For a hundred years, whether you could borrow came down to a single number — your credit score — and people with a "thin file" simply got turned away. Now companies like Upstart, Affirm, SoFi and Klarna are rewriting the rules: using thousands of data points and AI to decide who's trustworthy, lending through an app, and splitting a purchase into installments right at the checkout screen. This is the story of replacing "bank branches and scores" with "software and data" — and a harder question that comes with it: is this access, or a debt trap?
Affirm Launches AI Underwriting Model, Sees 3.4% More Completed Purchases
Affirm Holdings is launching a new transformer-based machine learning model for real-time credit underwriting at U.S. checkouts, drawing on 14 years of its own transaction and repayment data to analyze the order and timing of events across a consumer's credit history. In initial testing, the model approved applications the previous system would have declined, including consumers with limited credit histories and no FICO scores, and those incremental approvals produced 3.4% more completed purchases than the control group, with the loans performing better than a comparable expansion under the previous model. Affirm says the model is built to deliver fast and explainable decisions, and the release does not provide a dollar estimate of the financial impact. The company frames the launch as expanding approvals without simply lowering credit standards, with the financial benefit depending on how the early results scale. Affirm shares have risen 58.2% over the past six months compared with the industry's 20.2% growth, and the stock trades at a forward price-to-sales ratio of 4.1X versus the industry average of 4.2X.
BNCCORP stockholders have approved the company's previously announced sale to OppFi, a tech-enabled digital finance platform, in a cash and stock transaction. Under the terms of the agreement, BNCC stockholders will receive $19.375 per share in cash and 1.9 shares of OppFi Class A common stock for each BNCC share. The vote took place on September 17, 2026, though completion remains subject to customary closing conditions, including regulatory approvals. The transaction combines OppFi's online lending platform with BNC's national bank charter and diversified banking infrastructure. BNCC Chairman Michael Vekich called the stockholder vote a significant development in completing the transformative agreement. The final vote total will be reported in BNCC's quarterly report for the fiscal quarter ended September 30, 2026.
Ramp Partners with Ingram Micro, Launches on Microsoft Marketplace
Ramp announced a strategic North America agreement with Ingram Micro to help channel partners and the businesses they serve modernize how they manage spend, procurement, accounts payable, expense reporting, and accounting workflows. Ramp is also now available on Microsoft Marketplace, giving partners and customers another way to purchase Ramp through their existing Microsoft relationships and apply Microsoft Azure Consumption Commitments toward eligible Ramp purchases. The agreement gives Ingram Micro's reseller and managed service provider network access to Ramp, along with support for partner training, sales, and customer deployment across North America. Guy Cartwright, GM of Channel and Global Partnerships at Ramp, said the deal makes it easier for partners to bring Ramp to customers through the channels they already use. Cyril Belikoff, Vice President of Microsoft Azure Product Marketing, said Marketplace connects trusted solutions from global partners with customers worldwide. Cheryl Rang, Vice President of Technology Solutions for Ingram Micro, said adding Ramp to its solutions portfolio expands existing and introduces new engagement opportunities for joint channel partners.
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.
After FSA Warning, IZAKA-YA to End Services for Japan
IZAKA-YA, a crypto asset lending service operated by Hong Kong-based Izakaya Limited, announced on September 17 that it will end services for residents of Japan. The move follows a warning letter issued by the Financial Services Agency on the 1st, stating that the company had been conducting crypto asset exchange business without registration, and the service will halt new member registrations and the provision of lending-related services. The Japanese-language site will cease to be publicly available at the end of September, except for the withdrawal page. The measure applies to all customers residing in Japan regardless of nationality, including Japanese nationals living overseas. Withdrawals of funds will be accepted via a designated form, but the company says it will never ask for private keys, seed phrases, or passwords. IZAKA-YA had already become embroiled in controversy in August, when users complained one after another that they could not withdraw funds; the company announced it was suspending transfers and withdrawals for some accounts while continuing a high-yield campaign advertising an effective annual interest rate of 150%. The announcement of the service's termination came just half a month after the FSA warning.
