Jamaican central bank plans electronic payments regulation revamp
Jamaicans sent $4 billion in electronic payments in 2019.
Regulation
2020 has been the year of change, including EMTs
European MiFID Template (EMT) 1.0 is moving to EMT 3.0.
2020 review: 10 largest regulatory fines this year
The fines kept flowing even in a year as turbulent as 2020.
Denmark to join Eurosystem’s Target2 payment platform
T2 would then include the Danish krone by November 2025.
FCA makes major changes following LCF and Connaught review
Firms that have not used their regulatory permissions for the last 12 months are at risk of having it revoked.
Banks and bad actors: the race to digitally adapt
Financial services are far from reaching a “new normal”.
Combination of weaknesses led to massive data breach at Desjardins
The incident compromised the data of nearly 9.7 million Canadians.
FCA fines Barclays £26m over poor treatment of customers in financial difficulty
Barclays did not dispute the FCA’s findings and agreed to settle the case.
US state regulator says Robinhood is “aggressively marketing” to novices
The regulator calls out Robinhood’s approach of “gamifying” trading.
Swift calls for collaboration to help build the future of global transactions
Swift’s ambitious new strategy to reinvent global financial transactions.
Aussie neobank Xinja crumbles under unfeasible interest rates
The neobank landed a full banking licence last year.
Mastercard faces UK’s largest ever £14bn class action lawsuit
“Businesses and consumers simply cannot afford to continue paying sky-high rates.”
Fear of enforcement uptick just compliance theatre, says AML panel
“Compliance doesn’t solve financial crime,” says Fenergo’s Rachel Woolley.
Regulation 2.0: the AI tech revolution is here and now
How do we reimagine the regulatory framework?
Singapore issues digital bank licences to Grab, Ant & Sea
The regulator has issued four licences, rather than five.
Bank of England selects Appvia for two-year cloud development scheme
Appvia wins selection process started in January 2020.
Australian lender RedZed is first live on SAP’s Cloud for Banking service
RedZed goes live on SAP package deal, hosted on Amazon Web Services.
Video: Top fintech stories this week – 04 December 2020
FinTech Futures’ weekly news round-up.
Payment Systems Regulator names Ruth Wandhöfer as new chair
Wandhöfer replaces Stephen Locke at the payments regulator.
CFTC marks 2020 as record year for penalties issued
US regulator issued a record number of notices this year, even as fines remain roughly the same
AI will explain it to you
Explainable AI removes removes the last barrier in entrusting transaction monitoring to algorithms.
Tokyo Stock Exchange CEO steps down after damaging systems failure
Koichiro Miyahara resigns as regulators continue to examine exchange’s closure.
TransferWise nabs Australian banking licence from APRA
The restricted licence gives TransferWise access to the country’s real-time payments system.
Central Bank of Sri Lanka picks SimCorp Dimension for reserve management
CBSL selected SimCorp as part of an ongoing revamp.
ABN Amro plans 2,800 cuts to investment banking and overseas divisions
Dutch lender rolls back operations to focus on home markets.
Banking Tech Awards 2020 hosted online by Tom Ward
Join comedian Tom Ward for the 2020 Banking Tech Awards. Broadcast online on 10 Dec, 3:30pm GMT and is free to attend.
Report: Digital KYB – a springboard to customer onboarding success
FinTech Futures’ latest in depth industry report on KYB, in partnership with DueDil.
Spanish mega-merger off the cards as BBVA and Sabadell call it quits
The two banks couldn’t agree price over a major combination.
How to improve CX without sacrificing security
Finserv is an area where many are turning to customer identity and access management (CIAM).
Lanistar comes under UK advertising watchdog’s microscope
The regulator says it “received complaints about ads for Lanistar”.
Credit Karma secures $7.1bn Intuit acquisition, sells tax ops to Square
Square enjoyed a 4% jump in stock market value following the announcement.
San Fran alternative lender Oportun applies for banking charter
Oportun currently has licences in 12 states.
Danske Bank deploys Windward AI to track risk at sea
Windward claims its AI uses 10 billion data points.
E-book: The dawn of end-to-end AML compliance
The components of an end-to-end AML compliance solution and how to put your organisation on the right path.
Suncorp exec-founded neobank Alex raises AUD 10m
The funding is headed towards marketing and product development.
Blockchain-based lender Figure seeks US bank charter
Figure wants to simplify its regulatory and compliance procedures.
FCA issues Lanistar warning as tech partners disavow connection
UK payments-as-a-service fintech Modulr is among them.
Monzo replaces chief risk officer Lisa Nowell
Nowell leaves after just over a year in her position.
Jumio discusses the importance of video-based identity verification
“With video, we can reduce onboarding time from days and hours to minutes.”
The question of building backdoors into encryption
The battle between tech companies and authorities.
