Author: PCN

PCN Pulse- HSBC jumps onto Metaverse, Crypto ads and BNPL regulation updates

The Metaverse hype has driven major financial institutions like HSBC, Mastercard, JPMorgan, and American Express to embrace opportunities in the Metaverse. Outside of finance, McDonalds, Nike, and Heineken have jumped onto the trend, introducing their products for the platform.

With providers like Affirm, Klarna, and Afterpay alongside traditional retailers all pushing out Buy Now, Pay Later as a better alternative to credit card debt, many young consumers have jumped onto the bandwagon to avoid getting into debt from traditional crest cards. However, the Consumer Financial Protection Bureau has issued a report stating that consumers can accumulate lots of debt with big late payment fees.

The UK watchdog is cracking down on crypto ads. In response, crypto exchange Coinbase and Bitfinex have sent letters asking for new clearer regulations, not banning. March 13, the deadline for companies to submit to FCA for crypto activity approval, has recently passed so we’re expecting to see some newcomers on the scene like Revolut and Copper.

German fintech specialized in embedded capital Finleap scored 100 million euros venture fund which will grow the startup’s embedded financial services. Meanwhile, corporate credit card startup Ramp hits 8.1 billion valuation after securing 200 million funding in a round led by Founders Fund, Thrive Capital, and Stripe. UK embedded banking platform ClearBank raised 175 million pounds. The platform currently serves customers like Coinbase, Tide, and Chip but its plans to grow its offering across Europe, North America, and Asia Pacific are underway.

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