Innovation and Digital Transformation Key Issues in UK Leadership Race
Following Boris Johnson’s announcement last week that he will be stepping down as prime minister of the United Kingdom, leadership contenders hoping to fill the vacancy have spent the last few days securing support in Westminster and launching their campaigns. With 11 candidates currently in the running, PYMNTS takes a look at three of the favorites and analyzes their record of supporting innovation and digital transformation in the U.K.
GoHenry Acquires Pixpay to Strengthen Youth Banking Outreach
London-based GoHenry, which provides Visa debit cards and a financial education app for children ages 6 to 18, has acquired the French company PixPay, which operates a similar service. The new deal will enable GoHenry to rapidly grow its customer base into continental Europe. Currently, GoHenry has over 2 million users in the U.K. and United States. Founded in 2019, PixPay has established itself as the leader in teen banking in France and Spain, with nearly 200,000 members.
ECB Urges Quick Implementation of MiCA
The European Central Bank (ECB) has published several reports warning that financial stability risks stemming from crypto assets are rising, calling for the “urgent implementation of appropriate regulatory, supervisory and oversight frameworks.” In its reports, the ECB repeated a familiar message. With a focus on stablecoins, the bank argued that the rapid growth, increasing global use and potential financial risks associated with crypto assets brings home the need for new regulation as a matter of urgency.
Financial Stability Board to Propose Crypto Regulations in October
The Financial Stability Board (FSB), an international body based in Basel, Switzerland, will propose crypto regulations in October to add regulatory teeth to the sector. The FSB will report to the G20 finance ministers and central bank governors in October advising on regulatory and supervisory approaches to stablecoins and other crypto assets.
Payment Platform Kadmos Raises $29M
Berlin-based Fintech startup Kadmos has secured 29 million euros (about $29 million) to grow its payment processing platform for migrant workers. Kadmos uses financial technology to streamline the salary payments of migrant workers. It consists of a worker-facing app with a multicurrency wallet and an application programming interface (API) for employers. At present, employers that use Kadmos are concentrated in the shipping industry, but the startup plans to use the new capital to expand into other sectors, such as construction, healthcare and hospitality.
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