⚖️ Apple’s EU Trouble

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Hey Fintech Explorers—Welcome back to Money Explored, the essential Sunday newsletter to stay ahead in fintech!

This week, one tech titan faces fresh EU heat, a digital bank secures new territory in Latin America, and a Big Tech rival catches a lucky legal break.

Here’s what we’re diving into:

• Apple faces fresh EU antitrust heat over App Store rules. ⚖️

• Revolut secures final approval to launch in Mexico. 🇲🇽

• Google snags extra time in its Epic Games battle. 📅

Plus: A $300 trillion mistake in crypto, a cross-border payments merger in Europe, and a major AI player under political fire.

It’s all happening—and that’s just the start…

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Let’s dive in!

🌎 3 Major Stories

Dive into this week’s top Fintech developments.

Apple Faces EU Antitrust Grilling Again ⚖️

The Big Story 📰: Apple finds itself in hot water as two civil rights groups have filed a complaint with EU antitrust regulators regarding its App Store policies. Article 19 and Germany’s Society for Civil Rights claim the company's practices violate the Digital Markets Act (DMA), which exists to promote competition and protect users' choices. Among the allegations are mandatory requirements for developers, which can impose significant financial barriers, like a hefty one million euro standby letter of credit. Apple has dismissed the claims, arguing that they maintain minimum marketplace standards to ensure a safe experience for developers and users. With previous fines looming, this complaint could lead to further scrutiny and consequences for Apple.

Key Takeaway ⚡️: This complaint is a critical moment for Apple and the broader tech landscape. If the EU imposes penalties based on the DMA violations, it could set a precedent for how large tech companies operate in Europe and beyond. Smaller developers and competitors may gain newfound leverage, potentially leading to more innovation and market diversity. For fintech enthusiasts and investors, this situation underscores the importance of compliance in a rapidly evolving regulatory environment, and it could signal more antitrust actions against other tech giants as regulators tighten their grips. Companies should stay vigilant and adapt their strategies to navigate this challenging landscape of heightened scrutiny.

Revolut Gets Green Light to Launch in Mexico 🇲🇽

The Big Story 📰: Revolut, the UK-based digital bank, has received final approval from Mexico's National Banking and Securities Commission (CNBV) to operate as a multiple banking institution. This move comes after four years of preparation, including hiring former RappiPay executive Juan Miguel Guerra to lead their entry. Revolut secured a money transmitter license in December 2022 and upgraded this to a banking license by April of last year. With this final authorization, Revolut plans to launch a comprehensive range of financial services, focusing on enhanced customer protection, including deposit security for customers. The bank is currently onboarding interested customers via a waiting list while actively expanding its workforce.

Key Takeaway ⚡️: Revolut's entry into the Mexican market is a significant milestone for both the digital bank and the region's fintech scene. This move not only demonstrates Revolut's commitment to international growth but also enhances competition in Mexico's banking landscape. With plans for robust financial services and strong customer protections, Revolut is poised to attract a diverse customer base. As they pursue further expansions in Colombia and Argentina, fintech enthusiasts and investors should keep a close eye on how these moves impact local markets and the broader industry dynamics in Latin America.

Google's App Store Deadline Pushed to Oct 29 📅

The Big Story 📰: In a surprising twist, Google has won an extra week to delay changes to its Play Store policies in relation to the Epic Games lawsuit, originally set to take effect on October 22nd. A U.S. District Court Judge granted a joint request from both Google and Epic to push the deadline to October 29th. Despite Epic CEO Tim Sweeney previously celebrating the earlier date as a significant win for developers, the reasons for this delay remain undisclosed. Google has indicated that it will comply with legal obligations while appealing the case, leading many to speculate about potential implications once the injunction goes into effect.

Key Takeaway ⚡️: This extension adds another layer of uncertainty to an already contentious court battle impacting app developers nationwide. The delay could allow Google to bolster its defense ahead of a Supreme Court appeal due by October 27th. For developers and fintech players, the outcome of this case is pivotal. If Google’s restrictions are lifted, it would change the competitive landscape considerably, enabling developers to utilize alternative payment methods and set their own prices. This case underscores the ongoing tension between tech giants and regulators, highlighting the importance of legal precedents in shaping the future of app monetization and developer autonomy.