The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has set out its approach to initial coin offerings (ICOs) and virtual currencies under the Financial Services and Markets Regulations (FSMR). It cites the usual stuff that distributed ledger technology (DLT) has “extraordinarily wide application to financial services and markets as a whole” […]
The European Commission (EC) has confirmed its officials carried out unannounced inspections in “a few member states” concerning online access to bank account information by competing service providers. The EC doesn’t name the countries involved, but “according to people familiar with the matter” that spoke to the Financial Times, Poland and the Netherlands are among […]
Singapore-based DBS is deploying Aguais and Associates’ (AAA) Z-Risk Engine (ZRE) to generate future credit losses on the bank’s wholesale credit portfolio, as it complies with imminent IFRS 9 requirements. According to AAA, the new financial regulations, effective from 1 January 2018, call for banks and other lenders to deliver a regular, predictive point-in-time (PIT) […]
Blockchain funding, Pubcoin blockchain rewards programme, network and technology sharing and platform test launching. Our latest blockchain and Bitcoin round-up features Anryze, Leanpub, MicroMoney, Karma and Zilliqa.
Helsinki-based credit institution Municipality Finance (Kuntarahoitus) has gone live on Profile Software’s Acumen treasury solution to manage and automate its operations. Acumen will be used to manage deal capture, pricing, middle office, reporting, collateral management, back office and risk management processes. Profile says Acumen can integrate with “numerous” systems and pricing platforms to import real […]
This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilising force for the UK economy, inspiring others in the world of central banking.
After five years and more than a million comments on its proposed rulemaking, the CFPB has finalised its payday lending rules with the ability-to-repay test intact for many loan types.
The Monetary Authority of Singapore (MAS) and the Bank of Thailand are in discussions about connecting their national digital payment systems as officials step up efforts to curb the use of cash, according to Bloomberg. The link would bring together Southeast Asia’s first national digital payment platforms, Singapore’s PayNow and Thailand’s PromptPay, says Naphongthawat Phothikit, […]
The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) say that the consortium which they are leading has developed software prototypes for improved payments on blockchain. The prototypes included three different models for decentralised inter-bank payments and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions […]
The UK’s Home Secretary, Amber Rudd, is a woman on a mission, and that mission is to mutilate the reputation of platforms like WhatsApp in the pursuit of the destruction of end-to-end encryption, reports Telecoms.com (Banking Technology’s sister publication). It isn’t new. Rudd must have been wronged by an online troll at some point and […]
Japan-based Saxo Bank Securities has selected Torstone Technology’s Inferno to replace its legal ledger and comply with regulatory reporting requirements. It will initially use Inferno to improve its post-trade reporting processes and is looking to add additional features in future unspecified phases. Torstone says Inferno is a modular solution, giving organisations the “opportunity to incrementally […]
Following the recent appointment of CEO Paul Horlock, the UK’s new payment system operator has named its first five board members.
Through the last decades of the twentieth century and into the twenty-first, data was largely a medium for bottom-line accounting: making sure that the books were balanced, the rules were followed, and the right numbers could be rolled up for executive decision-making. Attitudes toward data have changed radically in the past decade, as new people, […]
OCBC Bank, HSBC and Mitsubishi UFJ Financial Group (MUFG), together with the Infocomm Media Development Authority (IMDA), has become the “first consortium” in South East Asia to complete a proof of concept for a know your customer (KYC) blockchain. The parties say the development “raises the possibility” of using blockchain to make KYC “more efficient […]
Hong Kong’s Securities and Futures Commission (SFC) has launched its SFC Regulatory Sandbox to provide a place for firms to test out their ideas. Like other regulators, the SFC says: “For the sake of market integrity and better investor protection, the reliability of the delivery of such financial services as well as the firms’ internal […]
The Hong Kong Monetary Authority (HKMA) has unveiled a number of initiatives as it looks to improve the region’s use of payments, APIs and innovation. In a speech delivered during the Annual Banking Conference of the Hong Kong Institute of Bankers, Norman Chan, chief executive of the HKMA, outlined its grand ambitions. Chan says: “The […]
More than 40 percent of U.S. adults struggle to make ends meet, according to new data from the CFPB. While not great news on its own, the findings could help financial services providers design products directed at improving financial well-being.
The UK’s Financial Conduct Authority (FCA) is setting up an asset management authorisation hub to support start-ups entering the lively market. In a speech at the “FT Investment Management Summit Europe 2017”, Megan Butler, executive director of supervision – investment, wholesale and specialist, FCA, says the hub will help start-ups as they move between pre-authorisation […]
What will make or break bank risk management? Victoria Chatterton, strategic director of RiskMinds, gives the lowdown.
