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SumUp and FreedomPay Join Forces to Revolutionize Secure and Seamless Payment Solutions
SumUp, a global FinTech firm, has partnered with FreedomPay to enhance payment solutions for retail and hospitality businesses worldwide. This collaboration aims to create a robust payment infrastructure with offline capabilities, ensuring seamless transactions even in remote areas. The partnership offers hardware flexibility and enterprise-level functionality to cater to various business sizes and needs. SumUp provides intuitive payment solutions, including card readers and invoicing services, while FreedomPay delivers a secure global commerce platform integrating payments and data insights. Together, they aim to offer scalable, transparent, and secure payment experiences, empowering merchants in the digital economy.
One-Third of Central Banks Postpone CBDC Rollouts: What It Means for the Future of Digital Currency
The Federal Reserve’s research on digital currencies faces a setback as former President Trump halts efforts to create a digital dollar through an executive order. This has prompted global scrutiny of central banks’ plans for Central Bank Digital Currencies (CBDCs). A survey by Giesecke+Devrient and Omfif shows that 75% of 34 central banks still plan to issue a CBDC, with 34% expecting to launch within three to five years. However, 15% are less inclined, and 31% have delayed timelines due to legislative issues. Motivations differ: emerging markets aim for financial inclusion, while developed ones focus on monetary sovereignty.
Massachusetts Investigates Robinhood’s Predictions Market Hub: What You Need to Know
Massachusetts Secretary of the Commonwealth Bill Galvin has subpoenaed Robinhood for marketing materials and data related to brokerage account users interested in betting on college sports events, particularly during March Madness. Galvin criticized Robinhood’s tactics as gimmicky, emphasizing concerns about their marketing strategies. In response, Robinhood stated that the contracts in question are regulated by the CFTC through registered entities. The company highlighted its role in introducing prediction markets to retail investors while ensuring a safe trading environment. This subpoena adds to Robinhood’s regulatory challenges, following a $7.5 million fine last year for gamification practices.
Unmissable Week: 23 Small FinTech Fundraises You Need to Know About!
This week, the FinTech sector secured $793.7 million in funding, marking a decrease from the previous month’s trend of over $1 billion weekly. Notably, NinjaOne led with a $500 million Series C round, boosting its valuation to $5 billion. A total of 23 companies received funding, with most deals under $15 million. Taktile raised $50 million in Series B for AI-driven decision automation. The US and UK each saw ten companies close funding rounds, although European FinTech activity has sharply declined by 63% year-on-year in 2024. Various sectors, including PayTech and CyberTech, experienced diverse funding activities.
PayPal Settles $2 Million Cybersecurity Dispute with New York Regulators: What It Means for Online Security
A New York State Department of Financial Services (NYDFS) investigation revealed that PayPal’s cybersecurity practices were inadequate, primarily due to unqualified personnel and insufficient employee training on cyber risks. Key issues included a lack of qualified cybersecurity oversight, poorly trained staff on system changes, and failure to follow protocols, which exposed customer data to cybercriminals. Following a data breach in late 2022, PayPal self-reported the incident and has since taken steps to address vulnerabilities and improve cybersecurity measures. The NYDFS acknowledged these efforts, underscoring the necessity of robust cybersecurity practices to protect sensitive customer information.
Unlocking Profit: How CFOs are Leveraging Decarbonisation for Cost Savings and Revenue Growth
Decarbonisation is now a crucial element of corporate strategy, offering significant financial benefits rather than just compliance. CFOs and sustainability leaders are integrating decarbonisation to achieve cost savings, drive revenue growth, and mitigate risks. Key advantages include operational cost reductions through efficiency, enhanced market positioning due to sustainable practices, and improved financial performance linked to ESG initiatives. Companies prioritizing decarbonisation can see higher valuations and increased investor interest. To maximize ROI, businesses should incorporate decarbonisation into their strategies, capitalize on government incentives, and leverage robust ESG data for informed decision-making, transforming it into a competitive advantage.