Pagaya Signs $700M Auto Forward Flow Deal with Neuberger Specialty Finance
Pagaya Technologies announced a new forward flow agreement with Neuberger Specialty Finance, the Asset Based Finance arm of Neuberger, for the purchase of up to $700 million of auto loans sourced through Pagaya's network of auto lending partners. The deal marks Pagaya's first forward flow agreement with Neuberger and its second auto forward flow agreement overall, extending a partnership that currently spans multiple capital markets and financing transactions. NBSF manages over $5 billion across more than 50 portfolio companies and various investment vehicles since the strategy's inception in 2018, and is led by Peter Sterling, with cumulative investments of more than $16 billion through 80 global origination partners. Pagaya Chief Financial Officer Jon Dobres said the committed capital reinforces the company's diversified range of funding solutions and provides predictable, long-term capacity. Last quarter, Pagaya's auto network volume grew to an annualized run-rate of $4.8 billion, contributing more than 75% of Pagaya's year-over-year network volume growth. Pagaya's AI-driven technology connects more than 35 lending partners with institutional investors across personal loans, auto loans and point-of-sale, leveraging a data network built on over $4 trillion in processed applications since inception.
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.
Enova Shares Plunge 25.4% After Withdrawing Bank Regulatory Applications
Enova International withdrew its pending applications with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to acquire digital bank Grasshopper Bancorp, sending shares of the financial technology company down 25.4% in the morning session. CEO Steve Cunningham said federal regulators lack clear standards for nonbanks that want to become banks, leaving the acquisition process susceptible to political pressure and outside advocacy. Alongside the withdrawal, Enova reaffirmed its guidance, expecting third-quarter revenue growth of around 25% and adjusted earnings per share growth of roughly 30% year-over-year, and full-year revenue growth between 20% and 25% with adjusted EPS growth between 30% and 35%. The company also said it intends to accelerate share repurchases, but the regulatory setback weighed heavily on investor sentiment, with the stock down 25.43%. Enova had agreed nine months ago to acquire Grasshopper Bancorp in a cash-and-stock transaction valued at approximately $369 million, a deal expected to add more than 15% to adjusted EPS in the first year and over 25% once full benefits were realized, with Grasshopper holding over $1.4 billion in total assets as of September 2025.
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.
Turnkey Launches Swaps and Earn, Expanding Wallet Infrastructure Into Trading and Yield
Crypto wallet infrastructure provider Turnkey has launched two new products, Swaps and Earn, expanding beyond wallet creation and transaction signing into in-app trading and onchain lending. Swaps lets businesses embed crypto trading directly into their own interfaces, with Turnkey handling quote aggregation, routing and transaction execution while customers set their own fees; it covers 10 networks, including Ethereum, Base, Arbitrum, Polygon, BNB Chain, Optimism, Monad and Solana, with more expected soon. Earn connects businesses to lending vaults across eight networks through the DeFi protocols Aave and Morpho, with Turnkey managing vault discovery, deposits and withdrawals, and allowing customers to take a share of the yield generated by user deposits as a recurring revenue stream. Turnkey said it has already processed more than $200 billion in stablecoin transaction volume, giving the new products an existing transaction infrastructure to build on. The launch comes as the onchain lending market scales rapidly: Aave's V4 reached a record $100 in deposits within days of launch, while Morpho is generating about $17.65 million in monthly fees, or more than $205 million on an annualized basis.
Senate Set for Procedural Vote on Clarity Act on Sept. 15
The US Senate is expected to hold a procedural vote on the Clarity Act on Tuesday, Sept. 15, requiring 60 votes to pass. Coinbase Chief Policy Officer Faryar Shirzad told Yahoo Finance's Market Domination that the process will involve a series of votes, potentially playing out over 10 or 11 days, and that clearing the first vote would put the bill on a glide path to final passage. Shirzad noted the House passed the bill last summer with a big bipartisan majority, including every Republican and almost 80 Democrats, and that about 115 Democratic amendments have since been added. If the bill passes, the US would join every other G20 country in establishing a legislative regulatory framework for crypto markets, providing the regulatory certainty needed to build the next generation of finance. If it fails, Shirzad said agencies are ready to implement as much of the Clarity Act as possible through administrative action, though legislation is more permanent and predictable. He also said about 67 million Americans own crypto assets, and the goal is to give them options such as using those assets as collateral for loans or mortgages.
