The Next FinTech Arms Race Is Intellectual Property
Hey FinTech Fanatic!
For years, FinTech companies competed by launching new products faster than everyone else.
Now they're also competing to own the technology behind them.
Circle's acquisition of IBM's blockchain patent portfolio—more than 680 patent families and nearly 1,000 issued patents—is about much more than intellectual property. It gives Circle one of the strongest technology portfolios in the industry as competition shifts from issuing stablecoins to building the infrastructure that powers internet-native finance.
You'll also find an eye-opening report from Incognia on how fraudsters are already bypassing bank security with deepfakes, along with this week's American Express vs. Visa comparison, exploring how two payments giants continue to deliver strong results through very different business models.
Now, let's dive into today's biggest FinTech stories. 👇 See you tomorrow!
Cheers,
INSIGHTS
📰 Incognia: Deepfakes bypass security by exploiting trust, not technology. Deepfake attacks increasingly succeed by manipulating human trust and verification workflows rather than defeating security systems. André Ferraz, CEO of Incognia, argues that effective fraud prevention requires layered identity signals, behavioral analysis, and device intelligence instead of relying solely on biometric or deepfake detection tools. Read the full article here
PAYMENTS NEWS
🇦🇪 Checkout.com strengthens UAE offering with in-principle Stored Value Facilities licence. The regulatory milestone will allow Checkout.com to introduce issuing capabilities alongside its existing acquiring services in the UAE on a single platform built for performance.
🇮🇳 PhonePe's FY26 revenue grows to ₹7,920 crore, driven by continued growth across its FinTech ecosystem. The company also surpassed 700 million registered users and 50 million merchants while expanding its presence in lending, insurance, wealth management and payment services.
🇮🇳 bKash deploys largest Bangla QR network nationwide to accelerate cashless payments. Customers can now make cashless payments using bKash as well as other digital wallets. The initiative has also significantly boosted merchant payments, with transactions worth more than Tk200 crore on average every day.
🇰🇷 South Korean FinTech Hanpass is exploring stablecoin-based payment services as it expands beyond remittances into a broader digital finance platform. The company aims to improve the speed and cost of cross-border transactions while supporting services for foreign residents and global payments.
🇺🇸 NectarPay launches a non-custodial crypto payments platform built on the TEXITcoin Chain, enabling merchants to accept digital asset payments with zero transaction fees and instant settlement. The platform supports multiple cryptocurrencies and offers payment acceptance through QR codes, payment links, point-of-sale terminals, and API integrations.
🇦🇪 Yalla strengthens its UAE presence with CBUAE in-principle approval for a Retail Payment Services Category II License. Yalla aims to contribute to one of the world's fastest-growing digital economies while supporting the increasing demand for secure, scalable, and locally compliant financial technology solutions.
#FINTECHREPORT
📊 American Express 🆚 Visa
Here is a comparison of 𝗞𝗲𝘆 𝗦𝘁𝗮𝘁𝘀:
DIGITAL BANKING NEWS
🇬🇧 Revolut considers opening ‘very cool store’ in the UK as it tests a new brand experience strategy beyond digital banking. The move follows the planned opening of its first flagship store in Barcelona, which will serve as a pilot. Additionally, the company will offer European customers access to funds spanning private equity, credit and infrastructure, one of the most high-profile examples of alternative asset managers teaming up with platforms to attract retail investors.
🌍 Revolut RevTag pass now available in Apple Wallet and Google Wallet. According to the announcement, the pass allows users to display their Revolut username directly from their phone's lock screen, enabling another party to scan a QR code or copy payment details without the sender needing to open the Revolut app.
🌎 Western Union to shut down its digital bank. Customers must withdraw remaining funds, update payment details, and download account records before their accounts are closed, while Western Union's money transfer services will continue to operate separately.
BLOCKCHAIN/CRYPTO NEWS
🇰🇾 Crypto exchange BitMart to shut down, ending all trading services on August 26, 2026, before fully ceasing operations on January 31, 2027. The company cited operating conditions, market environment, and strategic priorities, while urging users to withdraw their assets during the transition.
🌎 OKX launches all-in-one app for crypto, payments, and more. The new OKX app consolidates multiple functionalities into a single platform, allowing users to trade cryptocurrencies, manage payments, and access institutional infrastructure all in one place.
🌏 Tether’s gold token XAU₮ receives Shariah Certification from Amanah Advisors, confirming it aligns with Islamic finance principles. The certification could expand adoption among Islamic banks, financial institutions, and individual investors seeking Shariah-compliant digital gold products.
PARTNERSHIPS
🇪🇬 The National Bank of Egypt, in collaboration with Mastercard launch USD Corporate Debit Card for seamless cross-border payments. It is designed to empower Egyptian businesses, from large corporates to small and medium enterprises (SMEs), with seamless access to global commerce.
