Technology

Rain Files Application With the OCC to Establish Rain National Trust Bank

Published

52 minutes ago

October 5, 2026

Proposed national trust bank will bring custody, stablecoin reserve management, and stablecoin issuance and redemption for the payments ecosystem under federal supervision

Former Square Financial Services CFO Brandon Soto named proposed President and CEO

Key facts

Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York.If approved, Rain National Trust Bank will provide fiduciary custody of digital assets and US dollars, reserve management for permitted stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients.Rain National Trust Bank will not accept deposits, offer consumer accounts, or make commercial loans. Brandon Soto, former Chief Financial Officer of Square Financial Services and most recently Chief Financial Officer of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.

NEW YORK, Oct. 5, 2026 /PRNewswire/ — Rain, the enterprise-grade infrastructure for stablecoin payments, announced today that it has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York. If approved, RNTB will bring the custody, reserve management, and stablecoin issuance and redemption functions behind Rain partners’ programs under a single federal supervisory framework. Rain also announced that Brandon Soto will serve as RNTB’s proposed President and Chief Executive Officer.

Rain’s partners run stablecoin card, wallet, and money movement programs for millions of end users. Today the assets behind those programs sit across state licenses, third-party custodians, and third-party stablecoin issuers. A national trust bank will allow Rain to expand its offerings to include fiduciary custody of assets under OCC supervision and examination, and to issue and redeem stablecoins.

“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” said Farooq Malik, CEO and co-founder of Rain. “Rain National Trust Bank is how we plan to meet that expectation. Rain remains a payments platform. The proposed trust bank will be a separate subsidiary that holds client assets in custody, as a fiduciary and subject to OCC examination.”

What Rain National Trust Bank will do

If approved, RNTB will serve institutional clients in the digital asset payment ecosystem through three lines of business:

Custody: Safeguard approved digital and fiat assets as a fiduciary, with client assets segregated from the proposed bank’s own assets.Reserve management: Hold and administer reserves for permitted stablecoin issuers under the GENIUS Act.Issuance and redemption: Issue US dollar-backed stablecoins as issuer of record in accordance with the GENIUS Act.

What Rain National Trust Bank will not do

If approved, as an uninsured national trust bank, RNTB will not accept deposits and will not make commercial loans. Assets held by RNTB for clients will be custody assets held for identified owners, not liabilities of the bank, and the reserves backing any stablecoin RNTB issues will not be pledged, lent, or reused. RNTB will not offer consumer accounts. Rain is not a bank and will remain a stablecoin payments platform and a Visa and Mastercard Principal Member through its other subsidiaries; RNTB will be a separately capitalized subsidiary supervised and examined by the OCC.

Leadership

Brandon Soto will serve as proposed President and Chief Executive Officer of RNTB, subject to OCC review. Soto was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation. Before that he was Chief Financial Officer of Square Financial Services, Inc., Block’s Utah-chartered industrial bank, where he helped prepare the charter application approved by the FDIC and the Utah Department of Financial Institutions and led finance, treasury, and capital management. Earlier he served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank.

“A trust bank’s first job is simple. Know what you hold, know who you hold it for, and keep it safe,” said Soto. “I have sat across from bank examiners for twenty years, and the best answer you can give is, ‘Here’s the reconciliation.’ That is the discipline we are building into the proposed national trust bank from day one. Clear ownership, daily reconciliation, strong controls, and the right level of capital.”

What happens next

The application is subject to OCC review and approval, including a public comment period. The public portion of the application will be available on the OCC’s website at occ.gov. Rain leadership and RNTB’s organizers recognize the responsibility that comes with seeking a national trust bank charter and will work diligently with the OCC throughout the process.

Rain worked with Paul Hastings in preparing the application.

Frequently Asked Questions

Question: What is Rain National Trust Bank?
Answer: Rain National Trust Bank (RNTB) is a proposed national trust bank. Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish it. If approved, RNTB will be a separately capitalized subsidiary of Rain, headquartered in New York, supervised and examined by the OCC, and limited to the operations of an uninsured trust bank, including: fiduciary custody of digital assets and US dollars, reserve management for permitted stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients. RNTB has not yet been approved and will only begin operations after receiving all required OCC approvals.

