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Swiss fintech company Temenos AG is facing turmoil after a report by Hindenburg Research alleged serious flaws in the company's books, including "major accounting irregularities" and manipulated earnings. The report claims to have conducted a four-month investigation and interviewed 25 former employees. Temenos has denied the allegations, stating that the report contains factual inaccuracies and misleading allegations. Hindenburg Research has a track record of targeting high-profile businessmen and causing significant drops in their firms' market capitalization. Temenos shares have dropped significantly following the report. [Extracted from the article]

Swiss fintech company Temenos AG is facing turmoil after a report by Hindenburg Research alleged serious flaws in the company's books, including "major accounting irregularities" and manipulated earnings. Temenos denies the report and plans to counter the claims at its Capital Markets Day. Hindenburg Research has a track record of taking on high-profile businessmen and causing significant drops in their firms' market capitalization. Temenos' shares have dropped 28% following the report, and the company is now worth about a third of its 2019 peak. [Extracted from the article]

India's Nifty 50 Index will include Zomato Ltd. and Jio Financial Services Ltd. starting March 28, replacing Britannia Industries Ltd. and Bharat Petroleum Corporation Ltd. This move signifies the growing acceptance of new-age technology stocks by mainstream investors in India. The addition of these digital era companies reflects the changing landscape of the Indian stock market, catering to a tech-savvy and affluent consumer base. Despite recent market challenges, passive funds tracking the Nifty 50 are expected to provide support to Zomato and Jio Financial. [Extracted from the article]

MercadoLibre Inc., Latin America's leading company, exceeded net income expectations in the final quarter of 2024, with a record $639 million in net income and $6.1 billion in revenue. Despite a disappointing third quarter, the company rebounded, with shares rising 24% year-to-date. MercadoLibre's full-year profit for 2024 reached $1.9 billion on $21 billion in revenue, with significant growth in assets under management and credit book. The company's commerce and fintech units saw strong growth, with active buyers and fintech users increasing, and the advertising unit growing by 41% year-on-year. [Extracted from the article]

Goldman Sachs Asset Management is leading a $55 million investment in 73 Strings, a financial technology firm that uses AI to analyze portfolio company data for asset managers. The AI tools offered by 73 Strings can help increase productivity and efficiency for investment groups, particularly benefiting junior employees who spend long hours analyzing data. The funding will be used by 73 Strings to enhance its capabilities in language models, generate custom insights, and expand its predictive analytics to assist companies in managing portfolio risks. [Extracted from the article]

Banco Santander plans to invest over $2 billion in Mexico to expand its presence in the country, citing Mexico's growth potential and demographics as key factors. Despite tariff risks from President Donald Trump, Santander views Mexico as an attractive investment destination. The bank's digital lender, Openbank, will offer competitive interest rates to customers and aims to compete with financial technology companies in Mexico. Santander's goal is to become the most profitable bank in Mexico by expanding its traditional bank, staff, and product offerings. [Extracted from the article]

Fintech firms are gaining more influence in Washington under the Trump administration, with increased lobbying efforts and meetings with lawmakers and regulators. Discussions focus on fintech-bank relationships and the fate of the "open banking" rule. While some welcome the shift in tone, concerns about consumer risks and regulatory gaps remain. Republicans are examining traditional lenders and addressing issues like debanking, but there are also concerns about potential negative impacts on startups due to swift policy changes. [Extracted from the article]

Fintech firms are gaining more influence in Washington under the Trump administration, with increased lobbying efforts and meetings with lawmakers, White House officials, and financial regulators. Discussions are focusing on fintech-bank relationships and the fate of the "open banking" rule. While some see the shift as encouraging, concerns about consumer risks and regulatory gaps remain. The administration's willingness to work with the industry is seen as a positive development, but there are also concerns about potential negative impacts on startups due to swift policy changes. [Extracted from the article]

