Picture a bank with no branches, no tellers, no queues — just an app in your pocket. It sounds like a toy. But in Brazil, a bank like this called Nubank has 131 million customers, more than every traditional bank in the country. And most important of all — it actually makes money. This lesson explains why the "branchless bank" changed the game, who's winning, who's still hurting, and why it matters most to people who've never had a bank account in their lives.
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GlobalData: Influencers Back 0.4% UPI MDR as Key to Ecosystem Monetisation
GlobalData reports that influencers on X largely view India's new 0.4% Merchant Discount Rate on Person-to-Merchant Unified Payments Interface transactions above INR 2,000 ($20.8) as a vital step toward monetising the UPI ecosystem. Shreyasee Majumder, Social Media Analyst at GlobalData, said influencers see the levy as creating a durable revenue base for banks, acquirers and payment platforms, funding payment infrastructure, cybersecurity and credit-linked services, and improving the financial outlook for payment companies, including supporting public listing plans for PhonePe and lifting forward earnings forecasts for merchant platforms such as Paytm and Pine Labs. Influencers expect larger merchants above monthly turnover thresholds to absorb the fee, while peer-to-peer transfers, recurring payments and rural QR codes remain exempt, though some merchants may push cash payments or other means to recover the cost on higher-value transactions. Commentators including MobiKwik CEO Bipin Preet Singh, Moneycontrol Executive Editor Chandra R. Srikanth, Emerging Payments Association Asia Chief Expansion and Innovation Officer Monica Jasuja, research analyst Abhishek Kothari and Capitalmind Mutual Fund CEO Deepak Shenoy stressed that the new UPI levy remains substantially lower than traditional debit card charges of 0.90% and credit card charges of 1.5-2.5%. Kothari said he now explicitly incorporates UPI MDR monetisation into Paytm and Pine Labs estimates, assuming roughly 30% of Paytm's UPI GMV is MDR eligible versus about 70% for Pine Labs, with Paytm capturing around 10bps of the MDR pie and Pine Labs 6bp. Influencers cautioned that in the long term the ecosystem must ensure infrastructure and value-added service improvements outweigh merchant cost pressures to preserve widespread digital adoption.
Coinbase Partners With Stablecore to Bring Stablecoins to 3,000-Plus Community Banks
Coinbase announced a partnership with Stablecore on September 16, 2026, embedding digital asset capabilities into the core banking systems used by more than 3,000 community banks and credit unions. The deal plugs Coinbase into existing core banking providers such as Q2 and Jack Henry, letting legacy institutions offer tokenized deposits, digital asset accounts, and collateralized loans without overhauling their technology stacks. It is Coinbase's second major distribution play in September alone: six days earlier, on September 10, the exchange partnered with Moov to bring stablecoin payments and real-time funding to another 1,000-plus institutions. Together the two deals reach into a US long tail of more than 4,700 community banks and 4,700 credit unions. Coinbase's Alec Lovett said community banks and credit unions should not have to choose between staying local and staying current, while Stablecore's Alex Treece said banks should not have to migrate to entirely new platforms to support digital assets. The push comes as the OCC's November deadline looms as a potential catalyst for federal clarity; PYMNTS Intelligence data shows 77% of consumers would open a stablecoin wallet through their existing banking or fintech application, but if the OCC deadline slips or the final rule narrows eligibility, the new integrations stay dormant.
Revolut Considering Dual Listing in New York and London, Says Founder
Nik Storonsky, founder and chief executive of the British fintech company Revolut, said the company is considering a dual listing in New York and London, confirming earlier press reports. In an interview with the French business newspaper Les Echos, Storonsky said that while the United States, with its larger market and easier access to investors, is the preferred listing destination, the company is in fact thinking of a dual listing on the London Stock Exchange and New York's Nasdaq. He added that building brand strength in the United States could allow customers to buy shares and take part in the initial public offering, potentially leading to a higher valuation in the market. The final listing depends on market conditions, but it is expected to be at least a year away, as prior reports have suggested 2028. London-based Revolut provides financial services through its app and has continued to expand since its founding in 2015, now serving 80 million customers worldwide. In a share sale last November, its valuation reached 75 billion dollars, making it Europe's most valuable startup. In April, the Financial Times reported that Revolut had told investors it was aiming for a valuation of up to 200 billion dollars at the time of its stock market listing.
SoFi Cross-Buy Hits 51% as Members Reach 15.8 Million
SoFi Technologies said 51% of new products opened in the second quarter of 2026 came from existing members, up from 43% in the prior quarter and 35% a year earlier. The company added 1.1 million members in the quarter, lifting total members to 15.8 million, up 35% year over year, while product additions reached a record 2.2 million, pushing total products to 24.4 million, up 42%. Products per member rose to an all-time high of 1.54 from 1.51 in the first quarter, and SoFi Plus surpassed 200,000 paid subscribers after its relaunch, with 25% of existing members who signed up adding another product. Financial Services products reached 21.3 million, up 43% year over year and 87% of total products, while fee-based revenues climbed to $472.3 million, or 39% of total revenues, and annualized spending across SoFi Money and Credit Card hit $28 billion, helping interchange revenues rise 55% year over year. SoFi shares have declined 1.7% over the past six months, and the stock trades at a forward price-to-earnings ratio of 22.36X versus the industry's 15.56X, with the Zacks Consensus Estimate for full-year 2026 EPS gaining a cent to 60 cents over the past two months.
