Show notes
This week's list of top stories in fintech:
- Google is abandoning plans to offer the Google Plex checking account, first announced Nov 2019
- Google wants to focus on delivering digital enablement, not offer services themselves
- Consumer showed strong interest
- Current partners were caught by surprise
- Big banks not joining might have pushed Google to make this decision
Return of The Postal Bank: Another New Rival or a Bad Joke?
- New pilot is being rolled out in four cities
- One service so far: cashing checks under $500 in exchange for a visa gift card
- Could soon include bill payments, ATM, wire transfers, improved money orders
- Bank lobby groups are not happy
How card issuers inadvertently fueled the buy now/pay later boom
- Card issuers clamped down on credit to new customers
- Credit card issuers have changed fees and rewards, but personalization is top of mind for consumers
- Cash flow control also a big concern, BNPL allows consumers to spread our cash
Facebook down, and so was its digital payments site Novi
- Stablecoin was also down when Facebook was down
- Would have been a big issue if the product was live
- if the servers go down for cryptocurrency wallets or exchanges, the consequences are unknown
US Bank launches bitcoin custody service
- Crypto demand is main driver behind the move
- The offering will help investment managers store private keys for bitcoin, bitcoin cash and litecoin with the help of sub-custodian NYDIG
- Crypto being seen as more legitimate by large scale FI’s
SEC Chairman Gary Gensler Looks to Rein in Crypto Exchanges, Digital Assets and Stablecoins
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Until next time.