HES FinTech and Acquired Expand Partnership to Add Multi-Rail Payments in the UK
HES FinTech and Acquired have expanded their partnership to give lenders running on HES LoanBox and HES CollectionAgent in the UK access to multiple payment rails through a single integration. The stack covers card processing through Visa, Mastercard, Apple Pay and Google Pay, BACs-authorised API-powered direct debit with mandate management, open banking collections, Variable Recurring Payments, and instant payouts across Faster Payments, Visa Direct and Mastercard Send with Confirmation of Payee and settlement accounts built in. Andre Kravchenko, Senior Vice President at HES FinTech, said the UK is one of its core markets and that extending the work with Acquired lets clients offer borrowers the payment methods that suit them within the same workflows they already use. AJ Davison, Head of Partnerships at Acquired, said a borrower usually falls into arrears not because they cannot pay but because the way they would naturally pay is not on offer, and that building multiple rails into LoanBox lets HES FinTech's clients put the right method in front of each borrower. HES FinTech, founded in 2012, provides automated loan management software for banks and financial institutions, while Acquired, founded in 2016, provides UK payments infrastructure for recurring commerce.
RippleX Product Head Calls XRP Institutional Credit Collateral a 'Killer Use Case'
RippleX Product Head Jazzi Cooper said XRP as collateral for institutional credit is a "killer use case," pointing to the XRP Ledger's XLS-65 and XLS-66 lending infrastructure in a post on X on Sept. 11. XLS-65 introduces Single Asset Vaults to the XRP Ledger, pooling assets from multiple depositors for use by other applications, while XLS-66 adds a native lending protocol designed primarily for fixed-term, uncollateralized institutional loans, with underwriting handled off-chain and loan issuance, repayments, interest and defaults managed onchain. Ripple is already supporting institutional lending initiatives built around the XRP Ledger, including work by Clearpool and Cicada Partners on a model using XLS-65 and XLS-66 to provide vetted businesses with working-capital loans denominated in Ripple's RLUSD stablecoin, with Cicada handling credit origination and servicing and Ripple participating as a liquidity provider. The lending infrastructure remains dependent on the XRP Ledger's amendment and validator approval processes before it becomes fully available on mainnet. If adoption follows, XRP could serve not only for payments and liquidity transfers but also as productive balance-sheet collateral for institutions seeking credit without liquidating their holdings.
Government Savings Bank launches QR Maha Heng X Nok Krasib loan, maximum credit 50,000 baht, registration opens 24 September
Government Savings Bank has launched the "GSB QR Maha Heng X Nok Krasib" loan for merchants and shop operators in the Thai Chuay Thai Plus scheme. Songpol Cheewapanyaroj, Director of Government Savings Bank, said the loan builds on the Ministry of Finance's policy to give small operators access to formal funding sources. It combines the capabilities of the Nok Krasib AI, which summarises and analyses trading data, with sales records and actual payment receipts through the Thung Ngern application, using them in credit assessment instead of financial statements or accounting documents. Borrowers must have sales through the Thung Ngern application of at least 10,000 baht per month for at least three consecutive months. They can receive credit of up to 50,000 baht per person, or no more than 1.5 times average monthly sales over at least the past three months. The interest rate is fixed at 0.75% per month, or an effective annual rate of 16.20%. No collateral is required, and it is a short-term loan matched to the business cycle of small operators. Those interested can register on the Government Savings Bank website between 24 September and 31 October 2026, and the bank will begin considering loans for eligible registrants from 1 October 2026 onwards.
Qupital Raises $300M Series C Led by M Capital, MUFG ABS Financing
Hong Kong-based digital trade finance platform Qupital announced US$300 million in combined new capital commitments, anchored by a Series C funding round led by Asia-headquartered asset manager M Capital, alongside additional ABS commitments from Mitsubishi UFJ Financial Group and Quester Capital. Cumulative loans processed by Qupital have surpassed US$9.5 billion, with tens of thousands of enterprises served. The new capital will expand Qupital's financing capabilities across China, the US, Japan, and Southeast Asia while scaling its proprietary AI risk engine. Qupital said it has compounded profitability over the past two years and expects its profit margins to expand to over 45% within the next twelve months. The company said it is actively exploring capital market opportunities including an IPO, fundraising, and strategic acquisition.
