Leveraging best practice to maximise the benefits of cloud technology
Firms must assess and refine their cloud adoption strategy to ensure regulatory compliance and overall resiliency.
Regulation
Cobo raises $40m Series B funding for DeFi-as-a-Service platform
The Singaporean crypto platform will also use the $40m raised to secure regulatory licences.
SME bank Recognise given green light by UK regulator
The new bank can now start offering personal savings accounts and business loans.
UK community lender Barrow & District Credit Union goes bust
Local savings provider with 1,200 members falls into administration.
Open banking’s unstoppable momentum
Regulation directives continue to push the financial industry towards a more open model.
ICYMI funding round-up: TomoCredit, Lightyear, X-Margin, Coinfirm & more
More funding deals you may have missed during a busy week of news.
Elizabeth Warren calls on Fed to break up Wells Fargo
Senator cites the bank’s “longstanding ungovernable behaviour”.
White paper: Five key qualities of a successful AML compliance programme
An effective AML compliance programme will protect your company from regulatory fines and prosecution.
SDX receives FINMA approval to launch Swiss digital asset trading platform
The authorisation will enable SDX to go live with a fully regulated offering.
Mastercard acquires blockchain security start-up CipherTrace
Payments giant aims to integrate CipherTrace’s crypto security and fraud detection capabilities.
Australian challenger Avenue lands restricted banking licence
The digital business bank wants to make it easier for SMEs to grow their businesses.
SEC threatens suit over Coinbase crypto lending product
Coinbase’s CEO and chief legal officer admonish US markets regulator over lack of clarity.
PayPal increases transaction fees between UK and Europe
A new 1.29% charge will come into force before the end of the year.
Hamburg Commercial Bank goes live on Broadridge payments system
German lender aims to revamp its processing capabilities.
How can identity security help solve the compliance conundrum?
Evolving tech has led to a growing number of cyber threats for FIs, as well as more compliance requirements.
Major Indian banks launch Account Aggregator project
New programme aims to extend financial services to millions of new customers.
BitConnect faces $2bn SEC fraud charge
SEC alleges BitConnect and founder Satish Kumbhani siphoned investor funds into digital wallets.
FCA says crypto exchange Binance is “not capable” of supervision
UK regulator issued a now-revealed warning to Binance in June.
Risk as an opportunity: fintech’s gold standard
How can fintechs continue to grow while also meeting increasingly stringent regulatory requirements?
LexisNexis acquires onboarding and risk platform TruNarrative
TruNarrative will join LexisNexis’ business solutions group.
Open banking: a new global standard?
How are different countries actually approaching open banking adoption?
Is a change of approach required to benefit from cloud services as critical infrastructure?
It’s a fine balancing exercise of facilitating and encouraging innovation and adoption of cloud integrated services.
Circle announces plans to become a national digital currency bank
The firm says it will operate under the supervision of US financial regulators.
Plaid agrees $58m settlement over data privacy class action
The plaintiffs alleged Plaid stored and used bank account information without consent.
UBS fined by Hong Kong’s SFC for compliance breaches
SFC slaps $1.5 million fine on Swiss bank for multiple issues.
Extended deadline announced for Banking Tech Awards 2021
The new nomination deadline for the Banking Tech Awards 2021 is 20 August.
It’s a matter of comms | Episode 9 | Demystifying scope 1, 2 & 3 emissions
What are scope 1, 2 and 3 emissions and how can businesses start recording and reporting on them?
FCA investigating Monzo as challenger reports £115m yearly loss
The FCA is investigating Monzo over potential breaches of money laundering laws.
Perpetual KYC and the move away from periodic reviews
Continuously monitoring customer information using AI could have advantages for banks and fintechs.
Nigerian central bank plans October 2021 digital currency pilot
The central bank ordered the cessation of cryptocurrency exchange services in February.
UK government plans further sale of state-owned NatWest shares
NatWest plans to be fully private by 2026.
Russian central bank asks exchanges to avoid cryptocurrency firms
Bank of Russia asks stock exchanges not to list crypto-adjacent companies.
Finansinspektionen goes live on BearingPoint RegTech’s Abacus Regulator
Swedish financial supervisory authority deploys range of modules from vendor.
British Business Bank launches £375m scheme for tech start-ups
The Future Fund: Breakthrough scheme follows on from its now-closed predecessor.
UBS pays $8m to settle SEC compliance charges
US regulator found failings in the bank’s handling of exchange-traded products.
Robinhood plans $35bn IPO as crypto arm predicts $30m probe settlement
Retail trading app expects to sell shares between $38 and $42.
Is regtech living up to expectations? (And if not, why not?)
Until regtech is embedded into the core processes of wealth management, its potential remains constrained.
Reserve Bank of India blocks Mastercard from onboarding new domestic customers
RBI claims Mastercard Asia/Pacific has failed to comply with an earlier directive on data storage.
ECB agrees to move forward to investigation phase of digital euro project
Work will now focus on functional design and prototyping and will involve focus groups.
White House backs US open banking reform
The Biden Administration is looking to tackle the slow progress of open banking in the US.
