Payments News » Regulation

New York state stands against fintech sandboxes

August 6 2018

“The head of the Department of Financial Services (DFS) of New York, the state’s financial regulatory body, has spoken against the US Treasury’s support for fintech sandboxes, as well as allowing fintechs to acquire bank charters (banking licences).”

Global

India’s Payments Banks Trip On E-KYC Rules

August 2 2018

“The Reserve Bank of India has barred at least two payments banks from accepting new customers. The reason, say officials in the know, is the lack of strict compliance with a couple of banking provisions – including not just banking-related Know Your Customer norms but also provisions under the Prevention of Money Laundering Act. Fino […]

Companies

RBI Tells Paytm Payments Bank To Stop Adding New Customers With Immediate Effect

August 1 2018

“Paytm Payments Bank has stopped enrolment of new customers on its platform following observations made by the Reserve Bank of India, four people with knowledge of the matter said. Paytm stopped enrolling new customers on 20 June following an audit by RBI, which made certain observations about the process the company follows in acquiring new […]

Providers

Online Lenders And Payment Companies Get A Way To Act More Like Banks

August 1 2018

“Online lenders and other so-called fintech firms — including the payment processor Square, the online lender Lending Club and the cryptocurrency exchange Coinbase — have pressed for regulatory routes that would let them cut through the thicket of state and federal laws that govern financial businesses. Heeding those requests, the Treasury Department released a 222-page report laying […]

Regulation

Regulatory bodies consult on creation of Global Financial Innovation Network

August 7 2018

“The UK’s Financial Conduct Authority has collaborated with 11 regulatory bodies from Europe, the Far East and the US on the creation of a Global Financial Innovation Network (GFIN), building on proposales earlier this year to create a cross-jurisidctional fintech sandbox.”

Regulation

States Spar with Trump Administration Over Fintech Oversight

August 8 2018

“The Trump administration’s plan to expand the federal government’s role in overseeing financial-technology startups has prompted pushback from some states, setting up a fight over who will regulate new markets for online lending and other banking products.”

Global

Norwegian banks co-operate on account aggregation programme

August 10 2018

“The initiative, which is set to be rolled out well ahead of the mandated introduction of the revised Payment Services Directive in autumn next year, is intended to give the banks a head start in the account aggregation space ahead of the entry of third party fintech firms and Big Tech players.”

Regulation

U.S. Proposes a National Framework for the Regulation of Fintech

August 10 2018

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Regulatory environment

“The Treasury Report and OCC Policy Statement lay out an expansive framework to improve the national regulation of the Fintech sector. In particular, the issuance of special purpose charters for Fintech companies, the codification of guidance for sponsorship arrangements between banks and Fintech companies (and proposed legislative fixes to shore-up the sponsorship model), the push […]

Global

Bank of Uganda, telecom operators ask govt to rescind mobile money tax

August 10 2018

“The Bank of Uganda and mobile phone operators have asked the government to scrap mobile money tax, saying mobile money revenue has dipped by more than UGX 600 billion since the introduction of the tax, The Observer reported. This reduction, they say, has affected revenue collection from Mobile Money transactions. Bank of Uganda director of […]

Regulation

In a world first Australia will seek to eliminate card interchange

August 10 2018

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Price caps

“The elimination of card interchange also throws a huge ‘curve ball’ at frequent flyer programmes which could be fatal. Most card issuers use interchange as the source of revenue to pay airlines for points purchased on behalf of consumers.”