Grab to buy 60% stake in Atome Financial for $1.49bn
Grab has signed definitive agreements with Atome Financial, Advance Intelligence Group and other parties to acquire a controlling 60% stake in Atome Financial for $1.49bn in cash. The deal would fold Atome Financial's buy now, pay later loans, consumer cash loans, BNPL cards and digital lending into Grab's financial services unit, which spans payments, digital banks, partner lending, insurance and consumer lending. Atome Financial operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand and has 25 million cumulative transacted users, while Grab reaches nearly 54 million Monthly Transacting Users and Atome Financial's network covers more than 30,000 brands. Grab said the $1.49 billion cash consideration includes $0.26bn in primary growth capital as Phase 1, and the transaction is due to close by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions. After completion, Grab will consolidate Atome Financial into its Financial Services segment, with Atome Financial's management team remaining in place to oversee the business.
Hackers threaten to leak Revolut customer data, demand $3 million ransom in Monero
Hackers have threatened Revolut with a ransom demand, seeking $3 million in Monero within 24 hours or they will expose the company's customer data. The hackers claim to be behind a cyberattack that leaked KYC and personal data of Revolut customers. The incident represents a significant security risk for the crypto company and its users, who must remain vigilant about the leakage of their personal data.
American Express Launches High-Yield Business Savings Offering
American Express Company is expanding beyond cards with a new high-yield savings option for business clients, bringing Business Checking and Business Savings under AmEx Business Banking so customers can manage banking and Card products in one place without needing an AmEx card to apply. The offering provided a 2.95% annual percentage yield as of Sept. 15, with no minimum balance or monthly maintenance fee, free ACH, wire and check deposits, instant fee-free transfers between Business Checking and Business Savings, and same-day ACH transfers at $10. The platform will later add a Graphite Business Cash Unlimited Card rewards deposit feature expected later this year, with Reward Dollars redeemable into Business Checking at 1:1, and a Gusto-powered payroll solution with AI insights expected early next year. An AmEx survey of 1,165 small-business financial decision-makers found 82% believe excess cash could be put to better use in savings, 93% want banking and financial tools to work together seamlessly, 81% want better visibility into upcoming payroll payments and 65% prioritize payroll streamlining. The financial opportunity centers on deposit growth and broader product usage, with business deposits giving American Express an additional funding source, though paying interest on those balances will affect the economics of the offering depending on how quickly deposits grow and how effectively those funds are deployed.
Revolut wins Colombian banking licence, files for Swiss approval
Revolut has obtained authorisation from Colombia's Superintendencia Financiera de Colombia to operate as a regulated bank in the country, and has formally filed an application for a banking licence in Switzerland with FINMA, which remains under review. The Colombian approval clears the way for the company to introduce a range of banking products there. The move follows a year in which Revolut's 2025 annual report showed group revenue of $6bn, up 46% from a year earlier, pre-tax profit of $2.3bn and customer balances of $67.5bn. In Switzerland, the proposed banking entity would offer Swiss IBANs, salary accounts, eBill, merchant acquiring and access to the Swiss deposit guarantee scheme, with Pillar 3a and TWINT also under consideration, and Revolut plans to invest more than SFr150m, or $183.2m, in the country over the next five years for product development, hiring and executive board and senior leadership appointments. Revolut already serves more than 1.3 million customers in Switzerland through Revolut Bank UAB, which is licensed in Lithuania, and has a representative office there but no Swiss banking licence. The company's 2026 expansion has included banking licences in France, Australia and the UK, a recent bank launch in Mexico, continuing regulatory work in Brazil, Peru and Argentina, conditional approval from the US Office of the Comptroller of the Currency for a national bank charter, a payments licence in the UAE, and banking licence applications in Finland and South Africa.
ECB opens applications for online merchants to join digital euro pilot in 2027
The European Central Bank, or ECB, is accepting applications from online and mobile merchants in the eurozone to join a 12-month digital euro pilot project, which is expected to begin in the second half of 2027. Interested parties can submit applications until October 27. Selected businesses will enable payments with a beta version of the digital euro in a remote commerce environment and test how the currency works with checkout counter payment processes. The pilot will assess user experience, technical functionality and operational processes of the digital euro, with the beta version closely resembling the currency described in draft legislation, though it will not yet have legal tender status. Participation is voluntary and unpaid. Applicants will be evaluated on market reach, operational readiness and suitability, and those selected will need to establish or adjust relationships with participating payment service providers. Previously, in July, the ECB selected 36 payment service providers from more than 50 applicants, including Revolut, Stripe, Deutsche Bank and UniCredit. Participants were tasked with supporting user access, merchant acceptance, or both. Merchant feedback will help inform design decisions, and a final decision on issuing the digital euro will only be made after relevant European Union legislation is approved.
