Canadian FinTech KOHO Financial has announced an additional fundraise of CAD 86 million in a series D extension at an $800 million valuation.
Canapi Ventures has announced a $750 million fundraise for its Fund II.
In a memo to employees, the world’s biggest asset manager said it will implement the technology in January as part of a strategy to improve productivity.
The bank on Thursday said that the boards of UBS and Credit Suisse had entered into a definitive merger agreement
Embedded finance company Liberis has announced $112 million in debt financing from HSBC Innovation Banking and BCI Capital.
Figures from the British Retail Consortium (BRD) demonstrate that cash usage increased for the first time in a decade last year.
Floodbase and insurance provider Oneglobal have announced plans to develop and distribute parametric flood insurance solutions across Asia.
Mastercard has partnered with Samsung to deliver its Wallet Express programme.
The bank says it is exploring how quantum cryptography can safeguard highly sensitive trading data against possible cyber threats as powerful as future quantum attacks.
Visa and Finnish payments processor Enfuce have announced an expansion to their existing partnership with the launch of mobility card solution Visa Fleet.
Buy Now, Pay Later (BNPL) service Klarna has appointed FinTech platform Adyen as its acquiring bank to collect payments.
MMFs are a type of fund used routinely by investors to place money and have quick access to it when they need it. MMFs pool investors’ money and make low risk investments in high-quality short-term assets.
Allianz Global Investors (AllianzGI) and the European Investment Bank (EIB) have announced fresh capital commitments to the Emerging Market Climate Action Fund (EMCAF).
Cryptocurrency platform Crypto.com has been awarded an electronic money institution (EMI) licence from the Financial Conduct Authority (FCA).
KKR & Co (KKR) has announced a definitive agreement to acquire the remaining 37 per cent of US insurance firm Global Atlantic for around $2.7 billion.
Qatar Holding, which according to Bloomberg data holds the second biggest stake in the bank, is expected to drop its share in the organisation from 5.3 per cent to 2.9 per cent.
The move involved the testing of stablecoins issued by the French bank's digital asset arm SG Forge as part of a new joint experimentation.
Aldermore Bank has partnered with cloud banking platform Mambu in a bid to modernise the way it uses technology.
Paysend has announced the conclusion of a $65 million funding round.
A group of MPs have highlighted privacy and financial stability concerns over the UK’s potential adoption of a digital pound.
US-based trading platform Robinhood has announced it will launch stock trading services for customers in the UK.
The impacted banks are BBVA, Caixabank, Sabadell, and Bankinter
Mohammed Zina, a former member of Goldman Sachs International’s London-based conflicts resolution group, is facing six charges of insider dealing and three counts of fraud
Mastercard has launched a generative AI (GenAI) tool that offers shoppers personalised product recommendations.
New research suggests that over a quarter of adults in the UK, around 15 million people, will use Buy Now Pay Later (BNPL) services this festive season.
The AGCM said that the number of complaints it had received has now reached 5,000
The all-cash deal will see KKR pick up the remaining 37 per cent of Global Atlantic that it does not already own, the company said on Wednesday
Under the new Charter the companies, which include Amazon, eBay, Facebook, Google, Instagram, LinkedIn, Match Group, Microsoft, Snapchat, TikTok, and YouTube, have pledged to verify new advertisers and "promptly" remove any fraudulent content.
The Vienna Stock Exchange has expanded its range of Exchange Traded Funds (ETFs) and stocks, which are focused on ESG and digitalisation.
The entire consumer partnership would be scrapped under this proposal, including the savings account introduced earlier this year
The app utilises Near Field Communication (NFC) technology to scan a chip embedded within the passport, similar to how contactless payments are made through services such as Apple Pay.
According to worker union Unite, UK-based workers at the bank were informed of the potential cuts at lunchtime on Tuesday
Worldline has been granted Payment Institution Authorisation by the Financial Conduct Authority (FCA)
The package, which includes a £325 million capital raise and £600 million debt refinancing, was initially struck in October
The adoption of AI by several industries could lower pay but may lead to the creation of more jobs for young skilled workers.
