Pakistan launches new instant payment system Raast
Government hopes Raast can host a collection of payment types.
Regulation
Polish consumer protection regulator investigates CD Projekt over Cyberpunk 2077
The UOKiK can fine the studio up to 10% of its annual revenue if it finds fault with its refund policy.
Saudi Arabia’s central bank plans open banking go-live for 2022
SAMA has already “collected the local financial market participants’ feedback”.
2021 predictions: don’t overlook the phone call
Due to the explosion in illegal robocalls, many consumers have simply stopped answering the phone.
FCA warns crypto investors could “lose all their money” after Bitcoin dips again
“Operating without a registration is a criminal offence,” says the FCA.
ECB hires Claudia Plattner as new IT director
Plattner is CIO for Deutsche Bahn’s IT provider.
Revolut applies for UK banking licence to boost primary account numbers
Fintech unicorn seeks to transition to full bank in the UK.
Tackling mobile fraud in 2021
Mobile numbers and associated SIM information have become even higher prized targets for fraudsters.
UK Treasury calls for input on planned regulation of cryptoassets and stablecoins
UK’s finance ministry says “the landscape has changed” in a short time.
Central Bank of Ireland urges firms to contact UK banks over Brexit
Creditors with direct debits in place for UK customers may need to provide their bank with additional info.
Mizuho Americas deploys Fenergo tech for automated client onboarding
Mizuho plans a global rollout of Fenergo systems afterwards.
HSBC signs multi-year AML partnership with Polish fintech Silent Eight
The bank’s global compliance division will deploy the Silent Eight’s resolution alert system.
Six trends that will change the crypto world in 2021
Which coins will rise in price and which ones will fall?
Santander: Digital lenders have unfair regulatory advantage post-pandemic
“The pandemic will only entrench the digital players,” says Botín.
Tamam to launch Saudi Arabia’s first digital microfinance service
Tanam give green light after 18 months of sandbox testing.
Crypto platforms drop support for XRP amid SEC’s Ripple lawsuit
Some crypto exchanges have delisted it while others have halted, suspended, or disabled trading for XRP.
China’s central bank issues Ant Group ultimatum after blocked IPO
The Peoples’ Bank of China wants Ant to overhaul its business or face the consequences.
Jamaican central bank plans electronic payments regulation revamp
Jamaicans sent $4 billion in electronic payments in 2019.
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.