Goldman Sachs Group Inc. has appointed Brandon Watkins as the global head of internet investment banking in the technology, media, and telecommunications group. Watkins, who has been with the firm since 2010, takes over from Jane Dunlevie, who remains the chief operating officer and head of investment banking services for TMT. Based in San Francisco, Watkins previously led financial technology coverage in the TMT group and will continue to oversee fintech coverage in his new role. The appointment aims to strengthen client relationships, identify commercial opportunities, and develop the global team's internet coverage strategy. [Extracted from the article]

Fintech billionaire Vyacheslav Kim is seeking regulatory approval to acquire a controlling stake in First Heartland Jusan Bank JSC in Kazakhstan, previously owned by Galimzhan Yessenov. Kim, who is also the chairman of Kaspi.kz JSC, had previously provided financial support for a deal that resolved a major asset dispute in 2023. The takeover of Jusan Bank is separate from Kim's involvement with Kaspi.kz, and he is expected to focus on managing bad loans and expanding the bank's lending services to businesses and individuals. Kim's net worth is estimated at $6 billion, and he has successfully transformed Kaspi.kz into a leading fintech company in the region. [Extracted from the article]

Sequoia Capital is in discussions to lead an investment in Mercury Technologies Inc., a digital banking startup, at a valuation exceeding $3 billion. Mercury, founded in 2017, offers tailored banking tools for startups and has seen significant growth, reaching $500 million in annualized revenue. The surge in financial technology investment comes after a period of decreased dealmaking due to rising interest rates and inflated valuations. Other fintech startups, such as Stripe Inc. and Plaid Inc., have also been attracting investments from venture capitalists recently. [Extracted from the article]

President Donald Trump plans to nominate Brian Quintenz, the head of policy at Andreessen Horowitz's a16z crypto arm, to lead the Commodity Futures Trading Commission (CFTC). Quintenz previously served as a Republican commissioner at the CFTC and is known for advocating regulatory changes benefiting digital-asset firms. The nomination has been referred to the US Senate, along with nominations for Jonathan Gould as Comptroller of the Currency and Jonathan McKernan as director of the Consumer Financial Protection Bureau. The future of the CFPB has become uncertain as acting Director Russell Vought has halted much of the agency's work. [Extracted from the article]

President Donald Trump plans to nominate Brian Quintenz, the head of policy at Andreessen Horowitz's a16z crypto arm, to lead the Commodity Futures Trading Commission (CFTC). Quintenz, a former Republican commissioner at the CFTC, advocates for regulatory changes benefiting digital-asset firms and new financial technologies. The White House also plans to nominate Jonathan Gould as Comptroller of the Currency and Jonathan McKernan as director of the Consumer Financial Protection Bureau. The fate of the CFPB has become uncertain as acting Director Russell Vought has halted much of the agency's work. [Extracted from the article]

Plaid Inc., a fintech company based in San Francisco, is reportedly working with Goldman Sachs Group Inc. on a share sale that could raise between $300 million and $400 million. The sale, known as a tender offer, aims to provide liquidity to early investors and employees. Plaid, which offers identity verification and credit products, has seen revenue growth and is considering an IPO in the next few years. Other fintech companies are also preparing for IPOs amid a recovering market. [Extracted from the article]

Plaid Inc., a fintech startup based in San Francisco, is reportedly working with Goldman Sachs Group Inc. on a share sale that could raise between $300 million and $400 million. The company, known for connecting startups with traditional banks, raised a series D funding round at a $13.4 billion valuation in 2021. Plaid has expanded its offerings to include identity verification and credit products, with revenue increasing by over 25% last year. The company's CEO has expressed hopes for an IPO in the next few years. Other fintech firms, such as Klarna Group Plc and Chime Financial Inc., are also preparing for IPOs in the near future. [Extracted from the article]

The article discusses President Donald Trump's DeFi project, World Liberty Financial, and its plans to create a "strategic reserve" with tokens purchased. The platform's co-founder, Chase Herro, was introduced by Donald Trump Jr. at a summit in New York. The project has raised questions about potential conflicts of interest for the Trump family, as Trump's sons are listed as Web3 Advisors. The article also touches on the future of tokenization and regulation in the crypto industry, with various speakers discussing policy changes and improvements. [Extracted from the article]

