Fintech

Synchrony Financial joined the chorus of banks that were enjoying the healthy credit cycle as consumers maintained discretionary spending despite ongoing affordability concerns and persistent inflation.

Samsung is taking a page from Apple's playbook and launching its own, digital wallet-native credit card with Barclays and Visa as the South Korean electronics company looks to expand digital services. It is Samsung's first credit card in the U.S.

By establishing direct connections to clearing networks such as Japan's central bank, the cross-border payment firm avoids intermediaries, feeding its strategy to undercut traditional financial institutions.

The Charlotte, North Carolina-based bank stopped originating marine and recreational vehicle loans during the second quarter. Executives said the change will reduce net interest income in the short term, but deliver higher profitability over the long run.

The U.K.-based bank renewed its longest tenured co-brand program, which has been running for more than 20 years, for another decade. The renewal will help the bank expand its consumer banking portfolio.

A breakout month by the company's newly acquired investment banking subsidiary, BTIG, added nearly $100 million of revenue during the second quarter.

The global bank said it's ready to take advantage of opportunities to accelerate investments into its business, with an eye toward achieving longer-term, sustainable growth. Analysts had tough questions about the plans.

The Denver-based bank reported that two loans soured, one due to fraud. A number of other lenders reported sizable fraud-related losses last fall.

Bangkok-based The Siam Commercial Bank will use the New York-based bank's 24/7 clearing and tokenized deposit service in a sign that the banking industry is beginning to look past individual tokenized deposit platforms and toward interoperability.

Just as internet connectivity destroyed the market for long-distance telephone service, blockchain technology is going to make high-margin transactions, like cross-border funds transfers, dirt cheap. Established players should brace themselves.