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Why Mexico’s SMBs Need A FinTech Operating System And Not Another Bank

PYMNTS

The world doesn’t need another bank,” Poovala told Webster. The world needs a FinTech operating system.”. And governments have an incentive to foster growth in debit payments because they want to collect tax revenue on cash transactions.

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Ant Financial Could Pursue Digital Banking License In Singapore

PYMNTS

The Monetary Authority of Singapore is offering as many as five digital banking permits to non-banks to boost competition. Ant Financial produced a pre-tax profit in the neighborhood of around $200 million, according to Alibaba’s yearly report. billion ($1.1 billion) in capital and local control.

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Online Gambling And The Challenges Of Betting On Instant Disbursements

PYMNTS

The COVID-19 pandemic has had a noted effect on how several industries can operate and interact with their customers during this time including retail stores, movie theaters and casinos. consumers without access to digital banking tools to receive their stimulus checks and other payments more easily.

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Citi Reports Jump In Online Banking Usage By Commercial Clients

PYMNTS

Citi ‘s Treasury and Trade Solutions (TTS) customers have increased their utilization of the firm’s digital banking technology, while firms globally implemented continuity plans and telecommuting to stay in operation amid the pandemic.

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Monzo To Cut 120 Jobs Due To Pandemic Fallout

PYMNTS

digital bank Monzo will cut 120 jobs due to the impact of the coronavirus, Reuters reports. The news came from an internal note from the bank seen by the news outlet. The bank, which was founded in 2015, started off 2020 optimistic about new funding and planned to hire 500 new employees earlier this year.

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Deep Dive: How FinTechs, FIs Can Arm Up Against Fraud

PYMNTS

Financial services providers that slack on regulatory compliance and fail to safeguard their operations against money laundering, terrorist financing and other criminal activities may face damaged reputations and significant fines. Can AI Support Digital Banking’s AML Efforts? . resources.

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UK Financial Watchdog Says Wirecard Cooperative But Assets To Stay Frozen 

PYMNTS

Wirecard said over the weekend it would continue to operate in all but one of its European locations as the court considers the company’s insolvency request. A number of British FinTech firms have suspended services following the FCA’s restrictions on Wirecard, leaving hundreds of thousands of accounts blocked, the news service reported.

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