Fintech
Acting Enforcement Director Marc P. Berger to Depart the Commission
Washington, D.C.–(Newsfile Corp. – January 12, 2021) – The Securities and Exchange Commission today announced that Marc P. Berger, Acting Director of the Division of Enforcement, will conclude his tenure at the agency this month. Mr. Berger joined the Commission as Director of the New York Regional Office in December 2017 and was named Deputy Director of the Division of Enforcement in August 2020.
Under Mr. Berger’s leadership, Enforcement staff pursued significant cases across the entire spectrum of the securities industry, with a focus on impactful and timely actions that protected investors and promoted market integrity. Mr. Berger focused on enhancing the efficiency and effectiveness of the Enforcement Division as well as the Division of Examinations programs in New York, better positioning the staff in both Divisions to address emerging threats and pursue misconduct. Mr. Berger prioritized the promotion of diversity and inclusion across the Enforcement Division and New York Regional Office, fostering a culture of teamwork and integrity and implementing changes to help the SEC continue building and maintaining a diverse workforce. He also facilitated investor outreach and encouraged coordination with the SEC’s federal and state partners.
“Marc has been an outstanding leader at the Commission, always bringing integrity and excellent judgment, as well as his experience from his many years as a federal prosecutor, to each of the matters under his leadership,” said Acting Chairman Elad L. Roisman. “Throughout his tenure, Marc maintained an impressive focus on aggressively pursuing bad actors and finding the best outcome for harmed investors and for the greater investing public. Marc is widely respected throughout the Commission not only for his significant efforts to advance the SEC’s mission, but also for his dedication to each of the attorneys, examiners, accountants, analysts, administrative and support staff, and other professionals who he has worked beside each day of his tenure.”
“The Commission staff’s unwavering commitment to protecting investors and maintaining market integrity, and their passion for the work we do, will forever inspire me,” said Mr. Berger. “I am honored to have had the opportunity to work alongside them — in New York and throughout the country — and I am proud of what we have accomplished together.”
Impactful cases to protect investors and preserve market integrity
Under Mr. Berger’s leadership, the Division of Enforcement focused on addressing misconduct involving market integrity and market structure for the protection of investors. Notable actions included an action against Robinhood Financial LLC for misstatements involving the receipt of payment for order flow and violations of the duty to seek best execution, as well as actions against Credit Suisse Securities (USA) LLC in connection with the handling of certain customer orders and against the New York Stock Exchange and two affiliated exchanges for regulatory failures, including the first-ever charged violation of Regulation SCI.
The Division also pursued abusive trading practices under Mr. Berger’s leadership, including an action against J.P. Morgan Securities LLC for engaging in manipulative trading of U.S. Treasury securities, and an action for insider trading involving companies that were going to be added to or removed from a popular stock market index. Mr. Berger oversaw jury trials in the Southern District of New York involving a broker charged with fraud for excessively trading customer accounts and a brokerage firm and two of its executives in connection with misrepresentations and omissions in a private placement offering.
During his tenure, reflecting the focus on investor protections, particularly involving the evaluation of complex products, the Commission brought actions against three investment advisory firms and two dually registered broker-dealer and advisory firms through its Exchange-Traded Products Initiative. The initiative utilized trading data analytics to uncover securities law violations involving unsuitable sales of complex exchange-traded products.
Pursuing violations of the Foreign Corrupt Practices Act
The Division continued to focus on areas that have traditionally been an important part of its enforcement efforts, including actions under Mr. Berger’s leadership for violations of the Foreign Corrupt Practices Act. These included actions against Deutsche Bank AG for violations related to third-party intermediaries, against Herbalife Nutrition Ltd. for payments to Chinese officials in connection with obtaining sales licenses, and against Stryker Corp. for inadequate internal accounting controls related to overseas sales.
Focus on financial fraud and issuer disclosure
The Division also maintained its ongoing focus on identifying and investigating securities laws violations involving the integrity and accuracy of the financial statements of public companies, including violations by individuals. Notable actions include those against Luckin Coffee, General Electric, Hertz and its former CEO, Lumber Liquidators, PPG Industries, Inc. as well as Brixmor Property Group and certain former executives.
Combating unregistered initial coin offerings
The Commission brought significant enforcement actions under Mr. Berger’s leadership involving unregistered initial coin offerings that deprived investors of key long-standing protections important to our public market system. These included an action against Telegram Group Inc., which agreed to return more than $1.2 billion to investors. They also include an ongoing action against Ripple Labs Inc. and two of its executives. Enforcement staff has also pursued issuers for conducting fraudulent ICOs.
