fintech

Excerpts from speech by Ravi Menon, managing director of the Monetary Authority of Singapore, at the Bank of France Lecture, Paris, 14 May 2019. Banks are using technology to resolve…

AI and fintech fragmentation on FSB European group’s agenda

May 9, 2019

artificial intelligence, Europe, fintech, FSB, G20

At a recent meeting in Bucharest, the Financial Stability Board (FSB) Regional Consultative Group (RCG) considered implications of the growing use of artificial intelligence, machine learning and big data for…

Nigeria central bank to use collateral management regime for fintech regulation

April 30, 2019

Central Banks, collateral management, fintech, fintech regulation, Nigeria

In order to encourage innovation in the payment system, the Central Bank of Nigeria (CBN) is putting in place a collateral management regime (CMR) to regulate the activities of fintech…

FT: J.P. Morgan opens IIN blockchain platform to payments and fintechs

April 22, 2019

blockchain, fintech, Interbank Information Network, J.P. Morgan, settlement

J.P. Morgan is to widen the use of the industry’s leading blockchain technology to help smooth the banking industry’s payment system while also inviting fintechs to experiment on how to…

Canadian and UK regulators to cooperate on fintech sandbox

April 22, 2019

CSA, FCA, fintech

The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the UK’s Financial Conduct Authority (FCA).…

BIS research: bigtech and the changing structure of financial intermediation

April 8, 2019

News and Notes, News and Notes – Fintech

Bank for International Settlements, bigtech, credit, data analysis, fintech, machine learning, Mercado Libre

In a BIS working paper, researchers from the Financial Stability Board, Bank for International Settlements, Graduate Institute (Geneva) and Argentina’s bigtech firm Mercado Libre consider the drivers and implications of…

FSB chair Quarles on bigtech and fintech supervisory challenges

March 29, 2019

bigtech, fintech, fintech regulation, FSB, Quarles

Excerpts from speech by Randal Quarles, vice chair for Supervision, Board of Governors of the Federal Reserve System, and chair Financial Stability Board, at Joint Conference of the European Central…

India central bank updates on fintech adoption, plans regulatory sandbox

March 25, 2019

Central Banks, fintech, India, regtech, suptech

Excerpts from speech by Reserve Bank of India governor Shaktikanta Das at FinTech Conclave 2019, organized by think tank NITI Aayog, New Delhi, 25 March 2019 The Reserve Bank of…

How custodians are evolving client-facing tech: Citi (Premium)

March 21, 2019

Big Data, Custodians, Technology

Big Data, bigtech, Citi, fintech, topstory

As part of a series on how custodians are evolving client-facing technology, we spoke with major players about the way in-house development and innovation are being incorporated to better provide…

ESMA updates for fin-, reg- and suptech on trends, risks and vulnerabilites

March 7, 2019

ESMA, fintech, Market Risk, regtech, suptech, systemic risk

Fintech continues to drive innovation in financial services, with potentially far-reaching consequences for both end-users and service providers, said ESMA in a recent report. Crypto Assets (CAs) and Initial Coin…

Bank of Spain governor: EU’s banking union comes before regulating tech

February 22, 2019

Central Banks, fintech, Regulations, Spain

Comments from speech by Pablo Hernandez de Cos, governor of Spain’s central bank. To successfully address the transformation imposed by the new competitive environment resulting from technological changes will probably…

Quartz: Indian fintech hits rough patch on KYC regulations

February 22, 2019

fintech, India, Regulations

Fintech firms in India have been reeling under the supreme court’s directive in September 2018 that struck down the use of the biometric-based Aadhaar database. With mandatory KYC requirements, fintech firms are…

FSB identifies fintech, crypto assets, cyber resilience in 2019 priorities

February 12, 2019

crypto assets, cybersecurity, fintech, FSB

The Financial Stability Board’s work priorities are designed to promote global financial stability. Vigilant monitoring to identify, assess and address new and emerging risks to financial stability lies at the…

ESMA to review fintech regulations and scrutinize crypto assets in 2019

February 7, 2019

crypto assets, ESMA, fintech, ICOs, regtech, suptech

In its annual work program, the European Securities and Market Authority said it would analyze the regimes of national competent authorities of fintech firms across the EU to identify potential…

Japan’s MUFG establishes $185bn VC fund targeting fintech

January 15, 2019

fintech, fundraising, MUFG, MUIP, Venture capital

MUFG announced today the establishment of MUFG Innovation Partners (MUIP) that will manage corporate venture capital funds of MUFG to accelerate open innovation and strengthening partnerships with fintech startups. While the…

Roll Call: US fintech sector hurt by government shutdown

January 11, 2019

blockchain, fintech, ICOs, robo-advisers, US regulators

The US government shutdown is starting to create serious problems for financial technology firms — slowing dealmaking, impairing supervision and casting a pall over the presumed pre-eminence of the US…

DTCC survey shows cyber and fintech risk among top concerns

December 13, 2018

cybersecurity, DTCC, fintech, risk management

Cyber risk remained the number one threat to the financial industry, with more than a third of respondents (37%) citing it as the most significant risk and 69% ranking it…

