Fintech

Fintechs Cautious Over US Banking Regulator’s Special Federal Charters Offer

Fintechs Cautious Over US Banking Regulator’s Special Federal Charters Offer

By Banking and Finance, Fintech, News 0 comments

Online lenders have reportedly sounded a cautious note on an offer from the Office of the Comptroller of the Currency last month which would accept applications for banking licenses from such fintechs. The offer could allow the companies to operate under one banking license instead of a patchwork of state-specific regulations. While fintech executives applauded the decision, a lot are hesitating to rush in due to concerns over legal challenges and requirements that are likely to be increasingly onerous. No company has applied for the charter yet as most are expecting a legal battle to ensue between the federal government […]

Macron’s Efforts for French Tech a “Double-Edged Sword”

Macron’s Efforts for French Tech a “Double-Edged Sword”

By Artificial intelligence, Employment and Immigration, Fintech, News, Startups 0 comments

French president Emmanuel Macron’s efforts to nurture the country’s tech sector are reportedly being met with mixed and even negative reactions from domestic tech firms that are being adversely affected by the influx of business from global tech giants. Computer expert Randi Hindi said that big names such as Facebook, Microsoft, and Samsung make it difficult for his company to land deals with big local companies. A number of French entrepreneurs also criticized Macron for overlooking local talent when he invited foreign CEOs including Mark Zuckerberg and Satya Nadella at the Tech for Good Summit last month. Macron’s appointed AI […]

Asian Banks Urge Regulators to Allow More Fintechs

Asian Banks Urge Regulators to Allow More Fintechs

By Fintech, News 0 comments

The Asia Securities Industry and Financial Markets Association recently called on regulators to allow more technologies, especially those that would make KYC “know your customer” checks easier and cheaper. Mark Austen, the CEO of the industry group said that fintech solutions bring a lot of potential for the industry, but they have not been embraced as quickly as needed by regulators around the world. Austen also pointed out that compliance and costs have become an onerous task for most banks and brokerages, and it is possible for these institutions to cut costs and improve compliance by automation. Source: CNBC

The Impact of the Data Privacy Act on FinTech Companies

The Impact of the Data Privacy Act on FinTech Companies

By Fintech 0 comments

Over the past few years, consumers have gained more control of their financial lives. This is largely due to the rise of FinTech companies. These companies provide financial services through the use of technology.[1] They offer a wide array of services, such as alternative credit scoring worthiness (the use of different data sources for determining credit), payments (the use of alternatives to cash), and lending (the use of technology to grant loans directly to consumers).[2]   In order to provide financial services, FinTech companies utilize the data of their customers. They collect their client’s names, addresses, date of birth, gender, […]

Grab to Develop Tech Start-ups with New Innovation Arm

Grab to Develop Tech Start-ups with New Innovation Arm

By Fintech, News, Technology and Telecommunications 0 comments

Southeast Asian ride-hailing giant Grab launched last Tuesday its innovation arm called Grab Ventures which will be developing technology start-ups in sectors such as transport, food services, logistics and financial services. Grab Ventures Head Chris Yeo said that the company is aiming to be the “everyday app” in Southeast Asia, which is why it is seeking any tech that will help it become a complete online-to-offline (O2O) mobile platform. Yeo adds that their accelerator program, which includes government partners such as the Info-communications Media Development Authority of Singapore and Enterprise Singapore, is ready to provide expertise, technical resources and networks […]

21 Fintechs Set to Bring Fresh Investments Into CEZA

21 Fintechs Set to Bring Fresh Investments Into CEZA

By Banking and Finance, Bitcoin & Cryptocurrency, Fintech, News 0 comments

CEZA Administrator Raul L. Lambino revealed this week that 21 fintech firms are expected to invest around Php 2 billion in the freeport within the next two years. The Secretary said that the startups, which are mainly engaged in blockchain and cryptocurrency operations, will be committing 1 million each for infrastructure, aside from application fees, license fees, probity checks and integration fees. Lambino said that the 54,000 hectare CSEZFP is being poised to be a new Asian hub which will combine the best of nature and of cutting-edge technology for the world’s leaders in the burgeoning global currency of the […]

Kenya Moves Against Fintech Predatory Lending

Kenya Moves Against Fintech Predatory Lending

By Banking and Finance, Fintech, News, Startups 0 comments

Kenya’s director general of budget, fiscal and economic affairs at the treasury revealed last Thursday that the government is moving to regulate predatory lending brought about by the country’s boom in lending startups. A number of fintech lenders are said to be using mobile money technology to extend credit to both banked and unbanked customers. The system, which can grant Kenyans loans in a matter of minutes, often leave borrowers burdened with high interest rates. This led the finance ministry to publish a draft bill on financial regulation to ensure that digital lenders treat retail customers fairly. A final version […]

Oil Downturn Prompts Islamic Finance to Fintechs

Oil Downturn Prompts Islamic Finance to Fintechs

By Fintech, News 0 comments

A new survey by the Bahrain-based General Council for Islamic Banks and Financial Institutions (CIBAFI) showed that Islamic bankers and insurers are shifting towards profitability and new financial products, perhaps due to the adverse impact of low oil prices in recent years. CIBAFI says that the Islamic financial industry, which has remained unchanged since 1975, is now undergoing an enormous shift, with banks now forming technology departments and venturing with fintech firms. Around 45% of respondents consisting of 103 financial managers said that they are planning to increase or launch digital branches in coming years, with more than 70% considering […]

EU Banking Watchdog Launches Roadmap for Fintech Regulation

EU Banking Watchdog Launches Roadmap for Fintech Regulation

By Banking and Finance, Fintech, News 0 comments

Andrea Enria, head of the European Banking Authority, recently said that they will be evaluating services provided by fintech firms to ensure that these are regulated in a consistent way across the bloc. In a speech at Copenhagen Business School, Enria said that firms must be able to participate in the internal market for financial services on equal footing while maintaining a high standard of consumer protection. The EBA head also said that they will be reviewing regulatory sandboxes set up by national regulators to allow fintechs to try their apps on users. Source: Reuters

PLDT Fintech Arm Seeks to Cater to Unbanked Filipinos

PLDT Fintech Arm Seeks to Cater to Unbanked Filipinos

By Fintech, News 0 comments

PLDT recently announced that its fintech arm will be offering financial services to unbanked Filipinos through a grassroots-based financial inclusion program called KasamaKA. Aside from services such as insurance, investment and savings, the program will also offer lending through a digital lending platform called Lendr. The company says that this should help wean Filipinos off their dependency on usurious informal lenders. Managing director Lito Villanueva said that FINTQ and Voyager Innovations will be intensively promoting the National Strategy for Financial Inclusion for the Bangko Sentral ng Pilipinas (BSP) and is aiming to include around 30 million Filipinos into the mainstream […]

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