31 stories from 7 sources

Fintech's next battleground is AI-controlled financial activity

Day’s Recap

Supporting Articles

8:38 PMPYMNTS

Retail Investing Opens Up to AI Assistants

Summary

Scalable Capital has opened its investment platform to external AI assistants, allowing customers to connect ChatGPT, Claude or Grok to brokerage accounts holding real money. The German neobroker says it is the first bank in Europe to offer this access directly.

The decisive shift is that AI assistants can now interact with live retail investment accounts,

Why it matters

AI is moving from a research tool into the execution layer of retail investing.

3:26 PMBloomberg Markets

Ninth Circuit Opinion Provided 'More Confusion Than Clarity,' Says Kalshi Board Member

Summary

Kalshi board member Brian Quintenz said the Ninth Circuit's ruling created uncertainty by allowing sports prediction markets to be treated as unlicensed sportsbooks. He argued that federal derivatives law could cover contracts tied to events with financial, commercial or economic consequences, leaving the Supreme Court to resolve the conflict.

The ruling deepens the jurisdictional clash between prediction-market platforms and state gambling regulators. Kalshi, its

Why it matters

The case could define whether prediction markets operate under derivatives regulation or state gambling restrictions.

1:45 PMFinextra

MoonPay's PayBox launches in Grok

Summary

MoonPay has made its PayBox payment vault available in Grok, expanding access to a tool designed to support payments across fiat and digital assets within an AI environment.

The launch places payment credentials and value transfer closer to the point where users ask

Why it matters

AI platforms are becoming distribution channels for financial activity, and embedded payment infrastructure will determine whether users can transact safely.

12:00 PMFortune

X’s AI tool Grok now allows users to buy or lend crypto with MoonPay integration

Summary

Grok can now connect users with MoonPay to buy or lend cryptocurrency. The tool is also expanding into nonfinancial transactions, including restaurant reservations and flight bookings.

Grok is shifting from an answer engine toward an embedded transaction platform. Users gain a

Why it matters

AI assistants are moving closer to controlling real transactions, increasing both their commercial value and their regulatory exposure.

5:26 PMFortune

Young Kalshi users have traded an estimated $3.9B on sports and parlay-type contracts this year, exposing a loophole that lets them bet before age 21

Summary

Users as young as 18 have reportedly traded an estimated $3.9 billion in sports and parlay-style contracts on Kalshi this year. Critics say prediction markets allow these users to place sports wagers while bypassing state laws that set higher minimum gambling ages.

The scale of trading turns an age-verification question into a regulatory conflict over how prediction

Why it matters

Prediction markets are testing whether federal financial-market rules can override state restrictions on sports wagering.

8:01 PMFinextra

Singapore commits S$220m to fintech innovation

Summary

The Monetary Authority of Singapore will invest S$220 million over the next three years to support the country's fintech ecosystem.

The funding gives Singapore's fintech sector a substantial public capital base for development and expansion.

Why it matters

Singapore is using public investment to deepen its lead in fintech and attract more private capital.

6:09 PMPYMNTS

ISO 20022’s Next Phase Stalled by Corporate Data Gaps

Summary

The payments industry has largely migrated cross-border messaging infrastructure to ISO 20022, but many companies still cannot provide the structured address data the standard requires. Swift has postponed the deadline for eliminating fully unstructured postal addresses from payment messages.

Corporate data quality, rather than messaging infrastructure, is now the main constraint on ISO 20022's

Why it matters

The delay shows that payments modernization depends as much on corporate data discipline as on industry-wide technical adoption.

12:23 PMFinextra

TD tests tokenised payments through Project Agorá

Summary

TD completed a tokenised payment through Project Agorá using real U.S. dollar funds, demonstrating the platform's ability to support live-value transfers.

Moving actual dollars shifts tokenisation from a conceptual experiment toward operational testing. The next question

Why it matters

Real-money pilots provide a more credible test of whether tokenised deposits and payment infrastructure can work at banking scale.

4:34 PMPYMNTS

Bolt Seeks Up to $27 Million as CEO Works to Revive Company

Summary

Bolt is seeking up to $27 million in bridge financing from existing investors through a convertible note. CEO and co-founder Ryan Breslow plans to use the funding to stabilize the payments company and prepare it for a larger financing round.

Bolt needs short-term capital before it can pursue a broader funding round, signaling that the

Why it matters

The financing gives Bolt time to recover, but it also raises the cost of failure for investors already committed to the company.

Other Developments

A curated list of other prominent stories from this day.

10:34 PMEconomic Times

Coinbase's India return: How a bespoke rupee on-ramp changes the game for foreign exchanges

Summary

Coinbase has returned to India through a new local entity registered with the Financial Intelligence Unit and aligned with Indian tax requirements. Its bespoke rupee on-ramp and off-ramp gives users a direct way to move between INR and crypto on the platform.

