U.K. FinTech Wise is reporting a surge in cross-border transactions ahead of its Nasdaq listing. In a trading update Monday (April 13), the company says those transactions jumped 26% during its fourth quarter to 49.4 billion pounds ($66.2 billion) and 11.3 million active customers. “We are making good progress...
The Federal Reserve Board proposed Wednesday (April 8) that U.S. banks and credit unions be allowed to use intermediaries to transfer funds through the FedNow® Service. This would mark a change from the current rules, in which a transfer of funds sent through the FedNow Service can include...
TikTok is reportedly seeking permission to provide lending and payment services in Brazil. The social media platform has filed for two licenses with the Brazilian central bank, Reuters reported Tuesday (March 31), citing two sources with direct knowledge of the matter. The first would let TikTok serve as an...
Foreign exchange (FX) startup OpenFX has raised $94 million in a new funding round. The company’s Series A round, announced Tuesday (March 31), comes as it works to use stablecoins for faster cross-border transactions. Writing on the company blog, Founder and CEO Prabhakar Reddy compared...
The globalization of commerce is an umbrella term defined by the movement of goods, capital and talent. But a fourth dimension is increasingly reshaping the terrain: data. Unlike containers or currencies, data does not simply cross borders; it collides with them. Governments increasingly view data...
The European Court of Auditors (ECA) said Wednesday (March 25) that the European Commission needs to do more to enable European Union (EU) businesses to provide services in other EU countries. Currently, while services account for 70% of EU countries’ gross domestic product (GDP), only...
Ripple is reportedly testing stablecoin-powered trade finance with the help of Singapore’s central bank. The company told Coindesk Wednesday (March 25) that it is taking part in BLOOM, a Monetary Authority of Singapore program aimed at extending settlement capabilities for tokenized bank liabilities and regulated...
If the Super Bowl is America’s annual excuse to overinvest in snacks and LED televisions, the FIFA World Cup is the planet’s far more glamorous version of the same impulse. It is football, yes. But it is also a travel surge, a luxury hospitality showcase,...
Cost-effective, streamlined and data-rich cross-border payments have long been the holy grail of global commerce. Stablecoins, after all, have been able to basically make their name on just their promise alone to innovate and disrupt the cross-border settlement space. As recently as Tuesday (March 17),...