Pursuing meaningful relief, combating affinity fraud, and engaging in effective outreach
Enforcement staff under Mr. Berger’s leadership focused on obtaining meaningful relief for investors. Notable recent actions include an action against investment adviser BlueCrest Capital Management Limited, which will result in the return of $170 million to harmed investors, and actions involving asset freezes in connection with a cryptocurrency trading fund and an offering of digital securities.
Mr. Berger also placed particular focus on combating fraud targeting potential victims based on race, ethnicity, religion, gender, age, and other associations. Illustrative examples include actions involving conduct targeting members of the Haitian, Hispanic, and Deaf, Hard of Hearing, and Hearing Loss communities, among others, and Mr. Berger’s participation in an educational video from the Retail Strategy Task Force encouraging investors in the Deaf, Hard of Hearing, and Hearing Loss communities to learn more about how to protect themselves from investment fraud.
Engagement with investors has been an important aspect of Mr. Berger’s tenure at the SEC, including through personal outreach at numerous public community events. Under his leadership, the New York Regional Office hosted a conference with Fordham University on combating community-based financial fraud, featuring speakers from our federal and state partners. It also spearheaded an Investor Outreach Committee which focuses on local outreach to, and education for, teachers, military and veterans, police and firefighters, senior center residents, religious organizations, and community schools and colleges, among other groups.
Meaningful action in response to COVID-19
In response to COVID-19, the Division continued its existing caseload, while also focusing on pursuing potential misconduct that arose as a result of COVID-19 and educating investors alongside our criminal and regulatory counterparts about COVID-related fraud. Under Mr. Berger’s leadership, the Commission issued trading suspensions in the securities of numerous issuers that made claims related to COVID-19. The Division brought fraud charges against Applied BioSciences Corp. for the company’s alleged false claims that it had begun offering finger-prick COVID-19 tests and against Decision Diagnostics Corp. and its CEO alleging false and misleading claims regarding a purported breakthrough technology to detect COVID-19 through a quick blood test.
The Commission also brought an action against The Cheesecake Factory for making misleading disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition – failing to publicly disclose material information that it shared with potential private investors and lenders — which is the first case charging a public company for misleading investors about the financial effects of the pandemic.
Promoting and fostering diversity and inclusion
Mr. Berger brought a personal commitment to diversity and inclusion to each of his roles at the Commission, working with the Office of Minority and Women Inclusion, employee affinity groups, and others to foster efforts to promote diversity and inclusion and to foster collaboration, teamwork, and diversity of thought. In the New York Regional Office, Mr. Berger launched a Diversity Committee to provide a forum to discuss issues related to diversity, to assist with recruitment initiatives, and to promote fellowship among coworkers, including through impactful events in coordination with other affinity groups. Mr. Berger similarly focused on diversity and inclusion across the Division, encouraging meaningful improvements to enhance diversity and inclusion in the workplace.
Making a lasting impact on the Commission through enhancing efficiencies and effectiveness
Mr. Berger assisted the creation and implementation of the Event and Emerging Risk Examination Team in the Division of Examinations. The team proactively engages with financial firms about emerging threats and current market events and provides expertise and resources across the SEC when critical matters arise.
Mr. Berger also brought innovation to the New York Regional Office’s Investment Adviser/Investment Company and Broker-Dealer and Exchange Examinations Programs, enhancing the process for making and evaluating referrals from the Division of Examinations to the Division of Enforcement, improving coordination of examinations of dually registered broker-dealer and advisory firms, and initiating a series of Investment Adviser Compliance Outreach Netcasts to increase information flow to SEC registrants.
Prior to joining the SEC, Mr. Berger was the Global Co-Head of Ropes & Gray LLP’s Securities and Enforcement Practice. From 2002 to 2014, Mr. Berger served as an Assistant United States Attorney in the Southern District of New York. He was Chief of the Office’s Securities and Commodities Fraud Task Force, where he supervised the investigation and prosecution of many of the nation’s highest profile financial and investment fraud cases, including the largest crackdown on hedge fund insider trading in U.S. history. Mr. Berger received his bachelor’s degree with distinction from Cornell University and earned his law degree from the University of Virginia School of Law. He served as a law clerk to the Honorable Richard M. Berman, U.S. District Judge, Southern District of New York.
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
As fintech continues to reshape the global financial landscape, today’s briefing highlights pivotal developments, strategic expansions, and innovative launches across the industry. This op-ed explores the latest advancements with commentary on their potential impacts and challenges.