The custom INR rails remove one of the biggest barriers foreign exchanges face in India:

Why it matters

Local fiat infrastructure can determine which global crypto platforms gain durable traction in India.

4:15 PMPYMNTS

Arbitrator Finds Gemini Not Responsible for Earn Program Collapse

Summary

An arbitrator ruled that Gemini was not responsible for the collapse of its Earn lending program, finding insufficient evidence that the exchange misled customers or failed to conduct adequate due diligence on Genesis Global Capital. The decision followed a customer claim tied to the program's losses.

The ruling limits Gemini's liability in this dispute, but it does not erase the broader

Why it matters

The case narrows one path to customer recovery but keeps counterparty risk at the center of crypto lending.

11:22 AMCNBC

Crypto exchange Gemini not at fault for collapse of Earn lending program, arbitrator says

Summary

An arbitrator ruled that Gemini Space Station did not mislead users of its Earn lending program. The decision addresses Gemini's conduct but does not by itself restore customer funds or resolve every dispute tied to the program's collapse.

The ruling removes a key allegation against Gemini and could limit its liability to Earn

Why it matters

The decision narrows the case against Gemini but does not eliminate the financial damage suffered by Earn customers.

2 stories · 2 sources

3:07 PMFinextra

7 Best Practices for Delivering Superior Customer Experience in AI-Driven AML and Fraud Prevention

Summary

The article presents seven practices for using artificial intelligence in anti-money-laundering and fraud controls without treating customer experience as secondary. It frames effective financial-crime prevention around reducing friction while maintaining compliance and detection quality.

AI is shifting fraud prevention from a back-office control into a visible part of the

Why it matters

Fraud controls now shape customer retention as directly as payments speed and product usability.

2:53 PMFinextra

On-Chain Corporate Finance: A Practical Playbook for Funding Business Operations with Crypto

Summary

The article offers a practical framework for businesses that hold crypto, receive digital-asset revenue or operate partly on-chain to fund day-to-day operations. It focuses on using crypto within corporate finance rather than treating it solely as an investment asset.

Crypto treasury management is moving from an experimental balance-sheet strategy toward an operating-finance problem. Companies

Why it matters

Using crypto to run a business requires treasury discipline, not just access to a wallet or exchange.

1:36 PMCNBC

Kalshi permanently bans former GOP Rep. George Santos over illegal trading

Summary

Kalshi permanently banned former New York Rep. George Santos after he allegedly traded on whether he would attend this year's State of the Union address.

The ban signals that prediction platforms will treat political visibility and personal influence as potential

Why it matters

Prediction markets need credible safeguards against insiders turning public influence into a trading edge.

12:14 PMFinancial Times

Prediction platform Kalshi bans ex-US Congress member for manipulation

Summary

Kalshi banned former congressman George Santos after regulators said he made public statements intended to increase the value of his bets on whether he would attend the State of the Union address.

The core issue is alleged manipulation through statements that could change the market Santos was

Why it matters

The case could shape how prediction markets police participants whose public reach gives them unusual power over prices.

2 stories · 2 sources

1:00 PMCNBC

Crypto technicals are improving. Katie Stockton is keeping an eye on these levels

Summary

Technical indicators suggest that the cryptocurrency market may be emerging from its bear-market cycle, according to Fairlead Strategies founder Katie Stockton.

The shift is from identifying a prolonged downtrend to testing whether improving momentum can support

Why it matters

A confirmed trend change could bring sidelined capital back into crypto, but technical improvement alone does not establish a new bull market.

11:46 AMPYMNTS

AI Opens a New Distribution Channel for Credit

Summary

Consumers under economic pressure are increasingly comparing purchase prices, financing costs, and alternatives before buying. Financial providers are responding by embedding credit choices into the AI platforms consumers use to research products.

AI changes credit distribution by introducing financing options during product discovery, before a consumer reaches

Why it matters

The companies that control AI-driven product discovery could gain influence over which lenders and credit products consumers consider.

11:11 AMFinextra

Allica Bank makes European push with Swedish license application

Summary

UK digital business bank Allica Bank has applied for a banking license in Sweden as it prepares to expand into Europe. The application would give the bank a potential regulated base for serving customers in the region.

The license application marks a shift from serving the UK market to building a European

Why it matters

European expansion could give Allica a larger growth market, but regulation and localization will test whether its UK model travels.

9:26 AMFinextra

Avanza launches algorithm-driven discretionary equity management service

Summary

Avanza launched Avanza Sigma, a digital discretionary equity management service that uses algorithms to manage portfolios.

The service moves automated investing beyond self-directed tools toward delegated portfolio decisions. It could lower

Why it matters

Algorithmic discretionary management could broaden access to managed portfolios and intensify competition with traditional advisers.

9:24 AMFinextra

Aleta launches limited-edition Hello Kitty Visa debit cards

Summary

Singaporean fintech Aleta launched limited-edition Hello Kitty Visa debit cards after introducing Cinnamoroll-themed cards in June.