ClearPool Expands to XRP Ledger, Migrating CPOOL to CLEAR on a 1-to-1 Basis
ClearPool, an institutional lending protocol for cryptocurrencies, unveiled a proposal on the 11th to expand its business to the XRP Ledger. The plan calls for migrating the existing CPOOL token to a new CLEAR token on a 1-to-1 basis while rebuilding the protocol's financial foundation. Under the proposal, 70% of the new token's supply would be allocated to the migration for existing CPOOL holders, with the remaining 30% distributed to the ecosystem, treasury, and contributors. The supply at the time of migration would rise from the current 1 billion CPOOL to 1.125 billion CLEAR, and expand gradually to roughly 1.428 billion over three years. ClearPool intends to build institutional credit products around the new standards proposed for the XRP Ledger, the Single Asset Vault, or XLS-65, and the Lending Protocol, or XLS-66. Neither standard is yet live on the mainnet, and the validator approval process has not been completed. The plan also calls for directing 50% of protocol fees toward buying back CLEAR on the market and permanently burning the tokens. The proposal will not take effect unless it is approved through a governance vote by token holders. Ripple has reportedly committed to investing in ClearPool to develop yield products denominated in the cryptocurrency XRP and the stablecoin RLUSD, but the proposal document does not specify the size of the investment.
Mercado Pago Keeps Issuing Credit Cards Despite Brazil Debt Concerns
Mercado Pago, the fintech arm of MercadoLibre, is pressing ahead with credit card expansion even as Brazil's central bank warns about rising household debt, Reuters reported. Speaking on the sidelines of a financial industry event in Brasilia, Mercado Pago Vice President Ignacio Estivariz said the company's underwriting models remain robust and its loan portfolio healthy, adding that the firm has no problem slowing down at the right moment and constantly monitors portfolio health to set its pace of growth. The company issued 2.6 million credit cards in the second quarter, up from 1.6 million a year earlier, in the exact segments Brazilian policymakers are watching most closely, credit card balances and unsecured consumer loans. Mercado Pago now generates roughly 40% of MercadoLibre's total revenue, and analysts project the fintech segment to reach about $18.1 billion in 2026 revenue, up nearly 44% year over year. Its credit portfolio reached $11 billion by the third quarter of 2025, up 83% year over year, with credit cards accounting for 44% of the book.
Grab Posts 22% Revenue Growth as Uber's 12% Rise Lags on Model Changes
Grab reported 22% revenue growth and 54% EBITDA expansion in the second quarter, outpacing Uber, whose 12% reported growth was dragged down by business model changes. Grab's fintech loan book surged 197% to $2.3 billion, and analysts lifted their FY2026 EPS estimate for Grab to $0.1338 from $0.0836 in just 30 days. Grab shares sit 40% below year-to-date highs, down 39.68%, versus an 11.22% decline for Uber, which carries a roughly $148.17 billion market cap against Grab's approximately $11.96 billion. Grab authorized a new $750 million buyback, while Uber repurchased $518 million in the quarter and is funding $10 billion in autonomous-vehicle investments plus roughly $4 billion deployed toward Delivery Hero shares. Grab's quarter included a $307 million one-time gain from remeasuring Superbank, which reached 7.4 million customers, and management guided the fintech loan book above $3 billion by year end.
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.
Visa Expands Blockchain Lending Data Push as Stablecoin Card Volume Jumps Nearly 200%
Visa is expanding its data offering to blockchain-based lenders as demand for stablecoin-linked cards accelerates, combining its VisaNet settlement data with onchain lending infrastructure to help stablecoin card programs and fintechs obtain working capital more efficiently. The company currently has more than 160 stablecoin-linked card programs, with payment volume on those programs up nearly 200% year over year, while stablecoin settlement volume has surpassed a $20 billion annualized run rate, more than 15 times the level a year earlier. The model gives blockchain lenders access to settlement-performance data so they can assess credit risk and provide financing faster, addressing a practical constraint for fast-growing stablecoin card issuers that need capital to fund daily settlement obligations before collecting money from cardholders. Visa has already been piloting the approach with Credit Coop, with more than $2.5 billion in cumulative financed settlement volume since 2023 across participating facilities and no reported defaults. Its broader partnership with Bridge is targeting expansion of stablecoin-linked Visa cards to more than 100 countries, though the $20 billion annualized stablecoin settlement run rate remains relatively small compared with Visa's traditional payments business, and regulatory, credit and privacy risks persist.