Bank of Thailand rolls out tough measures to curb grey capital and money laundering, controls deposits and withdrawals of 5 million baht and above
The Bank of Thailand, under the leadership of Governor Vitai Ratanakorn, has unveiled a historic structural strategy by tightening oversight of the financial system to block grey capital, money laundering networks and corruption. Under the rules, cash deposits or withdrawals of 5 million baht and above must be accompanied by documents explaining the source of the funds, and financial institutions have the power to reject a transaction immediately if the source cannot be proven. The measures also close loopholes in the conversion of cash into high-value assets such as gold, foreign currency and digital assets like USDT, and extend oversight to non-bank groups, electronic payment service providers and lending service providers. The central bank has also declared war on mule accounts, introducing risk grading for suspicious accounts and cross-institutional data linkage through the Central Fraud Registry, or CFR, along with measures to silence mules by immediately suspending all electronic transactions for anyone involved in wrongdoing across every account and every financial institution. It is also upgrading know-your-customer, customer due diligence and enhanced due diligence processes, setting transfer limits for vulnerable groups, requiring facial scans when transfers exceed a set threshold, limiting mobile banking to one device per user account, and adding protection against remote-control applications. All of this is integrated with cooperation from 11 financial associations, the Securities and Exchange Commission, the Anti-Money Laundering Office and the cyber police through the establishment of a Fraud and Risk Working Group, along with a declaration of the principle of shared responsibility that requires financial institutions to share compensation for damage to the public if they are found to have been negligent or to have failed to meet the security standards set by the Bank of Thailand.
Tabby raises $233m equity round at $6.5bn valuation
Saudi Arabian fintech Tabby has raised $233m in an equity financing round led by existing investor Blue Pool Capital, valuing the company at $6.5bn. Current shareholders HSG, Wellington Management and Arbor Ventures also participated in the round, which includes a liquidity option for employees. Tabby said the funding will support its next stage of growth as it expands beyond buy now, pay later into broader credit and money management services across Saudi Arabia and the UAE. The company has already secured regulatory approvals for that expansion, including consumer and SME finance licences from the Saudi Central Bank, the acquisition of SAMA-licenced digital wallet Tweeq, and a Stored Value Facilities licence in the UAE supporting the launch of Tabby Cash. Tabby reported more than $18bn in annualised transaction volume, 25 million registered users and 70,000 business partners. The transaction remains subject to applicable regulatory approvals, including approval from the Saudi Central Bank.
UK's Revolut Mistakenly Gave Customer Data to Fake Government Emails, Including Bitcoin Transaction History
British fintech company Revolut responded to information disclosure requests impersonating government agencies and handed over some customers' personal and financial information to third parties, it has emerged. The Crypto Times, a crypto-focused media outlet based in Dubai, UAE, and India, reported the matter on September 12. The information provided reportedly included copies of passports and Bitcoin transaction histories. The emails requesting the disclosure came from unauthorized accounts created within domains actually used by government agencies and carried legitimate domain authentication credentials, leading Revolut to judge them as formal requests and provide customer information. The company said that after providing the information it contacted the government agencies directly to confirm the legitimacy of the requests, and after discovering the existence of the fraudulent email accounts, it blocked the addresses in question on its internal systems and reported the matter to the relevant regulators. Mark Karpelès, former CEO of Mt.Gox, was reportedly one of the customers who received a notification on September 12. The number of affected customers and the name of the government agency that was impersonated have not been disclosed, nor is it clear when the information was handed to third parties or whether it has since been misused.
Block Files for OCC National Trust Bank Charter to Custody Bitcoin and Stablecoins
Block, Inc. filed an application with the Office of the Comptroller of the Currency on September 8, 2026 for a national trust bank charter under the name Builders Bank & Trust, N.A., seeking federal authorization to custody Bitcoin and stablecoins at institutional scale. The charter is uninsured and non-deposit-taking, meaning Block is not seeking to become a traditional bank, but rather to bypass the state-by-state money transmitter licensing regime that has constrained its Cash App business since inception. Block's filing joins a broader charter wave that has sorted into three distinct lanes: crypto-native firms such as Circle, which received final OCC approval in July, Ripple, which obtained a conditional charter, and BitGo, which secured final approval; Wall Street institutions including JPMorgan, BNY Mellon, and State Street, which have expanded digital asset custody through existing banking licenses rather than new charters; and Block itself, a consumer fintech with over 50 million monthly active users on Cash App that is building institutional plumbing. The structural advantage of an OCC trust charter is preemption, replacing a patchwork of state requirements with a single federal framework and providing access to the Federal Reserve's payment rails and correspondent banking network. The timing matters, as the CLARITY Act heads for a Senate floor vote on September 15 and the GENIUS Act, signed into law in July, established a stablecoin-specific regulatory framework, while the OCC's processing timeline for national trust bank charters has varied from six months to over a year.
