mismanagement inside FTX as their downfall continues to reverberate all through the crypto world. It was a comparatively sluggish information week apart from the FTX information. Listed here are what I contemplate to be the prime ten fintech information tales of the previous week.
New Chief Calls FTX’s Company Management a ‘Full Failure’ from The New York Instances – The brand new FTX CEO is identical one who handled the Enron debacle 20+ years in the past and he famously stated this week that with FTX he had by no means seen “such an entire failure of company management” in his 40-year profession.
Sam Bankman-Fried tries to clarify himself from Vox – This was the craziest FTX story this week as a Vox reporter had a protracted alternate with Sam Bankman-Fried through Twitter direct message the place SBF is shockingly candid for somebody who’s the topic of a number of prison investigations and has the eye of Congress.
Why the Investing Professionals Had been Such Suckers for FTX from The Wall Road Journal – That is the actually large query right here. A few of the smartest traders on the planet had been hoodwinked by SBF and ignored a number of warning indicators as they desperately wished to leap on board what appeared like a crypto rocket ship.
U.S. banks to pounce on fintech offers as valuations plunge from Reuters – With valuations of many fintech corporations down as a lot as 90% we will count on to see a flurry of M&A exercise within the subsequent 12-18 months, almost certainly led by banks.
Treasury requires extra fintech oversight from BankingDive – A report launched by the Treasury Division this week known as for extra oversight of the fintech sector and bank-fintech partnerships. Whereas the report acknowledged the optimistic innovation that fintech corporations have delivered to finance it has additionally include elevated dangers to shopper safety and market integrity.
How Chase Plans to Revolutionize Hire Funds with a Digital Answer from The Monetary Model – The house rental market is seeing a variety of fintech innovation not too long ago on the patron facet and now Chase has thrown their hat within the ring with the launch of Story, a contemporary funds answer for big property homeowners.
Key points intact in Custodia-Fed lawsuit over grasp accounts from American Banker – Late final week a federal choose dominated towards dismissing the lawsuit that Custodia Financial institution has introduced towards the Federal Reserve. Which means that the case might find yourself going to trial.
How deep of a banking menace is Walmart’s One? from BankingDive – Walmart has 1.6 million staff and over 100 million weekly consumers, an enormous potential marketplace for monetary companies. When One ultimately rolls out it should have two huge benefits over different fintechs: near zero buyer acquisition prices and no want to lift exterior capital.
Brazil’s Nubank reaches break-even, stories 70 million clients from Fintech Nexus – Main Brazilian digital financial institution Nubank not too long ago report Q3 earnings the place they reported a small revenue whilst the corporate continues to develop. They now have 70 million clients in Brazil, Mexico and Colombia.
Shopify, Stability teaming as much as modernize B2B funds from American Banker – Shopify is partnering with Stability, a provide chain e-commerce fintech, to allow a variety of checkout and financing choices for sellers on Shopify’s platform. They intend to create a B2B funds expertise akin to the patron expertise.
