News 

Apple is teaming up with Goldman Sachs to launch a credit card later this year

“Both Apple and Goldman Sachs are banking on this credit card being a success” writes Matt Binder for mashable.com. The company also takes a cut from credit card transactions made through Apple Pay, so Apple is already quite familiar with how much revenue it can generate from credit card.Apple is jumping into the credit card business with Goldman Sachs.The joint credit card with Goldman Sachs will use Mastercard’s payment network.According to a report in the , Apple and Goldman Sachs are joining up to launch a new credit card that…

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We asked 8 Wall Street recruiters about the hottest trends in hiring across banking, trading, hedge funds, and asset management

“Here’s what recruiters say are the hottest trends driving hiring on Wall Street in 2019” writes Meghan Morris for businessinsider.com. Sign up here for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals. Source: businessinsider.com

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Japan’s Banking, Insurance Markets Link SMBs To US Trade Via Amazon

“Tokio Marine will link small businesses with insurance to protect against the risk of product damaged during shipment or storage, or consumer lawsuits” reports pymnts.com. According to reports, small businesses in Japan struggle to overcome barriers like the high cost of logistics, or insurance costs to protect against scenarios like consumer lawsuits.Reports added that the companies may consider expanding their venture into other cross-border markets, depending on the success of the initiative with U.S. trade. Source: pymnts.com

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Revolut: could allegations of Russian involvement sidetrack a fintech revolution?

“With its Lithuanian-issued EU banking licence, Revolut will start accepting deposits and offering retail and business lending in 2019, making it an even bigger rival for traditional banks” writes Arturo Bris for theconversation.com. But amid the prospects of a hard Brexit, and the opportunities provided by a larger EU banking market, Revolut started looking for a eurozone-based banking license.Soon after Revolut got its banking licence, however, Lithuanian politics started muddying the waters.The investigation could ultimately result in Revolut’s banking licence being revoked. Source: theconversation.com

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UK’s Newest Challenger Bank Diaspora Eyes Trade Finance

“In January, another challenger bank, Countingup, launched operations in the U.K. with a focus on freelancers, sole traders and independent contractors” reports pymnts.com. The U.K.’s challenger banking market continues to grow, as more FinTechs pursue licenses in the small business banking space.Last week, two challenger banks secured fresh funding from investors: Starling Bank, which raised nearly $77 million, and OakNorth, which secured $440 million.Reports in FinTech Futures on Friday (Feb. 15) said that it will target small- and medium-sized businesses with an array of trade finance products, including factoring.Earlier this…

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Citi to double Brazil commercial bank unit’s assets by 2020

“The bank’s commercial unit has roughly 5 billion reais ($1.34 billion) in assets, out of 75 billion reais for Citi’s Brazilian operation as a whole, most of it dedicated to larger corporations” reports businessinsider.com. This move underscores a shift in Citi’s strategy in Brazil toward wholesale activities after selling its retail assets there to Itaú Unibanco Holding SA for 710 million reais.Rubens said those assets jumped by 27 percent in 2018 as an economic recovery increased demand. Source: businessinsider.com

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Customers report difficulty accessing Chase Bank’s mobile and online banking

“The site tracks “internet providers, mobile providers, airlines, public transport, and online services,” among other services” writes Sarah Gray for businessinsider.com. Chase Bank customers were having trouble accessing the bank’s website and mobile app on Friday night, according to the website DownDetector.com.In a statement released on Twitter, Chase Suppor t confirmed that “some customers are having trouble accessing the mobile app and our website.”. The DownDetector website offers a real-time map of outages.DownDetector.com “offers a realtime overview of status information and outages for all kinds of services,” their website explains. Source:…

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Crypto News 

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

“United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14” writes William Suberg for cointelegraph.com. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network: JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently…

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News Stocks 

Cannabis stocks climb ahead of congressional hearing on banking

“Cannabis shares were mostly higher Wednesday, ahead of a Congressional hearing on the obstacles facing cannabis companies when it comes to opening and maintaining bank accounts” writes Ciara Linnane for marketwatch.com. See also: How marijuana companies can profit without selling pot. Tax, license and fee revenue from cannabis exceeded $266.5 million in 2018, up from more than $247 million in 2017. Source: marketwatch.com

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