PYMNTS

NOVEMBER 23, 2020

While many digital-first companies springboard from payments into lending, Figure Technologies , a FinTech focused on home improvement, debt consolidation and retirement products that leverage blockchain protocols, is branching out from lending into payments. But a national charter would allow for a uniformity of presence and market scope.

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Perficient

JULY 11, 2022

Here are critical facts to know about some of the most popular BNPL service platforms: Afterpay: Afterpay was founded in Australia in 2014 but was acquired by fintech Square earlier this year. Fintech enthusiasts should also keep a close watch on Apple’s newly unveiled BNPL system, Apple Pay Later. According to Kristen E.

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PYMNTS

FEBRUARY 16, 2017

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.

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PYMNTS

OCTOBER 16, 2018

In the coexisting — and sometimes colliding — worlds of FinTech and traditional financial services, a bit of collaboration often evolves. As reported by Bloomberg , the regulator at the helm of Singapore’s financials has embraced an effort to “bring together” FinTech firms and banks there.

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Bank Innovation

OCTOBER 17, 2017

EXCLUSIVE — Spanish banks, along with certain Spanish telecommunication companies, have come together to establish a national network based on blockchain. The consortium is called Alastria.

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PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. The agency first proposed a special banking charter for FinTechs in 2014 that would limit pushback from the Federal Deposit Insurance Corp.

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PYMNTS

APRIL 12, 2019

But FinTechs and financial institutions are increasingly crafting partnerships designed to help them both thrive in this global world of digital payment and commerce. More specifically, in Australia, contactless presents itself as a very promising area around which to build such partnerships and innovation.

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PYMNTS

AUGUST 3, 2018

Getting bogged down in a maze or taking unnecessary risks — the current climate for FinTech in the United States often leaves players with only those two stark choices, according to Bruce Parker, founder and CEO of Modo , which describes itself as a “cloud-based utility” that enables payment system interoperability. FinTech Improvements.

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PYMNTS

DECEMBER 20, 2020

Alibaba billionaire Jack Ma told Chinese regulators in November that he would give portions of Ant Group , the FinTech he founded, to the country's government in what so far has appeared to be an unsuccessful effort to make peace with authorities in the country, The Wall Street Journal (WSJ) reported.

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PYMNTS

FEBRUARY 15, 2018

Through the Conference of State Bank Supervisors, Georgia, Illinois, Kansas, Massachusetts, Texas, Tennessee and Washington are looking to standardize the ways firms across traditional financial services and FinTech upstarts apply for, and are granted, licenses. That comes as Open Banking bowed in Europe last month.

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PYMNTS

DECEMBER 14, 2018

When PYMNTS asked cross-border payments experts at the end of last year what they thought the driving trend would be for the industry in 2018, the consensus was all about collaboration , particularly between banks and FinTech firms. “The modern-day client expects a seamless transaction experience,” he said.

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PYMNTS

SEPTEMBER 18, 2018

Singapore Signs On With FinTech Firms. In Singapore, news came this week that the country will open up its real-time payment system to FinTech firms. The movement to open that FinTech access, said the minister, brings “greater convenience to consumers” as those individuals use their eWallets. In The Middle East.

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PYMNTS

SEPTEMBER 14, 2016

Pivoting from concerns and risks around financial technology innovation in the banking system, the U.S. Comptroller of the Currency said the agency will roll out a new framework for regulating marketplace lending. The agency regulates, supervises and charters national banks and is an independent bureau within the Treasury.

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PYMNTS

JULY 22, 2019

But, Atassi said, Latin America is also a challenging region to take on as a whole because nation-by-nation and vertical-by-vertical, the situation on the ground can vary quite widely in terms of infrastructure, consumer interest and regulatory prerogatives. Opportunity, he noted, abounds. Meeting A Dynamic Market .

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PYMNTS

AUGUST 30, 2016

Singapore is preparing for a FinTech revolution. The small nation is making a big push in support of FinTech innovation by reforming its payment laws. It is envisioned that activity-based regulation of payment service providers would build public confidence and encourage the use of electronic payments.”

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Fintech National Regulation Innovation 117

Chris Skinner

MARCH 17, 2017

On Wednesday the American Office of the Comptroller of the Currency (OCC)* followed up on its promise last December to introduce a national bank charter for Fintech bank startups by issuing a white paper on how to apply for a licence, the evaluation process and what will be involved. See OCC Issues Responsible Innovation Framework.

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PYMNTS

OCTOBER 16, 2019

The governor of the Bank of England said he doesn’t think new financial technologies (FinTechs) will cause central banks to be obsolete. The fact is that the financial system … is the most heavily regulated part of the economy. He said that regulation is an important aspect of the field. That’s not hubris,” he said.

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Celent Banking

JANUARY 26, 2017

The timing is also interesting, as only two weeks ago outgoing President Obama’s National Economic Council (NEC) released a new whitepaper called A Framework for FinTech. The NEC, a policy advisory unit of the White House established in 1993, proposed 10 high-level principles designed to move the US fintech industry forward.

