FinTech in Focus
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Welcome to FinTech in Focus, a compilation of must-read stories about the role technology plays in the delivery of financial products and services. As part of the Center for Financial Markets FinTech program, FinTech in Focus offers a sampling of the week’s top domestic and international headlines and stories about this innovative, fast-growing sector. Selected articles will cover the four verticals of our program: digital and electronic currencies, digital payment systems, online investment and finance platforms, and big data and machine learning. No need to scour the morning newspapers or websites any longer. It’s all right here.
MCX’s CurrentC Postpones Release Till Next Year
In an interview with re/code, MCX CEO Brian Mooney said they are playing the “long game” with the retail-backed CurrentC app which may not rollout widely until next year. The interview took place on the same day that Rite Aid said it would accept Apply Pay and Google Wallet.
FinCEN Rules Commodity-Backed Token Services are Money Transmitters
In a recent letter to an unnamed company, FinCEN found that “as the company is going beyond the activities of a broker or dealer in commodities and is acting as a convertible virtual currency administrator (with the freely transferable digital certificates being the commodity-backed virtual currency), the company falls under the definition of money transmitter."
Samsung Pay Launching in Korea on Aug. 20, in the U.S. on Sept. 28
The payments application will work with Samsung Galaxy Note 5, Galaxy S6 Edge+, Samsung Galaxy S6 and the S6 Edge. No other international dates announced.
Peer-to-Peer Lenders Losing Court Battle Over State Usury Laws
A recent court decision could result in marketplace lenders curtailing activities in New York, Connecticut, and Vermont, especially; with Lending Club stating that 12.5% of its consumer-loan portfolio could be affected.
BBVA: Block Chain Technology is The Ultimate Disruption
BBVA Research points to the potential benefits of blockchain technology for banks, while a recent Deutsche Bank Research post notes that the distributed ledger technology offers incumbent financial institutions the opportunity “to reclaim a more active role in the competitive race to innovate.”