F|T: The FinTech Times – Open banking working group failing to address critical issues

Abraham Tachjian open banking lead
Abraham Tachjian, open banking lead.
Plus: Dapper Labs backs blockchain gaming firm Revolving Games through $13.2 million USD round.

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Open banking working group failing to address critical governance, standards issues (BETAKIT)

Working group participants from the FinTech community and those familiar with the talks expressed concern that delaying governance decisions could hamstring the system, leaving Canadians without recourse if their data or accounts are compromised. FinTech participants are also concerned they would be left without recourse in disputes with other financial institutions.

In response, Two FinTech industry associations have moved to address those concerns by developing or submitting their own reports on future governance options, BetaKit has learned.


Revolut under pressure from auditors after UK regulators find flaws (FINANCIAL TIMES)

Revolut is under pressure from its auditors to improve internal controls after UK regulators highlighted significant flaws in the auditing of its accounts, including an “unacceptably high” risk of “material misstatement.” The $33 billion FinTech firm is also currently in the middle of a major cost-cutting review codenamed “Project Prism.”


FreshBooks appoints Wayne Jackson as CFO to support global expansion, M&A plans (BETAKIT)

The appointment of Wayne Jackson comes as FreshBooks has set its sights on international growth and M&A opportunities. FreshBooks CEO Don Epperson said Jackson’s experience “leading global companies through periods of hyper-growth, including acquisitions and entrance into public markets, will be a huge asset as we continue executing our global expansion strategy.”


SEC Chair wants to police crypto, but calls for cooperation (AXIOS)

While the industry has long called for more guidance on how to comply with the existing regulatory structure, Securities and Exchange Commission Chairman Gary Gensler said more guidance isn’t coming. Enough has already been provided, he said, pointing to previous reports and punitive actions.


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WonderFi to acquire Blockchain Foundry in all-stock deal (BETAKIT)

WonderFi said it expects around 26.2 million of its common shares to be issued to shareholders of BCF as consideration, representing approximately 13.4 percent of the issued and outstanding shares of WonderFi. A spokesperson for WonderFi told BetaKit that BCF’s acquisition is worth around $12.6 million CAD.


Exclusive: After Laying Off 180 Employees, Rupeek Lays Off 50 More Employees (INC42)

In a statement, the fintech startup confirmed the development with Inc42. “Taking cognizance of the subdued macroeconomic situation, we accelerated our efforts over the past few months to achieve profitability. As further clarity emerged, we have firmed up our strategy to turn profitable in the next 12-18 months and adapt to the quickly evolving market conditions,” the statement said.


Mysten Labs, creator of the Sui blockchain, closes $300 million raise led by FTX Ventures (THE BLOCK)

The startup’s co-founder and CEO Evan Cheng, who was head of research and development at Meta’s crypto wallet Novi Financial until September last year, told The Block in an interview that Mysten aims “to bring about consumer adoption — mass adoption.”

“We focus a lot on designing an architecture that is completely different that allows us to horizontally scale the capacity of the blockchain,” he said.


Clearco hands overseas business to Outfund to focus on North American market (BETAKIT)

Clearco told BetaKit that its partnership with Outfund does not include any of Clearco’s staff, technology, intellectual property, infrastructure, or operations. Under the terms of this partnership, Clearco will receive a commission for referring its international clients to Outfund.


Investors Sue Treasury Department for Blacklisting Crypto Platform (THE NEW YORK TIMES)

The lawsuit, filed in federal court in the Western District of Texas, is funded by the cryptocurrency exchange Coinbase, which has clashed with the federal government over its increasingly stringent regulation of digital assets. The suit argues that the Treasury Department overstepped its legal authority by banning Tornado Cash.


Thoughtwire, Finaeo make staff cuts as Canadian tech continues to face economic headwinds (BETAKIT)

Thoughtwire and Finaeo are among the latest Canadian startups to make layoffs in recent weeks as companies adjust to a tighter investment landscape and economy. Both companies are staying mum on the number of employees cut.


At the Bank of Canada, a small team is hard at work on digital-currency technology (THE LOGIC)

After years of research into central bank digital currencies (CBDCs), the Bank of Canada now has a team of roughly 15 people developing the potential technology behind a digital loonie.


Dapper Labs backs blockchain gaming firm Revolving Games through $13.2 million USD round (VENTUREBEAT)

San Francisco-based Revolving Games plans to use the fresh capital to develop new games. According to The Logic, this marks NBA Top Shot creator Dapper Labs’ 28th deal of 2022, and 13th since May, indicating that the crypto crash hasn’t slowed down the Vancouver Web3 startup’s investment efforts.


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Michael Edgar

Michael Edgar

Michael is a multimedia journalist and Carleton Journalism alumni working out of Ottawa and Montreal. Follow him on twitter @mwedgar.

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