Fintech Focus For December 4, 2020

Quote To Start The Day: One can look at a SPAC as the reverse of a traditional IPO. A SPAC goes public first—usually with a highly regarded executive team able to raise money from large institutional investors—with the intent to acquire a private company to put in its shell within about 24 months.

Source: Crunchbase

One Big Thing In Fintech: FinTech fundamentals should remain resilient in 2021, even if coronavirus pandemic-related challenges persist or the macroeconomic environment deteriorates further.

Source: Fitch Ratings

Other Key Fintech Developments:

• S&P to launch a crypto index in 2021.
• Phone makers expanded into fintech.
• Coinbase talks custody for big banks.
• 1inch uses $12M for DeFi innovation.
• Spotify wants to push its crypto effort.
• Revolut plans move from mobile first.
• Macquarie to launch FX trading tech.
• Visa will integrate Circle’s USDC coin.
• CDPQ leads IEX Group investments.
• Freetrade to pay 3% interest on cash.
• EBS BrokerTec has acquired Molten.
• Intuit closes on its Credit Karma deal.
• Stripe added Stripe Treasury service.
• Ualá offers mobile point-of-sales tech.
• York Capital invested in F1 Payments.
• Cboe planning to expand close cutoff.
• BlackRock: Bitcoin gaining legitimacy.

Watch Out For This: Corporate CFOs surveyed by CNBC after the election do not think a repeal of the Trump corporate tax cut Joe Biden had planned and a business tax hike to 28% is likely.

Source: CNBC

Interesting Reads:

• Fauci slams UK over Pfizer approval.
• Market will deteriorate and fragment.
• Gates intros plan on climate change.
• YouTube adds new comment feature.
• Twitter shuts down old prototype app.
• California could implement lockdown.
• Joe Biden picks BlackRock’s Deese.
• Virus is a top risk to financial stability.
• bitFlyer volume made record on BTC.
• SoftBank ditches speculative options.
• NASA taps private sector for mission.
• Biden endorses $908B COVID relief.
• Google looks to hone enterprise data.

Market Moving Headline: Stocks were mixed Thursday, selling off late after Pfizer announced cuts to the number of Covid-19 vaccine doses to be distributed this year. Many stocks held their ground because the odds of a fiscal stimulus bill passing soon are increasing, and economic data were upbeat.

Source: Barrons