Crypto exchange OKX set to pull out of Canada citing “new regulations”
OKX says the move is “temporary and we are working with regulators to solve this issue”.
Regulation
FDIC offloads non-crypto Signature Bank deposits to Flagstar Bank
The FDIC will continue to provide crypto-related deposits directly to customers.
Eastnets migrates Swift and sanctions screening infrastructure to Microsoft Azure
Eastnets is one of the first Swift bureaus to migrate its full infrastructure for the Americas to the cloud.
FinTech Futures: Top five stories of the week – 17 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Amidst legal troubles in Kenya, Flutterwave lands two licences in Rwanda
The unicorn’s latest push in Rwanda follows its bid to expand across East Africa.
Anchorage Digital to cut 20% of staff as part of “strategic realignment”
Despite a “robust and growing” business, Anchorage says the cuts are a necessary part of a “strategic realignment”.
UAE lendtech Ezra appoints new chief risk officer, Andrew Goodrich
Goodrich will lead the data engineering, predictive analytics, credit risk and fraud functions across Ezra.
Noda taps ThetaRay for Sonar AML solution
ThetaRay’s Sonar will help Noda stay up to date with shifting compliance regulations.
ComplyAdvantage names Jim Anning as chief data officer
Anning joins ComplyAdvantage from GoCardless where he was vice president of data.
Africa-focused escrow service Truzo launches in the UK
Truzo says it will close its next round of funding in Q2 2023.
US regulators shutter New York’s Signature Bank following SVB collapse
Signature Bank is a large lender in the cryptosphere.
Scottish challenger for SMEs Alba lands banking licence
The bank has been granted an Authorised with Restrictions (AwR) licence by the UK’s PRA and FCA.
Central Bank of Nigeria publishes open banking guidelines
The central bank had first begun work on the adoption of open banking in June 2017.
Tintra to set up banking hub in Rwanda for new emerging markets bank
Tintra is in the process of establishing a subsidiary and applying for a licence with the National Bank of Rwanda.
US Federal Reserve sets up new specialist team to supervise crypto sector
The team will monitor the cryptosphere as regulators look to manage risk and promote innovation.
FinTech Futures: Top five stories of the week – 10 March 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US regtech Droit lands $23m Series B funding
The round was led by Pivot Investment Partners and UBS via its venture arm UBS Next.
Griffin secures UK banking licence with restrictions from PRA
Griffin will now be able to operate as a bank in the UK with deposit-taking restrictions.
RBI fines Amazon Pay’s India unit $374,000
The central bank claims Amazon Pay India didn’t comply with “certain provisions” of KYC and PPI directions.
German challenger N26 loses its chief risk officer
Thomas Grosse has quit the firm citing personal reasons. A successor has yet to be named.
Quantifind bags $23m in funding to help firms combat financial crime
Quantifind’s SaaS solutions help banks and financial institutions tackle money laundering and fraud.
Tudi taps ThetaRay for transaction monitoring solution
Through the partnership, ThetaRay will provide Tudi its Sonar transaction monitoring solution.
Centre for Finance, Innovation and Technology launches to boost UK fintech
CFIT will bring together “coalitions of experts” across finance, technology, academia and policy.
Should digital banking platforms be fraud prevention solutions by design?
Banks should look to use technology to not only curb financial crime but to gain a competitive advantage.
How fintechs can prepare for Dodd-Frank Section 1071 with compliance automation
Learn how to be ready for any and all consequences once the 1071 regulations hit.
FinTech Futures: Top five stories of the week – 24 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Canada’s securities regulator tightens rules for crypto exchanges
The CSA has laid out enhanced investor protection commitments it expects from exchanges operating in Canada.
Buy now, worry about it later: the future of BNPL
Buy now, pay later – is there a more apt fintech application for our times than BNPL?
Banesco USA taps AML RightSource for automated due diligence solution
Banesco will deploy AML RightSource’s Automated EDD (Enhance Due Diligence) solution.
European paytech Lyra taps Napier for transaction monitoring
Lyra will utilise Napier’s transaction monitoring solution to ensure its compliance with regulatory requirements.
Hong Kong proposes tighter rules for digital asset exchanges
The proposed framework will bring virtual assets in line with securities brokers and automated trading venues.
Singapore and India link up PayNow and UPI for real-time cross-border payments
The MAS and RBI will use a scalable cloud-based infrastructure to manage future increases in remittance volumes.
European Commission launches blockchain regulatory sandbox
While blockchain is known for crypto, the Commission says the tech has a “wider utility” beyond financial services.
FSB to study DeFi’s potential stability risks and vulnerabilities
The FSB states that “specific features” of DeFi may see some of its vulnerabilities “play out differently”.
Facing the FCA armed with data
Fintechs are finding themselves subject to increasing scrutiny by regulators regarding AML compliance.
Payoneer lands UK e-money licence from FCA
Payoneer secured the EMI via its subsidiary Payoneer Payment Services UK.
Solving the cybersecurity puzzle
FinTech Futures speaks to City University of London’s Raj Muttukrishnan and Crossword’s Stuart Jubb.
AI regtech WorkFusion names Arthur Mueller VP of financial crime
Mueller joins from Rabobank North America where he served as AML and sanctions officer for more than six years.
Global fintech investment drops 31% in 2022 from record 2021 high
Despite the drop, it was still the third-best year for fintech investment ever.
Dubai’s VARA outlines new virtual asset framework
VARA says the new framework will offer “regulatory certainty”, giving market participants greater clarity.
