Featured Fintech

HSBC, State Street bosses give UK senior managers regime thumbs up

Top executives at some banks have commended the newly implemented Senior Managers and Certification Regime (SM&CR), whose effectiveness was recently questioned over its handling of Barclays CEO Jes Staley. In a statement discussing a video on its site, the Financial Conduct Authority’s (FCA) quoted a number of bank bosses… Read More

Fintech firms want to shake up banking, and that worries the Fed

The U.S. Federal Reserve is wary of giving “fintech” firms such as OnDeck Capital Inc (ONDK.N) or Kabbage Inc. access to the country’s financial infrastructure, putting the central bank at odds with other regulators looking to bring them into the fold. The Office of the Comptroller of the Currency (OCC)… Read More

U.S. files criminal charges against Autonomy’s Mike Lynch over HP sale – FT

The United States has filed criminal charges against Mike Lynch over the $11 billion sale of the British software company Autonomy to Hewlett-Packard seven years ago, the FT reported on Friday. The newspaper said that the charges carry a maximum penalty of 20 years in prison and include 14 counts… Read More
15th October 2018
Barclays Plc is launching a retail account that will offer U.S. consumers a low-cost, digital-only bank with the backing of a major financial institution, the Financial Times reported on Sunday. The move will put the London-based bank in competition with Goldman Sachs Group Inc’s new Marcus Brand in the digital… Read More
31st August 2018
Britain’s Financial Conduct Authority (FCA) and Central Bank of Nigeria (CBN) have agreed to work together to develop the ‘best possible’ regulatory framework for the Nigerian fintech sector. The move follows British Prime Minister Theresa May’s visit to Africa, where she sought to strike up business partnerships as the UK… Read More
29th August 2018
Financial technology firms operating in Switzerland will have to adhere to less financial crime controls than other firms under a new regime which seeks to promote financial innovation in the country. Generally, all financial institutions in Switzerland are subject to due diligence requirements when it comes to combating money laundering. Read More
15th August 2018
Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator’s plan to offer them special federal charters because of concerns over legal challenges and requirements that are more onerous than expected. The Office of the Comptroller of the Currency said last month it would… Read More
8th August 2018
Around 11 regulators and related organisations have clubbed together to form a ‘global sandbox’ project aimed at improving communication between fintech companies and regulators, as well as making it smoother for firms to navigate between various jurisdictions. Called the Global Financial Innovation Network (GFIN), the platform will also create a… Read More
4th July 2018
Banks saddled with bad loans risk being left behind by nimbler upstarts and Big Tech in the rapidly evolving fintech race, the European Union’s banking watchdog said on Tuesday. The European Banking Authority (EBA) looked at the risks and opportunities from fintech and its impact on the business models of… Read More
25th May 2018
The European Union’s General Data Protection Regulation (GDPR) came into effect on Friday, introducing measures designed to give citizens more control of their personal information and also help small businesses reduce costs and red tape. The Regulation updates the principles of the 1995 Data Protection Directive to guarantee privacy rights,… Read More
14th May 2018
HSBC UK has rolled out its first fintech product as it looks to broaden its digital services for customers amid growing competition from startups. Its Connected Money app is its first fintech product, a UK-based HSBC spokesperson said, and it is also “the first app from a UK bank that… Read More
23rd April 2018
The Financial Conduct Authority is to forge ahead with an initiative exploring the use of machines in financial crime programmes, according to its 2018/19 business plan. The watchdog is looking to host an international event focusing on the machine-led approach in the fight against money laundering, part of its broader… Read More
9th April 2018
Global bank HSBC is to use a compliance-related artificial intelligence (AI) programme supplied by a start-up firm this year as part of its anti-money laundering strategy (AML). The lender, which has been heavily penalised for anti-money laundering failures , has signed up Quantexa, which uses AML technology that is based… Read More