US regtech start-up Norm Ai raises $27m Series A funding
The investment brings the total raised by Norm Ai over the past 11 months to $38 million.
Regulation
What the FinTech? | S.5 Episode 10 | Generative AI and cloud core modernisation
In this podcast episode, we chat with Zac Maufe, Head of Regulated Industries at Google Cloud.
ICYMI fintech funding round-up: Ramify, Hawk, Cadana, Prosper and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Reserve Bank of Australia set to conduct “holistic review” of retail payments regulation
The review will begin after the Australian government evaluates the Payment Systems Regulation Act 1998.
FINMA takes action against HSBC Private Bank Switzerland over “serious breach” in PEP due diligence
HSBC says it plans to appeal FINMA’s ruling.
Binance to pay $2.25m fine to India’s FIU over AML deficiencies
The exchange allegedly violated the country’s Prevention of Money Laundering Act (PMLA).
DORA and your uncle Joe
DORA has no appetite to understand why your selective facts are better than the whole truth.
FINMA pulls the plug on FlowBank as bankruptcy proceedings commence
The Swiss regulator has found the challenger bank to be in a “serious breach of supervisory law”.
UK’s FCA imposes restrictions on e-money firm AstroPay
AstroPay blocked by the regulator from accepting new customer funds and providing payment services.
Payzli in search of new CEO amid leadership restructuring
Arash Izadpanah will transition from CEO to chief risk officer.
The AI Summit: Real world AI
Use cases, pathways and challenges to implementation, and the evolving regulatory frameworks.
Moldindconbank taps Salt Edge for PSD2 compliance in Moldova
Moldindconbank is to leverage the vendor’s open banking compliance solution.
ICYMI fintech funding round-up: Fizz, Torpago, Sibill, WealthOS and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Robinhood to acquire Bitstamp in $200m deal
Robinhood set to leverage Bitstamp’s 50+ global licenses to fuel its planned expansion.
Money20/20 Europe explores blockchain, payments and personalisation on day two
Leading figures from financial services gathered in Amsterdam for day two of Money20/20 Europe on Wednesday.
Money20/20 Europe brings tokenisation, AI and digital transformation into focus
Day one’s proceedings took a specific focus on the topics of AI, tokenisation and digital modernisation journeys.
PSR names David Geale as new interim managing director after Chris Hemsley steps down
The PSR will commence the recruitment process for a new permanent MD after the UK general election.
Cyprus, the tech island: reflections on the Reflect Festival
Cyprus has emerged as a thriving tech hub over the past decade.
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.