Black Friday shopping was down this year in the UK, reports Barclays
Funding Circle and Atom bank have announced a new lending partnership that will reportedly provide up to £150 million in funding to small businesses.
The insurance company revealed that is is rolling out a platform by Synectics Solutions which uses data from across 180 organisations.
A UK Finance study of 23 international to mid-size banks and non-banking financial services firms has found that 70 per cent are trialling generative AI (GenAI).
Optiom, which operates as a managing general agent (MGA), is a leading provider of vehicle replacement insurance in Canada and offers flexible payment options to customers
Swedbank Robur has launched two funds to finance projects which contribute to the UN’s climate goals.
Blackstone has reached a definitive agreement to acquire ‘GovTech’ platform Civica from private equity firm Partners Group.
Thousands of HSBC mobile banking users in the UK reported issues with the app on Friday morning.
Cheeseman will oversee Mattioli Woods’s investment strategy, portfolio management and research
UK Finance has warned parents to remain vigilant against scams when shopping online this Black Friday.
Crypto investor ETC Group has passed $1 billion in assets under management (AuM) for the first time since April 2022.
Allianz has been named the “world’s best” insurance brand in 2023.
Mastercard, Zilch and Starling Bank were among those to scoop up awards at last night’s annual Payments Awards ceremony in Central London.
A new report commissioned by the UK government has called for the creation of a ‘digital alternative’ to relying on Visa and Mastercard for card payments
Klarna has partnered with Form3 to provide instant payment connectivity across the Single Euro Payment Area (SEPA).
British WealthTech WealthOS has secured £2 million during a seed funding round led by Barclays.
The US Federal Deposit Insurance Corp (FDIC) has announced that a special committee will oversee a review of alleged sexual harassment and toxic workplace culture
Binance chief executive Changpeng Zhao has resigned from his post after pleading guilty to charges levelled against him and the cryptocurrency exchange by the US Department of Justice (DoJ).
Menlo Ventures has announced a $1.35 billion capital raise.
The Canadian financial regulator has launched a consultation on the public disclosure of cryptocurrency assets by federally regulated financial institutions.
Ardith Lindsey, a managing director of Citi Electronic Markets who has served at the bank since 2007, has accused her employer of downplaying her complaints about former North America Markets head of cash equity execution services Mani Singh
The payment processing giant said that in February 2020, the People’s Bank of China (PBOC) principally approved the application from its joint venture entity Mastercard NUCC Information Technology to start formal preparations to set up a domestic bankcard clearing institution in China.
The UK banking sector contributed around £41 billion in tax during the financial year ended March 2023, £2.2 billion higher than the previous year.
Tesco, which is looking to offload its banking unit, asked prospective buyers to submit non-binding offers by the end of last week
The Council of Canadian Innovators (CCI) has issued an open letter urging Canada’s government to “embrace” Open Banking.
Citigroup is reportedly planning job cuts that could impact thousands of staff members as well as an overhaul of senior management.
Visa has partnered with Tencent Financial Technology to provide remittance services for Chinese messaging platform Weixin.
Marsh McLennan has announced the launch of a new facility to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports amid Russian occupation.
Pressure is mounting on US Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg to resign over his handling of allegations of sexual misconduct at the agency and his role in creating a toxic workplace
JP Morgan Chase has come first in an index ranking AI maturity for the second year in a row.
Commerzbank has become the first full-service bank in Germany to be granted a crypto custody license.
The Monetary Authority of Singapore (MAS) has developed a risk framework for the use of generative AI (GenAI) in the finance sector as part of the first phase of its Project MindForge initiative.
The UK’s financial watchdog has said that further improvement is needed by fund managers to comply with its principles on the design, delivery and disclosure of their ESG and sustainable funds.
The commentary came as a result of a survey among banks supervised by the ECB on how prepared they are to deal with risks such as hacks, legacy tech and poor contractors
Barclays Bank has announced it is now trading on the Vienna Stock Exchange.
Blockchain payments firm Fnality International has concluded a £77.7 million Series B funding round led by Goldman Sachs and BNP Paribas.
