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
September 28, 2024
THE Reserve Bank of India (RBI) would like to adopt a “hands-off” approach to regulating FinTech. At the same time, the central bank expects these companies to follow rules on customer verification and data protection, the RBI executive director said. P.Vasudevan said Friday, February 16, Bloomberg reported Friday. According to the report, “no tougher measures
September 27, 2024
Free newsletter Receive the latest Swiss Fintech news once a month in your inbox This summer, Switzerland saw significant progress in its fintech sector, including the launch of instant payments, progress in exploring central bank digital currencies (CBDCs), and regulatory updates. In this article, we provide an overview of these recent advances, focusing on fintech
September 25, 2024
By Najiyya Budaly (September 24, 2024, 1:06 PM BST) - Nasdaq and Deutsche Boerse said on Tuesday they were among financial services companies being investigated by the European Commission for alleged breaches of EU competition laws in derivatives trading…. Law360 is here, so you are too. A Law360 subscription puts you at the heart of
September 25, 2024
HSBC has backed calls for tech firms to help cover the cost of fraud, saying new compensation rules will not be enough to stop scams. The Payment Systems Regulator (PSR) is set to make reimbursement of up to £85,000 mandatory from 7 October, with most firms failing to sign up to or consistently apply a
September 25, 2024
The European Commission is carrying out surprise inspections at the premises of financial services companies in two Member States. The Commission is concerned that the inspected companies may have violated EU antitrust rules prohibiting restrictive business practices (Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the Agreement
September 25, 2024
By Gloria Methri September 23, 2024 Payments to businesses Cash flow FinTech A new fair payment code, new rules on business reporting and a major consultation have been unveiled as part of a package of measures to tackle late payments. The scourge of late payments costs SMEs £22,000 a year and causes 56 million hours
September 25, 2024
THE United States Department of Justice plans to allege that Visa Inc. illegally monopolized the U.S. debit card market, according to people familiar with the matter. The antitrust division is expected to file a lawsuit as early as Tuesday against the operator of the largest U.S. payment network for a range of anticompetitive behavior, said
