Texas Company Sues Apple Over Alleged Theft of Technology Behind Apple Pay

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Apple (AAPL.O) faces a lawsuit from Texas-based firm Fintiv, accusing the tech giant of stealing trade secrets and technology developed by CorFire, a company Fintiv acquired in 2014, to create Apple Pay. The complaint, filed in Atlanta federal court, alleges that Apple held multiple meetings and nondisclosure agreements with CorFire in 2011 and 2012 intending to license its mobile wallet technology but instead used the information and persuaded CorFire employees to join Apple.

Fintiv claims Apple used this technology to launch Apple Pay in 2014 and profited by generating fees for major credit card issuers and payment networks without compensating Fintiv. The lawsuit accuses Apple of corporate theft and racketeering under federal and Georgia trade secrets and RICO laws, seeking both compensatory and punitive damages.

Apple has not commented on the lawsuit. A related patent infringement case by Fintiv against Apple was dismissed earlier this month in Austin, Texas, with Fintiv planning to appeal.

Standard Chartered Launches Joint Venture to Apply for Stablecoin License in Hong Kong

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Standard Chartered (2888.HK) announced on Friday the formation of a joint venture, Anchorpoint Financial, with strategic partners Animoca Brands and HKT (6823.HK) to apply for a license to issue stablecoins in Hong Kong. This move comes shortly after Hong Kong’s stablecoin legislation officially took effect.

Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, commonly used for transferring funds within the crypto ecosystem. The newly passed Hong Kong bill, effective August 1, sets a clear regulatory framework for fiat-referenced stablecoin issuers.

Anchorpoint Financial has formally expressed interest to the Hong Kong Monetary Authority (HKMA) in obtaining the stablecoin issuer license. The HKMA anticipates granting the first licenses early next year, signaling a growing institutional push into regulated digital currencies in the region.

China’s SMIC Reports Resilience Despite U.S. Tariffs, Expects Tight Capacity Through October

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China’s leading semiconductor foundry, Semiconductor Manufacturing International Corp (SMIC), stated on Friday that U.S. tariff measures have not caused the “hard landing” initially feared. The company cited strong domestic demand that will keep its production capacity tight until October.

Co-CEO Zhao Haijun said during a post-earnings call that customers have largely mitigated the impact of U.S. President Donald Trump’s tariff plans—such as the proposed 100% tariff on chip imports—through inventory stockpiling and sourcing from alternative suppliers. He noted that previous tariff rounds increased costs by less than 10% for overseas customers.

China’s additional tariffs on U.S. goods reached 125% in April, following Trump’s tariffs effectively pushing the rate on Chinese goods to 145%. However, the latest semiconductor tariffs exclude companies manufacturing in the U.S. or committed to doing so. SMIC, blacklisted by the U.S. in 2020, has no U.S.-based manufacturing.

SMIC’s revenue for Q2 grew 16.2% year-on-year to $2.2 billion, though its profit declined 19.5% to $132.5 million, missing analyst expectations. The company shipped 2.4 million eight-inch equivalent wafers in the quarter, a 4.3% increase from Q1.

Capacity utilization rose to 92.5%, and monthly production capacity expanded modestly by 1.85% quarter-on-quarter to 991,000 wafers. Zhao forecasted continued tight capacity driven by strong domestic demand, especially for analog, WiFi, Ethernet, and memory controller chips.

SMIC expects Q3 revenue growth of 5% to 7% over Q2 but anticipates the industry’s typical seasonal slowdown in Q4, with rush orders and early shipments likely to taper.

SMIC’s shares in Hong Kong dropped over 5% following the report.