The Financial Brand

SEPTEMBER 22, 2021

The post Bank Regulator Sees Cryptocurrency Innovation Creating ‘Fool’s Gold’ appeared first on The Financial Brand - Banking Trends, Analysis & Insights. Acting Comptroller draws parallels between booming blockchain-based currency businesses and innovations that ushered in the Great Recession.

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PYMNTS

SEPTEMBER 11, 2019

In France, Treezor , a banking as a service platform, said this week that has deployed the Thales SafeNet Data Protection On Demand solution for what is being billed as “safety across the entire payment chain, from tier one banks and neo banks to crowdfunding organizations,” as noted in a release. Banking on Banking Licenses.

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PYMNTS

OCTOBER 12, 2020

European digital bank Revolut , the continent's largest such institution with 13 million users, is close to applying for a U.S. digital banking license, according to a report by CNBC. Revolut has seen losses tripling as recently as August, with $139.6

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PYMNTS

OCTOBER 23, 2020

PayPal is looking at acquisition possibilities for cryptocurrency companies, including bitcoin custodian BitGo , a report from Bloomberg says. The move would help PayPal boost its embrace of digital coins.

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PYMNTS

OCTOBER 12, 2020

regulators cracked down on the firm Oct. regulators not coming as a surprise. Malcolm, according to a press release , boasts a wide background in anti-money laundering and compliance, saying compliance was “non-negotiable, and a prerequisite for exchanges to be embraced by regulators and institutional investors alike.”.

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PYMNTS

JANUARY 11, 2021

British challenger bank Revolut has submitted a banking license application to the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). license for financial services will enable it to offer banking products “U.K. customers expect from their everyday primary bank account.” .

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CFPB Monitor

APRIL 25, 2022

Anchorage is not any regular entity overseen by the OCC: it is a cryptocurrency custodian. As we will discuss, the timing of the Consent Order indicates that even when regulators permit crypto activities by financial institutions, they remain cautious, particularly as to BSA/AML compliance. The January 2021 Operating Agreement .

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PYMNTS

JULY 22, 2020

CEO Stefan Pajkovic founded the company to help emerging FinTechs find their way through the industry’s regulations and licensing requirements. TradeCore’s aim is to handle and accelerate the back-end processes and technological integrations, such as regulation compliance, so the emerging FinTech can focus on growing its business.

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PYMNTS

OCTOBER 22, 2019

Carlos Costa, the head of the Bank of Portugal and member of the European Central Bank (ECB) board, said banks are going to have to be nimble and fast reacting if they want to stave off competition from FinTechs and digital banking apps. There will be an adjustment on the banks’ side,” Costa said.

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The Paypers

JUNE 8, 2020

The Office of the Comptroller of the Currency (OCC) has been seeking public input on how it regulates new technologies and digital banking activities, including cryptocurrencies and blockchain tools.

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PYMNTS

SEPTEMBER 12, 2019

billion — 91 percent — of those penalties, while European regulators demanded $1.7 FinTechs could face these same financial pains as regulators increasingly demand that they follow the compliance rules to which FIs must adhere. The growing prevalence of cryptocurrencies is also complicating the finance sectors’ security efforts.

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PYMNTS

DECEMBER 6, 2020

Citigroup, he said, would use its status as a multinational banking group to work with governments on the “creation and commercialization” of such coins, though he declined to name which governments he was working with.

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PYMNTS

SEPTEMBER 2, 2019

The People’s Bank of China (PBoC) is looking toward new technologies to keep a closer eye on the nation’s FinTech , blockchain and digital lending markets. It announced last month that it is ramping up the development of its own cryptocurrency.

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PYMNTS

DECEMBER 26, 2019

The intent is to start a fully-fledged central bank digital currency (CBDC). The bank stressed that the digital currency is not a cryptocurrency or a stablecoin — instead, it’s just a digital version of the existing paper currency, intended to help smooth things over for people without access to a physical bank, according to CoinDesk.

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PYMNTS

DECEMBER 11, 2020

OMG Network is looking to integrate multiple electronic wallets using the OmiseGo blockchain, while 0x is a decentralized exchange that enables developers to create their own cryptocurrency exchanges. The blockchain network Tezos is linked to a digital token called a tez or a tezzie. In March, Revolut launched in the U.S.

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PYMNTS

NOVEMBER 16, 2020

In today’s top news in digital-first banking, Mastercard has added a new account-to-account (A2A) product to its Track Business Payment Service, while Recognise has received a restricted banking license from U.K. regulators. UK's 'Recognise' Gets Its Restricted Banking License.

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American Banker

JANUARY 13, 2021

said its digital bank, which will not take insured deposits, will enable the company to strengthen partnerships with financial institutions that offer custody services for clients’ cryptocurrency assets. A co-founder of Anchorage Trust Co.

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PYMNTS

DECEMBER 27, 2019

He said the challenges came in the form of lending money, which became much more expensive to do after new regulations were put in place. He said Facebook’s cryptocurrency, Libra , could potentially become viable, adding that JPMorgan Chase is working on their own coin, JPM Coin , that would use blockchain to make payments.

