PYMNTS

NOVEMBER 27, 2020

Compliance with financial regulations market-to-market around the globe is increasingly automated yet relies on the same human emotion that undergirds all forms of exchange: trust. In other words, banks and financial institutions (FIs) have an obligation to make sure you are who you claim to be.

Compliance 198

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PYMNTS

NOVEMBER 13, 2018

Collaboration amid competition has been a hallmark of the financial services space, as traditional financial institutions (FIs) join forces with FinTech startups. The group, to be known as Alloy Labs Alliance, according to a press release , is being managed by FinTech Forge. Guidelines From The UK. and MarketInvoice.

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Bank Innovation

SEPTEMBER 21, 2017

“High-tech,” or fintech banks may be required to hold higher capital buffers and larger liquidity when entering Europe, the European Central Bank said in draft licensing guidelines today.

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Bank Innovation

SEPTEMBER 6, 2017

The European Central Bank is working on new licensing guidelines that could cover fintech companies, ECB’s Supervisor Daniele Nouy said at a conference today.

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PYMNTS

JANUARY 7, 2019

Government Accountability Office (GAO) said that financial regulators should look more closely at the role of non-bank tech companies in the small business (SMB) lending and consumer lending markets. Those interviewed by the GAO also said that guidelines would be of help in making sure lending is done efficiently.

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Lending Fintech Data Wyoming 150

Abrigo

JUNE 12, 2023

The money transmitter industry is growing, spiked by advances in fintech and the consumer demand for immediate payment mechanisms. Since the passing of this model money transmitter act, many states have introduced or fully adopted these standardized guidelines. alone, handling $6 trillion in payments.

Compliance 195

Compliance Fraud Regulation Guidelines 195

PYMNTS

JANUARY 26, 2021

In other news, European FinTech SIA is partnering with WizKey to create a platform to allow credit negotiations on blockchain for banks, financial operators and funds, according to a press release. Diokno, Philippines’ Central Bank (BSP) governor in the release.

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PYMNTS

NOVEMBER 29, 2018

As evidence that sandboxes are ever-increasingly a global phenomenon, Kuwait’s central bank put forth guidelines this week that are geared toward companies seeking to meld financial technology (FinTech) and financial services (FinServ). As previously reported, Saudi Arabia has trained sights on FinTech as well, specifically in Riyadh.

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PYMNTS

JANUARY 15, 2019

As FinTechs eye growth, and look to gain scale by providing more “mainstream” financial services, might those plans hit a speed bump when it comes to the infrastructure needed to bring products to the masses? As has been reported, the regulators include the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.,

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CFPB Monitor

MAY 18, 2021

The Board of Governors of the Federal Reserve System recently issued and invited public comment on proposed guidelines to be used by Federal Reserve Banks to evaluate requests for master accounts and/or access to Federal Reserve Bank (Fed) financial services, in order to support a more “transparent and consistent” approach to such requests.

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Bobsguide

MARCH 12, 2020

Despite extreme economic uncertainty, policy makers continue attempts to regulate artificial intelligence (AI) as tech vendors adapt to the latest guidelines set by the European Commission last month, calling for a European AI strategy. Legal counsels are advising small fintechs and companies.

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PYMNTS

JUNE 13, 2018

That growing group of FIs includes Sweden-based FinTech Tink , which offers a consumer-facing digital banking platform alongside a growing B2B API development business. Tink’s API platform was designed to help banks and FIs prepare for the arrival of new regulations as they roll out.

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PYMNTS

OCTOBER 1, 2019

Amsterdam FinTech startup bunq is expanding into 22 additional countries after successful launches in Austria, Germany, Italy, Spain, France, Ireland and Belgium, TechCrunch reported on Tuesday (Oct. The company also now accepts Apple Pay and Google Pay in France, Germany, Spain, Italy, Belgium and Ireland. .

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PYMNTS

MAY 30, 2018

Banks, he noted, have to be compliant with a host of extremely stringent regulations, and often across multiple jurisdictions – all with different rules. Throw into the mix consumer protection guidelines, active anti-money laundering checks and capital requirements, and things get difficult, Oosthuizen noted. Why Banks Need FinTechs.

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Fintech Regulation Compliance Innovation 160

PYMNTS

JULY 24, 2020

Open banking is often associated with the European Union (EU) almost by default as the region pushes the envelope further on regulation than anywhere, partly to encourage — but also to keep up with — imaginative FinTech innovators going to market throughout the Eurozone. FinTechs Flourishing. Similarities To The EU.

America 168

America Regional Regulation Fintech 168

PYMNTS

JANUARY 31, 2020

Financial institutions (FIs) and merchants in the European Union (EU) have had some time to get used to both the General Data Protection Regulation (GDPR) and the revised Payment Services Directive (PSD2). Australian regulators are still deciding how Open Banking will affect FIs within their country.

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Digital Banking Guidelines Regulation Data 136

PYMNTS

MARCH 6, 2018

s exit from the bloc next year, the EU’s executive is set to propose a draft law aimed at boosting the FinTech market throughout the region. According to news from Reuters , a document by the European Commission revealed that the law would enable the FinTech sector to grow through crowdfunding and common blockchain technology standards. “An

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PYMNTS

JULY 4, 2018

FinTech startups and big tech may provide competition for established banks that have bad loans on the books, The European Banking Authority (EBA) said on Tuesday (July 3). And, while London has served as Europe’s primary FinTech center, Brexit could change that: The U.K.’s s exit from the bloc next year.

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Abrigo

SEPTEMBER 11, 2023

From a consumer standpoint, we’ve experienced three giant leaps in the fintech industry. Impact of AI Improved access to financial services One was when ATMs became available, and you didn't have to plan your activities around when banks were open. Let us step back in time and look at the last 50 years.

