SAMA greenlights beta launch of STC Bank
The approval by the Saudi Central Bank will see the company transition from STC Pay to STC Bank.
Central Bank
BIS unveils Project Agorá to explore the tokenisation of cross-border payments
Project Agorá will see seven central banks work in partnership with several private sector participants.
UK fintech Unlimit secures new PSP licence to expand into Tanzania
Tanzania marks the third African country to licence the fintech, following Nigeria and Kenya.
US Federal Reserve “nowhere near recommending, let alone adopting” a CBDC, chairman tells Congress
Fed chairman Jerome Powell tells Congress that “people don’t need to worry”.
Egypt’s Alexbank partners Mastercard to advance payments strategy
The partnership will focus on expanding Alexbank’s acquiring business and credit card base.
Qatar Central Bank to enable instant payments with new Fawran service
Fawran is due to launch in March and forms part of the bank’s Third Financial Sector strategy, announced last year.
Unity Trust Bank appoints Colin Fyfe as new CEO
Fyfe joins UTB from Hinckley & Rugby Building Society, where he was CEO for over five years.
Vast Bank exits cryptocurrency market, closes crypto banking mobile app
The bank disabled and removed the Vast Crypto Mobile Banking app from app stores on 31 January.
NatWest’s Mettle names Michelle Prance as new CEO
Prance has been promoted to help “meet the evolving needs of the self-employed community”.
UK to continue work on digital pound, but “no final decision has been made” on a potential launch
HM Treasury and the BoE have responded to a public consultation initially launched last February.
Save the date: The Banking Tech Awards celebrates its 25th anniversary on 4 December
Nominations for the 25th annual Banking Tech Awards will open this spring.
Banco de España announces partners for wholesale CBDC trials
The Spanish central bank’s trials are expected to run for around six months.
ECB ramps up preparation phase for digital euro with calls for component providers
The ECB is issuing five contracts to vendors worth a total of €1.1 billion, with work due to begin in early 2025.
Instant payments, BaaS and GenAI: A fintech industry review of 2023
FinTech Futures takes a look back at the key industry developments and trends to emerge over 2023.
Central Bank of Colombia partners ACI Worldwide for real-time payments system
The central bank will leverage the partnership to launch a real-time payments ecosystem in 2025.
Reserve Bank of India outlines plans for new fintech repository and cloud facility for FS firms
The new measures also address “moral hazard issues” in lending and boost certain transaction limits.
UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
German wealthtech Trade Republic lands full EU banking licence from the ECB
The new licence means the firm can now offer essential banking services such as deposits and lending.
Eurosystem eyes up alternative payment solutions in latest retail payments strategy update
The aim of the strategy is to “develop pan-European solutions for payments at the point of interaction”.
Contis hit with €840,000 fine by Bank of Lithuania
The fine relates to alleged AML failings over a period between 2021 and 2022.
European Central Bank highlights continued sector-wide risk in latest Financial Stability Review
The ECB says residential and commercial real estate markets face “downside surprises” due to inflation.
UK’s Kodelab to provide lending tech for HKMA CBDC pilot with Ripple and Fubon Bank
The pilot is part of the HKMA’s three-stage approach to CBDC development.
Eurasian Bank launches Digital Tenge Card in preparation for Kazakhstan’s CBDC
The National Bank of Kazakhstan intends to issue its own CBDC in late 2025.
Block’s Cash App withdraws bid for Irish virtual asset licence
Cash App had been pursuing a VASP licence in the country since 2021.
FinTech Futures: Top five stories of the week – 10 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
European regulators agree on new rules for SEPA instant payments
The rules state that instant transfers must not cost more than standard services.
National Bank of Georgia taps Ripple for CBDC pilot
With Ripple, Georgia’s central bank aims to explore use cases and potential benefits of having a digital currency.
FinTech Futures: Top five stories of the week – 3 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Regulators of UK, Singapore, Switzerland and Japan launch collaborative effort to explore digital asset use cases
Project Guardian aims to share knowledge about the benefits and risks of asset and fund tokenisation.
The US Federal Reserve proposes new single cap on interchange fees
Reserve board member and governor Michelle Bowman has opposed the revised cap.
US Bank subsidiary Elavon lands UK banking authorisation
With the licence, Elavon intends to offer authorisation, settlement, card machines, and banking services in the UK.
FinTech Futures: Top five stories of the week – 20 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
ECB’s digital euro project to enter preparation phase from next month
The announcement follows the completion of the digital euro’s “investigation phase”, which began in 2021.
UAE’s central bank launches Aani, a new instant payments platform
Aani enables transactions to be processed “instantly and securely” at any given time.
Australia proposes significant regulatory reforms for digital asset platforms
The Treasury is welcoming feedback on its latest proposals until 1 December 2023.
Al Etihad Payments partners India’s NPCI to develop UAE’s first domestic card scheme
Al Etihad Payments is a wholly-owned subsidiary of the Central Bank of the UAE.
Fintech unicorn Slice to merge with India’s North East Small Finance Bank
Its merger with NESFB will see Slice transition into a small finance bank.
FinTech Futures: Top five stories of the week – 6 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Central Bank of Ireland proposes minimum knowledge requirements for credit union workers
The reforms will take effect from 1 October 2024 and will incur a four year transition period.
Project Mariana successfully completes cross-border settlement of wholesale CBDCs
The project was completed between BIS, Banque de France, MAS and the Swiss National Bank.
