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US OCC Confirms Banks Can Legally Provide Crypto Custody and Execution Services
The OCC’s recent Interpretive Letter 1184 clarifies the permissible activities for national banks and federal savings associations regarding crypto-asset custody and execution services. Key points include allowing banks to buy and sell crypto-assets as per customer instructions, collaborating with third parties for crypto services, and enforcing third-party risk management practices. Compliance with legal and regulatory standards is essential. This letter aligns with previous OCC guidance, reinforcing a framework for responsible engagement in crypto activities. The OCC aims to promote responsible innovation while ensuring the safety and soundness of financial institutions in the evolving cryptocurrency landscape.
Romance Scams on the Rise: How Banks are Battling Increased Reputational and Financial Risks
Romance scams, particularly sextortion, are increasingly concerning for financial institutions, with a Moody’s report indicating 1,193 new cases in 2024, a 14% rise from 2023. The U.S. accounts for 38% of these scams, followed by Nigeria, India, and the UK. These scams often involve shell companies, complicating financial tracking and risking institutional reputation and compliance. To combat this, banks are enhancing transaction monitoring, scrutinizing shell company funds, and improving due diligence. Moody’s supports these efforts by providing critical compliance data. The surge in scams underscores the urgent need for banks to strengthen their defenses against such fraud.
Rain Secures $24.5M Funding to Accelerate Stablecoin Card Issuance Expansion
Rain, a global card issuing platform utilizing stablecoins, has raised $24.5 million in a funding round led by Norwest Venture Partners, alongside new investors like Galaxy Ventures and Goldcrest. This investment underscores the rising interest in stablecoin technology within fintech. With a new principal membership with Visa, Rain aims to enhance card issuance across Europe, the US, and Latin America. Over the past year, the company has seen a 15-fold growth, processing transactions in over 100 countries. CEO Farooq Malik highlighted the funding’s role in expanding interoperability and infrastructure for stablecoin transactions, positioning Rain as a leader in stablecoin adoption.
Aspire Unveils Visa Corporate Card: Empowering Hong Kong SMBs with Effortless Cross-Border Payments
Aspire, a leading Singaporean FinTech company, has launched a new Visa corporate card specifically designed for small and medium-sized businesses (SMBs) in Hong Kong. This card addresses key financial challenges faced by SMBs, such as limited access to financial tools and high banking fees. Featuring multi-currency capabilities and seamless cross-border payments, the Aspire Visa corporate card integrates with Aspire’s digital business account for streamlined operations. With nearly 79% of Hong Kong SMBs focusing on international growth, this collaboration between Aspire and Visa aims to empower entrepreneurs and enhance the region’s digital economy, facilitating easier global transactions.