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PYMNTS

DECEMBER 27, 2019

He said the challenges came in the form of lending money, which became much more expensive to do after new regulations were put in place. He said Facebook’s cryptocurrency, Libra , could potentially become viable, adding that JPMorgan Chase is working on their own coin, JPM Coin , that would use blockchain to make payments.

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PYMNTS

NOVEMBER 15, 2019

Users of Facebook Pay , which the company said is not related to its proposed cryptocurrency Libra, will be able to enter a preferred payment method and then use the option to eventually pay throughout all of the related apps. Deutsche Bank Admits Widespread Payment Failures To BoE. Deutsche Bank told U.K.

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PYMNTS

SEPTEMBER 13, 2019

The regulators, it seems, are closing ranks — indicating a fizzle for Google and its peers. Digital banking: Multiple digital banking licenses are to be granted in Singapore, and Hong Kong amid concerted government efforts, showing traction for the online banking model.

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PYMNTS

DECEMBER 8, 2019

In other news, Brazil has released a new tax code that includes regulation that will fine anyone who does not declare their bitcoin and other crypto transactions. The move follows an announcement in August that all transactions involving cryptocurrencies would have to be reported to the Department of Federal Revenue ( RFB ).

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American Banker

MARCH 9, 2023

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The Financial Brand

SEPTEMBER 30, 2021

Signs point to stricter rules for how nonbanks can use banking terms in their apps and marketing, complicating banking-as-a-service deals. The post Will Regulators ‘De-Bank’ Challengers, Neos, Cryptos & Fintechs? appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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PYMNTS

SEPTEMBER 23, 2020

Some fraudsters are even impersonating government officials and asking for personal information for stimulus payments, for example, while others are targeting cryptocurrencies. Large investments in security measures are necessary for banks to protect themselves and their customers from this menace. British banks spend upward of £6.7

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CB Insights

MARCH 8, 2018

Digital banking startups — or challenger banks — have gained traction over the past few years by bringing retail banking services mobile. Banks in Fintech: what’s ahead in 2018. Join us for data-driven look at how major banks are approaching fintech investments and taking on insurgents. First Name.

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PYMNTS

APRIL 30, 2018

Digital banks. They’re also using software and cryptographic techniques and permissioned-based networks to digitize and move assets around the world faster and in a secure, compliant manner. Digital Banks. Some digital banks encourage savings via the Federal Deposit Insurance Corporation bank behind them.

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PYMNTS

SEPTEMBER 7, 2020

Because of the COVID-19 pandemic, the watchdog has seen a 20 percent spike in consumers losing money from cryptocurrency scams, the report says. Challenger bank Ziglu has rolled out new peer-to-peer payments for all currencies across its mobile app, a press release says.

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PYMNTS

DECEMBER 28, 2020

In today’s top news in digital-first banking, financial regulators in China are moving to check the influence of Jack Ma’s Ant Group, while the second pilot of a digital yuan by the People’s Bank of China has concluded. China's Central Bank Tells Ant Group To Concentrate On Payments Business.

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PYMNTS

JULY 8, 2019

The system has always had its flaws, noted Alain Meier, CEO of Cognito – but in a pre-digital banking world where onboarding was a multi-day process, it wasn’t completely out of step with modern practices. The entire world has gone digital – particularly when it comes to commerce and financial services.

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PYMNTS

OCTOBER 4, 2019

Once upon a time in the 1960s, banks were building a series of one-off card-based solutions , much the way today in the ending days of the 2010s we see global digital banking, mobile wallets and alternative underwriting schemes building one-off tech-based solutions for financial services products. Goldman’s Marcus Has Lost $1.3B

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American Banker

JUNE 29, 2016

The cryptocurrency ecosystem operates on the fringes of tradition, with "initial coin offerings" announced, discussed and carried out largely via online forums and without regulation. The phenomenon is high-risk and should be treated as such.

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CB Insights

JULY 11, 2019

get the building the bank of the future report. Download the free report to find out about the rise of digital banking, challenger bank strategies and how incumbents are fighting back. CB Insights clients can learn more about Open Banking in our research brief on what the rise of open banking means for fintech ).

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Gonzobanker

FEBRUARY 1, 2023

An Expanding Regulatory Perimeter With the collapse of crypto and FTX serving as this generation’s Enron, discussions abounded that the reach of traditional regulators will expand into the fintech, shadow banking, and decentralized finance worlds.

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Accenture

NOVEMBER 27, 2017

Cybersecurity remains a top industry agenda, not just as an IT issue, but as a business issue affecting the wide spectrum of the digital banking landscape. Banks and market infrastructure will need to be one step ahead of perpetrators, due to the diverse and fast-evolving nature of threats to information security.

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Payments Source

AUGUST 23, 2019

The Financial Action Task Force’s recent guidance on data privacy regulations should serve as a warning to companies planning to test virtual currencies.

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PYMNTS

FEBRUARY 9, 2018

Regulations for crypto: Price volatility proves a boon for regulation, and this should be little surprise to anyone. Beyond China and South Korea, and here in the States, Treasury Secretary Steve Mnuchin and team are ramping up efforts to get regulations in place. But surely enough to earn it the Sizzle of the Week, hands down.

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