Verdi said that the DB subsidiary employs around 600 people in 24/7 call centre operations, and that many employees “only earn between €2,400 and €2,600 per month"
Wise has reported a pre-tax profit rise of 280 per cent in the six months ended 30 September.
The card issuer said that through the partnership, the same technology used to unlock phones or tablets will soon be used at in-store checkouts in the Asia Pacific region.
The US arm of ICBC, China’s largest commercial bank, experienced a ransomware incident last week that reportedly disrupted trades in the US Treasury market.
The UK’s new counter fraud team says it has saved taxpayers £311 million in its first 12 months of operation, exceeding its initial target of £180 million when it launched last year.
The company invested in the consumer-oriented trading app when it was an unlisted start-up
JP Morgan’s head of EMEA ESG and green economy investment banking, pointed out that start-ups in industries such as sustainable farming are missing out on capital
The Commonwealth Bank of Australia (CBA) has made its AI model for identifying digital payment transactions featuring offensive messages freely available to any bank worldwide.
Buy Now, Pay Later (BNPL) provider Klarna has announced two new growth tools for retailers and creators.
Revolut has revamped its Premium and Metal plans to include a variety of subscriptions to lifestyle apps.
Publishing the review alongside its quarterly report, the bank said: "No bonus or variable remuneration will be paid to Ms Rose in respect of service during 2023.”
Lloyds has warned that a growing number of Britons investing in cryptocurrency are at risk of being defrauded by a “wave” of fake adverts being posted to social media platforms.
A third quarter trading update from Adyen has revealed a 22 per cent year on year revenue rise to around €413 million.
Mastercard has partnered with First Abu Dhabi Bank (FAB) to launch a new Buy Now, Pay Later (BNPL) service.
According to reports, ministry spokesperson Wang Wenbin said that the bank has been closely monitoring the matter and has “done its best” in its emergency response.
HSBC will launch a "digital card issuance programme" and digital loan product in India “fairly soon”
The European Council and the European parliament have reached a provisional agreement on a proposal intended to improve the availability of instant payment options in euro to consumers and businesses in the EU and in EEA countries.
Woodhead has 15 years of experience in senior leadership roles across business, corporate and retail banking at Barclays and digital banking tech company 10x Banking.
High Street banks are still offering customers lower savings rates than challenger banks and building societies, according to research by Which?.
Customers still wanting to speak in Welsh to the bank can request a call back in the language and will receive one “within three working days"
Visa has announced the launch of a new global AI advisory practice.
The German digital bank N26 has announced it will cease operating in Brazil to concentrate on its core European markets.
Barclays chief exec C.S. Venkatakrishnan last week doubled down on the bank’s commitment to the Asian market, saying that it is focused on wholesale and selective private banking in the region
The Financial Conduct Authority (FCA) is “disappointed” with the way some firms have supported customers who were the victims of fraud.
The bank said that the new service, set to go live next year, will use HSBC Orion – its platform for issuing digital assets – as well as the recently launched tokenised physical gold offering.
Jifiti has been granted an Electronic Money Institution (EMI) licence by Sweden’s financial regulator.
OakNorth is launching a set of new services aimed at “overlooked and underserved” mid-sized UK businesses.
It blamed pre-tax profit losses of £255 million on expenses related to the integration of Credit Suisse, which neared collapse in March after a series of scandals and the discovery of “material weaknesses” in its financial reporting.
Konkurransetilsynet has said that the planned sale of Danske Bank’s personal customer business in the country to Nordea could harm customers and competition
NatWest has upgraded its virtual assistant to use generative AI and provide customers with more accessible and human-like interaction.
The lawsuit, which is representing investors in the bank’s US-listed securities, alleges that Staley misled them over his relationship with Epstein
The Securities and Exchange Commission (SEC) has hit Royal Bank of Canada (RBC) with a $6 million fine for internal accounting control violations.
Carlesi previously worked at Deutsche Bank as chief of staff and global head of regulatory affairs and has held senior roles at Barclays and McKinsey & Co.
Payment services provider Mollie has been granted a Payment Institution licence in the UK by the Financial Conduct Authority (FCA).
