The Weekly Wrap: all you need to know by Friday COB | June 9th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

Japanese investors are planning to file lawsuits against Japan-based brokerages including Mitsubishi UFJ Morgan Stanley Securities over their sale of so-called AT1 bonds issued by Credit Suisse, Nikkei Asia has learned, opening a new front in the global legal battle over the investments, as per various media reports.

A former Bank of American Securities lawyer, Taiju Yamazaki, plans to sue Mitsubishi UFJ Morgan Stanley Securities for losses suffered on additional tier-1 bonds issued by Credit Suisse on behalf of Mitsubishi UFJ Morgan Stanley Securities clients.

He said he had received queries from 60 people who bought bonds with a total nominal value of $44 million from the subsidiary of Mitsubishi UFJ Financial Group (MUFG) and expected more than half to join the prospective action. The lawsuit will be filed, at the earliest, in August, he said, adding that he expected to file additional suits against other brokerages in Japan that sold the AT1 bonds.

Japan’s Financial Services Agency has ordered Mitsubishi UFJ Morgan Stanley to report on its sale of AT1 bonds and its responses to the losses, Nikkei learned in May. The company has said that it was reviewing all its Credit Suisse AT1 transactions and that the process was ongoing.

Deals of the week

• Cross-border payments platform Keeta launches with $17m funding
• American Express & Bluechain partner to enhance SME payment processes
• PhonePe receives another $100m boost from General Atlantic
• Piper Serica Angel Fund crosses $12m fundraising target
• North East Small Finance Bank live on M2P’s Core Banking tech
• Allica Bank and ClearBank partner to boost business banking for UK SMEs
• CBiBank to offer AI-Enabled bank accounts
• Aafaq Islamic Finance taps Mastercard to boost credit, prepaid & commercial SME offerings
• American Express & Plaid streamline digital finance options for customers
• P. Morgan launches Payments Partner Network with Salesforce
• Nets Finland launches Npay, new payment terminal for merchants

Be on the lookout for

Las Vegas Money 20/20 USA is the gathering of global money ecosystems, taking place from Sunday 22 October to Wednesday 25 October, 2023.

Money20/20 USA is the world’s biggest, most influential gathering of the global money ecosystem. From in-depth learnings to epic networking parties to inspirational speakers, leaders walk away with business-critical insights and new connections that help you stay ahead – powering strategies, relationships, and innovation.

With over 13,000+ attendees from 3,000+ companies, this is the only place where the entire money community including banks, payments, tech, startups, retail, fintech, financial services, policy, and more come together to make the decisions that shape the industry.