Mynt, the parent company of Philippine mobile wallet GCash, has secured more than 20 cornerstone investors for its planned IPO, including BlackRock and T. Rowe Price. The offering could raise up to 80.3 billion pesos ($1.3 billion), potentially making it the largest IPO in Philippine history and surpassing Monde Nissin’s 2021 listing. Cornerstone investors have already committed to buying 36.5 billion pesos worth of shares, representing nearly 68.8% of the shares on offer before any overallotment. Mynt plans to sell up to 8.03 billion shares at as much as 10 pesos each, potentially valuing the company at around 669 billion pesos. The proceeds will be used to expand GCash’s digital financial services business and develop new products. The offering is scheduled for October 6–12, with trading on the Philippine Stock Exchange expected to begin on October 20.
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Crypto Exchanges are Building Financial Super Apps for the Next Billion Users
The crypto industry is maturing into a new phase, with leading venues becoming wider financial platforms that fold trading, yield, payments, custody, and collateral into a single account, echoing the consumer super apps that reshaped fintech in other verticals. However in this instance, the rails here are digital assets and settlement happens onchain. That shift is being driven by users who now want an exchange to do more than just match buyers and sellers. The contest is no longer only about spot market share or derivatives volume, but about how well one layer of the platform integrates into the next.
Binance crossed 300 million registered accounts in December 2025, a milestone that reflects not just one platform’s growth, but the scale of mainstream adoption now moving through digital-asset infrastructure. The platform now operates across four layers — A trading core, a yield layer, a payment layer, and an institutional collateral layer — and in 2025 handled $34.3T in total volume across 449 assets, against Bybit’s $9T, and OKX’s $13T. Each layer is as important as the next:
Trading liquidity funds yield products
Yield products retain balances
Those same balances move through wallets and cards
And institutional collateral rails settle against the same books that retail trades on.
The significance of this shift is that exchange competition is no longer only about spot market share or derivatives volume. The leading venues are becoming integrated financial platforms where trading, yield, payments, custody, and collateral all reinforce one another. A user may enter through a trade, leave assets in savings or yield products, move funds through a wallet or payment solution, and eventually use the same account infrastructure for tokenized assets or collateralized products. That makes evaluating the strength of the platform more about how effectively each layer feeds the next.
This report uses a four-layer framework to examine how that model is developing across the industry, exploring where the integration is most advanced, where competition is intensifying, and how the exchange model continues to evolve. The trading layer remains the liquidity engine, but the more important question is how that liquidity is being converted into retained balances, usable on chain assets, payment activity, and institutional-grade collateral rails.
Curated News
💳 Payments
Amazon and Affirm Partner on UK Instalment Payments
Amazon and Affirm are partnering to offer UK customers new instalment-payment options. The partnership expands flexible payment choices for Amazon shoppers in the UK.
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Atum Launches Open Payments Network
Atum has emerged from stealth with an open payments network designed for global money movement. The platform aims to provide infrastructure for moving money across borders and payment systems.
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Citi Unveils Citi Commerce Media
Citi has launched Citi Commerce Media to create more personalized experiences for customers and brands. The offering brings commerce and financial services together through a more targeted digital experience.
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🏦 Banking
Canada’s Big Six Banks to Launch Interbank Tokenized Deposit Initiative
Canada’s six largest banks are preparing an interbank initiative focused on tokenized deposits. The project brings major incumbent banks together to explore blockchain-based deposit infrastructure.
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Deutsche Bank Private Bank Launches Agentic AI for KYC
Deutsche Bank Private Bank has launched an agentic AI solution for Source of Wealth KYC processes. The technology is designed to automate parts of customer due-diligence workflows.
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💼 Fintech
Promenaut Launches With $8.9M and HSBC as Strategic Design Partner
Promenaut has launched with $8.9 million in funding and HSBC as a strategic design partner. The company is developing an enterprise agentic-workforce platform focused on automating business processes.
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AI Compliance Platform Footprint Raises $25M
Footprint has raised $25 million in Series B funding for its AI-powered compliance platform. The company is focused on applying AI to compliance workflows and financial risk management.
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FactSet Acquires Germany’s BCC Group
FactSet has agreed to acquire Germany’s BCC Group to modernize its real-time data suite. The deal expands FactSet’s data capabilities and strengthens its financial-information infrastructure.
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MyComplianceOffice Secures More Than $100M Investment
MyComplianceOffice has secured more than $100 million in strategic investment. The capital will support the company’s compliance technology business and continued growth.
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AI Fintech Duqu Raises €1.5M
Duqu has raised €1.5 million to tackle Europe’s late-payment problem using AI. The fintech is applying automation and data-driven technology to improve payment collection.
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Argentex Founder’s Tenora Raises £7.5M
Tenora, founded by an Argentex alumnus, has raised £7.5 million to build treasury tools. The startup is developing technology aimed at modernizing corporate treasury operations.
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🪙 Crypto
Visa and Reap Expand Stablecoin Card Infrastructure
Visa and Reap’s planned 100-market stablecoin-card rollout connects digital-asset infrastructure with mainstream card payments. The expansion could make stablecoin-linked spending available across a much broader geographic footprint.
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Americans Would Use Stablecoins With Bank Protections, Visa Study Finds
A Visa study finds that US consumers show interest in using stablecoins when they come with protections similar to those associated with bank accounts. The finding highlights the importance of consumer protection and trust for broader stablecoin adoption.
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📈 WealthTech
Juniper Square and Nasdaq eVestment Launch AI Capital Intelligence
Juniper Square and Nasdaq eVestment have launched Capital Intelligence, an AI-powered tool for private-markets investor-relations teams. The platform is designed to help private-market firms analyze and manage investor information more efficiently.
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⚖️ Regulation
ClearToken Enters Bank of England Digital Securities Sandbox
ClearToken’s approval to operate a digital securities depository in the Bank of England’s sandbox gives the company a regulated environment to develop tokenized-market infrastructure.
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Polymarket Faces European Regulatory Classification Questions
Polymarket’s reported lobbying campaign concerns whether European regulators should classify prediction markets as gambling. The classification could affect how such platforms operate across European jurisdictions.
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🌍 Other
Airtel Money to Launch London IPO
Airtel Money is preparing to launch a London IPO. The listing would bring the African mobile-money business to public markets and increase its access to institutional capital.
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Swedish Fintech Trustly to Cut Around 200 Jobs
Swedish fintech Trustly is reportedly planning to cut around 200 jobs. The restructuring comes as the company adjusts its operations and workforce.
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Mirai RiskTech Raises €5M
Mirai RiskTech has raised €5 million from Inveready to support its global expansion. The company provides risk-management technology for financial institutions.
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