Fintech / Regtech

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    Enforcement

    UK CMA Orders HSBC to Remedy Breaches of Open Banking Rules

    By Editors | 27/07/2024

    The CMA said Lloyds, TSB and AIB also breached the open banking rules, but the breaches were less extensive and are being addressed.

    Fintech / Regtech

    US Regulators Request Information from Banks on Fintech Partnerships

    By Editors | 27/07/2024

    The Fed, FDIC, and OCC asked banks to provide information on their arrangements with third party fintech firms and risk management practices.

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    AML / KYC

    BSP Introduces Framework for Merchant Payment Activities

    By Sanday Chongo Kabange | 26/07/2024

    The framework sets out regulatory requirements for operators of payment systems that engage in merchant payment acceptance activities.

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    AML / KYC

    RBI Revises Framework for Domestic Money Transfer Services

    By Ajoy K Das | 25/07/2024

    The revisions tighten KYC record keeping, AFA validation and transaction message requirements for domestic money transfers.

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    Market Infrastructure

    Philippines Launches Automated Intraday Settlement Facility

    By Sanday Chongo Kabange | 24/07/2024

    The facility will provide liquidity to ensure payments flow smoothly through the RTGS system, known as PhilPaSSplus.

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    Fintech / Regtech

    China Issues Regulations for Revised State Secrets Law

    By Editors | 24/07/2024

    Among other things, the regulations promise rewards for those who report information leaks or the illegal acquisition of state secrets.

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    Fintech / Regtech

    HKMA Publishes RegTech Bulletin on Best Execution Services

    By Manesh Samtani | 24/07/2024

    The bulletin says best execution services can be particularly helpful for exotic instruments, which often don’t have sufficient pricing information.

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    Fintech / Regtech

    India Launches Digital Payments Wallet for Inbound Travellers

    By Ajoy K Das | 24/07/2024

    The ‘UPI One World’ wallet is a prepaid payment instrument enabling visitors to India to make cashless payments across the country.

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    Fintech / Regtech

    US, European Competition Regulators Sign AI Agreement

    By Nithya Subramanian | 24/07/2024

    Given the rapid growth of AI, authorities will work to ensure effective competition as well as fair and honest treatment of consumers and businesses.

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    Fintech / Regtech

    RBI Flags Concerns Over Digital Fraud, Outsourcing Risks

    By Ajoy K Das | 24/07/2024

    RBI governor Shaktikanta Das called on banks to strengthen customer onboarding and transaction monitoring to address digital fraud.

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