Featured Fintech

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More

FATF to Adopt Presidential Term Extensions, Weigh Mandate Revisions

The Financial Action Task Force is expected this month to lengthen the terms of its presidential and vice-presidential tenures and consider revisions to its mandate, the organization said in a report Monday. The Paris-based intergovernmental group, known as FATF, is set to approve a proposed “enhancement” of its rotating presidencies… Read More

Wirecard shares soar after law firm clears head office of wrongdoing

Local staff at the Singapore office of Wirecard may have committed crimes but these were not material to the German payment company’s financial position, an investigation by an outside law firm has found. Shares in Wirecard, under pressure since the Financial Times ran the first of a series of investigative… Read More
20th March 2019
Leaving the European Union is making it harder for fintech firms in Britain to recruit top talent, a report said on Tuesday, threatening to slam the brakes on a 7 billion pound ($9 billion)growth sector just as EU states step up competition. The Fuelling Fintech report from TheCityUK, which promotes… Read More
11th February 2019
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
15th January 2019
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
3rd December 2018
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