Coinbase has received final approval from the U.S. Office of the Comptroller of the Currency to establish Coinbase National Trust Company. The charter allows Coinbase to expand its institutional crypto custody business under federal regulatory oversight. This is a significant milestone for the broader crypto industry, bringing digital asset custody closer to the regulatory framework used by traditional financial institutions.
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Insight of the Day
The Banking Expectation Gap
Banks worldwide face a shared challenge: customers expect more personalized, secure and intelligent banking, but their priorities vary considerably by market. Drawing on global consumer research, alongside bank technology data and executive interviews, this Celent report reveals where expectations and investment priorities are falling out of step.
Report Takeaways
1. Understand Consumers.
• Globally, consumers view their banks as adequate, not exceptional.
• Payments, fraud protection, value, and digital experience emerge as weak spots.
• A Switchable Middle exists. A majority of consumers are willing to consider switching banks to receive better value.
2. Act: Harness AI while Building Trust
• Customer preferences for Al in banking are higher for informational assistance, including financial wellness and conversational banking.
• But consumers have reasonable security and privacy concerns regarding Al- powered engagement and tools.
• Banks that can build trust in Al-powered engagement will outperform.
3. Act: Break Legacy Constraints to Deliver on Customer Expectations
• Banks must align their supply with customer demand—not only on the top of the tech stack but also within the core foundation.
• Banks’ ability to close the gap between their offerings and evolving customer expectations for product and service personalization is impeded by legacy systems and other factors.
• Banks that respond will capture the switchable middle.
Curated News
💳 Payments
Chase enables cash deposits through PayPoint network across UK
Chase is expanding access to cash deposits in the UK through the PayPoint network. The move gives customers another way to add cash to their accounts, connecting digital banking services with physical cash access.
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HSBC UK and Stripe launch Tap to Pay for small businesses
HSBC UK and Stripe are bringing Tap to Pay capabilities to small businesses, allowing merchants to accept contactless payments using compatible mobile devices. The partnership aims to make payment acceptance more accessible without requiring dedicated card terminals.
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Venmo Adds Receipt Scanning to Simplify Bill Splitting
Venmo is introducing receipt scanning to make splitting shared expenses easier. The feature is designed to simplify identifying purchases and dividing costs among friends and groups.
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Nexi Sells Payment Provider Ratepay to Affirm
Nexi has agreed to sell payment provider Ratepay to Affirm, marking a notable development in the European payments and buy now, pay later market. The transaction brings the two companies together through a change in ownership of Ratepay.
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Swipesum Launches CPO, a Payments Command Center Backed by a Real Payments Team
Swipesum has launched CPO, a payments command center supported by a dedicated payments team. The offering is designed to help businesses manage and oversee their payment operations through a centralized service.
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DBS First Singapore Bank to Support China’s Three Major QR Payments
DBS is becoming the first Singapore bank to support China’s three major QR payment systems. The development aims to make payments more convenient for customers travelling between Singapore and China.
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UOB adds UnionPay card, QR payments for China travel
UOB is expanding payment options for customers travelling to China by adding UnionPay card and QR payment support. The move offers travellers more ways to pay in China’s increasingly QR-driven payments ecosystem.
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🏦 Banking
AI could cut banking industry’s cost base by 20% - McKinsey
McKinsey estimates that AI could reduce the banking industry’s cost base by 20%, pointing to the potential scale of efficiency gains from adopting the technology. The projection highlights how AI could reshape banking operations and cost structures.
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Crédit Agricole Deutschland Taps Enfuce for Digital-First Visa Debit Card Launch in Germany
Crédit Agricole Deutschland has selected Enfuce as its partner for a digital-first Visa debit card launch in Germany. The partnership highlights the role of fintech infrastructure providers in helping established financial institutions develop modern card services.
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Western Union ditches Intermax acquisition
Western Union has abandoned its planned acquisition of Intermex. The decision marks a change in the company’s acquisition plans as the money transfer sector continues to evolve.
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Deutsche Bank and Ant Digital Technologies Release White Paper on Agentic Payments in Wholesale Finance
Deutsche Bank and Ant Digital Technologies have released a white paper examining agentic payments in wholesale finance. Their work highlights the potential role of AI agents in financial transactions and the development of automated payment processes.
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💼 Fintech
Emirates NBD launches real-time AI market insights for digital wealth customers
Emirates NBD has introduced real-time AI-powered market insights for its digital wealth customers. The launch brings AI-driven information into the wealth management experience, helping customers access market insights through digital channels.
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🛡️ RegTech
Salad Secures £1.5m Investment to Expand Affordable Credit for Underserved Londoners
Salad has secured £1.5 million to expand its affordable credit offering for underserved communities in London. The investment will support the company’s efforts to improve access to credit for people who may face barriers in traditional lending markets.
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Alta raises $47.5M for a compliance-first blockchain built for banks
Alta has raised $47.5 million to develop a blockchain designed around the compliance requirements of banks. The funding highlights continued investment in blockchain infrastructure tailored to regulated financial institutions.
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📈 WealthTech
Private banking fintech Light Frame raises $5.1m
Light Frame, a fintech focused on private banking, has raised $5.1 million. The funding will support the company’s development in the private banking technology market.
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Fintech unicorn Zilch lands £165m debt boost as listing beckons
Zilch has secured £165 million in debt financing as the company moves closer to a potential listing. The funding provides a significant capital boost as the fintech continues to develop its business and prepares for its next stage of growth.
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BillEase secures $7.9M credit facility as FY2025 revenue jumps 80% to $138M
BillEase has secured a $7.9 million credit facility after reporting an 80% increase in FY2025 revenue to $138 million. The combination of financing and revenue growth highlights the company’s expanding lending business.
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🪙 Crypto
Visa, Singapore’s DCS DeCard plan global stablecoin cards
Visa and Singapore’s DCS DeCard are planning global stablecoin cards, bringing stablecoin-based payment capabilities further into the traditional card payments ecosystem. The initiative reflects continued efforts to connect digital assets with familiar payment infrastructure.
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Polymarket cuts jobs, contracts as prediction market competition heats up
Polymarket is cutting jobs and contracts as competition in prediction markets intensifies. The changes come amid growing rivalry in a sector that has attracted increasing attention from users and financial technology companies.
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Ripple Prime brokerage head to step down at year-end
Ripple’s Prime brokerage head is set to leave the role at the end of the year. The leadership change comes as Ripple continues operating in the institutional digital asset and brokerage space.
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Airwallex to invest $1.6b+ in Singapore over five years
Airwallex plans to invest more than $1.6 billion in Singapore over the next five years, highlighting its long-term commitment to the market. The investment is expected to support product development, engineering and AI capabilities, while strengthening Singapore’s role in the company’s global operations.
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