Indian regulator IFSCA opens fintech regulatory sandbox for applicants
Once the regulator has decided on applicants, it will determine the conditions of the sandbox.
Banking
Nordic challenger Lunar lands $47m Series C
The round arrives just seven months after its €20 million Series B extension in April.
Stability of financial institutions during and beyond COVID-19
How should banks provide consumers with what they need and can afford?
BBVA debuts “dynamic CVV” numberless card Aqua
It features a dynamic CVV code in order to provide security for online payments.
JP Morgan launches QuickAccept smartphone card reader to take on Square
QuickAccept was developed by the team from WePay.
Monet Money to target UK’s creatives with cash flow app
The beta version of its app is expected to land in February 2021.
Restrictive covenants during COVID-19: are they enforceable?
Can you enforce such clauses in a post-pandemic world – and should you?
FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal
The investigation found that GSI breached a number of FCA and PRA principles and rules.
FAB transfers legacy banking licence to ADQ
A number of legacy banks in Dubai have launched digital-only services this year.
Unifimoney signs cross-border payments deal with Nium
The US neobank promises an “enhanced outbound money experience”.
Woman-owned de novo Agility Bank gains regulatory green light in Texas
Agility Bank aims to raise $30 million prior to launch in 2021.
Three major US banks make up half of 2020’s $11.39bn fine total
Together, Goldman Sachs, Wells Fargo, and JPMorgan Chase paid $7.85 billion of this total.
Afterpay signs up to Westpac banking-as-a-service platform
Afterpay plans to launch a savings account on the Aussie bank’s software.
First Women’s Bank picks Fiserv to underpin 2021 launch
The US neobank will operate out of Chicago to challenge small business lending in the US.
Line launches messenger-based banking platform in Thailand
Line has developed and operates the service in collaboration with Thai bank Kasikornbank.
Mexico’s credit alternative challenger Klar lands $15m Series A
“We help people build credit by looking at how and where they spend their money.”
Game over, insert coin
We are trying to pay lip service to wholesale dramatic change but get away with cosmetic modifications.
Commercial Bank of Dubai serves ‘low-income’ customers with Now Money
“[We’re offering a] much more advanced and cost-effective alternative”.
Hong Kong challenger WeLab Bank goes live on Temenos Transact
The neobank launched a few months ago.
PeoplesBank picks Nymbus to help launch digital bank Zynlo
Regional US bank stand up digital branc with help from Nymbus.
White paper: Low code development in banking and its role in high speed content-based services
How banks can make more strategic use of their content, developing applications at speed that transform services & user experiences.
Curve to launch new credit facility powered by Thought Machine’s Vault
Curve Credit allows customers allows customers to pay for their purchases in instalments.
TreeCard raises $1m from Ecosia ahead of 2021 launch
TreeCard, set to launch next year, is made of sustainable cherry tree wood.
Trading 212 integrates TrueLayer’s open banking platform
The API allows users to quickly and securely fund their investment account, using payments initiation.
Canadian invoice firm FundThrough raises $50m to support SMEs
FundThrough aims to eliminate the “wait” for SME payments
Russia’s Yandex and Tinkoff scrap $5.5bn deal
Internal email suggests agreement was lost on nature of the merger.
Unlocking the benefits of unstructured data in banking
Key areas that the sector is failing to tap into with ML and AI.
TD Bank files lawsuit against Plaid for “duping” its customers
The bank claims Plaid is violating its trademark and tricking customers into handing over data.
Kish Bank picks CSIs NuPoint to fuel digital change
Bank says CSI has been behind it “all the way.”
CUNA Mutual Group acquires lending platform CuneXus
CUNA has been an early-stage investor in CuneXus since 2017.
Aussie challenger Judo Bank picks nCino Bank Operating System
Judo Bank aims to automate processes to focus on customers.
Enveil CEO: Fragmented AML regulation creates “Russian doll effect”
Williams likens it to the “Russian doll effect”.
Future economic relief should care for more families
Deserving families have continued to be unfairly excluded from government relief throughout the COVID-19 crisis.
Video: Top fintech stories this week – 16 October 2020
FinTech Futures’ weekly news round-up.
Morgan Stanley fined $60m for improper disposal of personal data
The OCC found examples in 2016 and 2019 of failure to oversee third party companies.
The end of apps
Is it time that we jumped from the app bandwagon?
JP Morgan Chase partners with Greenlight for kids account
The JPMorgan Chase app has around 39 million ‘active’ customers.
Why the focus on risk weighted asset optimisation is increasing
Many banks have started formulating an action plan and framework to drive this initiative within their organisation.
FinTech Futures Jobs: five exciting fintechs that are hiring now
Top fintechs looking for talent, including Monzo, OakNorth, Cleo AI and Chip.
GPS fills out executive team with handful of new C-level hires
Richard Hodgson, Shaun Puckrin, and Jerome Gudgeon join the payments firm.
