- FCA publishes its annual Sector Views
- Huntswood comments on FCA annual Sector Views
- HBSC profits down by a third and around 35,000 jobs to go-Signavio comments
- HSBC offering a comparison site exclusive cashback deal to new customers through money.co.uk and Uswitch
- Payments through Pay.UK reached an all-time high in 2019
- Equifax says quality of data is top priority for credit industry in 2020 and beyond
- Flywire acquires Simplee and also announces $120m Series E investment round led by Goldman Sachs expired
- Moneyfacts says the average UK long-term fixed savings rates are at their lowest point since May 2017 expired
- Mastercard developing its first European Cyber Resilience Centre expired
- Monzo to have a second go at launching its premium account offering expired
- FCA impose fine of £2.77m on Moneybarn expired
- FCA bans a number of online credit broking adverts issued by Rix Motor Company expired
8th October 2019
PayPal drops out of Facebook cryptocurrency Libra
It has been reported that payments company PayPal has pulled out of an alliance that is trying to launch Libra, Facebook's digital currency, and Calibra, its digital wallet. It made the announcement on 4 October, but has yet to reveal its reasons.
According to the BBC, the cryptocurrency had been widely criticised by regulators, and both France and Germany have pledged to block it from Europe.
One of the original group of 28 companies and non-profits trying to launch the currency, PayPal said it "[remained] supportive of Libra's aspirations" but had chosen to focus on its own core businesses.
Responding to the news, Libra Association said it was aware that attempts to "reconfigure the financial system" would be hard. "Commitment to that mission is more important to us than anything else," it said in a statement. "We're better off knowing about this lack of commitment now."
The Libra Association is to hold the first meeting of its governing body – the Libra Council – on 14 October. The group said in a tweet that it planned to share updates soon afterwards: about "1,500 entities that have indicated enthusiastic interest to participate".