US consumer watchdog takes a 'careful look' at Apple's BNPL plans; & more!

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NEWS HIGHLIGHT

US consumer watchdog takes a 'careful look' at Apple's BNPL plans. Apple's decision to offer a BNPL product has earned the attention of CFPB director Rohit Chopra, who tells the Financial Times that the consumer agency will look into whether Big Tech's entry into the sector "may actually reduce competition and innovation in the market". Link here.

FINTECH NEWS

#crypto

• U.S. consumer watchdog to scrutinize the use of cryptocurrencies for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector. A long-time consumer advocate, Chopra was tapped by U.S. President Joe Biden to lead the CFPB last year. Link here.


• Luno’s Singapore users are now able to purchase cryptocurrencies instantly using their credit or debit cards without depositing funds, providing an alternative to the current bank deposit and StraitsX payment offerings. Link here.

#openbanking

• Klarna Kosma has won its latest client. Klarna’s open banking platform Kosma is helping Airbank as it looks to international expansion as well as providing revenue diversification for the BNPL giant. Link here.