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FINANCIAL TECHNOLOGY | Staff Reporter, Singapore
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Weekly Global News Wrap: Revolut to apply for US bank licence; G7 to block Facebook's Libra

And Credit Suisse hires former Bank of America investment banking head.

From CNBC

European digital bank Revolut is close to applying for a banking licence in the United States, with plans to apply for a charter with the Federal Reserve Bank of San Francisco and California’s Division of Financial Institutions within weeks.

Even though Revolut’s bank charter will be with California, it will allow the lender to operate widely throughout the US via interstate agreements.

Still, its move to apply for a state banking charter rather than one through a national regulator like the US Office of the Comptroller of the Currency drew questions from some industry observers. State financial regulators have clashed with the OCC over its move to create a special charter for fintech firms.

From Reuters

G7 financial leaders are set to oppose the launch of Facebook’s Libra stablecoin until it is properly regulated.

A draft statement, prepared for a meeting of finance ministers and central bankers of the United States, Canada, Japan, Germany, France, Italy and Britain, said digital payments could improve access to financial services, cut inefficiencies and costs, but they had to be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cybersecurity.

In addition, the draft notes that a number of G7 authorities are exploring the opportunities and risks associated with central bank digital currencies (CBDCs).

From Reuters

Credit Suisse is hiring Bank of America’s former head of investment banking Christian Meissner.

Meissner would take over as the co-head of International Wealth Management Investment Banking Advisory and vice-chairman of Investment Banking.

Meissner, who left Bank of America in September 2018, resigned from Julius Baer with immediate effect, the Swiss wealth manager said on 13 October.

Photo courtesy of Pexels.com.

 

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