Risk Management 195

Risk Management Data Technology Fintech 195

PYMNTS

JULY 23, 2020

Regulators in Mexico passed a law governing FinTechs in March 2018, just two months after PSD2 went into effect in the European Union, and others in the region have since followed suit. Brazilian lawmakers have been developing open banking plans since 2019, for example, outlining rough guidelines to be enacted late this year.

America 165

America Regulation Regional Tools 165

PYMNTS

NOVEMBER 4, 2020

regulators have taken a more hands-off approach by issuing non-binding guidelines, thus allowing industry stakeholders to pave the way forward. regulators acknowledge that although there is a market and demand for open banking, the current regulatory structure prioritizes consumer protection.”.

US 171

US Boston Regulation Data 171

PYMNTS

SEPTEMBER 28, 2020

Banks, businesses and consumers fundamentally altered how they interacted with each other in the early months of the COVID-19 pandemic — and regulators tasked with making sure their data and payments are kept safe took notice. Regulators in countries like Egypt have only recently rolled out their data protection rules.

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PYMNTS

JANUARY 24, 2019

The Institute for FinTech Research at Beijing’s Tsinghua University (THUIFR) has unveiled a blockchain scholarship program with Ripple ’s help, Cointelegraph reported. Through the program, graduate students are said to focus on the study of blockchain development and regulations. A Ripple representative tweeted on Tuesday (Jan.

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PYMNTS

MARCH 22, 2019

With PSD2 becoming firmly planted in the European Union (EU), more markets are integrating the regulation into their financial systems, and prepping for changes in the ways they approach payments, data transfers and customer authentication. Customer Awareness is Key for PSD2 Adoption in the Netherlands.

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PYMNTS

FEBRUARY 3, 2020

This prospective growth can largely be attributed to the Monetary Authority of Singapore (MAS), the region’s main regulator, which announced in June 2018 that it would grant five digital banking licenses to third-party companies. Licenses are not meant as free passes into financial domination in Singapore, after all.

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PYMNTS

NOVEMBER 1, 2018

Regulations take shape, usually quite a bit more slowly. The Chinese government, as noted in CB Insights and elsewhere at the time, released a set of guidelines geared toward “advancing the healthy development of internet finance” and placing the industry under the purview of the China Banking Regulatory Commission.

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PYMNTS

AUGUST 19, 2016

The Future Of FinTech? Japan’s Financial Services Agency (FSA) announced its own plan to boost the FinTech market by making it easier for companies to collaborate with the financial technology industry. The move is a significant one for a country that has long been considered a “laggard” in embracing the FinTech revolution.

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PYMNTS

OCTOBER 8, 2018

The impact of Europe’s General Data Protection Regulation ( GDPR ) continues to take shape roughly five months after taking effect, and Facebook could be on the hook for billions of dollars in fines tied to a data breach of about 50 million user accounts. Crypto Regulations. community banks and small business lending.

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PYMNTS

APRIL 16, 2020

Accelerated data sharing has become a focal point for small business lenders and FinTechs looking to speed up the time it takes for SMBs to apply for and receive much-needed funding. This week’s look at the latest in bank-FinTech collaborations and open banking initiatives finds a focus on small business lending: In the U.K.,

Data 167

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PYMNTS

JULY 31, 2019

China’s banking regulation is in-flux. As watchdogs ramp up oversight of financial institutions and FinTechs, late last year the China Banking and Insurance Regulatory Commission also announced plans to relax restrictions on foreign ownership of banks operating in the country.

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Lending Policies National Guidelines 134

PYMNTS

MARCH 8, 2018

The Hong Kong Monetary Authority said it’s continuing with internal and cross-bank testing of the scheme as the government presses forward with seven FinTech initiatives aimed to advance Hong Kong’s financial services market. Of the 29 projects, 19 completed pilot phases and have launched at market.

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PYMNTS

AUGUST 3, 2018

The change comes as credit card firms like Discover are competing against new, upstart FinTech firms that have used crowdfunding and other new methods to provide credit and liquidity to consumers and small businesses. The firm had $84.2 billion in loan receivables and $39.4 billion in deposits, according to the report.

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American Banker

MAY 13, 2016

The Office of the Comptroller of the Currency's recent white paper is a great first step in promoting innovative collaboration between banks and fintech, but companies need clearer guidelines on what regulators expect of them.

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PYMNTS

JANUARY 30, 2019

They face the challenge of offering customers a smooth onboarding process while also remaining rigorous in know your customer (KYC) efforts, taking care to remain compliant with local anti-money laundering (AML) regulations that aim to keep criminals from using legitimate operations to move money illegally.

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PYMNTS

MARCH 25, 2019

DNB is responsible for approving PSD2 payment licenses in the Dutch market, so third parties will have to follow their guidelines if they want to continue operating in the region. To be successful in the Netherlands, [FinTechs] have to be even more efficient than what’s already there … and they have to be considerate to price,” she said.

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Regional Regulation Data Payments 108

PYMNTS

OCTOBER 28, 2019

Backed by investors including Rocket Internet, Vertex Ventures, MDI Ventures and Fullerton Financial Holdings, InstaReM is currently regulated in the U.S., Visa, Marqeta Team To Boost FinTech Expansion Across Asia Pacific. InstaReM, a digital cross-border payments provider, is rebranding to become part of global payments platform Nium.

Payments 101

Payments Guidelines Fintech Regional 101

PYMNTS

MARCH 27, 2020

QR codes have enjoyed mounting adoption in the consumer payments landscape around the world in recent years as FinTech solutions embrace end-user efficiency and take advantage of smartphone penetration. Their use for B2B payments, however, remains limited — but in the U.K., open banking may be able to change that. A B2B Opportunity.

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