US OCC highlights key risks to federal banking system in latest report
The report also covers the current market, credit and compliance risks being faced by FIs.
Regulation
UK’s FCA proposes new rules to protect access to cash
The regulator says designated banks and building societies need to assess the gaps in access to cash.
UK regulators issue joint proposals to tackle risk of financial instability posed by CTP dependency
The regulators are accepting feedback and expect to publish final requirements by H2 2024.
FinTech Futures: Top five stories of the week – 8 December 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Canadian regulator fines RBC $5.5m for “administrative violations” of its AML rules
FINTRAC says it uncovered three administrative violations by RBC during an examination last year.
Latvian embedded cryptocurrency trading platform Primex goes live
The platform seeks to “cut through crypto trading complexity” for financial services companies.
French business banking firm Qonto taps Fourthline for onboarding tech
Fourthline’s tech will help the firm authenticate identity documents, electronic signatures and biometric data.
Crypto.com lands EMI licence from the UK’s Financial Conduct Authority
Crypto.com says it now plans to roll out a suite of e-money products customised for the UK market.
Italian competition authority interrupts migration of 2.4m Intesa Sanpaolo accounts to Isybank
The watchdog says more than 5,000 of Intesa Sanpaolo’s own customers sought its intervention.
Eurosystem eyes up alternative payment solutions in latest retail payments strategy update
The aim of the strategy is to “develop pan-European solutions for payments at the point of interaction”.
How Europe’s PSPs are bracing for SEPA instant payments
The European Parliament approved final implementation deadlines for SEPA instant payments on 7 November.
SoFi set to end crypto services, taps Blockchain.com as “strategic crypto partner”
SoFi’s cryptocurrency services will formally end on 19 December.
JP Morgan receives approval from ADGM to upgrade licence, plots UAE expansion
The US banking giant is aiming to boost its presence and service offerings in the UAE.
French paytech Worldline lands Payment Institution licence from UK’s FCA
Worldline had previously been operating under the FCA’s Temporary Permission Regime, which will end on 30 December.
European Central Bank highlights continued sector-wide risk in latest Financial Stability Review
The ECB says residential and commercial real estate markets face “downside surprises” due to inflation.
UK financial services firms cautious but keen to adopt GenAI, new survey says
The study surveyed 23 members of UK Finance, including banks and non-banking financial services firms.
UK government publishes findings from the Future of Payments Review
Commissioned by the UK chancellor and launched in July this year, the report has been authored by Joe Garner.
FCA greenlights Klarna for payment and credit services in the UK
A newly formed entity, Klarna Financial Services UK, will now provide all consumer-facing services in the country.
ICYMI fintech funding round-up: Kiwi, ID Finance, Crezco and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
FinTech Futures: Top five stories of the week – 24 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK’s Kodelab to provide lending tech for HKMA CBDC pilot with Ripple and Fubon Bank
The pilot is part of the HKMA’s three-stage approach to CBDC development.
Binance CEO exits after pleading guilty to money laundering charges
Binance has agreed to pay $4.3bn in “one of the largest corporate penalties in US history”.
After Binance and Coinbase, the US SEC sues crypto exchange Kraken
Kraken says it disagrees with the allegations and aims to “vigorously defend” itself in court.
Mastercard’s joint venture receives approval to commence domestic payments in China
Mastercard’s JV received formal approval from the People’s Bank of China.
Blue Ridge Bank set to trim BaaS fintech partnerships down to a “limited number”
The bank was flagged by the OCC last year for “unsafe or unsound” practices concerning its BaaS business.
Klarna prepares for SEPA instant payments with Form3 partnership
The agreement will directly connect Klarna to STEP2 and the gross settlement payment system RT1.
Jordan Ahli Bank taps Fintech Galaxy to comply with open banking standards
The bank’s customers will now be able to share their financial and banking data with third-party apps.
Eurasian Bank launches Digital Tenge Card in preparation for Kazakhstan’s CBDC
The National Bank of Kazakhstan intends to issue its own CBDC in late 2025.
US lender Enova fined $15m by CFPB for “widespread illegal conduct”
Enova says it has reached an agreement with the CFPB, with the majority of items being self-reported by the firm.
FinTech Futures: Top five stories of the week – 17 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Commerzbank becomes first German bank to receive crypto custody licence
With the new licence, Commerzbank aims to build up a range of digital asset services, with a focus on crypto assets.
FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues
Its position on the watchlist was revealed last week via the release of a 217-page dossier outlining a rescue deal for the bank.
From VRPs to AI: Innovation takes centre stage at day two of Fintech Talents
Payments innovation and the regulation of AI were hot topics of discussion at this year’s Fintech Talents Festival.
Global enforcement fines rise to $5.65bn in Q3 2023
The first two quarters of this year saw global enforcement fines amount to $1.5bn and $2.27bn, respectively.
Regulators should greenlight more M&A among banks and fintechs to avoid bankruptcies
Consolidation and M&As can create an environment where dynamic regional banking ecosystems can flourish.
Block’s Cash App withdraws bid for Irish virtual asset licence
Cash App had been pursuing a VASP licence in the country since 2021.
European regulators agree on new rules for SEPA instant payments
The rules state that instant transfers must not cost more than standard services.
FCA calls for “robust frameworks” to detect fraud and support victims
The regulator recently reviewed how firms tackle fraud and handle complaints from customers.
Improving safety in AI
Having regulators test AI before release will ensure a much better understanding of its capabilities.
Q&A: Nauman Anees, co-founder and CEO of ThinkMarkets, on proprietary technology, expansion and growth vision
The mindset of today’s investors and the importance of maintaining a competitive edge.
