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People’s Bank Of China To Regulate FinTech

PYMNTS

The People’s Bank of China (PBOC) announced that it is planning to steadily develop a system of rules to regulate financial technology (FinTech) in the country. I would predict in 2019, the government will regulate more. There will be less and less players in this field.”.

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Bitcoin Daily: UK Researching CBDC Use Cases; Lebanon To Introduce CBDC In 2021; SEC Member Pushes For Cryptocurrency Regulation; ShapeShift Delists Three Privacy Coins

PYMNTS

The announcement did not specify the regulations, but it did note that the approach will ensure that the CBDC meets “the same minimum standards we expect of other payment methods.”. Regulators are slow, and there’s a reason we’re slow,” she said, speaking at CoinDesk ’s Bitcoin for Advisors event. “We

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STC Pay, Moven Team Up To Launch Saudi Challenger Bank

PYMNTS

STC Pay, which does financial technology work for both companies and individuals, works with the Saudi Arabian Monetary Agency. Its digital wallet was introduced in October of 2018, enabling users to do things like pay bills, send money internationally and share or transfer money with people they know.

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Jack Ma Summoned For Questioning About $37B Ant IPO

PYMNTS

The People’s Bank of China (PBOC) and regulators from three Chinese agencies are interviewing Ant Group Founder Jack Ma, Chairman Eric Jing, and CEO Simon Hu about the upcoming $37 billion initial public offering (IPO), according to a Financial Times report on Monday (Nov. Ant's third funding round in 2018 raised $10.3

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CFPB and Utah AG announce joint office hours in Salt Lake City as part of ACFIN

CFPB Monitor

ACFIN is a network of federal and state regulators that may include state attorneys general, state financial regulators, and federal financial regulators.

Utah 78
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How Synchrony Financial Is Upgrading Its AML Strategy

PYMNTS

Money laundering has always troubled financial institutions, but today’s digital banking system creates additional complexities as fraudsters around the world take advantage of financial technologies to launder approximately $2 trillion annually. Such profiles ensure FIs comply with current regulations and AML standards.

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Banks can counter fintech-friendly EU rules by embracing third party innovators

Payments Source

The PSD2 rules go into effect in 2018, providing a new opportunity for financial technology companies to compete with banks. But there's also an opportunity for banks.