Goldman Sachs and Apple Begin Process of Ending Credit Card Partnership

Goldman Sachs and Apple Begin Process of Ending Credit Card Partnership

Business

Goldman Sachs and Apple are starting the process of ending their credit card partnership after Apple sent a term sheet to Goldman Sachs, indicating the beginning of severing their contract. Goldman Sachs wants to withdraw from consumer lending and is also ending its credit card agreement with General Motors Co. Apple, on the other hand, remains committed to its financial products and has no plans to discontinue them. Goldman Sachs has been exploring options to exit all its credit card alliances, and this proposal offers a potential solution. However, alternative arrangements with American Express Co. and Synchrony Financial are also being considered.

Traditional Finance Embracing Crypto: Fnality International Raises $95 Million in Series B Funding

Traditional Finance Embracing Crypto: Fnality International Raises $95 Million in Series B Funding

Business

Fnality International, a startup focused on using blockchain technology for cash transfers between financial institutions, has raised $95 million in a Series B funding round led by Goldman Sachs and BNP Paribas. With participation from other major financial institutions, this funding indicates growing interest from traditional finance in the crypto industry. Fnality has developed a private blockchain network, modeled after Ethereum, to facilitate continuous money transfers between banks. The network is on the verge of a full launch in the UK, with plans to expand to other markets. The rise of traditional finance in blockchain demonstrates the potential of crypto and decentralized finance (DeFi) to transform the financial landscape.