Daily brief · Monday, 26 October 2026
HSBC leaves South Africa; stablecoin rule worries CUs
Regulation & Policy
Credit union leaders are cautioning about risks in an OCC stablecoin rule. One described it as a 'blockbuster moment' for the sector. The concern is aimed at how the rule could affect credit unions.
EarnIn argues that a Maryland law violates its First Amendment rights, contending that asking users for a tip is protected speech. The challenge concerns how the earned wage access provider can solicit tips.
Banks
HSBC has lost its South African banking licence, 30 years after it entered Africa's largest economy. Commentary in Nigerian press describes the departure as a quiet, strategic retreat rather than a failure.
JPMorgan has secured approval from the Central Bank of Nigeria for a merchant banking subsidiary. Local coverage frames it as a possible challenge to Citibank as a US dealmaking lender in the market.
UK banks have received about 10,000 complaints in three months over restrictions on crypto purchases. The figure sits awkwardly with the government's stated aim of making the UK a global crypto hub.
Crypto & Stablecoins
HSBC has launched a Hong Kong dollar stablecoin, called RedCoin, aimed at 3.3 million users. Coverage questions whether it can gain ground against existing stablecoins.
An analysis looks at a JPMorgan and BNY tokenization test, focusing on settlement speed and funding costs. A separate explainer sets out what holders of JPM Coin and USDC actually own, contrasting tokenized deposits with stablecoins.
Fintech & Funding
CapitalOS, which supplies spend management, cards and bill payment tools to vertical software platforms for their SMB customers, raised a $21.9M Series A led by LGVP. Axios also reports Cognitive raised $40M, IntraFi is on the block and Carlyle is buying Truist loans. Separately, $541M was raised this week across 16 fintech deals.
Fraud, AML & Security
JPMorgan and other large Wall Street firms are blocking AI agents over security concerns, according to crypto press coverage.
CoinDCX has confirmed a $16 million loss from retired wallets. This comes days after CEO Sumit Gupta told users on X that early reports of a breach sounded like 'a false alarm'.
Payments
Splitit has introduced a World Mastercard instalment card that banks can offer under their own brand.
From the regulators
The FDIC invites comment under the Paperwork Reduction Act on renewing three existing information collections (OMB Control Nos. 3064-0143, 3064-0182 and 3064-0204).
Also today
Anchorpoint, led by Standard Chartered, plans a retail stablecoin on a public blockchain.
The Financial Brand examines the competitive threat Robinhood poses to banks and credit unions.
Sweden's central bank has revived the question of an e-krona, citing falling cash use, a digital euro on the horizon and growing stablecoin momentum.
Bloomberg says a Blackstone-led $2.3B private credit loan to CoreWeave in 2023 became a blueprint for GPU-backed debt, on track to be a $1T market.
Bloomberg reports Kalshi aims to launch exchange-traded futures tracking CPI and related metrics in December, and is pitching banks on the market.
Singapore's MAS has added Malaysia and Thailand to its BLOOM stablecoin initiative.
Customers of hardware wallet maker Keystone say a breach exposed data the company promised to delete, usually 180 days after orders. Some users doubt that claim.
The Telegraph reports Barclays reused one customer's bank details, so his mother paid a stranger for years.
Read from 82 items posted in the last day.