Every week, we’ll be offering a quick rundown of the most relevant news in finance and technology.
Silicon Valley Bank acquired Standard Treasury, a software company whose mission was to create banking APIs. SVB absorbed both the assets and technical team from the startup. The co-founders of Standard Treasury cited funding issues and regulatory concerns as motivations for this decision.
Sri Lanka launched real-time funds transfers through eight of the country’s financial institutions. The real-time settlement platform was created by national payments infrastructure providers LankaClear. This shift improves on Sri Lanka’s Cheque Imaging and Truncation System (CITS), which enabled the first single-day check clearing system in Southeast Asia.
A Japanese court ruled that bitcoins can’t be owned, citing the country’s law stating that only tangible things can considered property. This ruling is the latest in a series of decisions in Russia, Germany, Australia, and other nations on the legal status of the cryptocurrency.
British bank Barclays opened a startup accelerator in London. Barclays joins Citigroup, BBVA, and Wells Fargo in a trend of banks fostering innovation by offering their space and funding to encourage the development of new technology.
The World Economic Forum released its Collaborative Innovation Report, which suggests that partnerships between startups and established companies can foster sustainable economic growth in the EU by combining the fresh perspectives of new players with the resources of larger, more seasoned firms.