Ripple has raised $275 million through a private placement of senior unsecured notes via its Ripple Prime brokerage. The funds are earmarked for expanding the company's institutional financial services, including prime brokerage, financing, and multi-asset clearing.
Macau has launched a five-year economic development plan targeting a shift away from casino reliance. The strategy aims to increase non-gaming industry contributions to 60% of GDP by 2030, focusing on digital currency adoption, modern finance, and infrastructure projects.
Kraken's payment app, Krak, has introduced a multi-asset debit card in the US, enabling users to spend crypto and fiat with up to 2% cashback. The card, issued by Lead Bank, supports over 600 assets and marks a broader push by parent company Payward into financial services.
Indium phosphide prices have surged sharply due to unprecedented demand for optical modules driven by the artificial intelligence boom, with major suppliers in China and Japan hiking wafer costs.
Jio Financial Services and Bank of America announce a joint venture with Bank of America acquiring up to 49.9% in Jio Credit for approximately $1.9 billion, subject to regulatory approvals.
Former US Defense Secretary Mark Esper urged the Senate to pass the CLARITY Act, warning that weak digital asset rules allow China and North Korea to undermine US financial power.
Cryptocurrency exchange Bitget announced its registration as a financial services provider on New Zealand's FSPR, enabling it to offer services like foreign currency exchange and money transfers. However, the registration was not visible on the FSPR registry at the time of writing.
Kakao Group, including Kakao Pay and Kakao Bank, signed an MOU with Circle Internet Group to explore won-backed stablecoin payments and cross-border remittances in South Korea, anticipating upcoming crypto regulations.
Anthropic will supply its Claude AI models to 21 firms in the UK Financial Conduct Authority's Supercharged Sandbox, enabling them to test AI applications like fraud detection and compliance automation in a regulated environment.
South Korea's financial authorities investigated over 40 cases of unfair crypto trading, including market manipulation and fraudulent activities, in the last two years. Since the Virtual Asset User Protection Act took effect in July 2024, 30 cases were reported to investigative agencies, leading to 25 identified suspects and average unlawful gains of ₩1.4 billion.
Gold prices are trading with a bearish bias due to escalating Middle East tensions, inflation concerns, and expectations of a continued restrictive US monetary policy. Higher oil prices and a stronger dollar are weighing on bullion, with attention turning to upcoming US economic data.
Gold prices are trading with a bearish bias due to Middle East geopolitical tensions fueling inflation concerns and strengthening expectations of a US Federal Reserve rate hike. Technical indicators suggest a continued downtrend unless key resistance levels are reclaimed.
Kraken's mobile app now features AI-powered financial tools to offer personalized investment recommendations and portfolio management, aiming to provide everyday users with sophisticated market insights previously available only to active traders.
UK Chancellor Rachel Reeves is launching a new "skills compact" with financial firms like Barclays and Lloyds to retrain thousands of workers for the AI revolution. The initiative commits employers to improving skills and keeping pace with technological changes, aiming to future-proof jobs and maintain the sector's competitiveness.
Sheldon Mills, an executive director at the UK's Financial Conduct Authority, warns of an "arms race" in AI use in financial services, urging greater regulatory powers and a review of large language models. His report highlights both benefits like "hyper-personalization" and risks such as fraud and manipulation, advocating for human accountability.
The UK's Financial Conduct Authority (FCA) has released a report detailing a significant shift towards automated retail financial services driven by agentic AI. The report highlights the need for programmable infrastructure and addresses governance risks.
A landmark review by the FCA urges ministers to enhance the City regulator's powers to manage AI risks in financial services. While AI offers benefits like increased accessibility, it also poses risks of fraud, cyber threats, and consumer harm. The review recommends expanding regulatory authority over critical third parties and tech companies.
Gold prices may see limited upside due to persistent high US inflation, according to Manav Modi, Senior Analyst at Motilal Oswal. While a weaker dollar and softer labor data initially boosted gold, inflation above the Fed's 2% target prompts caution on rate cuts.
South Korea's Financial Services Commission and Korea Exchange introduced new rules for "split listing" by conglomerates, aiming to protect ordinary shareholders and boost stock values. The guidelines limit major shareholder voting rights and require parent companies to assess and mitigate the impact on shareholders.
Nearly 1,700 UK investors are suing Binance and its founder, Zhao Changpeng, for at least £150 million, alleging the crypto exchange sold them unauthorized derivative products.
Meta's WhatsApp is launching a major financial services and AI initiative led by Kunal Shah, aiming to leverage AI agents and the Meta AI chatbot for growth, especially in India. Shah's appointment highlights India's strategic importance and could revive WhatsApp's fintech ambitions.
Ten years after Brexit, columnist Larry Elliott restates his leftwing case for leaving the EU, arguing Europe isn't working economically and Brexit offers an opportunity for Britain to pursue a different economic model.
The EU and Hong Kong are discussing a financial services dialogue, with EU companies interested in opportunities within Hong Kong's Northern Metropolis. Ambassador Harvey Rouse highlighted potential cooperation in sustainable finance and the green transition.
Charles Schwab is reportedly planning to launch prediction markets for its customers, offering yes-or-no wagers on the S&P 500's performance. This move, in partnership with Cboe Global Market, expands into a growing sector already featuring platforms like Kalshi and Polymarket, despite ongoing regulatory scrutiny.
