When PayPal recently announced that its cross-border money transfer platform, Xoom, would now support the PayPal USD (PYUSD) stablecoin, reactions were largely muted. While PayPal’s history with crypto has been somewhat shaky, it’s clear that the company is taking deliberate steps to fuel cryptocurrency adoption. PYUSD is a stablecoin that is based on the U.S. dollar, and […]
Category: Newsroom
A Century of Payment Innovation: The Journey of Payment Cards
Tracing the Origins of Card Payments Card payments are on a path of tremendous growth: in 2022, global card networks processed a whopping 624 billion transactions, marking a growth of 7.5% compared to 2021. Today, payment cards reign supreme as the preferred method for in-store purchases worldwide, accounting for over 50% of all transactions, and cash is […]
Tesla slides 3% in premarket, Li Auto sinks 8% as EV makers slash prices amid fierce competition
Tesla shares sank in premarket trading on Monday, while China’s Li Auto plummeted to an 11-month low, after both companies slashed prices of their electric vehicles in various markets amid intense competition. U.S. EV giant Tesla cut the starting price of its Model 3 in China to 231,900 yuan ($32,000) on Sunday, a reduction of 14,000 yuan, as reported by Reuters. […]
Stock futures rise slightly with S&P 500, Nasdaq on six-day losing streak
Stock futures pushed higher Monday as Wall Street looks to find its footing following a steep sell off for tech companies. Futures the S&P 500 rose 0.4%. Nasdaq 100 futures gained 0.5%, while those for the Dow Jones Industrial Average added 158 points, or 0.4%. The S&P 500 and Nasdaq Composite fell 3.05% and 5.52% last week, and are each on six day losing streaks. […]
German Federal Bank LBBW in Crypto Partnership With Bitpanda
Germany’s largest federal bank, LBBW, signs a strategic partnership with Bitpanda to onboard investing-as-a-service infrastructure for crypto custody. Landesbank Baden-Württemberg (LBBW), the largest federal bank in Germany, has signed a strategic partnership with Bitpanda to leverage its investing-as-a-service infrastructure to store and procure cryptocurrencies including Bitcoin and Ethereum. LBBW’s latest collaboration comes as it aims […]
Fintech 10x Banking and Deloitte Sign US, UK Alliance
Cloud-native SaaS core banking platform 10x Banking partners with Deloitte in US and UK strategic Alliance Agreements, creating 10x Centres of Excellence 10x Banking, the cloud-native SaaS core banking platform, and Deloitte have announced strategic Alliance Agreements in the US and UK to strengthen cooperation in delivering technology-enabled transformation to financial institutions worldwide. The alliance […]
TSMC’s shares slide nearly 7% in Taipei on global chip outlook concerns
TAIPEI (Reuters) -TSMC’s Taipei-listed shares tumbled 6.7% on Friday following the company’s first-quarter earnings report in which it dialled back its expectations for chip sector growth and did not revise up its capital spending plans, contrary to expectations. Taiwan Semiconductor Manufacturing Co (TSMC), the world’s largest contract chipmaker, forecast second-quarter sales may rise as much […]
Oil price rises as US says Israel has struck Iran
Oil and gold prices have jumped after US officials said an Israeli missile had struck Iran. Brent crude, the international benchmark, rose to over $90 a barrel after reports emerged of an attack by Israel, before falling back when Iran sought to downplay the significance. Gold briefly came close to a record high before settling […]
Fed Chair Powell says there has been a ‘lack of further progress’ this year on inflation
Federal Reserve Chair Jerome Powell said Tuesday that the U.S. economy, while otherwise strong, has not seen inflation come back to the central bank’s goal, pointing to the further unlikelihood that interest rate cuts are in the offing anytime soon. Speaking to a policy forum focused on U.S.-Canada economic relations, Powell said that while inflation continues to make its […]
United Airlines reports $124 million loss in a quarter marred by grounding of some Boeing planes
United Airlines said Tuesday that it lost $124 million in the first quarter, which it blamed on a three-week grounding of all Boeing 737 Max 9s after a panel blew off an Alaska Airlines Max jetliner in January. United indicated it would receive far fewer new planes from Boeing this year than it expected, and […]
Ex-N26 staffers raise €35m for embedded finance startup
Finmid, a German financial infrastructure provider targeting B2B marketplaces, has emerged from stealth with €35 million in early-stage equity funding. Blossom Capital, Earlybird VC, and N26-founder Max Tayenthal joined the round for Berlin-based finmid, which was founded in 2021 by former N26 staffers. Finmid argues that banking has become distant and impersonal, leaving small and […]
Canada’s real-time payment system won’t launch before 2026
The launch of Canada’s oft-delayed Real-Time Rail (RTR) payments system will now not happen until at least 2026, with new tech partners IBM and CGI brought in to the process. Following the completion of a second review, the RTR programme will resume with “renewed momentum,” says Payments Canada. Part of a multi-year, multi-system payments modernisation […]