Checkout.com, a London-based electronic payments firm, is aiming to return to profitability in 2025 after experiencing a significant drop in valuation and years of losses. The company plans to increase its headcount by 15% and focus on product innovation, global expansion, and operational efficiency to achieve sustained growth. Checkout.com has shifted its focus to providing payments technology to firms like Klarna and Alipay, and has seen significant growth in its US business. Despite past financial challenges, the company is optimistic about its future prospects and is actively hiring across various roles to support its growth. [Extracted from the article]

Fundment, a UK financial technology company, is set to raise £45 million in a series C funding round led by Highland Europe, valuing the company at about £150 million. Founded by Ola Abdul, Fundment offers a technology platform for financial advisers to create model portfolios, monitor investments, and provide a fund marketplace to clients. The funding will be used for product development, hiring, and future expansion. [Extracted from the article]

TransUnion, a US credit bureau, has signed a $560 million deal to increase its stake in a Mexico credit score provider, Buró de Credito. The acquisition will give TransUnion a 94% ownership of the Mexican company, valued at $818 million. The deal excludes the commercial segment of Trans Union de Mexico and is expected to be completed by the end of 2025, pending regulatory approvals. Mexico's financial technology sector is growing, with new companies like Nu Holdings Ltd and MercadoPago expanding their operations in the country. [Extracted from the article]

TransUnion, a US credit bureau, has agreed to a $560 million deal to increase its ownership stake in a Mexico credit score provider, Buró de Credito. The acquisition will raise TransUnion's ownership to 94% of the company, valued at $818 million. The deal aims to enhance financial inclusion in Mexico and tap into the growing market of fintech companies expanding their operations in the country. [Extracted from the article]

TransUnion, a US credit bureau, has signed a $560 million deal to increase its stake in a Mexico credit score provider, Buró de Credito. The deal will give TransUnion a 94% ownership of the company, valued at $818 million. This move aims to promote financial inclusion in Mexico, where access to credit has been a challenge for many. The acquisition is expected to be completed by the end of 2025, pending regulatory approvals. [Extracted from the article]

The Bank for International Settlements is facing pressure to reevaluate its Innovation Hub, which focuses on technological advancements in central banking. Governors are expressing dissatisfaction with the hub's activities, leading to expectations for changes under new leadership. Concerns include the hub's output, lack of oversight, and competition between regions, with a recent focus on priorities like supervision and green finance. Despite these challenges, the Innovation Hub continues its work with a commitment to delivering insights on relevant technologies for central banks. [Extracted from the article]

The Consumer Financial Protection Bureau (CFPB) is proposing to enhance consumer safeguards in digital payments to prevent excessive surveillance and fraud. The CFPB is seeking public input on how to protect customer privacy and prevent fraud in digital payments, including those on large technology platforms and digital currencies. The fate of these proposals is uncertain, as President-elect Donald Trump is expected to replace CFPB Director Rohit Chopra, who has raised concerns about big-tech payment companies using customer data for market surveillance. The CFPB is also exploring how existing laws can be expanded to cover new payment methods like stablecoins, with deadlines for public comment set for April 11 and March 31. [Extracted from the article]

GCash, the largest fintech platform in the Philippines, is reportedly working with banks such as JPMorgan Chase & Co., Morgan Stanley, and UBS Group AG on a potential initial public offering (IPO) this year. Other banks like HSBC Holdings Plc and Jefferies Financial Group Inc. may also be involved in arranging the deal. GCash's app offers various financial services in the Philippines, with 94 million Filipinos having used it. Recent investments from Mitsubishi Corp. and Mitsubishi UFJ Financial Group Inc. have increased GCash's valuation to $5 billion, with backing from Jack Ma's Ant Group as well. [Extracted from the article]

