In The News
Last week was eventful in the fintech world, with several significant developments taking place. The launch of FedNow, the subpoena of the former CEO of fintech Bolt by the U.S Securities and Exchange Commission, and other noteworthy events made headlines. Let’s take a closer look at these developments.
– The Federal Reserve announced the launch of FedNow, a new real-time payment system.
– FedNow aims to provide faster and more efficient payment services to individuals and businesses.
– The system is expected to be operational by 2023 or 2024, offering 24/7 instant payment capabilities.
SEC Subpoenas Former CEO of Bolt:
– The U.S Securities and Exchange Commission (SEC) has subpoenaed the former CEO of fintech Bolt, as well as the company itself.
– The SEC is investigating potential securities law violations related to Bolt’s fundraising activities.
– Bolt is a San Francisco-based fintech company that offers online checkout and payments solutions.
Robinhood Faces Regulatory Scrutiny:
– Popular trading app Robinhood is facing increased regulatory scrutiny.
– The company has been fined $70 million by the Financial Industry Regulatory Authority (FINRA) for alleged systemic supervisory failures and misleading customers.
– Robinhood has also faced criticism for its handling of the GameStop trading frenzy earlier this year.
PayPal Acquires Paidy:
– PayPal announced its acquisition of Paidy, a Japanese buy now, pay later (BNPL) platform.
– The deal is valued at $2.7 billion and marks PayPal’s entry into the Japanese BNPL market.
– Paidy allows consumers to make purchases and pay for them later in installments.
Revolut Launches in the U.S:
– UK-based fintech Revolut has launched its services in the United States.
– The company offers a range of financial services, including banking, investing, and cryptocurrency trading.
– Revolut aims to disrupt the traditional banking sector with its digital-first approach and innovative features.
Top things to Know
– The Federal Reserve has announced the launch of FedNow, a new real-time payment system that aims to provide faster and more efficient payment services.
– The U.S Securities and Exchange Commission has subpoenaed the former CEO of fintech Bolt and the company itself, as part of an investigation into potential securities law violations.
– Robinhood, the popular trading app, is facing regulatory scrutiny and has been fined $70 million by FINRA for alleged supervisory failures and misleading customers.
– PayPal has acquired Japanese buy now, pay later platform Paidy for $2.7 billion, marking its entry into the Japanese BNPL market.
– UK-based fintech Revolut has launched its services in the United States, offering a range of financial services and aiming to disrupt the traditional banking sector.
Original article: https://techcrunch.com/2023/07/23/fednow-may-finally-be-live-but-will-it-be-too-costly-for-businesses-to-adopt/