MAS to commence quantum-proofing cybersecurity trials with banks “in the coming months”
DBS, HSBC, OCBC, UOB, SPTel and SpeQtral are all set to take part.
Regulation
The greatest story never told
I suspect it is inevitable that a bit of a rethink around open banking will have to happen.
Banking Tech Awards 2024 nominations deadline extended to 6 September
You now have until 6 September to submit your nominations for this year’s Banking Tech Awards!
French paytech Lemonway has “certain limitations” placed on its operations in Italy by Banca d’Italia
Lemonway says the Italian central bank has told it to “not engage new Italian partners”.
Pennsylvania’s Customers Bancorp hit with enforcement action by US Federal Reserve
The enforcement action follows a recent inspection and does not include a fine.
DORA the explorer travels light
Things are only going to get faster and more demanding. So travel light, because you need to go far.
White paper: Beyond the basics – exploring trends shaping AML compliance in 2024
What controls UK businesses should put in place to effectively prevent money laundering and other financial crime.
Nuvei set to obtain licence in Brazil with proposed acquisition of Pay2All
The proposed acquisition will enable Nuvei to operate in Brazil as an electronic currency issuer.
Bank of England launches discussion paper on “ambitious agenda” for UK’s payments landscape
The public have until 31 October 2024 to submit feedback on the paper.
July 2024: Top five payments stories of the month
FinTech Futures takes a look back at five of the top payments stories in July.
Coinbase’s CB Payments unit fined £3.5m by FCA
The FCA claims CBPL breached a requirement that prevented it from offering services to “high-risk customers”.
UK’s CMA says Lloyds Bank, TSB, AIB and HSBC breached Retail Banking Order
The CMA will continue to monitor the compliance of the four banks.
UK embedded finance provider Weavr lands EMI licence in Malta
Weavr aims to leverage the licence to deliver “the most comprehensive domiciled IBAN offering in Europe”.
FinTech Futures: Top five news stories of the week – 26 July 2024
Our pick of the top fintech news stories this week includes Revolut, UniCredit, Modulr and more.
Corlytics hires new CTO, chief data officer and chief tech architect
Former AQMetrics exec Steve Barnes has been named as the group’s new chief technology officer.
Revolut secures UK banking licence with restrictions, enters mobilisation stage
Revolut has been in pursuit of a UK banking licence since 2021, when it first lodged its application with the PRA.
Video: Allica Bank at Money20/20 Europe – Compliance and the profit paradigm
Allica Bank’s Mitch Trehan discusses the key drivers behind the bank’s latest revenue growth.
FCA issues new guidelines to ensure cash access for consumers and small enterprises
Fourteen banks and building societies are set to implement the new cash access system.
What the FinTech? | S.5 Episode 12 | The emerging technologies driving innovation in payments
In this podcast episode, we chat with George Maddaloni, CTO of Operations at payments giant Mastercard.
FCA lifts partner onboarding restrictions on UK fintech Modulr
Modulr can now resume onboarding A&D partners but must inform the FCA when doing so.
UK paytech RC365 acquires Money Lenders Licence to provide digital lending services in Hong Kong
RC365 purchased the licence from private investment and advisory firm HC Capital Group for HK 230,000.
Airwallex branches out into retail investment products with new Australian licence
The fintech is to leverage the AFSL licence, granted by ASIC, to expand Airwallex Yield.
HKMA unveils latest additions to stablecoin issuer sandbox
The new sandbox aims to facilitate the “sustainable and responsible” development of HK’s “stablecoin ecosystem”.
US Federal Reserve fines digital bank Green Dot $44 million over “unfair and deceptive practices”
Green Dot has been anticipating the arrival of the consent order since February.
CFPB proposes new rule to include payday advances under Truth in Lending Act
The fees associated with payday advances must be accompanied by the appropriate consumer disclosures.
FinTech Futures: Top five news stories of the week – 19 July 2024
Our pick of the top fintech news stories this week includes HSBC, Stripe, the FCA and more.
What’s next for UK fintech under the new Labour government?
After Labour’s election victory, FinTech Futures explores what the future might hold for UK fintech.
FCA announces “biggest changes” to the UK’s listing regime “in over three decades”
The new rules aim to “support a wider range of companies to issue their shares on a UK exchange”.
Covering the exposed: The effects of the FCA’s PEP review on financial compliance
The FCA is set to publish its review of the treatment of politically exposed persons (PEPs) this month.
US regulators fine Citigroup $136m for “insufficient progress” towards compliance with 2020 consent order
The OCC and the Federal Reserve Board have fined Citigroup $75 million and $60.6 million, respectively.
Banking Technology Magazine July / August 2024 issue out now
Cover story: MONEY TALKS – Cash still playing an important role in society.
Visa and Mastercard to extend inter-regional interchange fee caps in the EEA until 2029
The payments giants originally agreed to the caps to settle an EU antitrust investigation in 2019.
Banque de France partners HKMA to explore interoperability between wholesale CBDC infrastructures
The exploratory study will focus on “real-time cross-border and cross-currency payments”.
How DORA is fortifying Europe’s financial future with a new take on operational resilience
With the DORA deadline fast approaching, FinTech Futures examines its expected impact on financial services.
Paxos secures Singapore MPI licence and DBS Bank partnership for stablecoin issuance
Singapore becomes the third market worldwide where Paxos is licenced to issue stablecoins.
Silvergate to pay $63m in penalties to settle with US regulators
Silvergate announced it was winding down crypto-focused Silvergate Bank in March 2023.
US FDIC issues consent order to Thread Bank
The consent order, effective 21 May, mandates Thread Bank to enhance its oversight of its BaaS programme.
The rise of instant payments: protecting consumers from criminals in 10 seconds
How can financial institutions strike a balance between speed and safety with instant payments?
FinTech Futures: Top five news stories of the week – 28 June 2024
Our pick of the top fintech news stories this week includes Klarna, iBusiness Funding, Norm Ai, Nubank and more.
ECB publishes progress update on digital euro preparation phase
Privacy, offline functionality and possession caps are the key focus points of the progress report.