PayPal CEO Enrique Lores Maps Turnaround Plan After Advent-Stripe Bid Fails
PayPal CEO Enrique Lores is mapping out a turnaround plan for the payments giant after a takeover attempt by buyout firm Advent International and payment processor Stripe fell through, The Wall Street Journal reported. The plan includes remaking parts of the business that have been lackluster for years, launching new features, and slashing costs, according to the report published on Friday. Lores is focusing on Venmo, a popular payments app that generates meager profits, while for the legacy PayPal checkout button he intends to improve user experience and offer better rewards to increase usage. The news follows reports last week that PayPal had laid off roughly 600 employees in India, representing about 10% of its local workforce, as part of an ongoing global restructuring to curb operational costs. PayPal shares rose 0.88% to $53.78 in afternoon trading after the report.
PayPal Expands Tuition and BNPL Payments as Q2 TPV Hits $486.4 Billion
PayPal Holdings is pushing PayPal and Venmo deeper into everyday payment occasions through new integrations with Illumia, Nelnet Campus Commerce and TouchNet that let students and families pay college tuition through existing campus portals. The tuition integrations are live at institutions including Butler University, Kansas State University, Michigan State University and Texas Tech University, with more schools expected to join in 2026, extending PayPal's existing college presence built through agreements with the Big Ten and Big 12, Venmo NIL partnerships, college-branded cards and student ambassadors. On the buy now, pay later side, Temu introduced PayPal BNPL in Canada in the second quarter of 2026, expanding availability to eight markets globally, while Home Depot Canada added upstream presentment of PayPal's BNPL options. PayPal is also working to unify Braintree, PayPal Complete Payments and Hyperwallet into a single foundation, which management expects to improve interoperability and expand self-processing capabilities, merchant lending and payouts. Second-quarter total payment volume rose 10% to $486.4 billion, with Venmo and Braintree continuing to deliver mid-teens TPV growth, while the Zacks Consensus Estimate for 2026 EPS moved a cent upward to $5.38 over the past month, implying a 1.3% rise year over year. PayPal shares trade at 9.39X forward 12-month price-to-earnings versus the Zacks Financial Transaction Services industry's 17.58X, and the stock carries a Zacks Rank #3 (Hold).
Chime to Buy Stride Bank for $590 Million, Raises 2026 Revenue Outlook
Chime Financial has agreed to acquire its longtime banking partner Stride Bank for $590 million in cash, giving the fintech direct ownership of a nationally chartered bank. The company expects the deal to generate more than $100 million in net synergies through lower sponsor-bank fees, a broader range of lending products and a lower cost of funds. Chime also raised its 2026 revenue-growth forecast to 26% to 27%, up from its previous guidance of 25% to 26%. The transaction is expected to close in the first half of 2027, pending regulatory approval, and shares rose nearly 10% in extended trading after the announcement. Management has indicated it plans to keep assets below $10 billion for the foreseeable future, partly to preserve certain regulatory advantages related to debit-card fees under the Durbin Amendment.
Nu Holdings Enters US Banking Market With 3.5% APY Account
Nu Holdings Ltd. is entering the U.S. banking market, pitching a no-minimum-balance account paying 3.5% APY and a no-annual-fee Mastercard credit card with unlimited 1.5% cash back, with planned relationship benefits of 4.5% APY and 2% cash back for qualifying customers. The Brazilian digital bank is targeting a U.S. retail banking market where revenues reached about $1.2 trillion in 2024 and consumers pay an estimated $82 billion in banking and payment fees each year, according to Nu. Nu's Latin American playbook offers precedent: it entered Mexico in 2018 and now serves 16 million customers there, reaching break-even in six years, two years faster than Brazil, with monthly ARPAC of $12.3 at similar market penetration versus $5.6 for Brazil at that stage. Chief Financial Officer Rob Livingston said the company's technology can cross borders quickly, but developing U.S.-specific data and confidence in local credit models could take roughly 12 to 30 months. Nu will hold deposits at partner Lead Bank with FDIC insurance while it develops its national bank operation, and management has said U.S. investment should stay below 100 basis points of its efficiency ratio. In the U.S., Nu faces SoFi Technologies, which ended second-quarter 2026 with 15.8 million members and $1.2 billion in adjusted net revenues, and Chime Financial, which had 10.4 million active members in the second quarter as revenues rose 27% to $670 million and agreed on Sept. 8 to buy Stride Bank for $590 million.
Lesaka Guides FY 2027 Adjusted EPS of ZAR 7.50 to ZAR 8.50, Targets Bank Zero Close by December
Lesaka Technologies guided to full-year FY 2027 adjusted EPS of ZAR 7.50 to ZAR 8.50, net revenue of ZAR 7 billion to ZAR 7.7 billion and group adjusted EBITDA of ZAR 1.45 billion to ZAR 1.6 billion, inclusive of Bank Zero, which management expects to complete by December of this year. For the first quarter of FY 2027, the company guided to net revenue of ZAR 1.58 billion to ZAR 1.66 billion, group adjusted EBITDA of ZAR 200 million to ZAR 240 million and adjusted EPS of ZAR 0.40 to ZAR 0.60, reflecting seasonality and expected once-off and restructuring costs in the Merchant business. Executive Chairman Ali Zaynalabidin Mazanderani said FY 2026 delivered on all guidance measures, with net revenue of ZAR 6.33 billion, group adjusted EBITDA of ZAR 1.27 billion and adjusted EPS of ZAR 6.51, turning GAAP net income positive for the full year for the first time since 2022. Group CFO Daniel Smith said the company reached positive full-year GAAP profitability of approximately ZAR 40 million and net cash from operating activities of ZAR 864 million. Head of Corporate Development Steven Heilbron said the Bank Zero acquisition still requires approval from the Prudential Authority and Exchange Control, and that most synergy benefits are expected to accrue during FY 2028.
