Brazil’s Itaú gets OCC’s conditional approval for US charter
Itaú, Latin America's largest bank, received conditional approval from the Office of the Comptroller of the Currency to establish a US national bank charter. The bank will operate through a single Miami branch, offering deposit accounts, mortgages, and credit cards to high- and ultra-high-net-worth individuals.
Citi is done getting smaller. Now it has to get better.
Citi has completed its multi-year divestiture program and now focuses on operational improvement rather than shrinking its business. The bank must enhance performance and efficiency after years of reducing its asset portfolio and operations.
Crypto Card Spending Jumps Threefold in a Year, Paymentscan Data Shows
Cryptocurrency card spending exceeded $1.04 billion in July, more than tripling over the past year as consumers purchased everyday items like groceries. Dollar-backed stablecoins accounted for 70% of the more than 10 million tracked transactions.
Private Equity Groups Begin Placing AI Experts in Portfolio Companies
Private equity firms are placing artificial intelligence experts in their portfolio companies to drive business growth. Blackstone and Hellman Friedman partnered with Anthropic in a $1.5 billion deal to support this strategy.
Helcim Raises $38 Million to Fill Small Business Banking Void
Helcim raised 38 million dollars in Series C funding to expand its small business banking platform. The Calgary payments company aims to serve Canadian merchants as major banks divest or outsource their merchant services operations.
Apollo Economist Says AI Affecting Wages More Than Employment
Artificial intelligence is reducing wage growth rather than causing widespread job losses, according to Apollo Global Management's chief economist Torsten Slok. AI's measurable impact appears in weaker wage growth across the labor market rather than in overall employment numbers.
Alibaba Raises $10 Billion in Record Hong Kong Share Sale
Alibaba raised $10.2 billion through a Hong Kong secondary share sale, the largest in the city's history. The funds will support the company's spending on artificial intelligence development and expansion globally.
FASB Proposes Guidance on Stablecoins as Cash Equivalents
The Financial Accounting Standards Board proposed guidance allowing certain stablecoins to qualify as cash equivalents under U.S. accounting standards. The update would provide illustrative examples to promote consistent treatment of digital assets in financial reporting.
Fifth Third Backs Payload’s Embedded Payments Expansion
Payload secured a strategic investment from Fifth Third to expand its embedded payments platform. The company processed nearly $500 million in May alone and has become a leading processor of earnest money deposits.
Nscale Targets $3 Billion IPO as AI Data Center Demand Soars
Nscale, an AI data center developer, plans to raise up to $3 billion through an initial public offering potentially occurring in September. The company is developing data centers as demand for AI infrastructure continues to grow.
Apollo Global Management Hit by Social Engineering Attack and Data Breach
A social engineering attack gave unauthorized parties access to Apollo Global Management's cloud platforms between July 6 and July 10. The breach compromised certain information stored on those platforms, though specific details about the data affected were not disclosed.
AI Is Opening New Revenue Streams for Automakers
Automakers Ford and General Motors are developing AI assistants connected to vehicle data to generate ongoing revenue after purchase. These AI systems aim to maintain customer relationships and create new income streams beyond the initial vehicle sale.
Former JPMorgan COO Matt Zames to Advise Social Security Administration on Modernization
Matt Zames, former JPMorgan Chase COO, will serve as an unpaid advisor to the Social Security Administration starting August 24 to help modernize the agency. He will work alongside Frank Bisignano, another former JPMorgan colleague who is currently at the SSA.
Nvidia Pays $6 Billion to License Poolside AI Model-Development Software
Nvidia is paying $6 billion to license Poolside's Model Factory software for artificial intelligence model development. Nvidia will also hire 109 Poolside employees who worked on the company's open-source Laguna AI model.
Banks Add Branches as Physical Networks Lift Digital Sales
The U.S. bank branch count increased to 69,167 by the end of 2025, up 535 branches from the previous year. Major banks are investing billions in physical networks as branches now support digital sales channels.
