On The Web

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Regulation

Modulr Joins UK’s Faster Payment Service to Accelerate Payments

November 8 2019

• in
• Faster payments
• PSD2

“Payments as a Service platform Modulr has joined Faster Payment Service (FPS), a UK banking initiative to reduce payment times. The fintech also holds an account in the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) system, authorising it to make settlements in central bank money.”

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Regulation

UK Lawmakers Want Bank Payments ‘Speed Bump’ to Stop Scammers | The Chronicle Herald

November 5 2019

• in
• Push payment fraud

“A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, UK lawmakers said in a report on Friday. Parliament’s Treasury Select Committee said fraudsters stole over 600 million pounds ($777 million) from consumers in the first half of 2019 and regulators must crack down harder […]

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Regulation

Govt Considers Tax Incentives for Cashless Payments

October 31 2019

“Rwandan businesses that declare a significant portion of their revenue via cashless avenues could soon start receiving tax refunds. The Government, through the Ministry of Finance and Economic Planning, is currently conducting studies to determine the feasibility of the concept. Eric Rwigamba, the Director-General of the Financial Sector Development at the Ministry of Finance and […]

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Regulation

Federal Judge Rules Against OCC in Fintech Regulatory Lawsuit by NYS

October 23 2019

“A U.S. District Court judge ruled that the Office of the Comptroller of the Currency lacks the authority to grant nationwide bank charters to fintechs, striking a major blow against the efforts to create a uniform regulatory framework to challenger banks here.  Regulators in New York, considered the nation’s leading state regulator of the banking […]

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Regulation

EU Antitrust Chief Examines Apple Pay

November 11 2019

““We’ve been asking quite a number of questions because we get many, many concerns when it comes to Apple Pay for pure competition reasons,” the EU’s Commissioner for Competition Margrethe Vestager told reporters during a news briefing at the Web Summit conference in Lisbon last week, Reuters says.”

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Regulation

Wall Street Regulators Will Investigate Whether Apple’s Credit Card Is Sexist

November 11 2019

“The New York Department of Financial Services (NY DFS) is investigating Goldman Sachs after users complained that the Apple Card’s algorithm discriminates against women in determining credit limits, Bloomberg reported on Nov. 10.”

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Global

China Central Bank to Set Standards for 17 Fintech Categories, Including Blockchain – CoinDesk

November 21 2019

• in
• China

“Speaking at a meeting of the National Technical Committee, PBoC vice president Yifei Fan said the bank aims to better regulate new technologies applied across the financial industry, according to a report from state media Xinhua News Agency. Fan said blockchain is among 17 categories of financial technologies, including cloud services and artificial intelligence, to […]

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Regulation

Kenya Is Stepping up Its Citizens’ Digital Security With a New EU-inspired Data Protection Law

November 19 2019

“As the country looks to engender more safeguards in the collection, handling and sharing of data, Kenya’s president Uhuru Kenyatta has approved legislation which complies with the European Union’s General Data Protection Regulation. The new law outlines restrictions on data handling and sharing by government and corporations. Any infringements of the new law will be […]

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Regulation

Apple Warns of Risks From German Law to Open up Mobile Payments

November 18 2019

“Apple said on Friday moves in Germany to force it to open up its Apple Pay mobile payments system to rivals could hurt data protection and the security of financial information.”

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Regulation

Malaysia to Help SMEs Go Digital by 2022

December 2 2019

“The country is actively taking on multiple initiatives to get businesses to leverage viable solutions that could help automate operational processes and achieve digital proficiency. In particular, the government has prioritized digitalization efforts among SMEs to maintain relevance, maximize business efficiency, and increase productivity. There is also a strong focus on digital payment capabilities as […]