China's central bank, the People's Bank of China, has announced plans to increase financial support for technology innovation and consumption to boost economic growth. They also intend to explore new tools to provide liquidity to the stock market and may lower interest rates and reserve requirements for banks. Despite signs of economic recovery, challenges remain due to a possible second trade war with the US. Additionally, China's foreign exchange regulator aims to attract high-quality foreign capital to invest in the domestic technology sector. [Extracted from the article]

The financial-technology industry is poised for a rebound in 2025, with a more favorable outlook for startups following a challenging period of adjustment. Key themes to watch include relaxed regulation under the incoming administration, a resurgence in deals and public listings, and the mainstream adoption of crypto payments. Industry insiders are optimistic about the potential for growth and innovation in the fintech sector in the coming year. [Extracted from the article]

This article is an interview with Patrick McKenzie, a software engineer and founder of the newsletter "Bits About Money." McKenzie discusses the differences between a bank and a digital wallet on a phone, highlighting the legal and technical distinctions between the two. He also addresses the common misconception that money is simply sitting in a vault somewhere, explaining that money is often a debt owed by another party. McKenzie further explores the consequences of this misconception and how it shapes discourse about the banking sector. Additionally, he discusses the differences between sports gambling sites and stock trading apps, emphasizing the need for responsible financial practices. Finally, McKenzie explains the increasing number of payment options available and how businesses are recognizing the value of facilitating commerce through payments. [Extracted from the article]

Chinese data center operator Yovole, backed by CDH Investments, is reportedly considering an initial public offering (IPO) in the US after a failed attempt to list in mainland China. The company, founded in 2001, provides cloud computing data center services in major Chinese cities and has notable clients such as Alibaba Group Holding Ltd., Tencent Holdings Ltd., and China UnionPay Co. Yovole may submit a confidential filing with US regulators in January, with the potential to raise over $100 million through the IPO. Deliberations are ongoing, and details like the size and timing of the IPO could change. [Extracted from the article]

The Consumer Financial Protection Bureau has sued Walmart and Branch Messenger Inc. for allegedly opening expensive bank accounts for delivery drivers without their consent. Walmart and Branch Messenger are accused of requiring drivers to use costly accounts or face termination. The CFPB claims that drivers faced delays and fees to access their pay, with limited options for transferring funds. Walmart's Spark delivery service, launched in 2018, relies on third-party drivers for online order deliveries. [Extracted from the article]

The Consumer Financial Protection Bureau has sued Walmart and Branch Messenger Inc. for allegedly opening expensive bank accounts for delivery drivers without their consent. Walmart and Branch Messenger are accused of requiring drivers in the Spark Driver program to use costly accounts or face termination. The CFPB claims that Walmart and Branch Messenger misrepresented that drivers could instantly access their pay, and this lawsuit is part of the agency's increased enforcement actions in the final days of the Biden administration. [Extracted from the article]

The Consumer Financial Protection Bureau has filed a lawsuit against Walmart Inc. and Branch Messenger Inc. for allegedly opening expensive bank accounts for delivery drivers without their consent. The CFPB claims that Walmart and Branch Messenger required the drivers to be paid through costly accounts, leading to false promises and illegal account openings. Walmart and Branch Messenger have not yet responded to the allegations. [Extracted from the article]

Argentina's government is collaborating with major banks and payment firms to implement Javier Milei's dollarization strategy, despite high demand for pesos. The plan involves launching a dual-currency debit card and allowing banks to offer dollar loans in previously excluded sectors. These initiatives aim to leverage recent dollar inflows and strengthen the peso, with President Milei advocating for increased dollar usage in everyday transactions. While some businesses have started accepting dollar payments, financial institutions are still working on the infrastructure needed for such transactions. [Extracted from the article]

Chime Financial Inc., a fintech startup specializing in no-fee banking services, has submitted a confidential filing for an initial public offering (IPO) with the US government. The company, which offers digital-first mobile banking services, is part of a growing trend of asset-light financial technology companies. Chime has raised $2.65 billion from investors and plans to go public in 2025, with Morgan Stanley as the lead underwriter. [Extracted from the article]