Finastra Data Breach: A Wake-Up Call for Fintech Security
Source: KrebsOnSecurity
The cybersecurity landscape is buzzing after Finastra, one of the largest financial technology providers globally, confirmed an investigation into a potential data breach. Reports suggest unauthorized access to its systems, raising concerns about data security across its client base, which includes thousands of banks and financial institutions worldwide.
Implications and Challenges
While the details of the breach remain sparse, this incident underscores a glaring vulnerability in the fintech sector—cybersecurity. As financial services increasingly rely on interconnected ecosystems, breaches like these threaten not only individual institutions but also the trust customers place in fintech platforms.
The key takeaway for the fintech industry is clear: proactive cybersecurity strategies must go beyond compliance. Real-time threat detection, robust encryption standards, and regular audits are no longer optional but essential for maintaining operational integrity.
Future Considerations
This breach could trigger a domino effect, prompting regulators to tighten security standards and requiring fintech companies to double down on investments in data protection. Startups and mid-tier players, often lacking extensive cybersecurity budgets, may face significant pressure to keep pace.
PayPal Resurrects Money Pooling Feature
Source: TechCrunch
In a bid to stay ahead of the competition, PayPal is reintroducing its Money Pooling feature, a popular tool that was discontinued in 2021. The feature allows users to pool funds collectively, catering to families, small businesses, and social groups.
Strategic Revival
This move reflects PayPal’s commitment to customer-centric innovation. By reinstating a feature beloved by its user base, the company seeks to reclaim market share lost to emerging competitors offering similar functionalities.
Broader Industry Impacts
Money pooling represents a broader trend in fintech—customized solutions that cater to niche needs. This reintroduction may inspire competitors like Venmo and CashApp to refine their collaborative payment offerings.
While this move strengthens PayPal’s ecosystem, its success will depend on seamless integration with existing services and robust fraud prevention mechanisms to avoid abuse of the feature.
Santander Expands Fintech Reach in Mexico
Source: Yahoo Finance
Santander is making waves in the Latin American fintech space with the launch of a dedicated fintech unit in Mexico. The initiative aims to capitalize on Mexico’s growing fintech adoption and digital payments market, valued at billions of dollars annually.
Strategic Significance
Santander’s expansion into Mexico highlights the region’s untapped potential. Latin America is a burgeoning market for fintech, driven by increasing smartphone penetration, a youthful demographic, and demand for accessible financial services.
Challenges on the Horizon
While Mexico offers immense opportunities, regulatory complexities and market competition from local players like Clip and Konfío pose significant challenges. Santander will need to blend its global expertise with local adaptability to succeed in this dynamic market.
2024 Global Fintech Awards: Spotlighting Excellence
Source: PRNewswire
Benzinga has announced the winners of the 2024 Global Fintech Awards, honoring companies and individuals driving innovation in financial technology. This year’s winners spanned categories like blockchain, artificial intelligence, and payment solutions.
Recognizing Industry Leaders
Awards like these highlight the collaborative spirit and entrepreneurial drive fueling fintech growth. Recognizing trailblazers not only motivates incumbents but also inspires startups to push the boundaries of innovation.
What It Means for the Ecosystem
The awards also bring attention to emerging technologies. Categories such as blockchain and AI signal the industry’s continued focus on leveraging cutting-edge tech for efficiency and scalability.
Commonwealth Central Credit Union Partners with Jack Henry
Source: FinTech Futures
Commonwealth Central Credit Union (CCCU) has announced a partnership with Jack Henry, a leading financial technology provider, for a comprehensive tech upgrade. The collaboration focuses on enhancing member experience through improved digital services.
Modernizing Member Experiences
Credit unions have often lagged behind major banks in adopting advanced digital solutions. By partnering with Jack Henry, CCCU aims to bridge this gap, offering members streamlined services such as mobile banking, automated lending, and personalized financial tools.
A Growing Trend
This partnership reflects a broader trend in the financial industry—credit unions and smaller banks embracing fintech to remain competitive. As customer expectations evolve, partnerships like this may become the norm rather than the exception.
Key Takeaways for the Fintech Industry
- Cybersecurity is Critical: The Finastra breach underscores the need for robust security measures.
- Innovation Drives Loyalty: PayPal’s revival of its Money Pooling feature highlights the importance of listening to customers.
- Regional Opportunities: Santander’s expansion into Mexico showcases the untapped potential of emerging markets.
- Recognition Matters: Awards like Benzinga’s provide valuable visibility for companies and individuals shaping the industry.
- Partnerships Foster Growth: Collaborations between credit unions and fintech companies signify a trend towards modernized financial solutions.
The post Fintech Pulse: Industry Updates, Innovations, and Strategic Moves appeared first on News, Events, Advertising Options.
