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Daily Briefing

Thursday 17th January @ 10:20am

US business Fiserv, best known as a provider of core banking solutions to smaller banks in the US, is to acquire First Data in a $22 billion transaction, as consolidation continues in the merchant acquiring business. Private equity groups have driven dealmaking in the area as data processors found new admirers. "Fiserv's $22 billion deal to acquire First Data creates a company of

Wednesday 16th January @ 10:53am

So, what's the real reason behind Santander getting nervous about the arrival of a new chief executive in the form of Italian dealmaker Andrea Orcel? His ill-fated move to Santander is now finished, but it prompts the question once again what Ana Botin is doing at the Spanish bank. Mr Orcel, the UBS dealmaker and banker who infamously advised RBS on the acquisition of ABN Amro, was lined up for the chief executive position at Santander, whose shares have dropped almost a...MORE

Tuesday 15th January @ 10:00am

Alibaba's new partner in the US is Kabbage, the digital credit interface for small businesses. It's an interesting combination, to say the least: Kabbage is a pioneer of alternative credit data in the US, while Alibaba was one of the Chinese businesses allowed to build a private credit rating system in China. Alibaba is taking a softly softly approach to the US following the rejection of its attempted acquisition of Moneygram. "To increase sales to U.S. small...MORE

Monday 14th January @ 9:56am

Is this how the West ends? Indifferent? When even hanging on in quiet desperation is too much effort? Tomorrow the UK government will try to get the Brexit withdrawal agreement approved by Parliament. UK Labour leader Jeremy Corbyn is making noises about a no confidence vote leading to an election and then on to a second referendum. The issue of reconciling trade agreements and maintaining open borders has sunk the British attempt to exit the European Union. Now the best that...MORE

Friday 11th January @ 10:21am

Two years after the Wells Fargo cross-selling scandal gave the bank's reputation a beating, what has changed at one of America's favourite banks? "Despite huge fines, a congressional mauling and public apologies, employees at the 166-year-old bank claim little has changed. "It doesn't feel like they've changed much of anything, to be honest," Meggan Halvorson, a Wells Fargo private mortgage employee for six years, told the Guardian. "Things...MORE

Thursday 10th January @ 10:59am

Weird things are happening in the world when German banking licences are suddenly the rage. And while London continues to attract the lion's share of fintech investment in the UK and in Europe, the German capital is stealthily becoming a fintech champion. This morning German fintech-turned-bank N26 announced a $300 million investment round led by Singapore fund GIC and New York's Insight Ventures. The new injection of money will value the business at around $2.7...MORE

Wednesday 9th January @ 10:24am

If the pivot to Asia is keeping Westerners awake at night, it's a matter closer to hand for the Gulf Countries of the GCC. Dubai this week confirmed a 2015 announcement to triple the size of the Dubai International Financial Centre, with the government stating that it expects more than half of the growth at DIFC to come from Asia — and from the world of fintech innovation. Bloomberg, which has a bureau in the region, appears conflicted on how to report from Dubai, which has no history of...MORE

Tuesday 8th January @ 11:40am

Is Mastercard feeling anxious? The number of times that the company has changed its logo in recent years suggests so. Mastercard (hence to be referred to as the card company whose name shall not be spoken) has dropped the name Mastercard from its logo. It's been a long and slow process from MasterCard to Mastercard to mastercard and finally to nothing. But it's a clear sign that the card company whose name shall not be spoken doesn't see much of a future in actual...MORE

Monday 7th January @ 11:32am

Greetings from Lafferty News for 2019, and let's start out this year's briefings by wishing you all a great new year.Regulate that float! (Or should that be: Regulate that wallet?) We welcome Izabella Kaminska's return to the FT blog Alphaville, whose first thoughts in 2019 concern new rules governing fintech's customer floats, or as she puts it:...MORE

Friday 14th December @ 9:06am

Western Union is often mentioned as a business waiting to be disrupted, but the venerable and profitable money transfer business isn't quite ready to hand over its customers to young fintech-ers. Yesterday it announced a partnership with Terrapay, a Holland-based mobile-first payments network. "TerraPay's low value payments network

Thursday 13th December @ 6:55am

Revolut has gained a banking license as the latest fintech to switch into the regulated banking world. "In a statement, Nikolay Storonsky, Revolut chief executive, said: "Our vision is that retail and business customers will be able to apply for a loan in just two minutes) from within the app, and then have the money in their account almost instantly. We'll remove the bureaucratic process and come in cheaper than traditional lenders." The move into lending will put the bank...MORE

Wednesday 12th December @ 9:46am

Theresa May's premiership is teetering on the brink today, even as Europe's financial institutions put the final touches in place in expectation of a hard Brexit. The European financial sector, apparently aware that everything is now entering the terminal stage, is now sharing drafts with the FT suggesting that the EU will offer the UK access to Euro clearing in exchange for information sharing. "The European Commission is in advanced plans with its draft of rules that will give...MORE

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