Chime Financial Inc., a financial technology company specializing in no-fee banking services, has submitted a confidential filing for its initial public offering (IPO) with the US government. The company is reportedly planning to go public in 2025, although the timing is subject to change. Chime achieved a $25 billion valuation in 2021 during a technology boom, and has hired Morgan Stanley as the lead underwriter for its IPO in 2025. [Extracted from the article]

The article discusses the prevalence of mobile money agents in Nigeria, who have become the primary source of cash for many people due to the scarcity of functional ATMs. These agents handle most of the country's daily transactions, leading to concerns from regulators about the impact on the formal banking system and monetary policy. Despite efforts to crack down on agents, they continue to provide a valuable service in a country where many lack access to financial services. The rise of mobile money agents has been driven by a lack of ATMs, technological advancements, and high unemployment rates among young people in Nigeria. [Extracted from the article]

The article discusses the prevalence of mobile money agents in Nigeria, who have become the primary source of cash for many people due to the scarcity of functional ATMs. These agents handle most of the country's daily transactions, leading to concerns from regulators about the impact on the formal banking system and monetary policy. Despite efforts to crack down on agents, they continue to provide a valuable service in a country where many lack access to financial services. The rise of these agents has been driven by a lack of ATMs, technological advancements, and the need for employment opportunities among young people. [Extracted from the article]

Galaxy Digital Holdings Ltd. has reportedly hired Anthony Paquette, the Chief Financial Officer of Point72, to serve as their CFO. Paquette brings experience from his time at Point72, SoFi, and JPMorgan Chase & Co. Alex Ioffe will transition to a senior advisor role at Galaxy in January. Galaxy has been seeking to list its shares in the US for several years. [Extracted from the article]

Klarna Group Plc has added around 12 banks to its US initial public offering, with Bank of America Corp., Barclays Plc, Citigroup Inc., and Deutsche Bank AG as joint bookrunners. Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley are leading the New York listing, expected in the first half of 2025. Klarna, a digital payments company, is nearing profitability and has around 85 million customers globally, with analysts valuing the company at about $14.6 billion. The IPO may prompt other fintech groups to go public as the sector recovers from increased borrowing costs. [Extracted from the article]

Mexican regulators have approved a banking license for Plata Card, a fintech company founded by a former executive of Russia's largest online lender. The company aims to tap into Mexico's market where only about a third of adults have formal credit. Plata Card, which focuses on consumer credit products, currently operates only in Mexico and has 800,000 customers. Other fintech companies in Mexico, such as MercadoLibre Inc.'s fintech arm and Brazil's Nubank, are also seeking banking licenses. [Extracted from the article]

Klarna Group Plc has added around 12 banks to its US initial public offering, with Bank of America Corp., Barclays Plc, Citigroup Inc., and Deutsche Bank AG as joint bookrunners. Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley are leading the New York listing, expected in the first half of 2025. Klarna is nearing profitability, with analysts valuing the company at about $14.6 billion, potentially setting the stage for other fintech groups to go public. [Extracted from the article]

Chinese stocks surged to a two-week high as traders anticipated potential stimulus measures at an upcoming policy meeting. The CSI 300 Index rose 1.3%, with financial and technology shares leading the gains. Investors are hopeful that the Central Economic Work Conference will unveil plans to support growth, with expectations of interest rate cuts and reserve requirement ratio reductions. Wall Street banks are projecting significant interest rate cuts by the People's Bank of China in 2025 to boost growth and combat deflation. [Extracted from the article]

Chinese stocks surged to a two-week high as traders anticipated potential stimulus measures at an upcoming policy meeting. The CSI 300 Index and Chinese stocks in Hong Kong both saw significant gains, driven by optimism for economic support. Analysts predict that Chinese authorities may introduce measures to boost growth at the Central Economic Work Conference, with expectations of interest rate cuts in 2025. [Extracted from the article]