Mastercard Launches Wallet Pay to Link Regional Digital Wallets Globally
Mastercard Incorporated launched Mastercard Wallet Pay, a unified solution designed to connect regional digital wallets to its global payment network. Providers such as Alipay+, CRED and Mercado Pago can use Mastercard's capabilities for contactless NFC, QR payments, online checkout, and virtual card issuance, broadening where their wallets can be used. The platform provides seamless global compatibility across 200-plus countries and 150 currencies, and also supports cross-border money transfers and stored-value accounts. Mastercard is targeting a digital wallet market that currently serves more than 4.3 billion users worldwide, a figure expected to exceed 6 billion by 2030, with Alipay+ alone connecting more than 50 e-wallets and over 10 national payment schemes. The company's shares have lost 0.5% year to date compared with the industry's decline of 10.8%, and MA trades at a forward price-to-earnings ratio of 25.84 versus the industry average of 17.72.
Bybit Wins European E-Money License To Launch Super App
Bybit plans to launch a new super app in Europe that will offer both a regular bank account and stock and crypto trading. The privately held Dubai-based exchange, which claims more than 80 million users worldwide, has been granted an electronic money institution license by European regulators, enabling the launch for the European market. Bybit also holds a Markets in Crypto Assets license in Austria. The company said it aims to combine the offerings of financial technology firms and online brokerages into one super app, and going forward plans to give European users traditional bank accounts plus the ability to trade derivatives, tokenized stocks, and digital assets such as Bitcoin. Bybit has partnered with rival crypto exchange Kraken's xStocks for tokenized equities, and a launch date for the new super app has not been announced.
Kapital raises $125m to fund AI development and global expansion
Kapital has raised $125m in fresh funding from Tru Arrow Partners and Fasanara Capital, with participation from Cervin Ventures, Niya Partners and Overlook Capital. The company said the funds will go towards further development of its in-house AI system and data analytics tools to support a broader financial services offering, and will be used to speed up expansion plans in Mexico, the rest of Latin America, the US and Europe. Kapital reported net income of about $50m for the first half of 2026, with its loan book rising 220% from a year earlier to more than $1.7bn and deposits increasing 234% to above $3.5bn. It reported a non-performing loan ratio of 2.86% and an efficiency ratio of 34.9%. In September 2025, the company announced a Series C funding round of up to $110m, which took its valuation to more than $1.3bn. Kapital said it currently serves more than 350,000 customers in Mexico, the US, Europe and other Latin American markets, and intends to keep growing in those regions.
Mastercard Launches Wallet Pay to Scale Digital Wallets Worldwide
Mastercard has introduced Mastercard Wallet Pay, a global portfolio of solutions designed to foster interoperability and innovation for digital wallets across contactless NFC, QR codes and online digital payments. The launch is supported by digital payment service providers including Alipay+, the global wallet gateway of Ant International that supports partner wallets AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney, together with Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global. Mastercard said digital wallets now serve over 4.3 billion users worldwide, with global usage set to top 6 billion by 2030, and that Wallet Pay enables acceptance at hundreds of millions of acceptance locations and digital access points worldwide. The portfolio spans interoperability, secure issuing, unified digital and e-commerce experiences, accelerated money movement across 200-plus countries and territories and 150 currencies, and expanded access for underbanked and unbanked consumers, connecting more than 3.7 billion Mastercard credentials to digital wallets. Jorn Lambert, chief product officer at Mastercard, said wallets are gateways to the digital economy and launchpads for broader financial services, and that Wallet Pay helps payment providers enhance interoperability and user experience.
The Bancorp Falls 21.3% as Chime's $590 Million Stride Bank Deal Threatens Key Partnership
Shares of The Bancorp fell 21.3% after fintech partner Chime announced an agreement to acquire Stride Bank for $590 million, a deal that would consolidate Chime's banking activities away from The Bancorp. Chime entered a definitive agreement to acquire Stride Bank in an all-cash deal, turning it into a wholly owned subsidiary operating as Chime Bank, N.A. The acquisition lets the neobank accelerate product development, eliminate third-party partner banking fees, and directly scale its lending operations. Because The Bancorp serves as a key banking partner powering Chime's accounts and financial services, the anticipated loss of Chime's business represents a major headwind for the bank's transaction volume and fee revenue. The Bancorp is down 25.6% since the beginning of the year and, at $50.37 per share, trades 37.3% below its 52-week high of $80.34 from October 2025.
