banking industry

The US Federal Reserve has put forward proposed rules for stablecoins, according to Payments Dive. The move is part of a broader push by US regulators to set clearer standards for dollar-linked digital tokens, which have become a major pillar of the crypto market. Details of the proposal's requirements and timeline are not yet available.

Senator Roger Marshall's re-election campaign in Kansas has drawn attention to credit card policy, with reporting noting the race as the latest sign that the Trump era has scrambled the traditional alliance between Republicans and the banking industry. Commentators are watching how financial-sector issues could shape the contest and what it signals for broader GOP relations with banks.

U.S. regional bank Valley National has agreed to buy Israeli fintech Bluevine for $340 million. The deal gives the bank a digital small business lending platform and is expected to accelerate its technology and artificial intelligence strategy. Industry commentators are watching it as another sign of traditional banks buying fintech capabilities rather than building them in-house.

Adtech company 33Across has rebranded as WealthStage, shifting to an advertising platform aimed at banks, trading apps, lenders, brokers and insurers. The platform uses an AI engine to score household wealth, positioning itself for an estimated $124 trillion in wealth changing hands by 2048. Industry observers are questioning which data sources feed the system and what parts of the 33Across business remain.

Citigroup chief executive Jane Fraser said the banking industry is still waiting for central banks to operate around the clock, arguing that payment infrastructure has not kept pace with markets that no longer stop at national borders or business hours. Her remarks add to a wider debate among bankers over modernising settlement systems, faster payment rails and the role central banks should play in instant, always-on finance.

Purple Group has launched Hello Purple, a new embedded finance division that packages the group's in-house financial technology as a service for fintech developers. The move lets other companies build Purple's banking and payments capabilities directly into their own products, and the announcement is drawing attention across the fintech and banking sector as embedded finance continues to grow as a business model.

Revolut has received approval from Argentina's central bank to proceed with its acquisition of Banco Cetelem, the Argentine banking unit. The clearance removes a key regulatory hurdle for the fintech company's expansion into Argentina's retail banking market. The move marks a significant step in Revolut's push into Latin America, allowing it to operate through an established local bank rather than building its licence from scratch.

Raymond James has hired Dan Connolly to head its technology and services investment banking business. The move signals the financial services firm's push to strengthen its advisory practice for technology companies, a sector where dealmaking competition among banks remains intense.