SunTec has unveiled its out-of-the-box open banking solution, offering preset configurations and definitions, through its Xelerate billing system. With the rise of open banking, SunTec wants to join the throng looking to prosper in a very competitive and crowded market. The firm says banks can use the layer to get business value from their APIs […]
Finovate (Banking Technology‘s sister company) teamed up with the Fintech Cocktail Club earlier this month to play another game of Fintech Tinder (otherwise known as hot or not), writes Julie Muhn. Here are the rules – we shouted out a list of 20 fintech trends and our cocktail-fuelled audience shouted their opinion on whether the […]
Move closer, move your fintech body real close, until we feel like we’re really making innovation. Our latest super-friendly fintech alliance round-up features Switzerland and Hong Kong; Japan and Abu Dhabi Global Market; and the UAE loving itself. The State Secretariat for International Financial Matters (SIF) under the Swiss Federal Department of Finance and the […]
Deutsche Börse Group has signed for the SmartStream Reference Data Utility (RDU), to use its managed service and tools for Deutsche Börse’s upcoming Regulatory Reporting Hub.
There was a round-up yesterday because fintech funding won’t go away. More action featuring Tuition.io, Apiax and Etch. Tuition.io, a US-based employer-funded student loan repayment assistance platform, has announced a $7 million Series B funding round led by Wildcat Venture Partners with participation from existing investors Mohr Davidow Ventures and MassMutual Ventures, the corporate venture […]
Payments experts weigh in on the analysis and offer their own two cents on fintech, innovation, regulation and risk.
The European Commission (EC) is proposing reforms to pave the way for further financial integration and a full capital markets union – with a handy boost to fintech included. President Jean-Claude Juncker, in his State of the Union Address, underlined the importance of the capital markets union and the EC’s plan to “promote jobs, growth […]
It doesn’t matter if they were given more than two years to get ready, with six months to go until the EU GDPR deadline, it’s going to be a sprint finish for a worryingly large number of companies, reports Telecoms.com (Banking Technology’s sister publication). That’s the view of law firm Blake Morgan. After conducting a […]
Could Australia give the UK a run for its money? Wayne Johnson, co-founder and CEO of Encompass Corporation, explores.
The Bunker, a UK-based data storage and managed services provider, has launched a new sandbox service for start-ups seeking to develop applications for the financial services market and cope with regulations. It’s got some backing for its plans as innovation network Barclays Rise “will also play a supportive role in helping to identify early stage […]
Webhelp, a Paris-based customer experience and business process outsourcing (BPO) firm, has acquired fellow French tech company GreenPoint.
Malta-based Banif Bank is harbouring ambitious growth plans and is looking to modernise its technology enterprise-wide, front-to-back office as a key part of this strategy.
The fallout from Equifax’s data breach, which compromised personal data of 143 million US consumers, continues with an investigation by the US Federal Trade Commission (FTC) and Mastercard and Visa warning issuers that more than 200 million cards are at risk.
The power of love, a force from above, cleaning my soul – flame on burn desire, love with tongues of fire, purge the soul, make fintech alliances your goal. Our latest cuddly round-up features the Securities Commission Malaysia, Dubai Financial Services Authority, Monetary Authority of Singapore, Taiwan Stock Exchange and Nasdaq. The Securities Commission Malaysia […]
Tokyo-based Bitcoin exchange BitFlyer has been selected as a partner vendor to provide an experimental environment for the Japanese Bankers Association’s “collaborative blockchain platform”. BitFlyer’s proprietary blockchain technology – Miyabi – will be used and the platform is scheduled to begin operation in October. Miyabi is a private blockchain “exclusively” for enterprise users. The experiment […]
Acting Comptroller of the Currency Keith Noreika told FinovateFall attendees in New York this week that the agency is still in the exploratory phase of its fintech charter, according to news reports.
Payment Systems Regulator (PSR) and Bank of England have revealed that the U.K. will be getting the New Payment Systems Operator by the end of 2017, which the PSR says will be an important step in streamlining the U.K.’s payment systems and fostering competition and innovation.
The Payment Systems Regulator (PSR) and Bank of England (BoE) have revealed that the UK will be getting the New Payment Systems Operator (NPSO) by the end of 2017. The duo says that the Payment System Operator Delivery Group (PSODG) has completed the necessary steps to deliver what was asked and so with the NPSO […]
The introduction of new bond requirements for money transmitters in Pennsylvania is in line with an overall trend across states to enforce stricter conditions on money transmitter license holders and applicants. See what the licensing requirements mean for your business.
The UK’s Financial Conduct Authority is warning consumers about the risks of initial coin offerings (ICOs). ICOs have proved very popular in the worlds of blockchain and cryptocurrency, which many funding stories flowing on a regular basis. However, last month, BBVA reckoned the fever for ICOs in blockchain must be cooled as the industry is […]
Enterprise software firm R3, the UK’s Financial Conduct Authority (FCA), RBS and another unnamed bank have built a prototype application for regulatory reporting of mortgage transactions on R3’s Corda distributed ledger technology (DLT) platform. The application is also able to generate automated delivery receipts for the regulator when a mortgage is booked. The application was […]
