Twitter/X has been going state-by-state obtaining money transmitter licenses. The social media platform is now approved in 12 states.
For the last year or so Elon Musk has made clear his intention to build a financial super app to augment the platform’s ad-based revenues. But this move is not going to be easy.
While many major tech companies have been expanding into financial services in recent years, regulators are looking more closely today than ever before at these arrangements.
We have already seen the Financial Stability Oversight Council (part of the Treasury Department) approve a new framework for regulating non-bank financial companies and the CFPB is also looking to expand its oversight powers here.
Given what a lightning rod Elon Musk is, it will be a harder road for X than it could have been. Finance is built on stability and trust and few people would associate those two words with X right now.
USA: How banks can boost customer savings Mobile banking features that encourage customers to set savings goals can supercharge customer loyalty and attract new primary banking customers. A renewed focus on consumer savings may also help banks offset the decline in deposits reported at many banks in 2023.
India: Omidyar Network pulls out of India Omidyar Network, backed by eBay founder Pierre Omidyar, is shutting down its India operations, two sources familiar with the matter told TechCrunch, in a stunning development for the impact venture firm that has backed over 120 startups in the South Asian market over the last 13 years.
To sponsor our newsletters and reach 220,000 fintech enthusiasts with your message, contact us here.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.