- FCA reports PPI complaints up in first half but others drop
- Use of contactless cards grew 17.8% in July compared with a year earlier
- Bank of England and FCA joint survey to better understand the current use of Machine Learning(ML) in UK financial services-main findings
- PwC analysis indicates that UK financial services firms’ efforts to grow their robo-adviser ranks are leading the rest of the world
- Juniper Research new study estimates MFS(Mobile Financial Services) will grow 70% to over $1tr by 2024
- Teleperformance Group(TDIBS) highlights that Artificial Intelligence(AI) could significantly speed up processing of mortgage applications
- MDOTM and Raiffeisen Capital Management announces a new strategic partnership over Artificial Intelligence(AI) development expired
- Auriga announces launch of its new WWS AI(Artificial Intelligence) module expired
- iManage and Cognia Law partner to deliver meaningful and practical Artificial Intelligence(AI) solutions to organisations globally expired
- 40-year mortgages becoming standard expired
- Inflation-beating fixed returns diminish due to rate cuts says Moneyfacts expired
- Fixed bond rates in UK plummet as providers scrap deals 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".