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  • 🚪 Milli Bank Bids Farewell: Closure Details Inside

🚪 Milli Bank Bids Farewell: Closure Details Inside

And... Wise’s Compliance Wake-Up

December 05, 2024

Welcome to Fintech Wire — your quick guide to what’s shaping finance and tech today.

What we’ll cover today:

🏦 Milli Bank’s closure and its impact on customers.

🛑 Wise faces AML scrutiny—what’s next?

🌟 The top fintech events to close 2024 and kickstart 2025.

Milli Bank, a digital banking platform in the U.S., has announced its closure, leaving customers wondering what happens next.

🚨 Breaking News: Milli Bank is shutting down operations, citing challenges in scaling its platform, and has provided a timeline for account closures.

⚡ Wire Simplified:

  • Milli Bank was launched as a mobile-first digital banking solution in the U.S.

  • The decision to close was attributed to difficulties in achieving long-term scalability.

  • Customers are being notified to move their funds before the closure deadline.

  • Milli is offering support to ensure a smooth transition for its users.

  • The closure highlights challenges faced by niche digital banks in a competitive market.

✔️ Straight to the Point:
Milli Bank’s closure underscores the tough realities of scaling in the digital banking space, leaving its customers to find alternatives.

🎤 Is the closure of digital banks like Milli a sign of market saturation?

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Wise, the money transfer company, has received a stern nudge from European regulators to tighten anti-money laundering (AML) controls.

🚨 Breaking News: The National Bank of Belgium (NBB) demands Wise freeze non-compliant accounts and collect more proof of address from its customers.

⚡ Wire Simplified:

  • Wise is under fire for not doing enough to stop money laundering.

  • Regulators want them to freeze accounts lacking proof of address.

  • Hundreds of thousands of accounts are affected by this crackdown.

  • Wise has to step up its compliance game—fast.

  • The company’s reputation is at stake as it navigates stricter rules.

✔️ Straight to the Point:
Wise faces a reality check on compliance, reminding fintech firms that growth must go hand-in-hand with regulatory responsibility.

🎤 Is Wise’s struggle with AML compliance a sign of bigger fintech issues?

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❝

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"An economy with an unemployment rate of 4% and a per person GDP of $85,000 does not have to be made great again; it is great." —The Economist.

  1. 15th NextGen Payments & RegTech Forum
    Join global leaders in Austin to explore the latest in payments and regulatory technology, focusing on modernization and innovation.

    Date: December 10-11, 2024 | Location: Hyatt Regency Austin, Texas, USA

  1. Global Blockchain Show
    Dive into the world of blockchain at Dubai's premier event, featuring top industry experts and the latest in Web3 innovations.

    Date: December 12-13, 2024 | Location: Grand Hyatt Exhibition Centre, Dubai, UAE

  1. Asian Financial Forum 2025
    Engage with influential leaders discussing global economic trends from an Asian perspective at this flagship financial event.

    Date: January 13-14, 2025 | Location: Hong Kong Convention and Exhibition Centre, Hong Kong

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