Fintech Insider Podcast by 11:FS
899. News: JPMorgan poised to take over Apple Card, US Senators push for BaaS crackdown, H1 2024 fintech deals down 50%
Sep 23, 2024
Kevin Fox, a seasoned chief executive in financial technology, joins the discussion on major industry shifts. Apple may soon hand over its card business to JPMorgan, stirring regulatory concerns. US Senators are calling for stricter rules on Banking-as-a-Service providers, reflecting increasing oversight. Meanwhile, fintech funding has plummeted nearly 50% compared to last year. Innovative strategies emerge, with Monzo offering new payment options and Pizza Hut testing unique marketing by delivering resumes on pizza boxes.
57:14
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Quick takeaways
- Apple's potential transition of the Apple Card to JPMorgan could enhance user experience but poses compliance and operational challenges.
- US Senators are advocating for stricter regulations on BaaS providers to protect consumers following a recent provider collapse.
Deep dives
Apple's Potential Takeover of JP Morgan's Card Business
Apple is reportedly considering transitioning its Apple Card program from Goldman Sachs to JP Morgan Chase. This move could allow JP Morgan to leverage its extensive experience in consumer credit, as Goldman Sachs faced significant losses from the partnership. Observers note that while Apple aims to enhance user experience, there may be inherent conflicts with the banks' focus on compliance and risk management. Furthermore, potential regulatory scrutiny and the operational complexities stemming from Apple's unique billing system could pose significant challenges for JP Morgan.
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