Fintech

Keep track of the latest financial technology innovations, including disruptor banks, expense management startups, and payment services.

Google Takes Action to Eliminate the Use of Geofence Warrants, A Key Surveillance Issue it Helped to Create

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Even the courts cannot agree on whether geofence warrants are legal, likely setting up an eventual challenge at the U.S. Supreme Court. While Google is not the only company subject to geofence warrants, Google has been far the biggest collector of sensitive location data, and the first to be tapped for it. Although the companies have said little about how many geofence warrants they receive, Google, Microsoft and Yahoo last year backed a New York state bill that would have banned the use of geofence warrants across the state. The data showed Google received 982 geofence warrants in 2018, then 8,396 geofence warrants in 2019, and 11,554 geofence warrants in 2020 — or about one-quarter of all the legal demands that Google received. But there is hope that Google shutting the door on geofence warrants — at least going forward — could significantly curtail this surveillance loophole.

Apple to Pay $25 Million in Settlement for Family Sharing Lawsuit

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Apple has agreed to pay out $25 million to settle a class action lawsuit over its Family Sharing feature, which lets users and up to five of their family members share access to apps, music, movies, TV shows, and books that they purchase. The lawsuit, which was first filed in 2019, alleged that “Apple misrepresented the ability to use its Family Sharing feature to share subscriptions to apps.”The news was first reported by MacRumors. Court documents from the lawsuit allege that Apple advertised Family Sharing on as an option on apps that did not support Family Sharing. “The vast majority of subscription-based Apps, which is a growing percentage of Apple Apps, cannot be shared with designated family members,” the court document reads. All or virtually all of these Apps, however, included the statement that they support Family Sharing on their landing pages through January 30, 2019.”The lawsuit alleges that Apple was aware that the subscription-based apps did not support Family Sharing, but still placed an ad for Family Sharing on them.

“A16Z Offers Financial Aid to Politicians in Exchange for Tech Deregulation”

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The fact is that they are rich ideologues announcing their intent to pay any politician who will advance their agenda, whatever that politician’s other views. That tech is more important than people is fundamental to their approach. For instance, supporting politicians who oppose basic civil rights just because they have a more hands-off tech regulation proposal. In the first place, the idea that this one issue is non-partisan is risible. They can’t expect us to believe that their understanding of lobbying and politics is this naive.

Cybercriminals compromise Ledger crypto wallet in sophisticated supply chain attack

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Hackers compromised the code behind a crypto protocol used by multiple web3 applications and services, the software maker Ledger said on Thursday. The company says it has sold six million units of its hardware wallet, and Ledger Live, its software equivalent, is used by 1.5 million users. That would allow the hackers to drain the crypto inside users’ wallets — so long as the users accepted the push to connect their wallets to the malicious Ledger version. ZachXBT, a well-known independent crypto researcher, wrote on X that one victim had more than $600,000 in crypto drained from their account. Several blockchain security researchers, as well as people who work in the web3 industry, warned users on social media of the supply chain hack against Ledger.

COP28: The Long-Awaited Recognition of Global Truth

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I have a confession to make: I don’t usually follow the UN climate change conference proceedings until the very end. Not because it was hosted by an oil and gas power, and not because neither President Biden nor the Pope attended. Rather, I’ve come to view all Conferences of the Parties (COP) as lagging indicators of what needs to happen. More recently, they’ve also become lagging indicators of what’s actually happening in the world. Documents leaked shortly before COP28 showed that the country was planning to use the meeting to strike oil and gas deals with 15 countries.

Shina Chung Takes the Reins: Kakao Names Former VC Head as CEO Amidst Ongoing Turmoil

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South Korean internet giant Kakao — in the middle of multiple investigations over antitrust and securities violations — has appointed a new CEO as it tries to turn the ship around. Shina Chung, who had been running the company’s venture arm, is moving to the top role at the company. Separately, just last month, South Korean President Yoon Suk Yeol called for a review of the monopolistic practices of Kakao’s taxi-hailing unit, Kakao Mobility. Korea’s antitrust regulator had already fined Kakao Mobility about $20.3 million for unfair service in February. Kakao Mobility, which has about 74% of the ride-hailing market in the country as of September, separately is trying to lower the temperature around this controvery.

Aye Finance Secures $37M in Funding from British International Investment

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In 2020, the startup raised $27.5 million in its Series E funding round led by Alphabet’s CapitalG. It competes with the likes of Capital Float, Lendingkart and Indifi, which all work toward offering credit to small enterprises in the South Asian nation. One key reason for startups like Aye Finance and others to gain enough traction in India is the lack of credit for small businesses. “Aye Finance is on a growth journey, and we are delighted to partner with BII, who have a deep understanding of the financial services sector in India. “Our investment in Aye Finance underscores our commitment to back companies that have a strong development impact philosophy and promote financial inclusion for India’s underserved groups.

Final FCC Denies $885M Starlink Subsidy Request

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The FCC explained that this first application was a high-level, short one, and that those qualifying for that would receive closer scrutiny. (In fact the FCC had considered not even letting orbital communications companies apply, but decided to allow them to compete on their merits.) This was in addition to “numerous financial and technical deficiencies” the agency identified in the proposal and the company’s operations. It even leaned on the promise of SpaceX’s super-heavy launch vehicle Starship as evidence for these claims. As the FCC points out, though:A the time of the Bureau’s decision, Starship had not yet been launched.