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.
Robinhood August Data Shows 28.6M Funded Customers, $383.7B Platform Assets
Robinhood Markets reported August operating data showing continued platform growth, with funded customers reaching 28.6M, up about 120K from July and 1.90M from a year earlier. Total platform assets climbed 8% month over month to $383.7B, while net deposits reached $4.0B. Equity trading volume rose 68% year over year to $335.4B and options contracts increased 50% to 292.5M, while event contracts reached 4.7B, up roughly 15 times year over year. Crypto trading volume jumped 61% from July to $17.5B, though it remained 38% below August 2025 levels, with app crypto volume up 72% month over month to $7.4B and Bitstamp volume up 53% to $10.1B. Margin balances climbed 72% year over year to $21.5B, pointing to stronger interest income potential.
Finance Ministry launches AI Nok Krasib loan, 3 financial institutions join to lend to SMEs
The Ministry of Finance has launched the "AI Nok Krasib loan," building on AI Nok Krasib, a chatbot on the Thung Ngern application developed jointly with Krungthai Bank, to use actual sales data and payment receipt history as alternative data for loan applications. This increases access to funding sources within financial institutions for merchants and SMEs that have real income but incomplete documentation. Three financial institutions are participating in the project: Krungthai Bank, Government Savings Bank, and the Thai Credit Guarantee Corporation, or TCGC. Krungthai Bank offers the SME Size Lek loan, with a maximum credit line of 3 million baht per borrower for cases without collateral, using a full-amount guarantee from TCGC, and a maximum total credit line of no more than 20 million baht for cases with collateral. Interest starts at 3.5 percent per year, fixed for the first 2 years. It also offers the Sip Muen loan with a maximum credit line of 500,000 baht per borrower, interest starting at 11 percent per year, and installments starting at 500 baht per month. Government Savings Bank offers the Government Savings Bank QR Maha Heng x Nok Krasib loan with a maximum credit line of 50,000 baht per borrower, fixed interest of 0.75 percent per month, and no collateral required. Meanwhile, TCGC has the Nano Plus credit guarantee mechanism with a project credit line of 500 million baht for merchant groups, guaranteeing 5,000 baht to 50,000 baht per borrower for 4 years, and Credit Plus with a project credit line of 5 billion baht for Micro and SME groups, guaranteeing 10,000 baht to 100 million baht per borrower for 10 years. In addition, other state specialized financial institutions have joined in developing products under the project, namely the Bank for Agriculture and Agricultural Cooperatives, the Islamic Bank of Thailand, and SME D Bank.
TSFC, or Thailand Securities Finance Corporation Public Company Limited, has announced its fourth-decade strategy, upgrading from a specialised financial institution to a strategic credit partner by deploying technology, data analytics and artificial intelligence to assess risk and manage collateral portfolios. Managing Director Udomkarn Udomsap said the drive will run through three pillars: expanding loan collateral from listed shares to foreign depositary receipts and bonds; partnering with brokers to push into Private Wealth Financing by extending securities-backed loans; and upgrading digital infrastructure for deeper risk management. Over the past 30 years, TSFC has injected more than 100 billion baht of liquidity into Thailand's capital market system, supported more than 20 brokers, built up retained earnings of over 2.6 billion baht and paid more than 1.4 billion baht in dividends back to shareholders, while keeping non-performing loans below 0.5% for more than 15 consecutive years. It also holds a corporate credit rating of BBB with a stable outlook. At the 30th anniversary event, Lavaron Sangsnit, Permanent Secretary of the Ministry of Finance, spoke about the five eras of the Thai capital market, noting that the stock market has now shrunk to about 80% of GDP from a peak of 120% before the COVID-19 pandemic. Professor Kittiphong Uraphiphatthanaphong, Chairman of the Stock Exchange of Thailand, warned of cyber and artificial intelligence risks over the next 30 years, while Songpol Cheewapanyaroj, Director of Government Savings Bank, said the public's saving habits have shifted towards accumulating a wider range of assets.
