Cyprus, the tech island: reflections on the Reflect Festival
Cyprus has emerged as a thriving tech hub over the past decade.
Regulation
Visa and Mastercard set to pay $197m to settle US ATM fee lawsuit
The settlement will see Visa pay $104.6m, while Mastercard will pay $92.8m.
European FMIs Clearstream, DTCC and Euroclear unveil tokenised asset framework
The framework also highlights the controls which will help firms mitigate governance and asset management risks.
Comerica Bank & Trust reaches formal agreement with US OCC over enforcement action
The OCC has ordered the bank to create a compliance committee as part of the action.
UK challenger SilverRock lands banking licence with restrictions from PRA following £50m raise
The new bank says it plans to start lending “later this year”.
N26 fined €9.2m by BaFin over late submission of suspected money laundering reports in 2022
N26 says it has implemented “numerous measures to further improve reporting processes” since 2022.
Protecting against deepfakes in the era of LLMs
FinTech Futures speaks with FinVolution about how the financial sector can tackle the threat of deepfakes.
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
Mercado Pago enters talks with regulators for banking licence in Mexico
Mercado Pago GM Pedro Rivas says the firm’s ambition is to become “the largest 100% digital bank in Mexico”.
Citi fined £61.6m by UK regulators for “failures in its trading systems and controls”
The total penalty consists of a £33,880,000 fine from the PRA and a £27,766,200 fine from the FCA.
FinovateSpring 2024: GenAI and future fraud strategies in focus on day one
Industry leaders convened in San Francisco on Tuesday to kick off FinovateSpring 2024.
UK’s PSR says Visa and Mastercard face “no effective competition” for core scheme and processing services
The findings are from the regulator’s newly published interim report on scheme and processing fees for cards.
US CFPB sues SoLo Funds for allegedly “deceiving borrowers about the total cost of loans”
The regulator says it is suing the firm for “deceiving borrowers and illegally extracting fees”.
FinTech Futures: Top five news stories of the week – 17 May 2024
Our pick of the top fintech news stories this week includes BBVA, Deutsche Bank, Lemonway and more.
AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
Through this acquisition, Cube aims to “set a new bar for the industry in regulatory automation”.
French paytech Lemonway appoints new CTO and CFO
Céline Bayer and Nicolas Vigier have been named Lemonway’s new CFO and CTO respectively.
What the FinTech? | S.5 Episode 8 | The evolution of the UK’s crypto landscape
In this episode of the podcast, we’re joined by Bivu Das, UK Managing Director at Kraken.
CFPB fines Chime $3.25m for customer refund delays
Chime is to also pay “at least $1.3 million in redress to harmed consumers”.
Dubai Fintech Summit 2024: How the UAE is fostering fintech innovation
There is a huge sense of urgency, commitment and purpose behind fintech in the UAE.
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
SoFi Money – the unit targeted by fraudsters – was ultimately closed by the fintech in June 2022.
Ireland’s Corlytics snaps up Deloitte UK regtech platform
The regtech platform helps institutions manage, structure, and source compliance and regulatory change.
The digital transformation divide in Europe’s banking industry
Europe must harness the full potential of the digital revolution for the continent’s unbanked.
JP Morgan Chase to pay additional $100m penalty to US regulator over trade surveillance data gaps
The bank was previously hit with a $348 million fine from the OCC and FRB in March.
Former Thomson Reuters exec David Larson named Feedzai’s new CFO
Larson previously spent over eight years at Canadian multinational information corporation Thomson Reuters.
Bank of Spain grants Amadeus’ Outpayce EMI licence
The fintech can now to accept funds, issue pre-paid debit cards and facilitate money transfers in Spain.
PPRO names Bronwyn Boyle as new chief information security officer
Boyle has previously held leadership roles at Mambu, IBM, Barclays, and Lloyds Banking Group.
Republic First Bank closed and sold to Fulton Bank by US regulators
Fulton Bank will “assume substantially all of the deposits and purchase substantially all of the assets” of the bank.
UK regtech ComplyAdvantage snaps up Golden to strengthen financial crime intelligence offering
The deal will also see VC firm Andreessen Horowitz become a shareholder in ComplyAdvantage.
Fund administrator Alter Domus taps Temenos for Multifonds platform
Temenos says its tech will enable the firm to manage “a significant increase in transaction volumes”.
FinTech Futures: Top five news stories of the week – 19 April 2024
Our pick of the top fintech news stories this week includes Klarna, Ramp, Zopa and more.
Temenos review brands Hindenburg Research allegations “inaccurate and misleading”
Temenos’ board chair says the review “reinforces the board’s view that Temenos is running a sound business”.
Innovate Finance flies the flag for the UK’s fintech sector in return of global summit
IFGS 2024 is taking place in London this week, with fintech regulation and innovation high on the agenda.
UK government launches open finance taskforce chaired by CFIT
The industry-led taskforce will aim to “unlock the full potential of open finance”.
Money20/20 Asia unveils powerhouse line-up of Asia regulators
Money20/20 Asia takes place between 23-25 April at QSNCC in Bangkok, Thailand.
ICYMI fintech funding round-up: Mimo, TransferGo, Smartpay, Adro and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Nuvei lands Singapore MPI licence for APAC expansion
The licencing follows the paytech’s $6.3 billion acquisition by Advent International.
UK fintech Gresham Technologies to be acquired by STG Partners for £147m
The acquisition is expected to close by the third quarter of 2024.
Revolut to launch operations in Mexico with new banking licence
The UK-based challenger will make its Mexican debut with money transfer services.
UK paytech TerraPay handed MPI licence by MAS in fresh push for APAC expansion
TerraPay says it will leverage the licence to “strengthen existing and new partnerships” in the APAC region.
CFPB publishes new report highlighting risks related to financial transactions in video games
Americans spent nearly $57bn on gaming hardware, software, and in-game transactions in 2023.
