October 17, 2024
The latest compliance news: regulatory developments, sanctions, advice, authorizations, new product and service offerings. ABC Projektai, CJEU, LithuaniaThe Court of Justice of the European Union has ruled that ABC Projektai, a Lithuanian online payment company, can regain its banking license after it was revoked by the Bank of Lithuania. ABC Projektai, formerly called Bruc
October 14, 2024
THE financial technology The Indian sector has been facing a decline in funding since last year, mainly due to stricter government regulations. Scaling now comes at a cost for many companies in this segment. However, industry leaders and experts say it is important that the regulator does its job and that strengthening regulations is in
October 13, 2024
In each monthly edition of Summary of regulationsTony Sio, Head of Regulatory Strategy and Innovation at Nasdaq's Financial Technology Division, shares his views on the latest regulatory news and trends around the world. Subscribe to stay informed and compliant.
October 7, 2024
As the era of digitalized regulation approaches, debate is intensifying around the role of machine-readable and machine-enforceable regulation in the financial sector. According to Michael Thirer, legal director of Muinmosthe role of such technology could very easily expand beyond what its users could have imagined. He said: "In Greg Bear's classic science fiction novel, 'Blood
October 7, 2024
The Reserve Bank of India (RBI) on January 15 released a draft framework for a self-regulatory body for financial technology (fintech) companies. Fintech companies should establish a self-regulatory organization (SRO) that will ensure legal and regulatory compliance, the RBI said in the draft framework. An SRO aims to establish codes of conduct for its fintech
October 6, 2024
On 4 July 2024, the European Banking Authority (EBA) published new guidelines on the information requirements relating to transfers of funds and certain transfers of cryptoassets under Regulation (EU) 2023/1113 (the recast Regulation and Revised on Wire Transfers), also known as the “Travel Rules” Guidelines. The guidelines specify what information must accompany a transfer of
October 6, 2024
THE Reserve Bank of India Governor Shaktikanta Das said on Wednesday that the preferred approach to achieving a balance between innovation and prudent regulation involves self-regulation of the fintech sector. He said that India Fintech sector has attracted around $6 billion over the past two years. He also added that efforts were underway to ensure
October 5, 2024
A continuous review process is needed to identify regulatory gaps in the fintech sector and align it with global best practices, the economic study said. The focus should be on transitioning from judgment-based lending to data-driven lending, he said. “In the medium term, efforts should be made to move towards data-driven lending rather than judgment-based
October 5, 2024
Banks will have to closely monitor accounts run by third-party fintechs under a plan in the works by a key federal regulator intended to avoid a repeat of the collapse of Synapse Financial Technologies Inc. that saw millions lose access to their money. The Federal Deposit Insurance Corp. is expected to issue a proposed rule
October 3, 2024
Starting a merchant bank Mercuryfounded in 2017, is now launching a consumer banking product. Mercury today serves more than 100,000 businesses, many of which are startups, through its B2B practice. The expansion is a natural move for the company and has been in the works for a few years, according to Immad Akhund, co-founder and
October 1, 2024
THE Reserve Bank of India recognized Financial Technology Association for consumer empowerment (FACE) like a Self-regulatory organization In FinTech sector (SRO-FT), he said Wednesday. THE RBI received three applications, including FACE, for SRO-FT. Of the two remaining applications, one application was returned with a provision to resubmit it after meeting certain requirements. The third request
September 28, 2024
THE Economic survey called for the need to plug regulatory gaps in the financial technology sector and align with global best practices. The survey also highlighted that it was important for digital lenders to move toward data-driven lending rather than judgment-based lending. “There is a need for ongoing review to identify regulatory gaps or overlaps