How much influence do fintechs have in the future direction of finance? (Premium)

December 11, 2018

Big Data, Technology

banks, fintech, Fintech Mundi, Gershon, UBS

How the fundamental functions of finance work are changing and fintech is not just a driver of that change, but also the future of solutions, said Nobel Laureate and co-originator…

Biggest threat to banks is big tech, not fintech

December 11, 2018

banks, Big Tech, data collection, fintech, PSD2

How will banks be impacted by big tech entering the financial services industry? Can regulation promote a level playing field? These are some of the questions raised at the Big…

Report: comparing 26 fintech hubs in emerging markets

November 16, 2018

Ernst & Young, fintech, Regulatory

A fintech ecosystem comprises tech-savvy start-ups and scaleups, regulators, governments, traditional institutions, investors, and talent institutions. Regulators are tasked with the challenge of evolving with the industry. They need to…

AI is essential to fintech existence and use – report

November 8, 2018

artificial intelligence, China, fintech, South Korea

Diplomatic Courier released a special report, published in collaboration with The Future Society, detailing proceedings from the inaugural US-China AI Tech Summit in Silicon Valley earlier this year. Fintech has…

HKEX releases report on fintech capital market applications and “consistent” regulation

October 23, 2018

artificial intelligence, Big Data, fintech, HKEX, regtech

In the new era of fintech, stock exchanges around the globe are actively exploring ways to perform system upgrades and service enhancements. However, most of the existing fintech applications are…

ESMA’s approach to fintech, “wait and see” on DLT and crypto assets

October 12, 2018

crypto assets, DLT, ESMA, fintech

Excerpts from speech by Patrick Armstrong, senior risk analysis officer, Innovation and Products Team, Financial Technology: ESMA’s Approach at Luxembourg Fintech Conference, 10 October 2018 The issue of fintech and the regulatory response…

ICMA releases Q4 2018 report with comprehensive fintech review

October 11, 2018

fintech, ICMA

ICMA’s (International Capital Market Association) Q4 2018 report begins and ends with a focus on the impact of fintech on capital markets and the association’s extensive work in the area.…

Asia’s “patchwork” data privacy regs threaten fintech development

October 11, 2018

ASIFMA, data regulation, fintech

The Asia Securities Industry and Financial Markets Association (ASIFMA) released a white paper, Implications of data privacy regulations for financial technology in Asia. Fintech innovations such as distributed ledger technology, artificial…

US and Australian regulators to cooperate in fintech information sharing

October 4, 2018

ASIC, CFTC, fintech

The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) signed an arrangement to cooperate and support innovation through each other’s fintech initiatives: CFTC’s LabCFTC and ASIC’s Innovation…

Fintech disruption of US community banks slow to arrive, hard to imagine, says survey

October 4, 2018

Federal Reserve, fintech, retail

Within community banking, there are divergent views expressed by bankers on opportunities created by fintech: while the majority of surveyed bankers viewed emerging technologies as important, a significant minority also…

SocGen CIB launches fintech incubator for global markets

October 4, 2018

News and Notes, News and Notes – Fintech

fintech, Societe Generale

With this launch, Societe Generale Corporate & Investment Banking (SG CIB) adopts a pioneering approach in incubation for start-ups specialising in market activities, while strengthening its support to the Fintech…

Retail banks pressured by fintech and bigtech amid customer dissatisfaction

September 26, 2018

bank competition, bigtech, Capgemini, Efma, fintech, retail

In addition to traditional challenges, retail banks globally are now facing high-impact new forms of competition: the open banking ecosystem, emerging technologies, and soaring customer expectations. This is according to…

Fintech credit growth challenges practitioners and policymakers

September 25, 2018

Bank for International Settlements, Credit Markets, fintech

Fintech credit has grown rapidly since its inception in 2005. Fintech credit volumes per capita appear to reflect a number of factors. The economy’s overall development, the competitiveness of the…

Thailand central bank governor on digital technologies and policy

September 21, 2018

Bank of Thailand, Big Data, central bank digital currency, fintech

Excerpts from speech by Bank of Thailand governor Veerathai Santiprabhob: Digital technologies, financial system and central bank policy, at the SEACEN (South East Asian Central Banks) Research and Training Centre-Bank…

DataLend: in fintech, an inflection point

September 20, 2018

DataLend, DLT, fintech, machine learning

When it comes to technology investment, especially in the securities finance industry, firms are laser-focused on driving down costs, maximizing efficiency and keeping up with evolving regulations, writes DataLend’s chief…

US and Singapore financial watchdogs team up on fintech

September 14, 2018

CFTC, fintech, MAS

The US Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) signed an arrangement to foster greater cooperation in fintech. The arrangement supports both authorities’ efforts to…

Singapore’s OCBC Bank pilots European AI fintech for trade anomaly detection

September 14, 2018

artificial intelligence, audit, fintech, OCBC Bank

Singapore-headquartered OCBC Bank has piloted two financial technology solutions from companies Scila (Sweden) and Cardabel (France) using artificial intelligence for internal controls. The AI solutions augment the bank’s competency in the detection…