Stripe and Ramp Are Betting on AI Traffic Controllers
Ramp launched Router.com, a tool that directs requests to different artificial intelligence models, after operating it internally for three years. Stripe made a similar move to build a layer that determines which AI model processes requests.
AT&T Slashes AI Costs by Adopting Model Routers and Open Source
AT&T reduced AI operational costs by 56% using model routers that direct queries to cheaper AI models. Performance quality declined only 2% with this approach.
Airbnb Tests AI Search After Automating 45% of Support
Airbnb's AI customer-service assistant now resolves 45% of user inquiries without human agents, up from approximately 33% at the end of last year, and operates in more than 50 languages. The company is testing AI search capabilities and plans to add voice-call support to its assistant later.
17 Fintechs Innovating in Modern Banking Infrastructure, Payments, and Operations
Seventeen fintech companies are using AI to transform manual banking processes including cross-border payments, document management, fraud investigation, and underwriting. These innovations aim to help financial institutions improve efficiency and data analysis while reducing operational costs.
Working Capital Is Becoming a Priced Portfolio for CFOs
# Summary CFOs are now treating working capital as a priced portfolio, optimizing how different components are financed rather than simply reducing days of receivables or payables. Companies with identical working capital requirements may manage different risk pools, such as short-dated receivables from investment-grade customers versus other sources.
HSBC, Standard Chartered Complete Live Tokenized Deposit Transaction via Swift’s Blockchain enabled Platform
Two major banks completed the first live interbank transaction using tokenized deposits on a Swift-developed blockchain platform on August 19, 2026. The transaction demonstrates progress toward continuous cross-border payments using regulated bank-issued digital money.
How Figure turned a lending business into a financial network
By early July, Figure's platform was processing $1 billion in loan applications weekly. The company transformed from a blockchain-based HELOC lender into a broader financial network handling multiple lending products.
China Expands Digital Yuan Operator Network to 30 Other Banking Platforms
China's central bank added 30 commercial banking platforms to operate its digital yuan currency system. The People's Bank of China made this expansion announcement on August 17, 2026, broadening the e-CNY's operational network among commercial lenders.
OCC Promises Final Rule for GENIUS Act by November
The Office of the Comptroller of the Currency will release a final rule implementing the GENIUS Act by November. Comptroller Jonathan V. Gould stated the agency began working on the rule before the President signed the bill into law.
Nvidia Weighs Investment in Round Valuing Mercor at $20 Billion
Mercor, a data labeling provider for AI model development, is being valued at $20 billion in a potential funding round that Nvidia may join. The specific investment size and total round amount remain undisclosed.
OpenAI CFO Tells Employees Public Debut Coming by 2027
OpenAI's CFO told employees the company will become public by 2027, potentially sooner if business growth continues to accelerate. The CFO stated a public debut could happen this year if the company's business trajectory sustains its current acceleration rate.
Reusable FinTech Certification Could Streamline Bank Due Diligence
A voluntary Banking Innovation Standards Development Organization would allow banks to reuse due diligence certifications for technology providers across multiple institutions. The framework was outlined in a July 21 draft term sheet involving federal regulators and industry participants.
AI Startup Etched Takes Just One Month to Double in Valuation
Etched, an AI chip design company, raised $700 million in funding, doubling its valuation to $21 billion in one month. The company designs chips, racks, software, and manufacturing methods for improved throughput, latency, cost, and power efficiency.
CFTC Prepares to Draft Rules for Trading Compute Derivatives Contracts
The Commodity Futures Trading Commission is preparing to establish rules for trading compute derivatives contracts, which represent computing power used in artificial intelligence. The agency is seeking public comment to inform its regulatory framework for this emerging commodity market.
OpenAI Halts Frontier AI Training After Cybersecurity Alarm
OpenAI temporarily slowed its frontier AI model training pace due to growing cybersecurity and safety risks associated with more capable systems. The company stated it needed time to meet necessary safety standards before continuing to scale its development efforts.