Trust Stamp integrates ID verification with Jack Henry's Banno platform
Trust Stamp Inc has integrated its driver's license verification technology with Jack Henry's digital banking platform, making it available to community and regional financial institutions. The AI-powered identity solutions provider embedded its AAMVA Driver's License Data Verification solution using the Banno Digital Toolkit, which is the API framework of the Banno Digital Platform. This integration adds Trust Stamp to Jack Henry's ecosystem of over 1,000 fintechs serving more than 7,200 financial institutions, addressing rising identity fraud driven by generative AI. The AAMVA DLDV system queries official DMV records in real time to confirm that driver's license data matches active government records, shifting from document authentication to data verification without adding user friction. Trust Stamp's president, Andrew Gowasack, said the collaboration brings high-assurance protection directly into native banking experiences, enabling community banks and credit unions to deploy the 'gold standard' of identity trust.
Ascend Money Aims to Launch Virtual Bank Within This Year
Ascend Money, the operator of TrueMoney under the Charoen Pokphand Group, has revealed that the establishment of a branchless bank, or Virtual Bank, is nearing a key milestone, with a target to launch services within this year. The company is also proceeding with business separation in line with the Bank of Thailand's guidelines and studying ways to prevent errors made by other players. The first service to be launched will be deposit-taking, before expanding to other financial services. The company will leverage its data strengths from TrueMoney, combined with cloud and AI technology, to expand credit access to those who are underserved by traditional banking. Meanwhile, it acknowledges the challenges of profitability, as fewer than 20% of Virtual Banks globally are profitable, and most take over five years to break even, along with risks of fraud and building customer trust.
MercadoLibre's fintech arm, Mercado Pago, is solidifying its position as Latin America's leading financial platform, with second-quarter 2026 results showing surging user engagement and payment volumes. Monthly Active Users rose 30% year over year to 88 million, with Brazil and Mexico growing 38% and 45%, respectively. Assets Under Management jumped 68% to $23.2 billion, while AUM per user climbed 29% to $264. The credit portfolio expanded 75% to $16.4 billion, with credit-card balances surging 91.3% to about $7.7 billion, accounting for 47% of total credit exposure. Total Payment Volume jumped 56% to $101 billion, and the company issued 2.6 million new cards during the quarter, up from 1.6 million a year ago, while maintaining a stable 15-90-day NPL ratio near historic lows at 7%.
Neobanks Integrate Stablecoin Rails as Mastercard Completes BVNK Deal
Neobanks and fintechs are converging on stablecoin infrastructure, with Mastercard completing its acquisition of BVNK on August 3 for up to $1.8 billion, merging its global fiat network with a platform processing $30 billion in annualized stablecoin volume across 130-plus countries. This integration wave spans three layers: infrastructure, product adoption, and distribution. At the product level, Chime Financial is soliciting proposals to integrate stablecoin wallets, Samsung is embedding native stablecoin support into smartphones, and Klarna CEO Sebastian Siemiatkowski, once a crypto skeptic, launched KlarnaUSD on Stripe and Paradigm's Tempo blockchain, citing crypto's speed, low cost, and security. In distribution, Rain and Western Union partnered to launch the Stablecard, and PYMNTS Intelligence reports 77% of consumers would open a stablecoin wallet through their existing banking app. Regulatory pressure from the GENIUS Act, with an enforcement cliff on January 18, 2027, is accelerating institutional adoption, as firms build compliant frameworks ahead of federal rules.
OpenReserve Gets Preliminary Approval for Full-Service National Bank
OpenReserve Bank, backed by Andreessen Horowitz and other venture capital firms, has received preliminary conditional approval from the Office of the Comptroller of the Currency to charter a full-service national bank in Salt Lake City, Utah. The approval, granted on September 2, follows a review of just under five months since the application was filed on April 13. OpenReserve, a blockchain-native fintech startup, raised a $25 million seed round led by a16z crypto, with Coinbase Ventures, Jump Capital, and Wintermute Ventures among other investors. The bank must raise at least $210 million in initial paid-in capital and maintain a Tier 1 leverage ratio of at least 12% through its first three years of operation, with deadlines of 12 months to raise capital and 18 months to open. Co-founder Diwakar Choubey said the full-service charter path was deliberate, distinguishing OpenReserve from peers like Coinbase and Circle that hold national trust charters, which do not permit deposit-taking or lending. OpenReserve plans to offer tokenized deposits, treasury management, and banking-as-a-service, and intends to launch a separate subsidiary for stablecoin issuance, subject to the GENIUS Act. The OCC also granted preliminary approval to British fintech Revolut for a national bank in Connecticut, part of a broader push to bring novel technology firms into the federal banking system.
