UK government lays out plans for BNPL legislation
The UK government is looking to bring BNPL into the regulatory sphere “in a proportionate way”.
Regulation
FCA clamps down on unregistered crypto ATM operators in Leeds
The FCA will review evidence gathered during the visits and consider further potential enforcement action.
PayPal reportedly halts work on stablecoin offering
PayPal is hoping to get a clearer understanding of the evolving regulatory landscape, Bloomberg reports.
UAE’s central bank launches financial services digital transformation programme
The UAE is aiming to become a “financial and digital payment hub”.
UK’s FCA names first members of its new innovation advisory group
The Innovation Advisory Group (IAG) will meet for the first time in February, the FCA says.
European Parliament outlines plans for an EU-wide digital wallet
The use of the EU wallet will “always be voluntary”, MEPs say.
CFPB proposes new rule to curb excessive credit card late fees
According to CFPB estimates, excessive fees cost American families about $12 billion each year.
European Central Bank to stress test 99 eurozone banks in 2023
The testing forms part of the 2023 EU-wide stress test coordinated by the European Banking Authority.
Zodia partners SBI DAH for Japan-based crypto custodian venture
The joint venture, SBI Zodia Custody, is owned 51% by SBI DAH and 49% by Zodia Custody.
FinTech Futures: Top five stories of the week – 3 February 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK government to strengthen rules around crypto
The government will strengthen rules for crypto trading platforms and crypto lending in line with traditional finance.
Will regulated cryptocurrency become the new fiat currency?
The last year has demonstrated that the crypto market is in immediate need of significant regulatory oversight.
Why 2023 is time for us to tackle financial crime properly
The impact of financial crime continues to be severe, but 2023 could be a breakthrough year.
FinTech Futures: Top five stories of the week – 27 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Commerzbank files lawsuit against EY over €200m Wirecard losses
Commerzbank has filed a suit against the accounting firm in Frankfurt court, Reuters reports.
German AML regtech Hawk AI lands $17m Series B
The round saw participation from investors including Sands Capital, DN Capital, Coalition and BlackFin Capital.
PayPal faces antitrust investigation in Germany
The Bundeskartellamt is investigating “practices possibly foreclosing competitors and restricting price competition”.
Corlytics acquires regulatory lifecycle platform ING SparQ in €5m deal
Corlytics’ CEO John Byrne says the deal “sets the runway for further strategic acquisitions”.
CMA warns HSBC over breaches of retail banking order
The CMA’s letter says that HSBC “self-reported” the breaches following a review of its compliance.
Regtech start-up GSS raises £37m
Global Screening Services (GSS) has raised funds from AlixPartners, The Cynosure Group, and MUFG.
Where will fintech go next in 2023?
2023 will no doubt bring more surprises for the fintech industry and tough times for many.
US DoJ charges crypto exchange founder over alleged illicit fund transfers
The DoJ alleges Bitzlato processed more than $700m in illicit funds.
State Bank of Pakistan names five successful digital bank applicants
The country’s central bank and regulator expects these new digital banks to promote financial inclusion.
Crypto firm Nexo denies allegations made by Bulgarian prosecutors
Nexo intends to file claims “for all financial and non-pecuniary damages suffered as a result of illegal actions”.
CFPB outlines public registry proposal for nonbank terms and conditions
Firms would need to submit information on terms and conditions that “waive or limit” consumer rights.
FCA fines Al Rayan Bank £4m for inadequate AML controls
Al Rayan did not dispute the FCA’s findings and agreed to settle.
Automated intelligence regtech Cube acquires The Hub
Cube’s CEO says the deal marks the first in what is expected to be a series of acquisitions.
Swiss payment app Twint taps NetGuardians for fraud prevention boost
Software leverages behavioural analytics, machine learning and artificial intelligence to detect anomalous payments.
Jack Ma to cede control of Chinese fintech Ant Group
After the restructuring, “no shareholder, alone or jointly with other parties, will have control over Ant Group”, the firm says.
FinTech Futures: Top five stories of the week – 6 January 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Coinbase hit with $50m fine for “significant” compliance failures
Coinbase has also been ordered to invest an additional $50m into its compliance programme over the next two years.
Finnish crypto firm Coinmotion lands Bank of Spain authorisation
The Bank of Spain has initiated registration for crypto providers as it seeks to clamp down on money laundering.
US agencies outline risks of crypto to banking system
In a year marked by “significant volatility”, the agencies highlight a number of risks banks should consider.
DLT in 2023: out of the blocks
What does 2023 have in store for distributed ledger technology (DLT)?
CFPB orders Servicio UniTeller to refund fees and pay penalty
The CFPB says between 2013 and 2021, the firm “failed to comply” with many electronic money transfer requirements.
The regulatory landscape and predictions for 2023
Being able to quickly respond to changing regulatory requirements is more important than ever.
Coinbase lands virtual asset provider licence from Central Bank of Ireland
Coinbase’s Ireland operations will also now be headed up by Cormac Dinan, its new country director.
Australia’s Alex Bank lands regulatory ADI licence
The bank says it was granted the licence just 18 months after it received a restricted ADI licence.
2022: Top five payments stories
FinTech Futures takes a look back at some of the year’s top developments and stories in payments.
2022: Top five crypto developments
FinTech Futures takes a look back at some of the year’s top crypto developments and stories.