The rollout uses licensed characters to make a basic payment product more distinctive and potentially

Why it matters

Financial brands are using culture and collectibles to compete for attention in an increasingly commoditized payments market.

8:40 AMPYMNTS

Premium Credit Card Users Find Rewards Tougher to Tap

Summary

Premium credit card issuers are tightening rules that govern access to rewards and perks, making benefits harder for some cardholders to use. American Express and Capital One are among the issuers limiting ways customers can share or redeem high-value benefits.

Issuers are pulling back on generous rewards as benefit costs and customer exploitation put pressure

Why it matters

Premium cards are becoming less about unrestricted perks and more about controlled, issuer-managed rewards economics.

8:00 AMCNBC

Kalshi partners with brokerage Alpaca as it tries to build its international audience

Summary

Kalshi is partnering with brokerage and financial infrastructure provider Alpaca to make its event contracts available to investors outside the United States. The arrangement gives Kalshi access to Alpaca's brokerage network and global infrastructure.

Kalshi is treating distribution as the next constraint on prediction-market growth, not just product design.

Why it matters

Prediction markets are moving closer to mainstream brokerage distribution, raising new questions about how regulators will classify and supervise them.

7:12 AMPYMNTS

Crypto.com and PYMNTS Team on AI Predictions Market Contracts

Summary

Crypto.com and PYMNTS are forming a two-year partnership to launch contracts tied to predictions about artificial intelligence adoption and economic impact. The products will trade through OG Prediction Markets, a CFTC-regulated exchange and clearinghouse, with distribution through Crypto.com's introducing broker.

The partnership moves AI forecasting from commentary toward standardized, tradable contracts distributed through a regulated

Why it matters

AI adoption could become a market variable that participants hedge and trade rather than merely debate.

7:08 AMFinextra

Embedded Finance Is Global. Its Business Model Isn't

Summary

Embedded finance is expanding internationally, but its economics and operating models differ by market. Regulation, payment infrastructure, distribution partners, and customer behavior shape how financial services are integrated into nonfinancial products.

The key shift is from treating embedded finance as a uniform growth category to evaluating

Why it matters

Global demand does not guarantee global margins, making market-specific execution central to embedded finance growth.

6:43 AMFortune

Stablecoins are crypto’s killer app—but no one can agree on who will use them

Summary

Airwallex is entering the stablecoin market as major financial and technology companies pursue digital dollars for payments and settlement. The commercial case remains unsettled because the industry has not yet established which customers will adopt them or which use cases will generate durable revenue.

Airwallex's move adds another major payments company to stablecoins before demand has clearly converged around

Why it matters

Stablecoins are attracting serious infrastructure investment, but adoption and monetization remain unproven.

6:16 AMFortune

Airwallex president Lucy Liu on the company’s plans to be ‘IPO-ready’

Summary

Airwallex's president said the company is preparing to be ready for a public listing, citing more than $1 billion in annualized run-rate revenue. The company previously discussed a possible U.S. IPO in 2026, but the timing remains uncertain.

Airwallex's revenue scale makes public-market preparation a credible near-term objective, but readiness is not the

Why it matters

Airwallex could become a major test of whether private fintech valuations hold up in public markets.

4:03 AMPYMNTS

SoFi Tech Solutions’ New President Is Building the AWS of Finance

Summary

SoFi Technology Solutions President Kathleen Pierce-Gilmore is pursuing a platform strategy for banks, credit unions and software companies. The business aims to combine those institutions’ customer knowledge with SoFi’s financial technology infrastructure.

SoFi is positioning itself as financial infrastructure rather than only a consumer finance brand. Banks

Why it matters

The model could make financial services more modular while putting SoFi in competition with banking cores, payment processors and embedded-finance platforms.

4:02 AMPYMNTS

Bank of America Says APAC Redefines Cross-Border Money Movement

Summary

Cross-border payments in Asia-Pacific are increasingly expected to match the speed and availability of domestic commerce. US companies face a fragmented landscape in which payment systems operate around the clock while regulations, treasury practices and operating conventions remain uneven.

APAC is raising the performance standard for international payments, but faster settlement does not eliminate

Why it matters

The region is making 24/7 cross-border capability an operating requirement rather than a premium feature.

12:00 AMFinancial Times

Crypto groups spend record $640mn buying back their own tokens

Summary

Crypto firms spent a record $640 million buying back their own tokens as the digital assets sector endured a prolonged slump. The strategy mirrors corporate share repurchases in traditional equity markets.

The scale of the buybacks shows crypto projects are using treasury funds to support token

Why it matters

Token buybacks are becoming a major way for crypto projects to manage market pressure, shifting treasury capital toward price support.

Make it yours

Build Your First Pass.

Pick your topics, set your cadence, and receive your personalized First Pass in your inbox. It’s that simple!