Former UK chancellor Lord Hammond appointed new Railsr chairman
Lord Hammond replaces Rick Haythornthwaite, who is standing down to become chairman of NatWest Group.
Regulation
ICYMI fintech funding round-up: Embat, Slice, NayaOne, MoneyHash and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Green Dot receives proposed consent order from US Federal Reserve
Green Dot says the consent order relates “principally to various aspects of compliance risk management”.
South Korea’s FSC announces two new initiatives to expand open banking
The two new initiatives will bring changes to how open banking data is used in the country.
Case study: Italy’s Credem Banca migrates to ASEE Security Cloud
Learn how Italy’s major banking group Credem migrated all its clients to the ASEE Security Cloud.
UK regtech Napier AI secures £45m funding from Crestline Investors
Napier AI claims that since 2021, its top-line revenue has grown at more than 30% year on year.
Temenos says it “fundamentally refutes” Hindenburg allegations, plans independent review of claims
The Swiss vendor was hit with a string of allegations in a Hindenburg Research report last week.
Germany’s BaFin warns Deutsche Bank of potential fines if it doesn’t improve money laundering controls
BaFin has extended its monitoring of Deutsche Bank until 30 October 2024.
Blockchain intelligence start-up Crystal hires Navin Gupta as new CEO
Gupta succeeds Marina Khaustova in the role, who will now shift to the position of COO.
AI wars: a new hope or the phantom menace?
A deep dive into the practical uses of AI through the lens of the FCA’s Consumer Duty.
Mexican neobank Hey Banco’s split from Banregio due for 2025
The move, announced in 2020, was expedited by Hey Banco’s banking licence authorisation last July.
How the EU AI Act could transform financial services
Regulators are attempting to deliver first-of-its-kind regulation to bring AI into a more desirable scope.
FinTech Futures: Top five news stories of the week – 16 February 2024
Our pick of the top fintech news stories this week includes Monese, Virgin Money, Bank of America and more.
UK lender Bevan Money announces new CEO to guide final regulatory authorisation stages
Bevan applied for a banking licence last May, with plans to provide mortgages for public sector workers.
Ripple acquires Standard Custody & Trust Company to strengthen regulatory licences
Ripple has recently announced custody partnerships with HSBC, BBVA and Zodia Custody.
Successful AI driven marketing strategies are inextricably linked to high quality data and efficient delivery thereof
Is your data strategy up to the challenge? Learn how artificial intelligence can help you reinvent marketing ops.
TransferGo hires former Western Union compliance head Simon McFeely as chief compliance officer
The UK-based fintech says the hire marks its latest effort to “spearhead rapid global expansion”.
European Parliament authorises new regulations for instant money transfers
The new regulation was approved with 599 votes in favour, 7 against, and 35 abstentions.
Fat Zebra bolsters CDR capabilties with acquisition of Aussie open data platform Adatree
The deal joins Fat Zebra’s payments platform with Adatree’s CDR-compliant open data capabilities.
Atlantic Money lands regulatory approval to expand money transfer services to North America and Australia
The fintech has been licenced to operate in Europe since 2022.
RBC’s US subsidiary City National Bank hit with $65m fine from OCC
The OCC says the fine relates to “systemic deficiencies” in the bank’s risk management and internal controls.
OBL director Alan Ainsworth departs after six-year tenure
Despite his successful endeavours, Ainsworth writes that “it’s now time for something else”.
India’s RBI orders Paytm Payments Bank to halt banking services by end of February
The RBI attributes its order to “persistent non-compliances and continued material supervisory concerns in the bank”.
Banking Technology Magazine February 2024 issue out now
Cover story: PLANT LIFE – Talking flora and quantum computing.
FinTech Futures: Top five news stories of the week – 2 February 2024
Our pick of the top fintech news stories this week includes Lloyds, HSBC, PayPal, Santander and more.
How Lithuania became a fintech hub in Europe
Lithuania’s fintech scene is thriving thanks to an environment that encourages innovation and collaboration.
MessageBird seeks entry into financial services with call for potential acquisitions
The platform’s search is currently focused on companies with EMI/PI licences and revenues of up to $5 million.
UK’s PRA fines HSBC £57m for “historic depositor protection failings”
The PRA says the fine is the second-largest issued by the regulator to date.
Swiss crypto neobank Sygnum lands $40m growth investment
Sygnum says it will use the capital to expand into new markets and further develop its product suite.
UK to continue work on digital pound, but “no final decision has been made” on a potential launch
HM Treasury and the BoE have responded to a public consultation initially launched last February.
CFPB proposes new laws to stamp out NSF fees for transactions declined in real time
NSF fees on debit card and ATM transactions will be “unlawful” under the proposed rule.
EBA addresses ESG and climate change risks with new proposed guidelines
The EBA says it is accepting comments on the proposals via its consultation website until 18 April 2024.
European Commission takes aim at VAT fraud with CESOP
Data transmission to the new CESOP database will start from 1 April.
Business spend management platform Payhawk lands UK EMI licence
The fintech unicorn previously gained an EMI licence from the central bank of Lithuania in July.
Encompass Corporation snaps up CoorpID and Blacksmith KYC from ING
Encompass is to acquire 100% of both ING companies for an undisclosed sum.
Paymob lands PSP licence from Oman’s central bank
Paymob now claims to be the first international fintech company to be fully licenced in Oman.
Aeon Bank given the go-ahead to commence digital banking operations in Malaysia
The bank expects to roll out a Sharia-complaint banking app within the next six months.
Circle gears up for second attempt at IPO with new SEC filing
The stablecoin company has confidentially submitted a draft registration statement with the US regulator.
Credit union FirstOntario readies for Canada’s open banking push with Flinks and Everlink
The partnership is in anticipation of Canada’s 2025 rollout of open banking.
Southeast Asian fintech Salmon acquires controlling stake in Filipino bank
Once the deal is completed, Salmon will own 59.7% of the Rural Bank of Sta. Rosa (Laguna).
