Payments News

On The Web

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Regulation

Big Tech and Fintechs Extend Grip on Financial Services – FSB

“The Financial Stability Board says that the Covid pandemic has enabled Big Tech firms like Google, Amazon and Apple and fintechs to widen their footprint in financial services, with significant implications for incumbents and consumers. The FSB report acknowledges that Big Tech and fintech firms’ expansion into financial services can bring benefits such as improved […]
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Regulation

UK Financial Watchdog Cracks Down on Cryptocurrency Exchange Binance

“Britain’s financial regulator has ordered Binance, one of the world’s largest cryptocurrency exchanges, to stop all regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally. In a notice dated 25 June, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s UK entity, “must not, without […]
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Providers

COVID-19 spurred a rise in FinTech. Now regulators are catching up.

“COVID-19 has accelerated the digitization of everything from education to the workplace to grocery shopping . The financial services industry is no exception to this, with financial technology (fintech) playing a critical role in reducing coronavirus risks associated with exchanging cash , helping micro, small and medium enterprises (MSMEs) and supporting financial inclusion in developing […]
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Regulation

Japanese Online Retailer Rakuten Seeks U.S. Bank Charter

“Japanese online merchant Rakuten Inc. wants to open a bank in Utah to offer loans, credit cards and other financial services to customers of its existing U.S. cashback-shopping business, the company said Friday. “We’re going to focus on that customer base we already have,” said Lee Carter, the new head of banking development at Rakuten […]
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Companies

Betterment Faces Questions From Regulator After Launching Checking and Savings Accounts

“Regulators have asked online wealth advisor Betterment to clarify some details surrounding its new checking and savings accounts just hours after they were launched. The digital wealth-management start-up unveiled new accounts that offer as much as a 2.69% annual yield. But Betterment was asked to provide more specifics to one of its regulators almost immediately […]
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Regulation

State regulators renew legal fight over federal charter for fintechs

“State bank regulators on Thursday sued a federal agency that they say is overstepping its bounds by offering national bank charters to financial technology startups. The Office of the Comptroller of the Currency, which oversees national banks, this summer finalized plans to put forward a limited charter for fintech companies, allowing those firms to operate across […]
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On The Wires

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Companies

Thunes Takes Majority Stake in AML and Compliance Platform Tookitaki

“Thunes , a Singapore-based global payments company, today announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki Holding Pte Ltd (‘Tookitaki’) by making an investment of over $20 million. The alliance of both firms empowers the banking and financial services industry to fight money laundering and […]