JPMorgan has agreed to pay $330 million to Malaysia to resolve claims linked to the massive 1MDB corruption scandal. The payout underscores lingering accountability for one of the largest global financial frauds, which previously ensnared Goldman Sachs and other financial institutions. Malaysia has been pursuing restitution from firms that facilitated billions siphoned from the fund. For JPMorgan, the settlement allows the bank to move past the case without admitting wrongdoing, while regulators continue scrutinizing Wall Street’s role in international scandals. The deal reflects a broader push by governments to hold major financial players responsible for compliance failures. This development highlights the high stakes of global anti-corruption enforcement in the financial sector.
Insight of the Day
Stablecoins: It’s about distribution and real-world adoption
For younger generations—true digital natives—money is no longer paper in a wallet. It’s code, moving as seamlessly as a message over the internet. And increasingly, that “code” is stablecoins.
With AI and IoT driving billions of automated micro-transactions, finance needs a money format that’s programmable, instant, and borderless. Stablecoins fit perfectly, acting as a “Currency API” that moves value like data. In 2024, stablecoins hit $4.5 trillion in transaction volume. Tether alone booked $5.2 billion in profit in H1 2024 from investing its reserves—making stablecoins one of the most lucrative business models in finance.
Curated News
💳 Payments
Wise Handles 12% of Philippine Remittances
Wise has become the first global fintech fully integrated with the Philippines’ payment systems, now processing 12% of all inward personal remittances. This integration strengthens Wise’s position in a country where remittances are a crucial economic lifeline.
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TWINT Reaches 6 Million Users in Switzerland
Swiss mobile payment app TWINT now counts over 6 million users, underscoring its dominance in the local payments market. The milestone highlights the app’s role in shifting consumer behavior toward cashless transactions.
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🏦 Banking
UK Loses One-Third of Bank Branches in 5 Years
British banks have shuttered nearly a third of their branches since 2020 as customers increasingly shift to digital banking. The closures raise concerns about financial access for rural communities and vulnerable populations.
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Japan’s Mizuho & MUFG Chase Overseas Wealth Deals
Japanese banking giants Mizuho and MUFG are aggressively pursuing money manager acquisitions abroad. The strategy aims to diversify revenue as domestic growth slows and competition intensifies.
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HSBC Innovation Banking Expands to Australia
HSBC has launched its Innovation Banking division in Australia, targeting startups and fast-growing firms. The move positions HSBC to better serve the country’s expanding tech and venture ecosystem.
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💸 Fintech
Pintarnya Raises $16.7M to Power Jobs & Finance in Indonesia
Jakarta-based Pintarnya secured $16.7M in fresh funding to expand its job marketplace and embedded financial services. The startup aims to serve Indonesia’s vast blue-collar workforce with accessible employment and credit solutions.
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Philippine Lending Boom Defies Regional Fintech Slowdown
While Southeast Asia’s fintech funding has slumped, Philippine lenders are experiencing a surge in investment. The trend underscores growing confidence in the country’s digital credit sector.
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MeridianLink, Jack Henry Deepen Reseller Partnership
MeridianLink and Jack Henry are expanding their strategic reseller relationship to include MeridianLink One platform solutions. The partnership will broaden offerings for community banks and credit unions.
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HSBC Innovation Banking Expands to Australia
(Also listed under Banking, relevant for fintech expansion.)
🪙 Crypto
Australia Orders Binance AML Audit
Australian regulators have mandated Binance to undergo an independent audit amid money laundering concerns. The probe underscores ongoing global scrutiny of crypto exchanges.
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DOJ Eases Money Transmitter Crackdown Backed by Crypto Industry
The U.S. Department of Justice will scale back aggressive enforcement of money transmitter cases, a shift welcomed by the crypto sector. The move signals a more balanced regulatory stance toward digital assets.
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Ethereum Treasuries Surge, Bitcoin ETFs See $1B Outflows
Ethereum treasuries are climbing while Bitcoin ETFs have bled over $1 billion in outflows. The trend reflects shifting investor sentiment and speculation about upcoming crypto IPOs.
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💼 WealthTech
Turkish Platform Midas Nears $1B Valuation
Istanbul-based investment app Midas is approaching a $1 billion valuation following strong user and revenue growth. The milestone underscores Turkey’s growing appetite for retail investing platforms.
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Kruncher Brings AI to Private Market Investors
Singapore-born Kruncher has launched AI-driven tools for private market investors, aiming to enhance portfolio insights and deal sourcing. The solution targets the fast-growing alternative investments sector.
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⚖️ Regulation
CFPB Sues Synapse Over Mishandled Customer Funds
The CFPB has filed suit against fintech infrastructure provider Synapse, accusing it of mismanaging client money. The case underscores rising regulatory scrutiny over embedded finance players.
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FTC Chair Warns US Tech Giants on UK/EU Safety Laws
The FTC Chair has warned American tech firms to comply with the UK and EU’s new online safety rules. The comments reflect increasing regulatory alignment across jurisdictions.
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Visa Shuts US Open-Banking Unit Amid Data Disputes
Visa has reportedly closed its U.S. open-banking division as tensions mount over consumer financial data access. The move highlights the intensifying battle between banks, fintechs, and regulators over data rights.
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📌 Other
OpenAI Warns Against Unauthorized Investment SPVs
OpenAI has cautioned investors against participating in special purpose vehicles (SPVs) and other unauthorized schemes claiming affiliation with the company. The warning follows rising demand for exposure to AI startups.
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Verisk Launches New Insurance Fraud Tools
Verisk has rolled out enhanced ClaimSearch tools designed to detect fraudulent digital commerce activities and hidden assets. The upgrade strengthens insurers’ ability to combat complex fraud cases.
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CIDC Invests $13.9M in NVT
Hong Kong-based leather manufacturer CIDC has invested $13.9M into NVT, diversifying into technology-driven ventures. The deal signals growing cross-industry interest in tech investments.
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Pudgy Penguins Eyes IPO Within 2 Years
Luca Netz, CEO of Pudgy Penguins, said he would be “disappointed” if the NFT brand doesn’t go public within two years. The remark underscores ongoing efforts to bridge Web3 brands with mainstream finance.
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GoFibre Nets £125M for Rural Scotland Rollout
GoFibre has secured £125 million to accelerate its rural broadband rollout across Scotland. The announcement came alongside the news of N26 CEO Valentin Stalf stepping down and Doncaster’s emergence as a UK AI hub.
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