Libra’s woes continue as Booking Holdings departs
The association has now lost 25% of its membership.
News
Brazilian fintech Nubank’s user base soars to 15 million
The fintech has reached decacorn status with a $10 billion valuation.
OTP Bank welcomes “later-stage” start-ups to its partnership programme
Applications need to be made by 22 November 2019.
Intesa Sanpaolo invests €7m into vending machine digital wallet MatiPay
The fintech will expand its operations in Europe, Japan and the US.
Queen’s Speech reinforces UK’s aim to be world-leading regulator
The report found London has the world’s highest concentration of finserv firms.
US regulators remind FIs of AML obligations for digital assets
The CFTC, SEC and FinCEN point to AML/CFT requirements for digital assets.
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Revolut hires JP Morgan to manage $500m funding round and issue a $1b loan
The loan will turn into shares if Revolut receive a US banking licence.
China to ditch some foreign ownership limits next year as trade-war concession
Limits to be scrapped for securities, futures and fund management firms next year.
HSBC takes on digital challengers with First Direct overhaul
The telephone-based brand is looking at AI and in-app technology.
Facebook’s Libra suffers additional regulatory scrutiny
FSB & G7 leaders believe it should halt operations until legal oversight is completed.
Mastercard, Visa, eBay and Stripe follow PayPal’s suit and leave Facebook’s Libra
Facebook’s hopes of a global cryptocurrency are hanging in the balance.
UK’s Royal Mint unveils first 18-carat gold payment card
The card enables limitless spending and zero foreign exchange fees.
EBA publishes work programme for 2020
The EBA will focus on six strategic areas in 2020.
FundRock appoints Lee Marshall as CTO
He joins from MasonBower, with previous experience from KNEIP and JP Morgan.
Viva Republica cosies up to Standard Chartered in plan to form Korean challenger
A successful licence bid would create the third internet bank in the country.
Finnish invoicer Enterpay raises €1m and partners with German bank
The fintech partners with Volksbanken Raiffeisenbanken.
Video: Top fintech stories this week – 11 October 2019
FinTech Future’s weekly news round-up.
Federal Reserve shelves tougher liquidity rules for foreign banks
Minimum level of liquid assets not required by US branches.
Branch launches free checking account and debit card for hourly workers
The fintech wants to increase financial stability in the US.
Indonesia’s OJK goes on fintech lender licensing spree
There are still 114 non-licensed companies registered with the OJK.
Unigestion migrates to the cloud with SimCorp Dimension
Asset manager transitions from on-premises to an outsourced model.
Metro Bank brings fintech to UK SMEs with £120m funding
The bank wants to inject “much needed competition” into the SME space.
Credit Suisse mulls return to US private banking to serve LatAm’s wealthiest
The bank is looking to add $15 billion in assets to a new Miami base.
Pakistan’s JS Bank first in country to launch ‘chat banking’ on WhatsApp
The service is free to use with no registration process.
Amex admits to data breach from employee trying to commit fraud
Card numbers and social security numbers were compromised.
Bank of England reveals new £20 note featuring artist Turner
The new polymer note will be the first to utilise two transparent windows.
Pendleton Community Bank signs Teslar Software for automation
West Virginian bank needed new tech following merger.
Temenos signs core banking deal with Maltese challenger Laskaris Finance
Laskaris will serve high-net-worth individuals and corporate clients.
Deutsche Bank to focus on Germany for job cutting scheme
Bank’s home market to suffer the brunt of cuts.
Federal Reserve signs off on Volcker Rule simplification
“Volcker 2.0” to go live in January 2020.
Nordic banks reveal business plan for single payments platform P27
The banks predict P27 will start generating revenue in 2021.
Swift to expand its gpi into securities and FX transactions
Swift predicts the world too will take this holistic approach to gpi.
Banks’ culture and governance next target for Australian regulators
There will be “deep dive” reviews if firms don’t deliver.
OakNorth appoints former Google executive
Sunil Chandra joins as CEO of its next-generation credit platform
DPR and ClearBank complete partnership, savings meet APIs
DPR’s core banking technology will serve Clear Bank’s savings customers.
Vista Equity Partners mulls Finastra sale
Private equity firm could jettison 50% of tech firm
World Federation of Exchanges outlines opposition to FCA crypto-derivative ban
UK watchdog wants to protect retail customers from scams
SME challenger bank Recognise partners with nCino
Recognise plans a 2020 launch for SME banking.
Ripple inks blockchain partnership with Finastra
Finastra brings blockchain to its payments solutions.
