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Archive · May 9, 2026

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Story 01

Kraken’s $600M Reap Acquisition Expands Card Capabilities and APAC Reach

Payward, parent of Kraken, acquired Reap for $600 million to bolster its card issuing and payment infrastructure, particularly targeting the Asia-Pacific market. This move positions Kraken to compete more directly with both crypto exchanges and traditional payment providers in the region. The integration of Reap’s technology could accelerate crypto-to-fiat payment flows and merchant adoption across APAC. Rival exchanges and payment service providers are already evaluating new card and cross-border product upgrades in response.

Source: Banking Dive
Also Worth Knowing
№02

SEC Chairman Pushes Congress for On-Chain Trading Regulatory Clarity

SEC Chairman Paul S. Atkins urged Congress to pass the CLARITY Act, calling for explicit rules governing on-chain financial markets. Clearer regulation could unlock broader participation from traditional financial institutions, intensifying competition in blockchain-based trading. Blockchain firms are expected to ramp up lobbying efforts as the legislative debate heats up. The outcome will determine how quickly banks and asset managers move into on-chain settlement and trading.

Source: PYMNTS
№03

Mastercard Launches MENA SMB Program to Challenge Local Payment Providers

Mastercard rolled out its 'Built Small. Moving Strong.' initiative to support small and medium-sized businesses across the MENA region. The program aims to deepen Mastercard’s merchant relationships and accelerate digital payment adoption, putting pressure on regional PSPs and banks. As Mastercard’s network effect grows, local providers may need to differentiate with vertical-specific services or risk losing share. Some regional banks are already piloting sector-focused payment solutions to retain SMB clients.

Source: PYMNTS
№04

Anthropic Partners With Investors to Build AI Tools for Financial Services

Anthropic is developing tailored AI solutions for the finance sector, collaborating with investors to drive adoption among middle-market enterprises. Regional banks and asset managers are piloting Anthropic’s tools to streamline compliance and customer service, aiming to boost operational efficiency. The partnership marks a shift from generic AI to industry-specific platforms, prompting banks and fintechs to reassess their technology roadmaps to stay competitive.

Source: Banking Dive
№05

ECB President’s Stablecoin Warning Puts Spotlight on Digital Euro Push

ECB President Christine Lagarde warned that euro-denominated stablecoins pose financial stability risks, advocating instead for a central bank digital euro. Her remarks may slow stablecoin adoption in Europe and give digital euro projects a regulatory tailwind. Stablecoin issuers now face heightened scrutiny and potential barriers to market entry. European merchants and PSPs are reassessing digital asset integration strategies in light of the evolving regulatory landscape.

Source: The Block
The Long Memory
“Despite its foundational role, the Electronic Payments Network (EPN) still processes a significant share of U.S. ACH payments today, often powering same-day payroll and bill payments behind the scenes.

Filed under: Payments History · The Long Memory

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