The information you need to start your day, from PaymentsSource and around the web:
Election day
Tuesday was one of the most dramatic election days in U.S. history, given the contentious presidential battle, the pandemic, economic crisis and months of protests. The election count was still in progress as of Wednesday morning, with neither presidential candidate reaching 270 Electoral College votes, the Senate counts incomplete and the Democrats retaining control of the House of Representatives.
A group of several hundred U.S. companies called
There have been concerns about violence tied to the election, with retailers across the country
While most stores pledged to stay open if possible, the anxiety over potential unrest is another
Lack of oversight
The European Securities and Markets Authority has slammed German regulators for not doing enough to prevent the meltdown of payment processor Wirecard.
The authority cited "deficiencies, inefficiencies and legal and procedural inmediments" among the two bodies responsible, BaFin and The Financial Reporting Enforcement Panel, reports
Short on cash
The Monetary Authority of Singapore plans to stop issuing S$1,000 notes (about $750 USD), contending the large bills are a money laundering and terrorism risk.
The MAS says the move is in line with other nations that have cut back on large denomination notes over security fears, reports the
Singapore isn't in a rush, since the ruling won't go into effect until 2021 and the S$1,000 notes in circulation will still be accepted as legal tender. Singapore, which has an active fintech industry, also wants to encourage greater use of digital payments.
Brexit under the hood
The Financial Conduct Authority has made technical changes designed to accommodate open banking compliance after the U.K. leaves the European Union, potentially leaving fintechs with extra work.
The
The FCA's move means third parties can still provide open banking in the U.K., but will have to locate and use a new certificate.
From the web
REUTERS | Wednesday, November 4, 2020
China's suspension of Ant Group's $37 billion listing just days ahead of its stock market debut has thrown the company and its investors into a tailspin and it faces a scramble to try and satisfy financial regulators, analysts say.
REUTERS | Wednesday, November 4, 2020
A stablecoin managed by a big tech company, like Facebook's proposed libra, would raise concerns about data protection and even choke financial innovation, European Central Bank board member Fabio Panetta said on Wednesday.
TECHCRUNCH | Tuesday, November 3, 2020
ZenGo, a mobile app to manage your cryptocurrencies, is about to launch a Visa debit card in the U.S. This isn’t the first crypto-powered debit card — Coinbase announced a U.S. expansion for its debit card just last week. But ZenGo is a non-custodial wallet, which means that you’re in control of your crypto assets.
More from PaymentsSource
As the presidential voting count waged deep into the night on Tuesday, the fate of fintech, financial services and payments regulation hung in the balance.
Control of Congress was still in play late Tuesday, as the Democrats retained control of the House of Representatives while neither party gained the necessary seats to control the Senate.
It is a frustrating reality during a time of national crisis that emergency payment options for vulnerable populations remain such a complex and inefficient landscape, says Flourish Ventures' Sarah Morgenstern.
Atlanta-based Bluefin, which pioneered turnkey systems for point-to-point encryption (P2PE) for payment card data at the point of sale several years ago, has won $25 million in funding to develop new services and expand its reach.
São Paulo, Brazil-based payments fintech Conductor Technology has raised $150 million in a private equity round led by Viking Global Investors.
A new feature on ATMs and interactive teller machines is intended to help reduce the spread of the coronavirus.
China put the brakes on Ant Group Co.’s $35 billion share sale in Shanghai and Hong Kong, derailing the world’s biggest initial public offering.
Everywhere we look it seems like the world is in chaos, 5% of California is burning, a global health pandemic has become political and we are seeing racial divisions widen the already cracked foundation of our country. And yet, among the chaos — fintech has the wind at its back. Regardless of who wins the election, the power of fintech is here to stay.
States have led the way on fintech rules, but a Democratic-led government would take a stronger role, says DailyPay's Matthew Kopko.
In a major break from the Payment Card Industry security standards playbook, merchants and service providers using newer technologies would have the opportunity to rewrite network operation and testing procedures when achieving compliance.
Reflecting the rapid transition to digital payments, PayPal has reported its strongest growth in total payment volume and revenue in its history, coupled with strong growth for Venmo, its P2P app.
