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FHFA announces Office of Financial Technology

CFPB Monitor

On July 18, the Federal Housing Finance Agency (“FHFA”) announced the launch of a new Office of Financial Technology with the goal of advancing effective risk management as it evaluates fintech developments in the housing finance space. It also solicits feedback on how to maximize stakeholder engagement.

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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. China has become an emerging FinTech market due to its expanding middle class, rapid digitization and electronic payments adoption.

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Congressional Representatives Express Concern Regarding FDIC’s Regulation of FinTech Firms and Financial Innovation

CFPB Monitor

On February 2, 2024, three Republican members of the House Financial Services Committee sent a letter to Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg expressing concern regarding what the congressmen perceive to be the FDIC’s attempts to reduce engagement with industry participants on financial technology and innovation.

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Independent Panel To Review UK’s FinTech Sector 

PYMNTS

A panel established to grow the United Kingdom’s (UK) financial technology (FinTech) sector plans a review of the industry to identify opportunities for growth, the government announced Tuesday (July 21). Much is at stake when it comes to the country’s FinTech businesses. Last year, it attracted 4.1

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Young Consumers Love to “Buy Now, Pay Later” – Here’s What to Know About the Explosive Fintech Trend

Perficient

BNPL companies exploded during the pandemic when many were struggling financially and doing more online shopping, and they have continued to grow in popularity among practically all industries. The Congressional House Financial Services Committee held a hearing last fall, “Buy Now, Pay More Later? According to Kristen E.

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IMF’s Lagarde Calls Out FinTech As Industry Disruptors

PYMNTS

Reuters reported Lagarde said that technology companies’ use of big data and AI i ncreases big tech companies’ dominance in the mobile payments market, which could result in policymakers around the world rethinking how they regulate the banking system and how they ensure financial settlements are made safely and securely. “A

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Singapore Eases Regulations Over Venture Capitalists

PYMNTS

According to Bloomberg , the Monetary Authority of Singapore published a new consultation paper that revealed new and existing venture capitalists will no longer be subject to the same rules that apply to fund managers overall, including capital requirements and business conduct regulations.