The fintech sector continues its relentless drive toward innovation and market dominance. Today’s highlights include a record-breaking customer milestone for Revolut, groundbreaking fintech solutions for women in the EU, open entries for the PayTech Awards 2025, implications of political shifts on funding, and notable recognition at the US FinTech Awards.
Revolut Hits 50 Million Customers: A Global Fintech Giant’s Milestone
Source: Revolut
Revolut, the UK-based financial super app, has achieved a monumental feat: surpassing 50 million customers worldwide. This milestone underscores its position as a leader in the global fintech landscape, furthering its ambition to create the world’s first truly global bank.
Key to this success has been Revolut’s strategy of expanding its offerings, from banking to travel and crypto services, all within a seamless user experience. The company’s recent ventures into emerging markets such as Latin America and Asia demonstrate its intent to bridge financial services gaps while retaining competitive differentiation through technology.
This milestone is not just a triumph for Revolut but a signal of fintech’s capacity to redefine traditional banking. It reinforces the narrative that digital-first strategies, customer-centric innovation, and international scalability can challenge long-standing financial institutions.
PayTech Awards 2025: Celebrating Excellence in Innovation
Source: FinTech Futures
The PayTech Awards 2025 are officially open for entries, promising to spotlight the brightest minds and most innovative projects in the payment technology sector. These awards are a testament to the industry’s commitment to advancing secure, seamless, and scalable payment systems.
This year, the focus is on emerging technologies that redefine how businesses and consumers interact financially. Categories will recognize achievements across multiple domains, including sustainability in payments, AI-driven solutions, and partnerships that push boundaries.
As fintech companies prepare their entries, the awards provide a timely reminder of the sector’s ongoing evolution and the collaborative efforts required to achieve meaningful breakthroughs.
U.S. Politics and the Fintech Sector: A New Era of Funding?
Source: American Banker
The U.S. fintech sector might witness an infusion of optimism as speculation about a second Trump presidency gains momentum. The Trump-era policies of deregulation and venture capital encouragement are remembered as catalysts for unprecedented fintech growth during his first term.
While it remains uncertain how regulatory landscapes will shift, the possibility of a more relaxed approach toward fintech compliance could rejuvenate funding inflows. Investors and startups alike are watching closely, weighing the potential benefits against long-term risks tied to reduced oversight.
A politically charged backdrop often spells volatility, but for fintech, it may also spell opportunity. Preparing to adapt quickly will be crucial for startups and established players in the face of any regulatory pivot.
Klara AI and Unlimit: Addressing the €1.3 Trillion Female Economy
Source: FF News
Klara AI has teamed up with Unlimit to launch a fintech solution aimed at empowering women across the EU. This collaboration targets the €1.3 trillion female economy by addressing the unique financial needs of women entrepreneurs and consumers.
The solution promises to integrate AI-powered tools with streamlined financial management services, enabling users to access credit, manage investments, and scale businesses effectively. By tailoring services to the underserved female demographic, the partnership hopes to drive financial inclusion and support economic growth.
This initiative stands as a blueprint for fintechs exploring niche markets, proving that innovation tailored to specific segments can yield transformative results.
Autire: Accounting Tech of the Year at US FinTech Awards
Source: Business Wire
Autire, a rising star in financial technology, has been crowned ‘Accounting Tech of the Year’ at the US FinTech Awards 2024. The award recognizes Autire’s ability to blend cutting-edge AI with intuitive user interfaces, delivering unparalleled accounting solutions for businesses of all sizes.
Autire’s platform has gained traction for automating complex accounting tasks, ensuring compliance, and delivering actionable insights through real-time analytics. Its emphasis on reducing administrative burdens for SMEs has been particularly impactful, enabling entrepreneurs to focus on growth rather than bookkeeping.
The recognition not only cements Autire’s reputation but also highlights the role of AI-driven accounting solutions in reshaping business operations globally.
Final Thoughts: A Fintech Revolution in Full Swing
From customer milestones to policy-driven opportunities, the fintech ecosystem is in constant evolution. Revolut’s ascent to 50 million users signals growing consumer trust in digital platforms. The PayTech Awards continue to inspire innovation, while political shifts could redefine the regulatory landscape. Initiatives like Klara AI and Unlimit emphasize the power of targeted solutions, and companies like Autire show how niche technologies can achieve broad impact.
The next phase of fintech growth will likely hinge on inclusivity, adaptability, and innovation—pillars that today’s news stories exemplify.
The post Fintech Pulse: Milestones, Partnerships, and Transformations in Fintech appeared first on .
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