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Federal banking agencies issue guide for community banks on conducting due diligence on fintech companies

CFPB Monitor

The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech) companies (Guide). Banks are instructed to reference relevant guidance from the agencies that is listed in a footnote.

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Cambodia, Singapore In X-Border FinTech Pact

PYMNTS

Cross-border FinTech efforts have seen increasing participation from central banks and monetary authorities. The MOU dictates that the banks will train FinTech startups with an eye on cross-border transactions. The Fed And FinTech Firms. As reported, Singapore has been working on other cross-border initiatives as well.

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European Banks Face Massive Losses On Exiting Wirecard Loans

PYMNTS

As the one-time darling of Europe’s financial technology (FinTech) community faces insolvency with the debt of nearly $4 billion, some lenders said there are few buyers willing to pay cents or euros on the debt. Once a $28 billion FinTech leader, Wirecard has reported debt of nearly $4 billion after it revealed that $2.1

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The BaaS Gold Rush is On

Gonzobanker

Early adopters are earning prestige while investors and a hoard of community banks explore the opportunity to tap into this new source of revenue. Rather than viewing fintechs as competitors to be feared, bankers should look at them as a means to benefit financially from BaaS. Now is the time to create a BaaS strategy.

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NEW REPORT: How Banks Are Driving API-First Strategies

PYMNTS

New payment and financial technologies are quickly emerging from the FinTech community, all with the promise of expediting payments and reducing the distance between cross-border trading partners. Traditional banks are seeing new FinTech players become more competitive on several fronts, including lending.

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Fintech Companies Need Banklike Exams, Community Bank Group Says

American Banker

Financial technology companies should be examined for safety and soundness just like banks and credit unions, top executives from the Independent Community Bankers of America said Tuesday.

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SMB Challenger Banks A Hot Spot With VCs

PYMNTS

challenger banking market saw a flurry of venture capital (VC) activity this week, as FinTech firms aim to disrupt small business (SMB) financial services (FinServ). Compliance startup Chainalysis works with law enforcement officials and financial institutions (FIs) to ensure that their cryptocurrency operations are within regulations.

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