Twitter/X has been going state-by-state acquiring cash transmitter licenses. The social media platform is now authorised in 12 states.
For the final yr or so Elon Musk has made clear his intention to construct a monetary tremendous app to reinforce the platform’s ad-based revenues. However this transfer shouldn’t be going to be simple.
Whereas many main tech corporations have been increasing into monetary companies in recent times, regulators are wanting extra intently as we speak than ever earlier than at these preparations.
We now have already seen the Monetary Stability Oversight Council (a part of the Treasury Division) approve a brand new framework for regulating non-bank monetary corporations and the CFPB can be trying to broaden its oversight powers right here.
Given what a lightning rod Elon Musk is, it will likely be a more durable street for X than it might have been. Finance is constructed on stability and belief and few individuals would affiliate these two phrases with X proper now.
X/Twitter now has cash transmitter licenses in a dozen states because it gears up for tremendous app standing, however can it construct sufficient belief to achieve customers?
From Fintech Nexus
> Brazil’s QI Tech raises $200M in one among Latam’s largest fintech rounds in 2023
By David Feliba
Brazilian QI tech tapped $200 million in a landmark Collection-B funding deal, one of many largest rounds in Latin America this yr.
> Synthetic Intelligence: Mistral $2B valuation and Open Supply technique
By Laurence Smith
Based by former DeepMind and Meta staff, Mistral AI secured $487M from Andreessen Horowitz, Nvidia, and Salesforce…
Podcast
Jason Bates has co-founded two of probably the most profitable digital banks within the UK. And his deep expertise in monetary innovation…
Webinar
Funds Innovation is Sizzling: What to Count on in 2024
Dec 14, 12pm EST
International funds income grew double digits in 2023 – questioning what the close to way forward for the burgeoning funds area may… Be taught Extra
Additionally Making Information
To sponsor our newsletters and attain 220,000 fintech fanatics together with your message, contact us right here.
