Monday , September 16, 2019

Square Withdraws Bank Charter App and other Digital Transactions News briefs from 7/6/18

  • Square Inc. has withdrawn a banking-charter application it made in September with the Federal Deposit Insurance Corp., saying it will re-file the application later after reviewing and strengthening it. A related application with the Utah Department of Financial Institutions remains active. Both applications are for an industrial-loan corporation, which is attractive to non-bank companies because it allows deposit-taking with less restrictive regulation than that imposed on banking companies.
  • Cryptocurrency provider Monaco, whose products include a wallet app and Visa payment card, has rebranded as Crypto.com.
  • Australian cross-border payment startup AirWallex raised $80 million in a Series B funding round led by Tencent and Sequoia China. The company uses machine learning to determine the best route for transmitting payments, taking into account factors including speed and cost.

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