TrueMoney partners with Visa to launch PromptPay scan-to-pay with Visa cards
TrueMoney, a leading digital financial services provider in Southeast Asia, has announced a partnership with Visa to launch the first-ever service allowing users to scan and pay via PromptPay QR codes using Visa cards. Users can link their Visa credit or debit cards to the TrueMoney app to scan and pay directly at participating merchants, offering a more flexible payment option for everyday spending. The service comes with special campaigns offering benefits and prize draws. According to DataReportal, 61.5 percent of Thais use their mobile phones to scan QR codes monthly, ranking third globally. Meanwhile, PromptPay has over 83 million registered numbers and processes over 2.39 billion transactions per month, totaling over 4.38 trillion baht. Ms. Thanida Suiwattana, Chief Business and Customer Strategy Officer at TrueMoney, said this partnership is a significant step in enhancing payment options on TrueMoney. Mr. Anthony Watson, Country Manager for Visa Thailand, said it reflects the commitment to connecting familiar payment methods with global networks. Users who link their cards and make their first scan-to-pay transaction will receive a 30 baht cashback for transactions of at least 100 baht, from now until December 31, 2026. There are also prize draws totaling over 6 million baht until September 30, 2026, along with the Easy Scan & Pay Caravan activities in Silom and Asok areas to promote the service.
Stark Technology Launches Stark Market and Stark Banking
Stark Technology has officially launched Stark Market and Stark Banking, two flagship products that together form a unified digital ecosystem combining investment, banking, and payment services. For the first time, users can access a comprehensive solution within a single ecosystem that merges the capabilities of an international brokerage firm with a fully featured mobile neobank, allowing them to use a single multicurrency balance for everyday payments via a connected debit card. Stark Market is an international brokerage platform offering access to over 120 financial instruments, including equities, forex, and CFDs, with professional-grade tools and AI-powered features. Stark Banking is a mobile neobank providing multicurrency accounts, electronic fund transfers, and an international payment card. The project is led by CEO Pierre Chin, and the launch marks a new stage in Stark Technology's strategy to build a comprehensive financial ecosystem.
JPMorgan expands crypto team in consumer banking division
It has come to light by August 30 that JPMorgan Chase, a major U.S. financial institution, is expanding its specialized team handling crypto assets and blockchain within its consumer and small business banking division, Chase. The bank has primarily offered blockchain-related services to corporations and institutional investors, but this move indicates that it is advancing preparations to utilize digital assets in consumer finance as well. According to job postings, the newly established specialized team is responsible for formulating digital asset strategies, partnering with crypto companies, and developing and executing new products, considering both in-house development and partnerships or acquisitions with external firms. Team member Samir Kumar also revealed on LinkedIn that he has joined the new division, and that the team is being expanded with an eye toward offering services to consumers and small businesses. In its 2026 company update published on February 23, the bank explained that blockchain and stablecoins could potentially be used in consumer finance in the future, but also expressed the view that practical application is "not in the near future." For corporate clients, it operates the blockchain business "Kinexys" and tokenized deposits "JPM Coin," and through this team expansion, it is expected to intensify its examination of applying these technologies to consumer and small business finance.
Dallas Fed: Tokenized Deposits Could Raise U.S. Credit Costs
Two economists at the Federal Reserve Bank of Dallas have published an analysis suggesting that tokenized deposits could destabilize bank funding and raise credit costs for U.S. households and businesses. Instant settlement would allow depositors to switch banks quickly in search of higher yields, while programmable deposits and AI-driven automatic transfers would shorten deposit retention periods and increase sensitivity to interest rate changes. According to their estimates, a 10% increase in sensitivity would reduce the long-term assets banks can hold by about $700 billion in 10-year Treasury equivalents, and a 10% reduction in retention periods would cut them by about $580 billion. Separately, bank associations in 39 U.S. states have formed the BankChain Alliance to build a shared blockchain network that would allow tokenized deposits to move 24/7 within the regulated banking system, with operations targeted for 2027.
UK-based digital bank Revolut has entered the stablecoin market with the launch of EURR, a euro-pegged stablecoin. It will initially be offered to eligible customers in Denmark, Poland, and Portugal, with plans to expand to other markets in the European Economic Area later this year. EURR operates on Ethereum and allows users to directly exchange euros and cryptocurrencies on-chain through the Revolut app. The issuance is handled by Bridge, a subsidiary of Stripe, with Bridge Building S.A. issuing the token under the supervision of the Luxembourg financial regulator. Euro-denominated stablecoins account for only 0.22% of the global market share, making competition fierce. Revolut's entry comes amid a slowdown in overall stablecoin market growth.
ECB Executive Board Member Claims Digital Euro Offers Maximum Privacy Guarantee
Piero Cipollone, Executive Board member of the European Central Bank (ECB), has stated that the proposed central bank digital currency (CBDC), the digital euro, would "guarantee the highest level of privacy achievable with current technology," countering concerns about surveillance of users. In an interview on August 10, Cipollone explained that the Eurosystem would not be able to directly link digital euro transactions to specific individuals, whether online or offline, and argued that it could achieve a higher level of privacy protection than current bank transfers. In particular, for offline payments, transactions occur directly between payer and payee, with only the parties involved able to see the transaction details, which the ECB considers a level of privacy close to cash. For online payments, while banks involved in transactions for anti-money laundering (AML) purposes can identify users, the Eurosystem itself cannot directly link transactions to specific individuals. However, some have questioned the effectiveness of privacy protection. In June, several civil society groups, including the Austrian digital rights organization Epicenter.works, called for guarantees not only through institutional commitments but also through technical mechanisms and independent verification. Cipollone also dismissed the idea that the digital euro would replace cash, noting that the ECB launched a public consultation on new euro banknote designs in July, and argued that there would be no point in such efforts if there were plans to abolish cash. The European Parliament approved in July the start of negotiations with the EU Council on the legislation for the creation of the digital euro. While the legislative process is not yet complete, the ECB anticipates the possibility of introducing the digital euro in 2029 if preparations proceed smoothly.
