The FTX fiasco continued to lead the news all week. Every day contained new revelations of the staggering mismanagement inside FTX as their downfall continues to reverberate throughout the crypto world. It was a relatively slow news week aside from the FTX news. Here are what I consider to be the top ten fintech news stories of the past week.
New Chief Calls FTX’s Corporate Control a ‘Complete Failure’ from The New York Times – The new FTX CEO is the same person who dealt with the Enron debacle 20+ years ago and he famously said this week that with FTX he had never seen “such a complete failure of corporate control” in his 40-year career.
Sam Bankman-Fried tries to explain himself from Vox – This was the craziest FTX story this week as a Vox reporter had a long exchange with Sam Bankman-Fried via Twitter direct message where SBF is shockingly candid for someone who is the subject of multiple criminal investigations and has the attention of Congress.
Why the Investing Pros Were Such Suckers for FTX from The Wall Street Journal – This is the really big question here. Some of the smartest investors on the planet were hoodwinked by SBF and ignored multiple warning signs as they desperately wanted to jump on board what seemed like a crypto rocket ship.
Treasury calls for more fintech oversight from BankingDive – A report released by the Treasury Department this week called for more oversight of the fintech sector and bank-fintech partnerships. While the report acknowledged the positive innovation that fintech companies have brought to finance it has also come with increased risks to consumer protection and market integrity.
How deep of a banking threat is Walmart’s One? from BankingDive – Walmart has 1.6 million employees and over 100 million weekly shoppers, a huge potential market for financial services. When One eventually rolls out it will have two massive advantages over other fintechs: close to zero customer acquisition costs and no need to raise outside capital.
Shopify, Balance teaming up to modernize B2B payments from American Banker – Shopify is partnering with Balance, a supply chain e-commerce fintech, to enable a range of checkout and financing options for sellers on Shopify’s platform. They intend to create a B2B payments experience akin to the consumer experience.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.