Sezzle Adds Gymshark, Debenhams, Poshmark and Follett as Merchants
Sezzle Inc. has added enterprise merchants including Gymshark, Debenhams, Poshmark and Follett, expanding the number of places consumers can use its payment products. The company said active subscribers reached 854,000 at the end of June, up 76.4% from a year earlier, while average quarterly purchase frequency rose to a record 7.2 times from 6.1 times and repeat usage accounted for 97.2% of orders. Average quarterly revenue per monetized user rose 16.2%, and Sezzle Send had attracted more than 100,000 users to its waitlist ahead of launch, with nearly 10% of eligible new subscribers using SezzleCash as their first transaction in the Anywhere ecosystem. Over the past 30 days, earnings estimates for both 2026 and 2027 have been revised upward, implying year-over-year growth of 45.96% and 27.10%, respectively, and Sezzle trades at roughly 18.82X forward 12-month price-to-earnings versus about 32.96X for Affirm and about 41.15X for Klarna. Management expects provision for credit losses to remain within 2.5%-3% of GMV for 2026 and continues to evaluate marketing spending against a payback period of less than six months.
Tether Partners With Fasanara Capital on $3 Billion Private Credit Fund
Tether is expanding into private credit, partnering with British asset manager Fasanara Capital and committing $400 million U.S. to a fund that will use its stablecoin to move money globally. The two firms are joining forces to support StableFund, a private credit vehicle that aims to raise as much as $3 billion U.S. from institutional investors. Fasanara Capital will manage the fund and deploy the money into short-term, asset-backed loans through financial technology platforms operating in more than 60 countries, while Tether will source USDT-linked financing opportunities and provide the infrastructure for moving funds internationally, including converting traditional fiat currencies into stablecoins. The fund marks the latest step in Tether's evolution beyond issuing and managing the USDT stablecoin, following recent expansions into payments, artificial intelligence, telecommunications, and other investments. USDT, the firm's $145 billion U.S. stablecoin, accounts for more than half of the $300 billion U.S. global stablecoin market, and both Tether and Fasanara Capital are privately held with no publicly traded stock.
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.
Experian Launches AI-Enabled Activate Decisioning Platform for Its Consumer Marketplace
Experian has rolled out Experian Activate, an AI-enabled decisioning engine powering the Experian Marketplace, its consumer comparison-shopping platform for credit cards, personal loans and auto insurance. The platform is described as first-of-its-kind in combining credit data, AI and consumer-permissioned cash flow insights in one decisioning engine, helping match Experian's 90+ million members to offers they are likely to qualify for. Unlike traditional marketplaces that rely on pre-screened lists or periodically refreshed data, Experian Activate evaluates consumers using real-time information while they are actively shopping for credit, and the same real-time credit intelligence extends to third-party experiences such as ChatGPT. As part of the rollout, Experian has integrated Experian Cashflow Attributes into the Marketplace, letting participating lenders incorporate consumer-permissioned cash flow data alongside traditional credit information, with insights available in the same session when consumers connect their bank accounts. Experian cited research showing 60% of previously denied or under-offered borrowers believe the outcome would have changed if lenders had factored in recent income and banking activity. Rakesh Patel, Executive Vice President, Experian Marketplace at Experian, said the platform brings together the company's data, analytics, marketplace reach and AI capabilities, while Ashley Knight, Senior Vice President of Product Management, Financial Services and Data at Experian, said cash flow data is transforming how consumer behavior is understood and risk assessed.
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.
Bank of Thailand Upgrades Oversight of 3,624 Non-Bank Institutions, Uses AI to Scrutinize Interest and Fees
The Bank of Thailand (BOT) is set to enhance its supervision of 3,624 non-bank financial institutions nationwide, employing data and AI for inspections. This is because these institutions currently charge interest and fees in complex ways that exploit consumers, and they also serve as a loophole for gray capital and online gambling groups to conduct transactions. The BOT Governor stated at a seminar that the risk is not in banks but in non-banks, which are larger than many realize, with outstanding loans accounting for 55% of total system loans and account numbers representing 75% of all loan accounts, exceeding the combined retail loans of commercial and state banks. Additionally, the BOT plans to issue new licenses for the BNPL business, which has grown tenfold in four years, with users increasing from 600,000 to 6 million. It will set a minimum age, a loan limit of no more than 20,000 baht, and an interest rate of 15-20% to prevent bad debt problems.
