FinTech Digest: BitLicense Released, Dwolla Drops Transaction Fee, No Samsung Pay Until September

The Bitcoin Community Reacts to the NY BitLicense

The final revision of the BitLicense legislation from the New York State Department of Financial Services (NYDFS) has been released and Bitcoin community members are voicing their opinions. CT reported:

“The updates are aimed at improving functionality within the industry and making sure businesses are compliant without stifling innovation. Two previous versions of the regulations received much criticism and the third is no different.”

The Bitcoin Community Reacts to the NY BitLicense

Millennials Are Destroying Banks, and It’s the Banks’ Fault

FinTech innovation in Silicon Valley and around the world is empowering millennials to recreate the entire financial system. Traditional banks looking to succeed in the future must adapt and innovate at an ever-increasing pace. From TechCrunch:

“Banks are here to stay — for now. It is clear though that startups, often led by millennials and ushering in millennials as early adopters, are coming for the heart of the banking industry. How it responds will determine who owns the capital of the most important capitalist country in the world.”

Why Is Almost No One Using Apple Pay?

Is the lack of small merchant adoption preventing Apple Pay from being more widely used? Or is it something else? Even with the recent influx of mobile wallet apps, physical debit and credit cards are still dominating payments. From Forbes:

“We don’t want to carry around credit cards, or even our wallets, right? But we still have to. With all of the hubris and excitement over mobile payments I rarely see anyone buying things at stores and restaurants with their mobile devices.”

Retail Bank Branch Is Doomed, and Banks Don't Know It

The concept of banking is being redefined right before our eyes. Some even believe that retail bank branches will be gone this decade. I mean, who needs a bank teller, right? CNBC reported:

“Big banks are rolling out futuristic branches to keep up with the technology cutting-edge, but according to financial technology experts, it's a major waste of time and money. Within a decade the retail bank branch model will be dead.”

Former JPMorgan Exec: Distributed Digital Ledgers Will Change Finance

Blythe Masters goes on the record stating she believes distributed ledgers will change how our financial world operates. However, she does not think this will be an overnight process. CT reported:

“Speaking at Exponential Finance 2015, Blythe Masters, former Head of Global Commodities at JPMorgan, presented her views on how blockchain technology and public ledgers can disrupt current business models, and why major financial institutions and regulators should explore their potentials.”

Former JPMorgan Exec: Distributed Digital Ledgers Will Change Finance

Saxo Bank Is Launching Payments Banking Market Platform

Saxo Bank is looking to change international payments. With the introduction of its Banking Marketplace, the European bank wants to enable FinTech enterprises with global ambitions to be able to compete directly with the banks. From PYMTS:

“Currently the traditional banking model for international payments adds significant cost and time to transactions. Plus FinTech businesses struggle with the compliance requirements of the banks. That’s where Saxo Payments comes in.”

No More 25¢. No More Transaction Fees

Dwolla decides to drop the quarter and stop charging its 25 cent transaction fee. Under the belief that the transaction fee is in actuality less valuable than what can be built on top of the network, the company will move forward without it. From the Dwolla Blog:

“Creating an open way to exchange value for any type of transaction without bloated fees is why Dwolla was started and this is an important day for us continuing to drive that mission forward.”

Samsung's Mobile Payments Service Won't Arrive Until September

If you’re gearing up for the summer launch of Samsung Pay, you’ll have to wait until September. When launched, the South Korean tech giant’s new mobile payment service will compete directly with Apple and Google. The Verge reported:

“The mobile payments world has stiff competition between Apple's service and Google's just-announced Android Pay initiative. Samsung Pay is very similar to Apple and Google's options, but in addition to NFC-based tap to pay services, it also works with any standard magnetic stripe card reader.”

Deutsche Bank Set to Launch 3 ‘Innovation Labs’ to Accelerate FinTech Startups

Deutsche Bank is committed to investing close to US$1.11 billion over the next three to five years into its accelerator, part of which will be used to fund FinTech startups. CT reported:

“German global banking and financial services company Deutsche Bank is set to launch three startup innovation labs in Silicon Valley, London and Berlin to accelerate FinTech (financial technology services) companies, which could potentially help the bank’s clients in the financial sector.”

Deutsche Bank Set to Launch 3 ‘Innovation Labs’ to Accelerate FinTech Startups

Tendr Is Tinder for Finding Your Next Equity Crowdfunding Investment

Aggregator app, Tendr, has created a frictionless way to identify crowdfunding investment opportunities. Utilizing a Tinder-style sorting mechanism, the U.K. startup could potentially save you time finding your next investment. From TechCrunch:

“It is a useful tool for investors who are currently having to access up to a dozen platforms individually, it is also a nice lightweight channel for entrepreneurs and the wider start-up ecosystem for staying abreast of trends and what’s hot.”