Fintech Stocks Gain Attention as Financial Services Go Digital
Fintech stocks are gaining investor attention as financial services increasingly go digital. Interactive Brokers Group Inc. IBKR, Nu Holdings Ltd. NU and Visa Inc. V are highlighted as companies positioned to benefit from this trend. Interactive Brokers carries a Zacks Rank #1 (Strong Buy), with the Zacks Consensus Estimate for its 2026 sales and EPS implying year-over-year growth of 18% and 22.8%, respectively. Nu Holdings added roughly 4 million customers in the second quarter of 2026, bringing its global customer base to 139 million, and its 2026 sales and EPS are expected to jump 42% and 38.7% year over year. Visa's fiscal 2026 sales and EPS are projected to grow 14.6% and 14.7%, respectively, and the company carries a Zacks Rank of 3.
ETDA to unveil 2027 vision, tighten safety of Thai digital services
The Electronic Transactions Development Agency, or ETDA, is set to hold its annual performance briefing, “16 Years of ETDA: Co-Creating a Future of Digital Trust,” on 4 September 2026 to unveil its 2027 vision under the role of “Co-Creation Regulator & Facilitator,” with a focus on stronger oversight and proactive work to build a trustworthy online transaction ecosystem. Dr. Chaichana Mitrpant, Executive Director of ETDA, said the agency will move forward on building digital confidence through four key missions: advancing Digital ID for rights and qualification verification, elevating AI governance from principles to practical use through the AIGPC centre, promoting SMEs with a model linking technology and capital, and regulating digital platforms under the DPS law to protect the public from online threats.
FEMSA's SPIN Digital Platform Gains Traction in Q2 2026
Fomento Economico Mexicano, S.A.B. de C.V., known as FEMSA, reported strong growth in its SPIN digital ecosystem during the second quarter of 2026, with Spin by OXXO reaching 17.6 million total acquired users, up 21.6% year over year from 14.5 million. Active users rose 22.1% to 11.5 million, representing 65% of the total acquired base, while average monthly transactions increased 61.5% to 119.1 million. Spin Premia, the company's loyalty program, reached 67.1 million total acquired users, up from 58.3 million a year earlier, with active users up 9.4% to 29.1 million and average tender at OXXO Mexico reaching 50.4%. FEMSA also announced a strategic equity investment by QED Investors in its lending business, which is expected to complement its payments and loyalty offerings and support scalable credit solutions in Mexico. The company's shares have lost 2.1% in the past three months, underperforming the industry and the broader Consumer Staples sector, and trade at a forward price-to-earnings ratio of 21.14X, above the industry average of 19.96X.
Revolut applies for Finnish banking licence to support European expansion
Revolut has applied for a banking licence in Finland, continuing its push to broaden its footprint across Europe. Revolut Bank EU chief executive Kuba Fast said the lender is seeking to set up a Finnish branch. If approved, the step would allow its 250,000 customers in Finland to use IBANs and access services including paying domestic bills and receiving wages. The filing follows Revolut's receipt of a full banking licence in France earlier this month, after a joint assessment by the Autorité de Contrôle Prudentiel et de Résolution and the European Central Bank. During the past year, Revolut said it had allocated more than €1bn ($1.15bn) to the region and outlined plans to hire over 600 staff across its Western European operations.
Kasikornbank partners with Hua Seng Heng to launch USD gold trading via K PLUS with zero fees
Kasikornbank has joined forces with Hua Seng Heng Group to launch a US dollar gold trading service through the K PLUS application. Investors can buy and sell 99.99% and 96.5% standard gold all in one place, with a minimum starting amount of just 10 US dollars and no fees. Customers can open a K PLUS Global Savings foreign currency deposit account on K PLUS to exchange money and trade gold immediately without switching applications. US dollars held in the account earn deposit interest of up to 2.25% per year. In addition, customers can withdraw physical gold at any Hua Seng Heng branch or have it delivered to their home by Thailand Post, covering all 77 provinces nationwide, with full insurance against loss.
Indian fintech Navi to raise $100 million from Prosus ahead of IPO
Indian fintech startup Navi said on Wednesday it will raise $100 million from Dutch technology investor Prosus NV in its first institutional funding round, ahead of a planned initial public offering. The investment values Navi at about $1.3 billion, according to the Economic Times, while Navi is seeking a valuation of about $2 billion in the IPO, a source familiar with the matter said. Navi was founded in 2018 by Sachin Bansal, a co-founder of Walmart-backed Indian e-commerce firm Flipkart, and offers digital payments, lending, mutual funds and insurance through a digital platform. The investment is subject to regulatory approvals, including from the Competition Commission of India.