Connect with us

Published

on

As Apple Inc AAPL and Alphabet GOOG GOOGL -owned Google penetrated into financial service and realized significant gains with mobile wallets, Americas biggest banks have joined their efforts to defend their turf. Namely, JPMorgan Chase & Co. JPM , Bank of America Corporation BAC and Wells Fargo & Company WFC , among others, will be launching a mobile wallet that will connect to credit and debit card accounts of 150 million customers.Fintech Partnerships Have Been In The Air For AWhile Now

Fintech has been taking a bite out of traditional banking. In April, Apple continued its iBanking revolution that began with Apple Pay by joining forces with The Goldman Sachs Group Inc GS to release its Apple Card high-yield savings account. Goldman Sachs is known for embracing technological development to meet the needs of its tech-savvy customers. But, even other offline banks entered the fintech game.

For example, JPMorgan has struck deals with both Apple and Amazon.com Inc AMZN that will fuel the two tech titans to expand their banking footprints. Amazon also got the help of Citigroup Inc C with its instalment payment offering.Big Banks Mobile Wallet

Named Paze, the banks soon to be launched digital wallet will be operated by Early Warning Services. This bank consortium group already runs the payments app Zelle which became the largest-peer-to-peer payment app pretty quickly since its launch in 2017 so no wonder that big banks are hoping that the same formula will help replicate this success. Last year, payments over Zelle increased almost 30% to$629 billion while PayPal Holdings Inc PYPL -owned Venmos score was only $244 million and PayPal acquired Venmo back in 2013, four years after its inception. Even PayPal got pressured by Apples entry into digital payments and is undergoing a business turnaround. Venmo has long been seen as the source of long-term growth for PayPal but it still didn't get to a point of becoming asignificant revenue contributor. Despite the digital payments platform'spioneeringjourney, PayPal managements guided for lacklustergross profit growth.Fintech Partnerships Are Here To Stay

Paze shows that rivaling banks are willing to work together and to use the expertise of tech firm to stop Apple, Google and most recently, X, whose goal is to offer banking services. Although Financial Times quoted a market research study that merely 6% of global purchases was made by Apple Pay, the number of users skyrocketed in five years, going from 60 million to now exceeding 500 million and that is making banks nervous.

Yet, fintech partnership are not favored by regulators whose concern is that such unions expose the U.S. banking system to non-trustworthy players.Putting The Genie Back In The Bottle Is An Unlikely Scenario

Big Tech is certainly giving Big Banks a run for their money as Apple, Amazon and Google are poised to challenge the power that banks have enjoyed for a very long time and the mobile wallet is now the biggest battleground in this tussle. Many believe that banks are not able to put the Apple, Amazon and Google genie back in the bottle as the history of the industry is filled with advancements that ultimately became industry standards.

DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.

Continue Reading

US

Donald Trump denies posting AI image of himself as pope

Published

on

By

Donald Trump denies posting AI image of himself as pope

Donald Trump has denied posting an AI image of himself as pope – and said Catholics who were offended “can’t take a joke”.

A picture of the president wearing white and gold robes in the style of a pontiff was posted to his account on Truth Social and caused outcry among some Christians.

“I had nothing to do with it, somebody made a picture of me dressed like the Pope and they put it out on the internet,” he said on Monday.

“That’s not me that did it, I’ve got no idea where it came from, maybe it was AI.”

When it was pointed out to him that some Catholics were offended by the image, he replied: “Oh, they can’t take a joke.”

“The Catholics loved it,” he also claimed.

Pic: Donald Trump/Truth Social
Image:
Pic: Donald Trump/Truth Social

President Trump insisted that he first saw the image – which was posted on Friday night on his Truth Social account and later promoted by the White House on its official X account – on Sunday evening.

He also noted that first lady Melania Trump “thought it was cute”.

President Trump was not baptised as a Catholic and therefore is ineligible to be pope, neither is he allowed to participate in the conclave.

Read more:
Why does Trump want to reopen Alcatraz?
Trump announces 100% tariff on non-US movies

Some 133 cardinal electors – those under the age of 80 – will take part in the conclave and begin voting for the new pontiff on Wednesday after the death of Pope Francis last month.

The rituals of the event, held in the Sistine Chapel in the Vatican, are elaborate and date back centuries.

Continue Reading

UK

Two motorbike racers killed in 11-bike crash during British Supersport race at Oulton Park

Published

on

By

Two motorbike racers killed in 11-bike crash during British Supersport race at Oulton Park

Two motorcycle racers have died after a crash involving 11 bikes during a British Supersport Championship race at Oulton Park in Cheshire.

Owen Jenner, 21, was treated trackside and taken to the circuit’s medical centre, but organisers said he died from a “catastrophic head injury”.

Shane Richardson, 29, sustained severe chest injuries and was also given treatment at the scene.

He was transferred to Royal Stoke University Hospital but died before he arrived.