Question: Is Rain becoming a bank?
Answer: Rain is applying to establish a separate, limited-purpose trust bank subsidiary. Rain itself remains a stablecoin payments platform and a Visa and Mastercard Principal Member, and that does not change. Rain National Trust Bank will be a separately capitalized subsidiary of Rain with a limited purpose: holding client assets as a fiduciary, managing stablecoin reserves, and issuing and redeeming stablecoins, all under OCC supervision. Rain National Trust Bank will be an uninsured trust bank and will not accept deposits and will not make commercial loans.

Question: Will Rain National Trust Bank be FDIC insured?
Answer: No. Rain National Trust Bank will not accept deposits and will not be FDIC insured. Assets held by Rain National Trust Bank for clients will be custody assets held for identified owners, segregated from RNTB’s own assets, not liabilities of RNTB.

Question: What will Rain National Trust Bank do?
Answer: If approved, Rain National Trust Bank will operate three lines of business for institutional clients. Custody: safekeeping of approved digital and fiat assets as a fiduciary. Reserve management: custody and administration of reserves for permitted stablecoin issuers under the GENIUS Act. Issuance and redemption: issuing US dollar-backed stablecoins as issuer of record.

Question: Who is the proposed President and CEO of Rain National Trust Bank?
Answer: Brandon Soto is the proposed President and Chief Executive Officer of Rain National Trust Bank. He was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation, and previously Chief Financial Officer of Square Financial Services, Inc., Block’s Utah-chartered industrial bank, where he helped prepare the bank’s charter application and led finance, treasury, and capital management. He earlier served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank. He is a CPA.

Question: Does this change Rain’s card programs or partnerships?
Answer: No. Rain’s card, wallet, and money movement programs continue as they operate today, and Rain continues to work with its existing partners. Rain National Trust Bank is a multi-year initiative that, if approved, will add a federally supervised option for custody, reserve management, and stablecoin issuance and redemption alongside the infrastructure Rain and its partners use today.

Question: When will the OCC decide on Rain National Trust Bank?
Answer: The OCC’s review follows its own process and timeline, which includes a public comment period. The public portion of the application will be available on the OCC’s website over the coming days, and Rain National Trust Bank can begin operations only after receiving all required approvals.

About Rain

Rain is the global stablecoin payments platform for enterprises, neobanks, platforms, developers, and AI agents. Our technology allows partners to move, store, and use stablecoins instantly and compliantly through global payment cards, rewards, on/offramps, stablecoin and fiat wallets, and cross-border rails. As both a Visa and Mastercard Principal Member, Rain issues cards that work at more than 175 million merchant locations in over 200 countries and territories. Built natively for stablecoins and trusted by more than 100 organizations worldwide, Rain delivers secure, scalable infrastructure that makes money move freely and instantly around the world. Learn more at https://www.rain.xyz/.

Media Contact:
press@rain.xyz

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SOURCE Rain

Technology

DayOne Files Registration Statement for Proposed Initial Public Offering

Published

52 minutes ago

October 5, 2026

SINGAPORE, Oct. 6, 2026 /PRNewswire/ — DayOne Data Centers Limited (“DayOne”), a Singapore-headquartered global digital infrastructure platform, today announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering (“IPO”) of American Depositary Shares (“ADSs”) representing its ordinary shares. DayOne has applied to list the ADSs on the Nasdaq Global Select Market under the ticker symbol “DODC”.

Morgan Stanley, J.P. Morgan, BofA Securities, and Citigroup will act as underwriters of the IPO. The number of ADSs to be offered and the price range for the proposed offering have not yet been determined.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from:

Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com;J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-866-803-9204, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com;BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com;Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 1-800-831-9146).