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PYMNTS

JANUARY 13, 2021

In today’s top payments news around the world, Globe Fintech Innovations has landed $175 million in additional venture funding, while Airtel has teamed with Amazon to launch a mobile-only video entertainment platform. UK, EU Begin Negotiations Over Financial Services Regulation.

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The Financial Brand

NOVEMBER 3, 2021

Synthetic banking' as practiced by fintechs and banking as a service users is targeted by the acting national bank regulator. The post Will Regulators Stuff the Fintech Genie Back into the Bottle? appeared first on The Financial Brand - Banking Trends, Analysis & Insights.

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CFPB Monitor

AUGUST 7, 2020

On July 31, 2020, the Office of the Comptroller of the Currency (OCC) approved the national bank charter application of Varo Bank, N.A., a wholly-owned subsidiary of fintech Varo Money, Inc. team — the first consumer fintech to receive a national bank charter. The water’s fine!”. Varo Bank, N.A.’s Varo Bank, N.A.’s

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PYMNTS

MARCH 7, 2017

Speaking in front of the LendIt conference in New York yesterday (March 6), Comptroller of the Currency Thomas Murray told those assembled that the oversight body will go forward with plans to offer banking charters to fintech companies. That’s wrong. Nor is the OCC “somehow mixing banking and commerce,” says Murray.

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Chris Skinner

MAY 1, 2017

Back in December, I picked up on this new Office of the Comptroller of the Currency (OCC) Ruling to issue national FinTech bank charters. This would enable a FinTech to go through ONE regulator to get to market, rather than the 200 or more they would have go through today.

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PYMNTS

AUGUST 30, 2016

Singapore is preparing for a FinTech revolution. The small nation is making a big push in support of FinTech innovation by reforming its payment laws. It is envisioned that activity-based regulation of payment service providers would build public confidence and encourage the use of electronic payments.”

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PYMNTS

SEPTEMBER 11, 2018

In FinTech and FI collaborations , borders fall to bits and bytes. On FinTech collaboration writ large, Singapore and Dubai are working together to encourage strides in digital payments and commerce done by mobile means. The goal is to deliver financial services through emerging technology, said the entities. APIs: Making Inroads.

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PYMNTS

JUNE 10, 2016

As a general rule, most startups aren’t too happy when the regulator comes around, and it is rarely indicative of good news. And while that is bad news for a startup like Uber, as it turns out, instinctive fear of the regulator is not an endemic condition among startups. On some level, Circle’s move seems strange.

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PYMNTS

APRIL 25, 2017

The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.

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FICO

DECEMBER 13, 2019

The guiding ethos of fintech (and really any industry portmanteau ending in ‘tech’) is move fast and break things. The most prominent villain for fintech companies is regulation. And when fintechs and challenger banks aren’t constrained by regulation (as they mostly are in the U.S. A Prediction for the 2020s.

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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

JUNE 4, 2018

The Consumer Financial Protection Bureau (CFPB) said this past week that it is linking up with the Commodity Futures Trading Commission, eyeing a regulatory sandbox for FinTech firms. And, at the same time, if you overregulate, you sort of tamp down that creativity and you discourage the innovation.”. As noted at the time, the U.S.

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Fintech Lending Regulation Examples 119

CFPB Monitor

FEBRUARY 20, 2019

The Conference of State Bank Supervisors (CSBS) announced last week that it has agreed to implement 14 recommendations made by its Fintech Industry Advisory Panel (Advisory Panel). It has 33 fintech company members that engage with the CSBS Emerging Payments and Innovation Task Force and other state regulators.

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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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CFPB Monitor

NOVEMBER 22, 2022

The report focuses on fintech and other new entrant “non-incumbent” non-banks that are directly involved in providing digital financial products and services in the core consumer finance markets of deposits, payments, and credit.

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CFPB Monitor

DECEMBER 12, 2016

The announcement by the Office of Comptroller of Currency that it will allow financial technology (fintech) companies to apply for national bank charters as way of fostering “responsible innovation” has already drawn fire from the New York Department of Financial Services (DFS) and the Conference of State Bank Supervisors (CSBS). .

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PYMNTS

OCTOBER 21, 2020

In an interview with Karen Webster, the European Banking Federation’s ( EBF ) Alexandra Maniati , Director of Cybersecurity & Innovation, said the European banking industry is, increasingly, embracing the cloud to pivot to new financial services and products across the Continent.

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PYMNTS

NOVEMBER 10, 2020

The November Smarter Payments Tracker® examines how FIs and FinTechs are innovating to deliver more compelling cross-border and international banking offerings. It also looks at the role of Banking-as-a-Service (BaaS) solutions in powering FIs’ and FinTechs’ efforts to cater to expatriates and immigrant workers.

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PYMNTS

SEPTEMBER 30, 2016

Major cities in Europe may not be the only ones after London’s FinTech crown. A new reported from the Association of Chartered Certified Accountants (ACCA) stated that Singapore’s fast-growing and lucrative FinTech sector is standing out as many larger rivals around the world are impacted by regulatory challenges and political turmoil.

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