A third rider, Tom Tunstall, 47, is at the same hospital with what organisers called “significant back and abdominal injuries”.

Five others from the British Supersport race were taken to the track’s medical centre but didn’t need hospital treatment.

Motorsport Vision Racing, which runs the race series, said the crash happened on the first lap as riders exited turn one at Old Hall corner.

It said there was a “chain reaction” with 11 riders coming off their bikes.

“Due to the extreme severity of the incident and ongoing medical intervention, the remainder of the Bennetts British Superbike Championship event was cancelled,” organisers said in a statement.

Cheshire Police said they were investigating two deaths on behalf of the coroner.

“The Motorcycle Circuit Racing Control Board and MotorSport Vision Racing are investigating the full circumstances of the incident in conjunction with the Coroner and Cheshire Police,” the force said in a statement.

Jenner, from Crowborough, East Sussex, was the 2024 British GP2 champion and was signed to Rapid Honda.

New Zealand superbike racer Richardson was in the Astro JJR HIPPO Suzuki team sponsored by Hippo waste removal service.

Brady Dyer, a councillor in New Zealand’s Lower Hutt city, paid tribute to Richardson on Facebook saying he was a “talented” rider.

“My thoughts are with the family and friends of Shane Richardson, a talented Kiwi rider who tragically lost his life while doing what he loved.

“Shane was proud to be from Wainuiomata and was admired both locally and abroad for his skill and passion.

“This is a heartbreaking loss, and I know many in our community will be feeling it deeply.”

Harley McCabe paid tribute to Jenner as he said in a Facebook post: “Today I lost my team mate [heartbreak emoji], words cant explain how I feel right, now I’m absolutely devastated that I won’t see your smile again.

“You have been there for me over the years and been an amazing team mate and turned into more of an older brother to me!

“The awning will never be the same, we’ve lost a massive part of us all today.”

Mr McCabe added: “Sending love to Owen’s family and friends.”

The British Supersport Championship features 600cc machines and is the main support class to the blue riband professional British Superbikes series.

The Oulton Park event was the opening round of this year’s championship, which takes place at circuits around the UK.

Read more:
Family tribute to boy killed in Gateshead fire
Royals watch VE Day flypast at palace

Both riders had posted on social media in recent days about looking forward to this weekend’s races

Jenner was also a superstock champion in 2020 and 2023, and won last year’s GP2 title with 18 wins out of 20 race finishes. After, he signed with British superbike team Rapid Honda.

Richardson, a father-of-two, worked as a part-time test rider for Triumph, according to his social media.

According to his team, Astro JJR Hippo Suzuki, he previously had a business crafting bespoke kitchens before moving into “competing on the UK’s premier racing circuits”.

Continue Reading

UK

Man charged after British student nurse stabbed to death in Texas ‘following fight over cat’

Published

on

By

Man charged after British student nurse stabbed to death in Texas 'following fight over cat'

A man has been charged after a British student nurse was stabbed to death in Texas days before she was due to graduate, according to reports in the US.

Elizabeth Tamilore Odunsi, also known as Tamilore Odunsi, was found dead by police at her home in Houston shortly before 4pm local time on Saturday 26 April, Sky’s US partner network NBC News reports.

Officers had arrived to conduct a welfare check but when they knocked on the door there was no answer.

They saw blood on a rear concrete patio and entered the apartment, where they found the 23-year-old on the kitchen floor with multiple stab wounds.

Ms Odunsi, who is reported to be originally from London, was pronounced dead at the scene.

Chester Lamar Grant: Pic: Houston Police Department
Image:
Chester Lamar Grant: Pic: Houston Police Department

A man, later identified as her roommate Chester Lamar Grant, was found in a bedroom with at least one stab wound and was taken to hospital in a critical condition, police said.

The 40-year-old was arrested on Friday 2 May and has been charged with Ms Odunsi’s murder.

He currently remains in custody at Harris County Jail in Texas with a bond set at $500,000 (around £375,000).

A magistrate has said in a preliminary hearing that the roommates had been involved in a fight over Grant’s cat, according to ABC News.

Read more from Sky News:
VE Day in pictures
Trump plans to re-open infamous jail
Israel to ‘capture and hold Gaza’

Ms Odunsi had a TikTok account, Tamidollars, with more than 44,000 followers, where she posted about her life as a student at Texas Woman’s University.

A GoFundMe page set up to bring Ms Odunsi’s body back to the UK for burial had received more than £63,000 in donations as of 3am UK time on Tuesday.

In a statement on the GoFundMe page, her sister Georgina Odunsi writes: “Tami was a beautiful soul, full of light, ambition, and kindness… She moved from the UK to the United States to pursue her dream of becoming a nurse, dedicating herself to a life of care and service.”

She continues: “Tragically, Tami was brutally murdered just days before she was set to graduate from university – an unimaginable loss at a moment that should have marked the beginning of a bright and promising future.”

Continue Reading

Trending