Perpetual KYC and the move away from periodic reviews
Continuously monitoring customer information using AI could have advantages for banks and fintechs.
Regulation
UBS pays $8m to settle SEC compliance charges
US regulator found failings in the bank’s handling of exchange-traded products.
Robinhood plans $35bn IPO as crypto arm predicts $30m probe settlement
Retail trading app expects to sell shares between $38 and $42.
Is regtech living up to expectations? (And if not, why not?)
Until regtech is embedded into the core processes of wealth management, its potential remains constrained.
White House backs US open banking reform
The Biden Administration is looking to tackle the slow progress of open banking in the US.
FINRA orders Robinhood to pay $70m penalty for “false and misleading information”
The sanction is the largest financial penalty issued by the regulator.
Open Banking Expo Canada meet-ups launch virtually this June
Free and open to banks, credit unions, fintechs, regulators, Big Techs, and other industry players.
What the Fintech? | S.2 Episode 13 | The terror of technological debt
Vincent Kilcoyne, executive vice president at SmartStream, joins us on our What the Fintech? podcast.
Federal appeal overturns New York block on US Fintech Charter
The three-judge panel said NYDFS failed to show it had suffered “actual or imminent injury”.
Afterpay user files US class action lawsuit over “huge undisclosed fees”
The user says Afterpay doesn’t educate customers about the bank’s overdraft fees
Trading floor: overcoming the dangers of personal mobile devices
There is now an immediate requirement for proper enforcement tools and the first line of defence.
FinovateFall Supplement: be part of one of the biggest fintech events of the year
The perfect platform for your organisation to deliver a strong message to engaged fintech professionals.
Video: Infosys Finacle on adapting to business model innovation
We talk about how traditional banking models have become disrupted, and how consumer demands need new experiences
Catch up in the cloud – regulatory reaction to COVID-19
What are the regulators doing to keep track with the acceleration of digital in banking?
ComplyAdvantage extends funding round with Goldman Sachs investment
The funding is an extension of its Series C funding round from July 2020.
Video: Top fintech stories this week – 20 May 2021
The FinTech Futures weekly round-up of the industry’s top stories and happenings from across the globe.
Facebook shifts crypto project Diem from Switzerland to the US
Diem says the partnership “is an important step in preparation for a Diem USD pilot”.
What the Fintech? | S.2 Episode 10 | Too cool for school
Riten Gohil, partner and co-founder at Sphonic, joins us on this latest episode of the What the Fintech? podcast.
Video: pick of the week – European regulator in tech selection; new challenger bank in the US
A top pick of stories from the world of finance and tech in bitesize video format, twice a week.
Banking Tech Awards 2021 now open for entries!
The awards are open to banks, financial institutions, technology and service providers, teams and individuals.
Blockchain compliance firm Securrency raises $30m in Series B round
The new injection will help Securrency’s expansion in the UAE and the US.
The SEC confirms appointment of Gary Gensler as new chair
Gensler joins as the Democrats gain a majority among the commissioners of the US Securities and Exchange Commission.
Robinhood calls Massachusetts regulator “elitist” for trying to revoke its licence
“The complaint reflects the old way of thinking,” says Robinhood.
Cuba’s only telco ETECSA granted payment provider licence
The firm can now convert customers’ balances into electronic money.
US retail trade groups ask to join $5.54bn Visa and Mastercard lawsuit
The two bodies want permission to become parties in the lawsuit.
FTC shutters San Fran fintech Beam for not delivering on 7% interest rate
“Don’t lie about your customers’ ability to get their money when they need it.”
Fintech funding deals globally 22-28 March 2021
Featuring Dataminr, Blockchain, Feedzai, Jumio, and Pie Insurance.
Identity fintech Prove acquires research firm Medici Global
“This acquisition allows us to offer expert advisory coverage”.
Jumio raises $150m in private equity investment
Firm lands “largest funding round” of the digital identity space.
Revolut applies for US banking licence days after Canada exit
Revolut’s US operations are led by banking veteran Ron Oliviera.
US Department of Justice sets antitrust sights on Visa
Visa’s hold on the debit market in the US under investigation.
Time to apply 2020 tax lessons
You should have a candid tax planning discussion with your advisors early
Banking Technology March 2021 issue out now
Creating communities: celebrating women in fintech this Women’s History Month
MoneyGram and Ripple end partnership deal two years early
The two firms wind down their deal amid regulatory issues.
Regtech: watching personal mobile devices in financial services, but why?
The best policy is one which works. Soft policies, by their very nature, do not work as intended.
Robinhood pushes on with IPO plans despite facing 49 GameStop lawsuits
Robinhood has held talks with underwriters about filing “within weeks”.
US Federal Reserve’s payment system down for more than three hours
Both Fedwire and FedDACH went down this week, and remained so for a few hours.
What did the GameStop saga expose about UK trading regulation?
FinTech Futures unpacks the FCA’s published response to trading restrictions on 29 January.
US corporate card provider Brex applies for banking licence in Utah
SVB’s former chief digital officer Bruce Wallace will head up Brex Bank.
The operational imperative for intraday liquidity management
Intraday liquidity management is not a regulatory tick-box but a vital part of banks’ business as usual operations.
