Fintech

PhonePe backs away from a buy now/pay later acquisition, Germany fines EY for Wirecard scandal, and more.

Rates are rising and maturities are shortening in unsecured commercial paper, raising the possibility of a credit crunch and further regulatory intervention.

Bank regulators have historically neglected the needs of Black communities. Channeling funds to the banks that serve them would repair some of the damage.

Peapack-Gladstone Financial CEO Doug Kennedy is betting that giving his workforce the same hospitality training hotel employees receive will lead to better customer service and a healthier bottom line.

Financial tightening stemming from two recent bank collapses has served as its own check on inflation, according to Federal Reserve Chair Jerome Powell. He said the relatively small rate hike announced Wednesday was not the result of financial stability concerns.

U.K. regulators warn payment companies, Goldman Sachs invests in Saudi fintech, and more.

Economists have warned since last summer that speedy monetary tightening could be destabilizing. This week, the Federal Reserve will decide whether to stay on that course.

Digital apps drive 53% of cross-border transfers in key remittance zones, while one in 10 users move cash across borders in person, according to a Visa survey of 14,000 consumers.

The Bank Term Funding Program, rolled out by the central bank on Sunday night, offers par value for underwater securities that banks pledge to obtain short-term loans. Industry insiders expressed optimism on Monday that it will buy time for institutions that have been hit by rising interest rates.

The FDIC named Greg Carmichael, who retired last year as CEO of Fifth Third Bancorp, to run a bridge bank that will hold Signature's deposits and most of its assets.