Block Opens Cash App Score to External Lenders via Nova Credit
Block has launched Cash App Score to external lenders for the first time through a new partnership with Nova Credit, giving lenders access to its proprietary cash flow based credit score for underwriting. The move extends Block's credit scoring reach beyond its own ecosystem and into Nova Credit's lending platform, targeting consumers underserved by traditional credit models. Cash App Score pushes Block deeper into infrastructure for lenders, turning an internal risk engine into a tool other institutions can plug into, supporting higher margin banking services without incremental credit exposure. Investors should watch how Block reports Cash App powered lending metrics, including approval rates and partner uptake, in upcoming disclosures and at the Cash Flow Intelligence Summit on 10 September 2026.
Ekniti and Veerathai Announce Thailand Transition Strategy, Accelerating Investment and Curbing Gray Capital
Deputy Prime Minister Ekniti Nitithanprapas and Bank of Thailand Governor Veerathai Santiprabhob have announced the "Thailand Transition" strategy to transform the Thai economy and address low economic growth. Ekniti noted that the top investment in Thailand currently is AI and Smart Electronics, valued at 250 billion baht, while total investment in the first half of the year exceeded 500 billion baht. He also emphasized the transition to clean energy to attract investors. Veerathai revealed measures to curb gray capital, requiring that cash deposits of 5 million baht or more, starting this October, must declare their source of funds. Additionally, stricter supervision will be imposed on BNPL businesses and non-banks, while monitoring abnormal digital asset transactions worth tens of billions of baht.
Banks Champion Trusted Economy, Using Digital and Data to Unlock SME Credit
Thai banks are accelerating the concept of a Trusted Economy, leveraging digital infrastructure and data sharing to unlock constraints faced by SMEs in accessing credit. At The Bangkok Business Summit 2026, the CEO of TTB, Dr. Piti Tantakasem, revealed that PromptPay supports up to over 100 million transactions per day, yet about 38% of households still rely on informal loans, and only 40-42% have credit histories in the credit bureau system. He proposed a federated system where data remains with its owners but can be exchanged securely. Meanwhile, Krungsri Ayudhya highlighted its PromptBiz platform, which connects SMEs and banks to provide invoice-based lending. Ascend Bank noted that virtual banks will use AI and alternative data to assess customer risk more precisely. Bangkok Bank views the integration of cross-border QR payments and the surge in FDI flowing into ASEAN—rising from 4% to nearly 20% of the world—as helping Thailand become the region's gateway, with over 500 regional headquarters and the potential to increase to 1,000.
Bank of Thailand to Regulate BNPL, Requiring Licenses in Q4
The Bank of Thailand (BOT) has announced a D-Day in the fourth quarter of this year to regulate the 'Buy Now Pay Later' (BNPL) business, requiring licenses under personal loan criteria. This is due to the business growing 10-fold in four years, with users increasing from 600,000 to 6 million, and 45% being young first-time borrowers through this system. The BOT is drafting rules to control age, credit limits, and interest rates of 15-20%, expected to be issued in Q4. Meanwhile, it will supervise 3,624 non-bank institutions across 24 categories, which provide credit accounting for 55% of outstanding loans and 75% of all accounts, more than state and commercial banks combined. Additionally, the BOT has measures to curb illegal money, such as requiring withdrawals of 5 million baht or more to be scrutinized, reducing withdrawals by 52%. In October, it will mandate disclosure of sources for deposits of 5 million baht or more, and expand deep checks to digital assets like USDT in collaboration with the SEC, as well as control gold withdrawals via apps exceeding 10 million baht or 2 kilograms, which has reduced suspicious transactions by 70%.
MUFG, BlackRock and Morgan Stanley Investment Management to Explore Private Credit Collaboration
Mitsubishi UFJ Financial Group (MUFG) announced on the 1st that it has begun discussions with U.S. asset management giant BlackRock and Morgan Stanley Investment Management (MSIM), the asset management arm of Morgan Stanley, regarding collaboration in Japan's private credit market. The aim is to build an open structure that allows a wide range of institutional investors to participate, expanding corporate funding options and the investor base. MUFG will discuss with both BlackRock and MSIM cooperation in areas such as reviewing loan investment opportunities in Japan and managing loan receivables. By building an open platform that allows financial institutions outside the group and domestic and international institutional investors to participate, MUFG aims to attract overseas capital with high risk tolerance and investment capacity, thereby expanding the supply of risk capital to domestic companies. Specific collaboration details, start timing, and investment scale will be determined in the future. According to sources, the goal is to arrange approximately 200 billion to 300 billion yen in subordinated loans and other instruments over the next few years, which have lower repayment priority than ordinary loans.
