Fintech
Innovation in financial technology — digital payments, neobanks, blockchain, and more.
UAE Central Bank Gazettes Open Finance Regulation Establishing Mandatory API Framework
The Central Bank of the UAE has gazetted the Open Finance Regulation, mandating banks and insurers to provide licensed providers with access via a centralised API Hub.
United States: Stripe Raises $694 Million in Tender Offer at $65 Billion Valuation
Stripe disclosed on 12 April 2024 that it had raised $694.2 million to fund its employee tender offer, which values it at $65 billion — a 30% increase from the prior year — with no IPO timeline set.
Saudi Arabia's STC Pay Wins SAMA Approval to Begin Transition to STC Bank
SAMA has approved the next phase of STC Pay's transformation into STC Bank, starting with a beta launch for preselected customers ahead of a full public launch later in 2024.
India's Navi Technologies Seeks $2 Billion Valuation in First Major External Fundraise
Sachin Bansal's Navi Technologies is seeking to raise between $200 million and $400 million at a $2 billion valuation in the fintech's first significant outside funding round.
Robinhood Unveils Gold Card Credit Card with 3% Cash Back on All Purchases at New York Keynote
Robinhood unveiled its first credit card, offering 3% cash back on all purchases with no annual fee, issued on the Visa network by Coastal Community Bank.
GrabPay and Triple-A Enable Cryptocurrency Wallet Top-Ups for Singapore Users
GrabPay users in Singapore can now load e-wallets with Bitcoin, Ether or stablecoins via a new partnership with digital payments firm Triple-A.
Mastercard Invests $200 Million in MTN Group Fintech to Back MoMo Virtual Card Across 13 African Markets
Mastercard has invested $200 million in MTN Group's fintech division, deepening a partnership that will roll out a prepaid virtual Mastercard for MoMo users across 13 African countries.
Block plans deeper Afterpay integration into Cash App as it posts $178 million quarterly profit
Block's fourth-quarter 2023 shareholder letter listed further integrating Afterpay into Cash App among its 2024 priorities, as gross profit rose 22% to $2.03 billion.
Dutch neobank bunq withdraws US bank charter application and plans to refile
bunq pulled its application for a US national bank charter about ten months after filing, citing a difference of views between Dutch and US supervisors, and said it would reapply soon.
Block Cuts Around 1,000 Jobs Across Cash App and Square as It Trims Headcount Towards 12,000 Cap
CEO Jack Dorsey cited organisational changes and efficiency goals as Block eliminated roughly 1,000 roles across Cash App, Square and Foundational teams.
PayPal Unveils Six New Products Including Fastlane Checkout at First Look Keynote
New CEO Alex Chriss led PayPal's First Look event on 25 January 2024, revealing Fastlane guest checkout, Smart Receipts and enhanced Venmo business features.