The registration statement on Form F-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About DayOne Data Centers

DayOne Data Centers Limited (“DayOne”) is a Singapore-headquartered global digital infrastructure platform that develops and operates next-generation data centers, with a footprint across ten markets in Asia Pacific and Europe. Trusted by leading global hyperscalers and businesses, DayOne engineers, builds, and operates high-capacity, AI-ready campuses with speed, scale, and reliability. Powered by its proprietary integrated delivery model and proven track record of pioneering and scaling new markets, DayOne unlocks strategic capacity to meet accelerating critical infrastructure demands. Established in 2022, DayOne’s footprint includes Singapore, Johor and Greater Kuala Lumpur in Malaysia, Indonesia, Thailand, Tokyo and Kyushu in Japan, Hong Kong SAR, Finland, and Spain.

For media inquiries, please contact:

DayOne

media@dayonedc.com

FGS Global

DayOne@fgsglobal.com

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Technology

Ridero and AFG Announce Strategic Partnership to Expand Residual-Based Vehicle Financing

Published

2 hours ago

October 5, 2026

Partnership will drive incremental originations through AFG’s existing lender programs while enabling lenders to launch and scale leasing across new and used vehicles

NEW YORK, Oct. 5, 2026 /PRNewswire/ — Ridero, the technology platform building infrastructure for vehicle leasing and residual-based financing, today announced a strategic partnership with AFG to expand residual-based vehicle financing across new and used vehicles.

The partnership combines AFG’s lender programs, residual expertise and residual value guarantees with Ridero’s integrated technology and dealer network across two tracks: expanding distribution of AFG’s existing programs and enabling lenders to launch and scale new residual-based products.

Expanding Distribution for Existing AFG Programs

Ridero will integrate AFG’s existing lender programs into its platform, giving AFG’s lender partners an additional origination channel while expanding financing options available to Ridero dealers.

“The first part of this partnership is simple: help dealers get more deals done and help AFG’s lender partners originate more business,” said Brock Thompson, Co-Founder and CEO of Ridero. “By bringing these programs directly into the dealer workflow, we can expand their reach and create incremental opportunities for everyone involved.”

Opening Leasing to More Lenders Without the Residual Risk

The second track enables banks, credit unions, specialty lenders, OEM captives and dealer captives to launch or expand leasing across new and used vehicles without building the specialized technology and residual infrastructure traditionally required.

“A lender that wants to launch or expand leasing shouldn’t have to spend years building specialized technology and residual infrastructure,” said Thompson. “By combining Ridero’s technology with AFG’s residual expertise and guarantees, we can give lenders a much simpler path to bring leasing programs to market.”

“Residual based financing has proven its value: borrowers save thousands in lower payments, lenders capture incremental volume, and dealers close deals faster. It’s a win – win – win. Yet these programs remain concentrated among a handful of players. Through this partnership with Ridero, AFG continues to pursue its mission to expand access to residual based financing and remove the infrastructure burden that’s historically kept many lenders on the sidelines,” says Richard Epley, Auto Financial Group’s CEO.

Together, Ridero and AFG will expand distribution of existing residual-based programs while lowering the barriers for new lenders to enter the market.

About Ridero

Ridero is a financial technology company building infrastructure for vehicle leasing and residual-based financing. Its AI-powered platform connects dealers and financial institutions, embedding residual-based products directly into existing automotive retail workflows.

About AFG

Auto Financial Group (AFG), a Houston-based company, provides an online, residual based, walk-away vehicle financing product called AFG Balloon Lending, as well as vehicle leasing and vehicle remarketing to financial institutions across North America.

AFG’s residual based financing solutions provide the advantages of lower payments, flexible terms, in the case of the balloon loan, actual ownership of the vehicle and several end-of-term options, including the option to surrender the vehicle and walk away in lieu of paying the final loan payment. The financial institution receives higher loan yields, a competitive residual based financing alternative, and AFG manages the entire end-of-term process.

The AFG Remarketing program is a proven solution for financial institutions that offers the greatest financial return to their clients by matching assets to the selling network with the greatest number of buyers.

