Would You Trust Elon Musk's X With Your Finances?
Hey FinTech Fanatic!
Earlier this week I shared that Elon Musk’s X now has a Money Transmitter License in 25 States in the US.
According to Christopher Stanley, the Head of Payments at X, the platform's payment capabilities will extend far beyond simple tipping. Users can soon store money in their X Wallet, send funds to other X Payments users, and even earn interest on their account holdings.
"Think Venmo at first," Stanley explained, "Then, as things evolve, you can gain interest, buy products, eventually use it to buy things in stores (think Apple Pay). "As Stanley puts it, the ultimate goal is to create a self-contained financial ecosystem within the X platform.
"The end goal is if you ever have any incentive to take money out of our system, then we have failed, you shouldn't ever need to take money out because you should be able to do anything you need on our platform," he stated.
Now over to you: Will you switch your finances from your bank to 𝕏 when 𝕏 Payments is introduced?
Let me know in the comments below👇
Cheers,
BREAKING NEWS
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FINTECH NEWS
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🇺🇸 Robinhood Retirement has now hit $6B in assets under custody. This milestone is significant for Robinhood as most retirement accounts are gold subscribers, benefiting from the 3% IRA match. More on that here
PAYMENTS NEWS
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🇮🇳 Wealth management platform Groww and digital payment processing company Worldline ePayments have received the Reserve Bank of India’s licence to operate as online payment aggregators (PAs). The PA licence will allow Groww to process online payments by itself.
DIGITAL BANKING NEWS
🇵🇪 Máximo and Alfintech partner to enhance digital banking in Peru. This collaboration is set to deliver an unparalleled digital banking experience to Máximo’s customers by leveraging Alfintech’s financial solution expertise and Máximo’s technological prowess.
🇦🇷 Ualá has expanded the range of investment products available in its ecosystem by integrating the option to trade bonds in the Argentine capital market. This new alternative further strengthens the investment options available on the app, which already includes access to mutual funds.
🇧🇷 Brazilian digital bank C6 records first ever quarterly profit. JPMorgan backed C6 Bank reports first quarter profit of BRL461m ($88.8m) as customer numbers exceed 30 million. JPMorgan increased its stake last year in C6 from 40% to 46%. Continue reading
🇬🇧 Monument announces a significant milestone in its journey: it has reached £2 billion in customer deposits and interest-bearing assets, with £1 billion raised in just four months, from January to April 2024. Monument is the only bank focused on serving the mass affluent in the UK and beyond.
BLOCKCHAIN/CRYPTO NEWS
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DONEDEAL FUNDING NEWS
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M&A
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PB FinTech plans to acquire 100% stake in Genesis Group. On May 1st, PB FinTech's parent company announced board approval for three proposals. These include acquiring a 100% stake in Genesis Group Limited from YD Holdings Limited for AED 3.8 million, expected to be completed by May 31, 2024.
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MOVERS & SHAKERS
🇬🇧 Johan Bergqvist to join Banking Circle Group as Chief Financial Officer (CFO). Johan will work closely with the Co-Founders, Anders la Cour and Laust Bertelsen, and the rest of the management team, to drive the next phase of sustained, rapid, and profitable growth.
🇺🇸 Synctera appoints Ellen Linardi as Chief Product and Technology Officer. Ellen will have responsibility for all of Tech at Synctera - combining product, engineering, data and design into a single team. Keep reading
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