🇺🇸 Robinhood and Crypto.com explore a prediction markets partnership. The potential deal reflects intensifying competition as brokerages and crypto firms race to capture the fast-growing prediction markets sector. Read more
🇳🇿 Xero partners with Revolut Business on cross-border finance. The partnership is aimed at businesses with overseas operations and multi-currency transactions. Businesses can also pull bills from Xero into their Revolut Business account for payment, with transaction details then syncing back into the accounting platform.
🇪🇸 Getnet integrates WeChat Pay to streamline payments for Asian tourists in Spanish businesses. With this integration, establishments will be able to more easily accept payments from tourists from Asia, especially those of Chinese origin. Continue reading
🇺🇸 Fidelity chooses Ethereum for its first stablecoin, Fidelity Digital Dollar (FIDD), marking the firm's expansion into on-chain financial services. Issued by Fidelity Digital Assets, the launch highlights growing institutional adoption of Ethereum as major financial firms build digital asset infrastructure
🇺🇸 TSG announces strategic partnership with Stripe to accelerate payments-driven growth. The partnership is designed to help platforms, software providers, and their investors turn payments into a disciplined growth lever: driving monetization, improving activation, and strengthening long-term performance.
🇺🇸 Byline Bank and Lithic partner to expand FinTech banking capabilities. This partnership will enable Lithic to connect technology companies with Byline Bank and enable them to launch consumer and commercial card programs and banking services.
🌍 MoonPay and Tempo announce ecosystem partnership to power stablecoin payments. The collaboration adds MoonPay's on-ramp and Virtual Accounts to Tempo Wallet, enabling users and developers to fund wallets, move money, and settle payments more seamlessly across fiat and digital assets.
DONEDEAL FUNDING NEWS
🇵🇰 Pakistani FinTech Oraan raises fresh funding from Epic Angels and WaveMaker. The funds raised will be used to grow Oraan's gold savings product, build out its gold inventory, and support expansion into new markets. Read on
🇬🇧 Iwoca closes bumper debt facility as sale speculation mounts. The facility will help it ramp up its lending power just days after it emerged it had instructed bankers to launch a sale process valuing it at north of £1bn. Continue reading
🌍 Salt Edge invests in ad platform Sientia to turn Open Banking data into customer experiences. In their joint efforts, Salt Edge and Sientia explore new ways businesses can use customer bank data to deliver more personalised, relevant and privacy-first customer experiences.
M&A
🇺🇸 Circle acquires IBM’s blockchain patent portfolio, including more than 680 patent families and nearly 1,000 issued patents. The intellectual property will support products including USDC, the Circle Payments Network, Arc, and other onchain financial infrastructure.
🇺🇸 Payward to acquire Magic Labs' Wallet infrastructure business. The acquisition strengthens Payward's end-to-end on-chain offering by combining wallet technology with its existing trading, custody, tokenized assets, and payments infrastructure.
🇺🇸 Luumis acquires Kalder to Expand Customer Intelligence Platform for Service Businesses. The acquisition supports Luumis’ strategy of building an integrated technology platform that connects business operations with customer engagement and retention.
🇺🇸 PGIM to acquire remaining interest in Deerpath Capital. The acquisition will strengthen PGIM’s direct lending platform by adding Deerpath Capital’s lower middle market expertise to PGIM’s existing core middle market and large cap capabilities.
🌍 Zedcrest Group completes acquisition of Leatherback, strengthening its international financial services platform and expanding its cross-border payments capabilities. The deal builds on Zedcrest's existing investment in the company and supports Leatherback's global expansion.
🇧🇷 PicPay receives approval from the Central Bank to acquire Kovr following suspicions of an irregular agreement. The deal will strengthen PicPay's insurance platform as it expands beyond distribution into a more integrated insurance business serving its 68 million customers.
MOVERS AND SHAKERS
🇺🇸 Stripe stablecoin card program lead Connor Fitzgerald steps down. Connor Fitzgerald has left Stripe after helping build and scale its stablecoin infrastructure business following the acquisition of Bridge. During his tenure, Stripe expanded its stablecoin card program to more than 100 markets.
🇺🇸 Flex appoints Chime engineering leader Michael Barrett as CTO. At Flex, Barrett will oversee the company's expanding suite of products, which currently includes AI-driven personal and business banking services spanning accounting, private credit, billing, and payments.
🇬🇧 Tandem hires Lloyd Turner as Southern Account Manager. In his new role, Turner will work directly with Tandem’s intermediary partners across the south, helping brokers access the lender’s specialist second charge proposition. Keep reading
🇲🇽 Plata appoints Michael S. Piwowar and John J. Sullivan as Independent Board Members. Piwowar and Sullivan bring deep expertise in global financial markets, securities regulation, and cross-border legal and national security matters, reflecting Plata's proactive approach to institutional maturity as it navigates an evolving financial landscape.
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