EQT AB is collaborating with Financial Technology Partners to explore the sale of Banking Circle, a payments-services provider based in Luxembourg, with an estimated value of $3 billion to $4 billion. The sales process is expected to begin in the first quarter of 2025, potentially attracting interest from private equity firms, credit card companies, and banks. While no final decision has been made, EQT may consider retaining the business or selling a minority stake. Banking Circle offers advanced cross-border payment services aimed at reducing costs through real-time transactions in multiple currencies. [Extracted from the article]

Robinhood Markets Inc. is set to launch in Asia in 2025, with Singapore as its regional headquarters, according to CEO Vlad Tenev. The expansion follows the company's recent entry into the UK and its efforts to grow internationally. Singapore's appeal as a global wealth hub and its stable regulatory environment make it an attractive market for online brokerages like Robinhood. The move into Asia will bring Robinhood into competition with other international players like China's Tiger Brokers and Futu Holdings Ltd. [Extracted from the article]

Clear Street, a fintech firm based in New York, has become a floor-dealing broker on the London Metal Exchange's open-outcry trading floor. The company has received regulatory approvals to establish a UK trading operation and is expanding its presence in Europe, the Middle East, and Asia. Clear Street's move to join the LME aims to enhance client service capabilities, particularly for clients in Asia and the Middle East, as part of its global growth strategy. [Extracted from the article]

The Federal Deposit Insurance Corp. (FDIC) has implemented a system to directly monitor financial-technology companies partnering with banks in the US to anticipate potential vulnerabilities. This monitoring system aims to provide consistent oversight of fintechs, even if they switch banking partners, complementing existing bank oversight mechanisms. The increased scrutiny follows the collapse of Synapse Financial Technologies Inc., leading to regulatory actions and leaving individuals without access to their funds. FDIC Chairman Martin Gruenberg plans to step down in January 2025. [Extracted from the article]

The article discusses how organized crime in Brazil, specifically the First Capital Command (PCC), has allegedly used the fintech industry for money laundering and political financing. Authorities have uncovered a scheme where millions of dollars were laundered through 4TBank, a Brazilian "cryptobank," and linked to the PCC. The PCC has evolved from a prison gang to a sophisticated criminal enterprise, using various financial sectors, including fintech, to clean their illicit proceeds. The investigation has raised concerns about the ability of organized crime to infiltrate Brazilian society at the highest levels. [Extracted from the article]

Revolut co-founder Nik Storonsky expressed a preference for floating his fintech company in the US over the UK, citing the superior product offerings and market conditions in the US. Despite Revolut's significant growth and valuation, a UK IPO is not imminent, with Storonsky highlighting the challenges posed by the UK market, including high costs and low liquidity. Storonsky sees competition from global players like Nubank and JPMorgan Chase, hinting at a potential bid for a US banking license. The decision to bypass the London Stock Exchange would impact the local market, which has struggled with declining IPOs and companies leaving for more attractive options. [Extracted from the article]

Fortress Investment Group LLC has secured a deal to purchase real estate loans from New Silver, a fintech platform, to support the expansion of real estate transition loans, including fix-and-flip and construction loans. New Silver, founded in 2018, has originated around $300 million in loans and plans to lend approximately $250 million in 2025, with some of these loans being financed through the Fortress contract. Private credit firms like Fortress are increasingly involved in asset-based finance, either through acquiring existing loan portfolios or agreeing to purchase future originations, as seen in recent transactions with other companies like SoFi Technologies Inc. and Best Egg. [Extracted from the article]

Klarna Group Plc is moving forward with its planned initial public offering in the US, asking banks to submit pitches for junior roles. The Swedish fintech firm aims to list in New York in the first half of 2025, with Goldman Sachs Group Inc., JPMorgan Chase & Co., and Morgan Stanley leading the share sale. Klarna's estimated valuation has risen to $14.6 billion, up from $6.7 billion in 2022, following recent internal challenges and changes within the company. [Extracted from the article]