Empower Retirement, a subsidiary of Canada-based financial company Great-West Lifeco, will acquire robo-adviser Personal Capital for $825M on closing and up to $175 million for planned growth.
Read MorePolicybazaar, an Indian digital insurance marketplace backed by Softbank, Tencent and Tiger Global Management, announced that it will go public next year at a $3.5 billion valuation. The size of the IPO will be about $500 million.
Read MoreAn Executive Order dated August 6 prohibits “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States.” It takes effect in 45 days of the Order, and includes digital payments through WeChat.
Read MoreAmerica’s reckoning on race relations is now impacting bank programming language. JPMorgan Chase is eliminating the terms ‘master,’ ‘slave,’ and ‘blacklist,’ from its technology policies, standards and control procedures, as well its programming code.
Read MoreIndia’s central bank is taking applications from companies for efforts to set up a new umbrella entity for retail payments. The new organization could be a for-profit entity, and will operate alongside the bank-backed nonprofit National Payments Council of India (NPCI), which currently oversees retail payments in the country.
Read MoreAmid recent scrutiny of changes to USPS operations, The Capitol Forum reports JPMorgan Chase (JPMC) spoke with the postal provider about offering banking services at post offices.
Read MoreThe U.K.’s Financial Conduct Authority (FCA) has granted a license to upcoming digital securities exchange and custodian Archax.
Read MoreThe U.S. Small Business Administration and the Treasury Department released data on PPP loan recipients this week.
Read MoreSamsung Pay has launched Samsung Pay Card, a new Mastercard digital debit card for U.K. customers. Samsung Pay Card uses startup Curve’s card consolidation tools to allow consumers to use Samsung Pay Card for all purchases, supported by an underlying payment card of their choice.
Read MoreGoldman Sachs’ digital consumer bank Marcus is expanding its partnership with JetBlue by allowing customers to pay for airfares over time. Marcus previously offered point-of-sale financing for JetBlue vacation packages only.
Read MoreA group of large fintech startups, spearheaded by robo-adviser Betterment, have formed the Fintech Equality Coalition. The group’s mandate is to enhance access to services and grow career advancement opportunities for the Black community.
Read MoreFacebook launched a new internal group called Facebook Financial to oversee payments and commerce initiatives, including Facebook Pay, a universal payments capability that it plans to include in all of its apps.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
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