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Pick five of this week’s top news stories from the world of finance and technology.
ECB sets out to explore potential for digital euro
The European Central Bank (ECB) has selected five companies out of 54 applicants to work together to develop a potential user interface for the digital euro.
This selection is the result of a call for expression of interest in prototyping exercises issued by the ECB in April of this year. All applicants met a number of the “essential features” outlined on the call, but the five providers selected best matched the “specific features” required for their assigned use cases. The bank explains that
Each of the five companies will focus on one specific use case.
The purpose of this prototyping exercise is to test how well the technology behind the digital euro integrates with prototypes developed by companies. The simulated transactions will be launched using front-end prototypes developed by five companies and processed through the Eurosystem’s interfaces and back-end infrastructure.
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US enterprise technology provider NCR Corporation is set to split into two publicly traded companies by the end of 2023.
NCR said the split will “unlock value” for the company’s shareholders by creating two companies that can pursue independent growth strategies.
CEO Michael Hayford said the separation of NCR’s businesses will create “two big, strong companies” that will simplify their respective businesses and allow investors to better value each business. increase.
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CFPB Director Rohit Chopra
The U.S. Consumer Financial Protection Bureau (CFPB) issued the Buy Now Pay Later (BNPL) to ensure that consumers are covered by many of the same protections established for credit cards. It is set up to outline the new corporate rules.
Regulators will focus on three key areas: inconsistent consumer protection, data collection and monetization, and debt accumulation and overextension.
CFPB Director Rohit Chopra said BNPL is a “fast growing” type of loan that often replaces credit cards.
Whether a borrower is using a credit card or a buy-now-pay-later loan, we will continue to work to ensure that borrowers receive similar protections, Chopra said. I will add.
To avoid harm to consumers, the CFPB will set guidance and rules that bring BNPL companies closer to credit cards in terms of regulation, and ensure that BNPL lenders are properly supervised.
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UK-based super app Revolut has fallen victim to a “highly targeted” cyberattack that may have affected tens of thousands of customers.
In emails to affected customers, Fintech said their money was safe and no card details, PINs, or passwords were accessed, but some individuals were warned against fraud and phishing attacks. and may be vulnerable.
A Revolut spokesperson said: This resulted in a small percentage (0.16%) of customer details being accessed by unauthorized third parties for a short period of time.
The company has set up a dedicated team to monitor affected accounts. According to the Lithuanian data protection authority (where Revolut holds its banking license), this account could have as many as 50,150 customers worldwide.
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Current COO Dave Ripley Becomes Head of Cryptocurrency Exchange Kraken
Cryptocurrency exchange Kraken has appointed a new Chief Executive Officer (COO). Dave Ripley will lead the company and current Chief Executive Officer Jesse Powell will chair the company’s board of directors.
Ripley, who has been COO for six years, plans to take over the CEO role once a new COO is found, Kraken said.
During his tenure as COO, Ripley has played a “key role” in the growth and expansion of the company. He joined Kraken through the acquisition of crypto wallet Glidera, where he served as co-founder and CEO.
Ripley said:
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