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Stung by Compliance Costs, Asia Banks Urge Watchdogs to Approve More Fintech

Regulators need to do more to allow new technologies that could help in the fight against money laundering, as financial institutions are struggling with ever-growing compliance costs, an Asia finance industry group said on Thursday.

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Ripple CEO Says ‘Dozens’ of Banks Will Use Its Cryptocurrency Product in 2019

Ripple will have dozens of banks using its blockchain product that requires a digital currency known as XRP to work, the start-up’s CEO told CNBC on Tuesday. The company is developing a solution that allows cross-border money transactions between banks in a faster and cheaper way than the current system allows.

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Major Bank CEOs Say Blockchain Will Underpin the Financial Industry ‘In Five Years’

Blockchain technology could soon revolutionize the global banking industry, according to the chief executives of two major European lenders. Banks have invested millions in developing blockchain applications in recent years, as part of a broader industry effort to try to cut costs and simplify their back-office processes.

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Mastercard Is Looking to Integrate Its Payment Tech Into Google and Amazon Voice Assistants

Mastercard is looking at ways to integrate its payments system into voice assistants made by Google and Amazon to let people pay by talking to a device, a top executive from the company told CNBC on Monday. The U.S.

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Grammy-winning Fugees Founder Bringing Blockchain to Your Smartphone

Grammy-award winning rapper and founding member of the Fugees Pras Michel is launching a blockchain-enabled smartphone that lets users earn dividends on every purchase. The phone is part of Michel’s digital platform Blacture, which was announced in a 2018 Super Bowl ad, and celebrates black culture through content and technology.

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Investors Have Placed $1 Billion in Cryptocurrency Offerings Rampant With Red Flags for Fraud

Maybaybutter | Getty Images Investors have sent 1 billion into digital coin projects that flash warning signs for fraud, The Wall Street Journal reported Thursday, citing its own analysis. In a review of 1,450 digital coin offerings, the Journal said it found 271 bore red flags such as plagiarized documents or fake executive information.

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VIDEO: Apple and Goldman Sachs Planning a New Joint Credit Card

CNBC’s Josh Lipton reports that according to Dow Jones, Apple and Goldman Sachs are teaming up with a joint, Apple Pay-branded credit card.

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VIDEO: ‘We Want to Get Cash Out of the System’ With Mobile Payments, Bank of America’s Digital Chief Says

The rise of digital peer-to-peer payment services in the banking world is paving the way to a new, cashless reality, Bank of America’s Head of Digital Banking, Michelle Moore, told CNBC. We would like to get cash out of the system, Moore said in an interview with Mad Money host Jim Cramer. It needs to […]

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People in Sweden Barely Use Cash – And That’s Sounding Alarm Bells for the Country’s Central Bank

Of all the countries in the world to go completely cashless, Sweden could be the first. It’s already considered to be the most cashless society in the world. More Swedes have access to a payment card than to cash, according to data from the country’s central bank, the Riksbank.

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4 Reasons Cryptocurrency Still Hasn’t Gone Mainstream

Despite a decade of use and a twelve-figure market cap, it’s still not clear whether cryptocurrencies like bitcoin are here to stay or will cross over into mainstream use. Some experts, like Nobel prize-winning economist Robert Shiller, are pessimistic.

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Square Says It Sold $34 Million of Bitcoin in First Quarter

Payments processing company Square said it sold a total of 34.1 million in bitcoin in the first quarter. However, the company spent 33.9 million to buy bitcoin to allow people to trade it through its Cash mobile payments app. As a result, adjusted revenue from bitcoin was just 200,000.

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Four of the World’s Largest Automakers Want to Bring the ‘Blockchain’ to Your Car

Andrew Harrer | Bloomberg | Getty Images Four of the world’s largest automakers are part of new group announced Wednesday working to bring blockchain technology, which underpins bitcoin and other cryptocurrencies, to your car. BMW, Ford, Renault and General Motors are among the 30 companies in the Mobility Open Blockchain Initiative, or MOBI.

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