CFPB brings Apple & other Big Tech's digital wallets under banking-style oversight 😳📱; Mastercard & JPMorgan unite to transform xborder payments with blockchain 💸⛓️; Nubank to move to the UK? 🤯🟣
FinTech is Eating the World, 21 November
Hey Everyone,
Good morning & happy Friday! Today’s issue is super packed as we’re looking at CFPB which aims to bring Apple & other Big Tech's digital wallets under banking-style oversight (why this matters & what this means for the future of FinTech + bonus deep dives on Apple & co), Mastercard & JPMorgan which just partered up to transform cross-border payments with blockchain (what’s the USP here & why it’s important + bonus deep dives both into JPM & Mastercard), and Nubank that’s thinking to move to the UK (what’s the rationale behind & what it implies + bonus deep dives into NU & co). So let’s just jump straight into the thrilling stuff 🌶️
CFPB brings Apple & other Big Tech's digital wallets under banking-style oversight 😳📱
The BIG news 🗞️ In a landmark move that signals a new era of financial technology regulation, the Consumer Financial Protection Bureau (CFPB) has finalized a rule that will subject major tech companies offering digital payment services to bank-like supervision.
The rule primarily targets tech giants such as Apple AAPL 0.00%↑, Google GOOGL 0.00%↑, and Amazon AMZN 0.00%↑, alongside established FinTech players like PayPal PYPL 0.00%↑, Block SQ 0.00%↑, Venmo, and Zelle.
Let’s take a look at why this matters and what’s next.