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”.
Regulation
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.
CFPB targets US fintech firms with proposals for increased regulatory scope
The proposals will target 17 companies who control 88% of the market share.
Klarna to establish UK holding company in preparation for billion-dollar IPO
Klarna describes the UK holding company as “an important early step on a journey towards an eventual IPO”.
Video: Ecommpay at Open Banking Expo 2023 – The unstoppable rise of open banking
We chat with Ecommpay’s Olga Karablina about the state of play of open banking adoption worldwide.
Regtech Qomply hires former FCA regulator as director of transaction reporting
The company describes Sophia Fulugunya as “a front-line expert in transaction reporting”.
FinTech Futures: Top five stories of the week – 3 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Dutch paytech Mollie receives UK payment institution licence from the FCA
Mollie CEO Koen Köppen says securing the new licence is “a huge milestone”.
UK Finance calls on government to form new quantum computing taskforce
The taskforce would seek to explore the “multibillion-pound opportunities” of a quantum-enabled economy.
Mangopay secures UK EMI licence from the FCA
The authorisation will enable Mangopay to offer its full suite of services to new and existing UK customers.
HM Treasury sets out phased regulatory approach for stablecoins
Legislation covering “activities relating to fiat-backed stablecoins” will arrive early next year.
The unfolding landscape of open banking
As regulatory sands shift, businesses should be confident moving towards open banking.
What the FinTech? | S.4 Episode 19 | Adapting to regulatory modernisation
In this podcast episode recorded live at Money20/20 USA, we chat with Scot Lenoir, Chairman of Evolve Bank & Trust.
Regulators of UK, Singapore, Switzerland and Japan launch collaborative effort to explore digital asset use cases
Project Guardian aims to share knowledge about the benefits and risks of asset and fund tokenisation.
The US Federal Reserve proposes new single cap on interchange fees
Reserve board member and governor Michelle Bowman has opposed the revised cap.
UK fintech Railsr gets back on track with $24m funding
The capital came from existing investors including D Squared Capital and Moneta Venture Capital.
French paytech Worldline’s shares tumble after company revises guidance
Worldline says it now expects 6% to 7% in organic revenue growth, as opposed to its previous forecast of 8% to 10%.
JP Morgan Payments taps Trulioo for personal and business ID verification
JP Morgan Payments will leverage Trulioo’s person match and identity document verification services.
MAS orders DBS Bank and Citibank to investigate banking services disruption
The banks were unable to recover their systems within the allotted time following a service outage in Singapore.
US Bank subsidiary Elavon lands UK banking authorisation
With the licence, Elavon intends to offer authorisation, settlement, card machines, and banking services in the UK.
What the FinTech? | S.4 Episode 18 | Powering the future of cross-border payments
In this episode of the podcast, we’re joined by Teresa Cameron, Finance Director at Clear Junction.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
US Federal Reserve Board slaps $14.5m fine on Metropolitan Commercial Bank
The Board alleges that the bank violated customer identification rules.
