Highlight of the Week
Mastercard to Buy Open Banking Tech Firm Aiia
-Mastercard has agreed to acquire the Danish open banking technology company Aiia to expand its open banking reach.
-Mastercard stated, “open banking frees individuals and businesses to use their data for the benefit of finding appropriate financial services solutions simply, securely, and quickly.”
Rate Curves
Rapid Report:
Bitcoin Crashes on First Day as El Salvador’s Legal Tender
-The government had given Salvadorans $30 each of Bitcoin to encourage its adoption, relaying that Bitcoin could save the country $400mm a year in transaction fees on funds sent from abroad. This initial experiment is considered a failure as protests arose due to fears of financial instability and fear of more illicit transactions.
-The price of Bitcoin crashed on Tuesday to its lowest point in nearly a month, falling from $52,000 to under $43,000 at its lowest point.
JPMorgan to Buy Majority Stake in Volkswagen’s Payments Business
-The bank has agreed to buy close to 75% of Volkswagen Payments S.A. ahead of their rollout of in-car technology that allows drivers to automatically pay for fuel and tolls.
-This marks another example of non-finance companies stepping up to expand financial services. This platform envisions a world where cars can act like wallets for purchasing goods, services, or subscriptions.
Cold Weather, Return to School Risk Fueling Covid-19’s Delta-Variant Spread
-The highly contagious Delta variant has fueled a rapid increase in coronavirus cases, often in places where vaccination rates have lagged the national average.