Grab expands personal loans with maximum limit of 30,000 baht, repayable over 9 months
Grab is preparing to expand its personal cash loan service (Grab Quick Cash) to upcountry areas, while increasing the maximum loan limit to 30,000 baht and extending the maximum repayment period to 9 months. After four months of operation in Bangkok and its vicinity, the service has received a positive response, with over 80% of users borrowing only 70% of their approved limit. The 'Debt Bear' group (aged 30-45) accounts for the largest share of users at over 60%. Mr. Phurush Aongsri, Assistant Managing Director of Financial Services at Grab Thailand, stated that the service expansion will begin in the third quarter, focusing on major provincial cities such as Chonburi, Khon Kaen, and Chiang Mai, to increase Thai people's access to digital loans.
Grab expands personal loans nationwide, maximum limit 30,000 baht, installment up to 9 months
Grab Thailand is preparing to expand its cash loan service for individuals (Grab Quick Cash) to upcountry areas, while increasing the maximum loan limit to 30,000 baht and extending the maximum repayment period to 9 months in the third quarter, to increase Thai people's access to digital loans. After four months of service in Bangkok and its vicinity, it was found that over 80% of users borrowed only what they needed, with an average loan request of just 70% of the approved limit. The "bag carrier" group, or salaried workers aged 30-45, accounted for the largest share of users at over 60%. Mr. Phurush Aongsri, Assistant Managing Director of Financial Services at Grab Thailand, said the service began as a pilot in April with a maximum limit of 20,000 baht and a maximum repayment period of 6 months, and received a good response from urban users. The company will expand its target to major provincial cities such as Chonburi, Khon Kaen, and Chiang Mai, while doubling the loan limit and extending the repayment period to cater to the diverse behaviors of users.
Coinbase CEO Says Onchain Reputation Could Replace Credit Scores
Coinbase CEO Brian Armstrong said onchain reputation will soon replace traditional credit scores, naming the FICO score, the three-digit rating behind 90% of top United States lending decisions. Armstrong was replying to Base creator Jesse Pollak, who had highlighted the rapid progress of undercollateralized onchain credit. FICO scores run from 300 to 850, with payment history and total debt driving 65% of the number, but onchain reputation inverts that setup by logging repayment history, wallet age, and counterparty behavior on public ledgers. However, collateral still rules crypto credit, as Galaxy Research found crypto lending fell 17% to $56.16 billion in the second quarter of this year. Bitcoin's ledger logs every transaction since 2009, but addresses carry no name and cost nothing to create, so scoring systems like Ethos Network patch the gap with social data, and Credifi lends up to $3,000 against a score of 1,800 with nothing pledged behind the loan. Armstrong has pushed this theme all year, and default rates over the coming months will show whether onchain reputation can price real risk.
Japan's FSA to Revise Money Lending Act for First Time in 20 Years, Easing Rules to Promote M&A
The Financial Services Agency decided on the 31st at a meeting of the Financial System Council to establish a working group to discuss revisions to regulations on lending to businesses. The aim is to promote large-scale M&A and business restructuring, with the goal of submitting a bill to revise the Money Lending Act to the ordinary Diet session in 2027. The revision would be the first in about 20 years, and while thoroughly protecting individual borrowers, it would change regulations to take into account the attributes of borrowers and the actual state of lending. Specifically, it will consider deregulation to allow foreign banks without a business base in Japan to participate in syndicated loans, and to increase lending to startups, it will also work to improve the environment to make it easier for non-banks such as funds to raise funds through corporate bond issuance.
XRP Ledger Validators Vote on Institutional Credit Amendments
The XRP Ledger has entered the final phase of launching native lending infrastructure for large businesses, as independent validators begin voting on the XLS-65 and XLS-66 amendments. These amendments will enable institutions to borrow directly at the blockchain's core, eliminating the need for vulnerable third-party smart contracts. The vote marks a significant step toward institutional-grade credit on the XRP Ledger, with potential implications for XRP holders as the network expands its utility.