Fintechs must understand how cybersecurity rules are unfolding

September 14, 2018

Artificial Intelligence, Technology

banks, cybersecurity, fintech, Regulatory

Your executive board has just been notified of a spammy-looking demand from “North Korean” attackers to pay ransom on threats of releasing sensitive client information: What do you have to…

ECB’s Mersch warns on pan-European payment failure and big foreign fintech dependence

September 5, 2018

ECB, Europe, fintech, Payments, Yves Mersch

Excerpt from speech by Yves Mersch, Member of the Executive Board of the ECB, at the European Institute of Financial Regulation (EIFR), Paris, 3 September 2018 Progress towards an integrated…

RiskMinds365: cybersecurity and fintechs among top blips on CRO radar screens

August 30, 2018

cybersecurity, fintech, risk management

RiskMinds365 polled CROs and asked them, what are the emerging local and global risks that every bank should have on their risk radar? Fintechs and cybersecurity were two of the…

Tech giants eclipse banks in fintech patent race, report shows

August 2, 2018

Alibaba, Amazon, BAML, BNP Paribas, Cipher, Deutsche Bank, fintech, Google, IBM, Microsoft

The world’s fifteen largest banks combined own five times fewer fintech patents than IBM, four times fewer than Microsoft and half as many as Google, new research from patent research…

US Treasury fintech report: four impacts to securities finance

August 2, 2018

Artificial Intelligence, Big Data, Collateral Management, Credit Exposure, Regulatory, US

collateral, fintech, technology, topstory, US Treasury

The US Treasury issued the fourth report in their series, “A Financial System That Creates Economic Opportunities”; this one focuses on Fintech. Some of the recommendations speak to matters that…

Ant Financial, Citi, LSEG and State Street among firms setting up at MIT’s AI lab

July 27, 2018

Ant Financial, Citi, CSAIL, fintech, LSEG, MIT, State Street

MIT’s Computer Science and Artificial Intelligence Laboratory (CSAIL) recently launched a research-industry collaboration focused on creating financial technologies that will be able to open up new business models, gain new data insights, and…

EBA takes a snapshot of fintech versus incumbent banks

July 5, 2018

EBA, fintech

The development of the financial technology infrastructure enabled by the technological breakthroughs in the recent last decades, in combination with the significant socio-economic trends and demographic shifts in the population, whereby consumers…

Bermuda creating new class of bank for fintech

July 2, 2018

Bermuda, fintech

Bermuda’s Premier and Minister of Finance, David Burt, announced that Bermuda’s Banking Act will be amended to create a new class of bank that will provide services to Bermuda based…

SIFMA panel: regulate fintech activity, not business entity

June 26, 2018

Technology, US

fintech, Regulation, SIFMA, topstory

On the “Regulation and Innovation” panel at SIFMA’s Fintech conference in New York last week, speakers generally agreed that regulators were poorly aligned when it comes to innovation in financial…

Clearstream partners with European fintechs to build revenue-generating platform

May 15, 2018

Clearstream, Deutsche Borse, fintech, regtech

Deutsche Börse Group and its post-trade services provider Clearstream will partner with Germany-based fintech figo and Luxembourg-based regtech start-up Finologee to create a common FinTech Acceleration Platform. The launch is targeted…

Bank of England says it’s open to fintech possibiities

March 28, 2018

Bank of England, fintech

The Bank of England – Open to Fintech Remarks given by Dave Ramsden, Deputy Governor for Markets and Banking, Bank of England The need for the Bank of England to continue…

Citi, DTCC among firms joining WEF fintech cybersecurity group

March 12, 2018

Citi, cybersecurity, DTCC, fintech, Zurich Insurance

A newly created consortium consisting of Citigroup, Zurich Insurance Group, Kabbage, HPE and DTCC will develop cybersecurity assessment for fintechs and data aggregators. The group is expected to strengthen cybersecurity for…

EC identifies AI, blockchain, cloud technologies in fintech action plan

March 9, 2018

artificial intelligence, blockchain, Enterprise Cloud, European Commission, fintech

The European Commission unveiled an action plan on technology-enabled innovation in financial services (fintech). Europe should become a global hub for fintech, with EU businesses and investors able to make most…

The Basel Committee thinks there are five bank scenarios for fintech disruption; only one matters in capital markets (Premium)

February 21, 2018

Artificial Intelligence, Basel III, Big Data, Blockchain, Regulatory, Technology

AI, Basel Committee, disruption, fintech, technology, topstory

In a report released this week, the Basel Committee on Banking Supervision evaluated the implications of fintech developments for banks and supervisors. This healthy analysis came up with five scenarios…

BCBS examines fintech-driven risk and regulatory change

February 20, 2018

Basel Committee on Banking Supervision, fintech

The Basel Committee on Banking Supervision published its Sound Practices on the implications of fintech developments for banks and bank supervisors. The paper assesses how technology-driven innovation in financial services,…

Bitcoin “less useful for payments” says fintech firm as it phases out the cryptocurrency

January 28, 2018

bitcoin, cryptocurrencies, fintech