FCA accused of rushing consultation to minimise own failings
The complaints commissioner criticises the timing and lack of promotion.
Regulation
Nordic fintech Open Payments raises €3m in second seed round
The firm plans an EU expansion in 2021.
Belgium investigates Credit Suisse over hidden accounts
It follows allegations that the bank helped 2,650 Belgians hide their accounts from tax authorities.
Why the world needs synchronised timing
The value of timing provides the opportunity to bolster the very fabric of our vital infrastructure.
Malaysia and Indonesian regulators sign fintech cooperative agreement
The two countries will share innovations and foster cross-border start-up development.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
iSignthis files AUD 264m against Australian Securities Exchange
The feud has its roots in ASX’s removal of iSignthis shares from trading.
TD Bank pays $122m for obscuring overdraft penalties
US bank charged by CFPB for anti-consumer practice.
Scotiabank pays over $127m for commodities price manipulation
It also faced charges of compliance and supervision failures.
Railsbank frontrunner to purchase Wirecard Card Solutions
London-based firm puts its hat in the ring to acquire ailing firm.
Indian watchdog rejects WhatsApp Pay antitrust complaint
The Competition Commission of India dismisses complaint about new market entrant.
London to maintain grip on EU clearing post Brexit
COVID-19 thwarts Frankfurt’s plans to grab clearing business from Britain.
The revolution will be regulated
When it comes to digital adoption, the regulator has been the biggest driver of change in the more mature markets.
European Commission approves Mastercard’s €2.85bn Nets deal
Third party firm to receive an exclusive licence for Nets tech to lower anticompetition fears.
EU warns City of longer wait for market access post-Brexit
The delay is because of the bloc’s own regulations which are also in flux.
China culls almost 6,000 P2P lenders in industry crackdown
A two-year programme has left only 29 firms in the country.
BaFin employees increasingly traded Wirecard shares
2.4% of all reported private financial transactions by its staff were transactions with Wirecard in H1.
EBA looks into adoption of regtech across EU
The banking questionnaire covers initiatives that could support the uptake of regtech solutions.
Wells Fargo compliance chief Mike Roemer steps down
The major US bank is undergoing a risk restructure.
China expands digital currency experiment across major cities
More than 400 million people are able to trial the digital system.
Bank of Lithuania calls for parity in EU digitalisation
Lithuanian central bank wants a more unified approach to innovation in the EU.
What every employer needs to know about employees returning to the workplace
Advice on the measures employers should take when re-opening their workplace amid COVID-19.
MUFG taps AxiomSL for reporting automation
AxiomSL’s Global Shareholding Disclosures will be deployed on the cloud.
Video: Top fintech stories this week – 14 August 2020
FinTech Futures’ weekly news round-up.
Robinhood kicks off hiring spree in Texas and Arizona
Trading app says it plans to hire hundreds of new support staff.
Regtech firm kompany raises $6m in venture funding
The firm plans to use its new cash to develop KYC solutions.
Streamlining manual processes amid COVID-19
Find out how to digitise manual documentation processes with Foxit Software.
Containers and PCI DSS: 10 requirements financial services must follow
These requirements can present a challenge to financial services now leveraging containers.
Capital One fined $80m for 2019 data breach
US firm pays the price for hack that exposed data of 106m customers.
FCA posts concerns over repeat lending by credit firms
UK watchdog highlights issue with letting users borrow again and again.
CMA blocks FNZ-GBST merger over competition concerns
UK regulator worried merger may prevent new entrants scaling up in the UK.
Greek fintech Viva Wallet officially becomes a bank
The Attica-based start-up acquired Praxia Bank’s banking licence on 3 August.
EPA critiques FCA approach to Wirecard suspension
The EPA says the FCA should have reached out to it.
Chinese regulators consider AliPay and WeChat antitrust probe
The People’s Bank of China is serious about curbing the giants’ dominance.
Finndon commits £2m investment towards FCA authorisation
The challenger aims to launch in the first quarter of 2021.
Varo receives US national bank charter
Varo Bank will serve as the firm’s new banking arm, with Varo Money becoming its holding company.
Bank of England picks Accenture as RTGS renewal partner
Accenture comes out on top of a public procurement process.
Video: Top fintech stories this week – 31 July 2020
FinTech Futures’ weekly news round-up.
Smart guide: How voice technology can protect your bank
To remain compliant and mitigate risk, voice tech should represent a core component of financial institutions’ regtech stack.
Bank of Ireland fined €1.66m for regulatory breaches
The bank failed to report a security breach back in 2014.
