Today In Payments: FinCEN Files Reveal Billions In Suspicious Money Flows; Chime Now More Valuable Than Robinhood
In today’s top news FinCEN discovered an underworld of corruption in the world’s banks and how governments allow it to thrive, and challenger bank Chime is now worth more than Robinhood. Plus, a California judge temporarily blocked President Trump’s WeChat ban.
The Financial Crimes Enforcement Network (FinCEN) uncovered government documents on how giant financial institutions, including Deutsche Bank, JPMorgan Chase and Standard Chartered, move trillions of dollars in suspicious transactions, padding their bottom line, while terrorists, drug dealers and corrupt politicians are allowed to run free.
News about Chime’s latest funding round might give pause when comparing the tech-savvy upstart’s valuation against some traditional banking players.
A California federal judge has temporarily blocked President Donald Trump’s executive order prohibiting WeChat, the social media app owned by China’s Tencent Holdings Ltd.
Global trade is making a stronger comeback than after the 2008 financial crisis, contrary to the predictions the pandemic could paralyze trade permanently. While trade is still below pre-pandemic levels, it recouped about half of this year’s historic loss by June, according to the Kiel Institute for the World Economy, an independent, nonprofit economic think tank based in Kiel, Germany.
In the dictionary under the word “resilience” is a picture of a small business, whose creativity and resolve has been pushed to the max over the last six months. But with the holiday shopping season just around the corner and 88 percent of consumers ready and willing to spend, Visa’s Kevin Phalen tells Karen Webster that what small businesses need now is help in making their businesses digital-first. He explains what Visa is putting in motion this week to help make that shift.
“What will you change?” is a question every CFO is now asking — and answering — about strategies and business processes. For electric scooter rental firm Lime, the future is pretty straightforward — own the business of transporting consumers on trips of less than five miles and be profitable, Lime CFO Andrea Ellis tells Karen Webster.
According to PYMNTS latest research, merchants are finally feeling a little more confident about their futures. That’s the good news. But they seem to have very different opinions than their customers about how much longer the pandemic will last. Does that four-month gap spell trouble ahead for merchants?