In today’s FinTech news, Wirex Credit is offering loans backed by crypto, while nine suspected cybercriminals were arrested following an alleged phishing attack on Ukraine. Plus, the Fiscal Policy Committee of England’s central bank is sounding the alarm that crypto regulations are needed sooner rather than later.
Payments platform Wirex is introducing Wirex Credit for loans, backed by cryptocurrency that enable users to borrow up to $100,000 in stablecoins with a loan to value (LTV) of up to 80%.
The new product is intended to provide more avenues for everyday users to utilize crypto. Linked to its app, Wirex is the first company worldwide to develop a crypto-enabled card, and credit can be spent wherever Mastercard and Visa are accepted.
Nine people were arrested following the interception of a European Union payments phishing campaign that reportedly defrauded over 5,000 Ukrainian citizens out of more than 100 million hryvnias ($3.38 million).
About 400 phishing links were sent to residents of Ukraine that sent unsuspecting users to malicious websites packaged as EU resource pages.
The Bank of England’s Fiscal Policy Committee said the price volatility and drop in the market value of cryptocurrencies are strong indicators that the marketplace is in need of stricter regulations.
The central bank also said systemic risks will develop if crypto asset activity and its ties to banks and other markets keep growing.
Zapper, a South African mobile payments platform, is looking to raise funds as it seeks a valuation close to $1 billion.
Launched in 2014, Zapper has about 250,000 customers and 65,000 merchants and enables quick settlements with QR codes and URL technology, and uses data insights to award discounts.
Nibble Health co-founder and CEO Steven Greene told PYMNTS that many people in the U.S. have medical insurance, but they still have co-pays and deductibles that can seem insurmountable.
Installment billing without interest or fees in the eCommerce space gave him the idea that the same concept could be applied to medical debt.