For more information about AFG call toll free at 877-354-4234, or visit www.autofinancialgroup.com

www.ridero.ai

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Technology

Nelnet Business Services Acquires International School Management Technology Provider, Entab

Published

2 hours ago

October 5, 2026

LINCOLN, Neb. and NEW DELHI, Oct. 5, 2026 /PRNewswire/ — Nelnet Business Services (NBS), a division of Nelnet, Inc. (NYSE: NNI), announced the acquisition of Entab Infotech Pvt. Ltd. (Entab), a leading provider of school administration, management, and learning technology software in India.

The acquisition marks an important step in the international expansion strategy of NBS, extending opportunities for its school management, tuition, and campus-technology offerings into India, one of the world’s largest K-12 education markets. Going forward, the business will operate as “Entab, a Nelnet company,” preserving the Entab brand, leadership, and customer relationships that schools across India rely on today.

“This acquisition represents an important milestone in our strategy to build a global platform that helps educational institutions operate more effectively and better serve students and families,” said DeeAnn Wenger, President of Nelnet Business Services. “Entab has established itself as one of India’s most trusted education technology providers, earning the confidence of more than 1,000 schools through innovation, customer commitment, and deep market expertise. Together, we have an opportunity to accelerate innovation, expand our impact, and deliver even greater value to the education communities we serve around the world.”

Founded and headquartered in New Delhi in 2000, Entab provides enterprise resource planning (ERP) and learning management systems (LMS) through its flagship CampusCare® platform, serving more than 1,000 schools and supporting over 1.5 million students in 28 states across India.

“Joining Nelnet Business Services significantly enhances our access to resources and expertise that will enable us to accelerate our product roadmap while continuing to serve our schools with the same team and commitment to service they experience today,” said Lawrence Zacharias, Entab CEO and co-founder.

Shaji Thomas, Entab co-founder added, “With the capabilities and scale of NBS supporting Entab, we look forward to delivering greater value to schools, teachers, students and parents, and expanding our reach across India.”

Both Zacharias and Thomas, along with Entab’s 290 associates, will remain with the company and maintain its existing offices in New Delhi to continue to serve customers without interruption.

“As we have gotten to know the Entab team, their customers, and their deep commitment to serving schools, we have seen firsthand the strength of their platform and the trust they have earned throughout the education community,” said Maheshwar Tiruchinapalli, Executive Vice President and General Manager of International Markets for Nelnet Business Services. “This combination represents more than an acquisition. It is the coming together of two organizations united by a shared mission to help schools thrive. Our integration strategy will be thoughtful and deliberate, ensuring continuity for customers and associates while creating a stronger, more innovative platform that can help define the next generation of school management solutions.”

Cyril Amarchand Mangaldas acted as India legal advisor and Baker McKenzie acted as International legal counsel for Nelnet. IndusInd Bank Ltd., India provided transaction banking and foreign exchange advisory services.

Moxie Capital Mumbai acted as financial advisor, PMA Associates provided project consulting, and Khaitan & Co. acted as legal advisor to the shareholders of Entab.

About Nelnet Business Services

Nelnet Business Services (NBS) is a division of Nelnet, Inc. (NYSE: NNI), which provides payment technology and community management solutions for K-12 schools, higher education institutions, and businesses in the U.S. and internationally. NBS serves more than 1,200 higher education institutions and nearly 12,000 K-12 schools worldwide.

About Nelnet

Nelnet is a diversified company with primary businesses in consumer lending, loan servicing, payments, and technology—all with a large customer emphasis in the education space. Headquartered in Lincoln, Neb., Nelnet has more than 5,700 associates. Learn more about Nelnet at www.nelnet.com.

About Entab

Founded in 2000, Entab provides ERP, learning management, and experiential learning solutions for India’s K-12 education sector. Its flagship CampusCare® platform integrates key school functions, including admissions, fee management, school operations, real-time tracking, and parent engagement within a unified digital ecosystem. Following the introduction of India’s National Education Policy (NEP) 2020, Entab expanded its offerings to include experiential learning solutions designed to support teaching and learning outcomes.

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