Why EU regulators are pushing for more explainable AI
The EU regulators are seeking to mitigate undesirable outcomes and risks arising from AI-generated decisions.
Regulation
EML Payments halts trading over Central Bank of Ireland probe
Australian payments firm suspends shares over “significant regulatory concerns”.
Scottish Equity Partners invests in compliance firm FundApps
FundApps says it can “transform” investment management.
UK government should confirm that NFTs are “works of art”
The UK’s legal and regulatory framework has lagged behind in the rapidly moving NFT area.
N26 issued order by German regulator to improve AML measures
To oversee these changes, Bafin has appointed a “special commissioner”.
Facebook shifts crypto project Diem from Switzerland to the US
Diem says the partnership “is an important step in preparation for a Diem USD pilot”.
What the Fintech? | S.2 Episode 10 | Too cool for school
Riten Gohil, partner and co-founder at Sphonic, joins us on this latest episode of the What the Fintech? podcast.
Video: pick of the week – European regulator in tech selection; new challenger bank in the US
A top pick of stories from the world of finance and tech in bitesize video format, twice a week.
Banking Tech Awards 2021 now open for entries!
The awards are open to banks, financial institutions, technology and service providers, teams and individuals.
Commerzbank finalises 10,000 job cuts after agreement with employees
German lender moves forward with widescale restructure plan.
Video: Top fintech stories this week – 7 May 2021
The FinTech Futures weekly round-up of the industry’s top stories and happenings from across the globe.
European Payments Council starts Malware Information Sharing Platform search
The EPC has launched an RFP for a Malware Information Sharing Platform.
Lanistar secures FCA approval less than six months after regulatory warning
Lanistar also filed its unaudited accounts last month.
Singapore pledges $32m to help regtechs take POCs to market
Welcome to “the Valley of the Valuable POCs”, says MAS chief fintech officer
French watchdog says banks risk “marginalisation” by Big Tech payment apps
The paper focuses on Big Tech-associated threats to competition.
Blockchain compliance firm Securrency raises $30m in Series B round
The new injection will help Securrency’s expansion in the UAE and the US.
Implementation of regulatory changes in lending
The EBA guidelines on loan origination and monitoring are coming into force on 30 June 2021.
The SEC confirms appointment of Gary Gensler as new chair
Gensler joins as the Democrats gain a majority among the commissioners of the US Securities and Exchange Commission.
Robinhood calls Massachusetts regulator “elitist” for trying to revoke its licence
“The complaint reflects the old way of thinking,” says Robinhood.
Cuba’s only telco ETECSA granted payment provider licence
The firm can now convert customers’ balances into electronic money.
Innovate Finance CEO Crosswell steps down
Head of industry body to be replaced by COO Janine Hirt.
France’s central bank warns fintech industry of rules when using term “neobank”
The industry has long called out the interchangeable use of the word “neobank”.
Ikano Bank picks TruNarrative to sit at regulatory centre of digital change
Swedish bank selects UK regtech firm to collate AML programmes.
US retail trade groups ask to join $5.54bn Visa and Mastercard lawsuit
The two bodies want permission to become parties in the lawsuit.
FTC shutters San Fran fintech Beam for not delivering on 7% interest rate
“Don’t lie about your customers’ ability to get their money when they need it.”
Triggers and obstacles to the development of the fintech sector in Poland
A deep dive on the benefits and challenges of the banking and payments landscape in Poland.
Taking charge and reducing charges
A major feature of Open Banking is relatively underused – Payment Initiation Services.
Fintech funding deals globally 22-28 March 2021
Featuring Dataminr, Blockchain, Feedzai, Jumio, and Pie Insurance.
FCA plans whistleblower support with new campaign
UK regulator to provide greater help to those willing to come forward.
Identity fintech Prove acquires research firm Medici Global
“This acquisition allows us to offer expert advisory coverage”.
Luminor Bank selects FIS Ambit Focus for risk management
Estonian bank aims to optimise its liquidity and manage risk.
Former HSBC exec Maguire joins UK regtech Napier
Maguire takes up a position as an advisory board member at the firm.
Jumio raises $150m in private equity investment
Firm lands “largest funding round” of the digital identity space.
Revolut applies for US banking licence days after Canada exit
Revolut’s US operations are led by banking veteran Ron Oliviera.
US Department of Justice sets antitrust sights on Visa
Visa’s hold on the debit market in the US under investigation.
London fintech Agitate latest to unveil open banking-powered payments solution
The solution skips the card ecosystem entirely.
Australia consults industry on more “sustainable” challenger bank licence
The APRA’s consultation closes at the end of April.
NatWest’s FCA laundering charge the “first of a few” to come in 2021
The FCA is currently still investigating 6 other cases.
Time to apply 2020 tax lessons
You should have a candid tax planning discussion with your advisors early
Nordea to deploy AxiomSL’s RegCloud for regulatory reporting
Scandinavian bank aims to meet Finrep, Corep, AnaCredit, and SHSG requirements.
