FinTech
HSBC exec says there’s a lot of AI ‘success theater’ happening in finance
Big technology companies are betting that a new wave of smaller, more precise AI models will be more effective when it comes to the needs of businesses in sectors like law, finance, and health care. Jaap Arriens | NurPhoto via Getty Images LONDON — Increasingly many financial services firms are touting the benefits of artificial […]
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FTX bankruptcy judge approves more than $14 billion payback plan two years after exchange collapsed
Nearly two years after FTX spiraled into bankruptcy, a Delaware judge approved the company’s reorganization plan, which involves paying out more than $14 billion to customers of the collapsed cryptocurrency exchange. “Looking ahead, we are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset […]
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Goldman-backed Starling Bank hit with $38.5 million fine for financial crime prevention failures
The Starling Bank banking app on a smartphone. Adrian Dennis | AFP via Getty Images U.K. financial regulators hit British digital lender Starling Bank with a £29 million ($38.5 million) fine over failings related to its financial crime prevention systems. In a statement on Wednesday, London’s Financial Conduct Authority said it had fined Starling “for […]
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Mastercard to buy Swedish startup that makes it easier to manage and cancel subscription plans
BARCELONA, SPAIN – MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images) Joan Cros Garcia – Corbis | Corbis News | Getty Images Mastercard said Tuesday that it’s agreed to acquire Minna […]
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PayPal CEO’s first year was praised by Wall Street, but hard part starts now for struggling payments company
Alex Chriss, CEO of PayPal Inc. Courtesy: PayPal In January, about a hundred days into his job as PayPal CEO, Alex Chriss told CNBC’s David Faber that the payments company hadn’t had much to celebrate in recent years. But Chriss confidently said he was prepared to “shock the world.” “I love being an underdog,” Chriss […]
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FTX fraudster Caroline Ellison sentenced to 2 years in prison, ordered to forfeit $11 billion
Caroline Ellison, the star witness in the prosecution of her former boyfriend, FTX founder Sam Bankman-Fried, was sentenced Tuesday in New York federal court to two years in prison and ordered to forfeit $11 billion for her role in the massive fraud and conspiracy that doomed the cryptocurrency exchange once valued at $32 billion. The prison […]
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Caroline Ellison could face no jail time for role in FTX collapse
Caroline Ellison, former chief executive officer of Alameda Research LLC, center, arrives at court in New York, US, on Tuesday, Oct. 10, 2023. Yuki Iwamura | Bloomberg | Getty Images Caroline Ellison was the star witness in the criminal case against disgraced FTX founder Sam Bankman-Fried. On Tuesday, she will face her own sentencing. Ellison’s role […]
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FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle
Tsingha25 | Istock | Getty Images The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep more detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech […]
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Trump crypto event for World Liberty Financial offers few details so far
Around sixteen minutes into Republican former President Donald Trump’s “state of crypto” address on X, cryptocurrencies got their first mention. For over a month, the former president and his family have been pumping up a secretive Trump Organization crypto project, promising that it will do many things at once. Early descriptions suggest that “World Liberty […]
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Crypto spending on 2024 election hits $190 million, led by Winklevoss twins
Tyler Winklevoss and Cameron Winklevoss (L-R), creators of crypto exchange Gemini Trust Co., on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021. Joe Raedle | Getty Images Cameron and Tyler Winklevoss are the biggest individual crypto donors this election […]
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