Bankman-Fried was convicted on all seven counts he faced after four hours of jury deliberations, with prosecutors successfully arguing that he maliciously defrauded FTX users of $8 billion before the company's collapse in November 2022
To carry out the trades, HSBC created a digital twin of an existing physical asset, specifically loco London gold custodied in its vault.
The Payment Systems Regulator (PSR) has released a new report investigating how the largest 14 banking groups in the UK are tacking authorised push payment (APP) scams.
The trial, which will be carried out alongside six commercial banks, will mark the first time a real wholesale CBDC has been issued in Swiss francs on a financial market infrastructure based on distributed ledger technology (DLT).
The valuation of Atom Bank has plummeted by around £73 million following its conclusion of a £100 million fundraise.
The AGCM said that it had received more than 2,000 complaints over how the bank handled the transition
XDA.io, spearheaded by former Revolut global authorisations senior manager Andria Evripidou, is designed to allow gaming communities of any global licence to trade in both crypto and fiat currencies.
Mastercard has said that demand for cross-border payments is likely to increase over the next year as more consumers “set up side hustles” and consider working or living abroad.
Barclays has launched a free online service for founders to showcase their business to potential investors.
UK Finance has called for the creation of a quantum taskforce to help firms in the financial sector take advantage of the “multibillion-pound opportunities” the technology can bring and guard against the risks.
The minister said that the Financial Action Task Force’s (FATF’s) downgrade of Turkey to a grey list in 2021 was due to failing on just one of the 40 standards set out by the watchdog
A spokesperson said that the bank plans to reduce the number of branches from 550 to around 300 by mid-2026
New research from the Financial Conduct Authority (FCA) has shown that the number of people using Buy Now, Pay Later (BNPL) services has increased significantly in recent years.
The Financial Conduct Authority (FCA) has joined a policymaker group established by the Monetary Authority of Singapore (MAS) which aims to foster responsible digital asset innovation.
Global issuer-processor Paymentology has become the first card issuer-processor in Europe to receive Visa Cloud Connect (VCC) certification.
The company’s chief executive Philippe Morel said that the new investment was secured in a “much tougher” fundraising environment, adding that the move means it is “very well placed to grow sustainably”.
Low-rate bill finding platform Squeeze.com has joined forces with British finance management provider Youtility.
It is currently unclear what price Santander will set for the assets, or any potential discount on the sale
HSBC has more than doubled its pre-tax profits to $7.7 billion in its third quarter ended 30 September.
Swedish Buy Now, Pay Later (BNPL) giant Klarna is to face strike action next month over its decision to sit outside of the country’s traditional labour market model.
An independent review has confirmed that a decision to close Nigel Farage’s accounts at Coutts was lawful and “made in accordance with the relevant bank policies and processes.”
Switzerland’s Federal Department of Finance (FDF) has said it will put forward proposals to the government to prevent greenwashing in the financial services industry.
Woods joins with over 20 years of investment banking experience from Deutsche Bank where he was most recently a managing director on the building products team
The UDPN is a global messaging network supporting government-regulated digital currency systems, including regulated stablecoins and Central Bank Digital Currencies (CBDCs).
BNY Mellon has launched Universal FX, a foreign exchange platform that allows customers to manage their entire portfolio regardless of where they custody, prime broker or settle trades.
The Financial Conduct Authority (FCA) has outlined three common issues with cryptoasset promotions since introducing new crypto advertising rules on 8 October.
More than three quarters of European financial services executives expect generative AI (GenAI) to “significantly affect” productivity yet many lack plans for upskilling their workforce, new research from Ernst & Young (EY) has found.
Hector Grisi confirmed that it would consider the move after Metro earlier this month announced a £325 million capital raise and £600 million in debt refinancing
Through the new partnership Alba will be able to connect with multiple payment schemes, including Bacs, CHAPS and Faster Payments.
Tuesday saw early day trading in Cab Payments’ shares plummet by 72 per cent after the company issued a profit warning and announced challenges in some of its key markets.
The bank had already blocked staff from using Meta-owned WhatsApp on work phones, while personal devices remain unaffected
Authorised push payment fraud (APP), where criminals trick victims into handing over personal details, increased by around 22 per cent in the first six months of the year.
The Consumer Financial Protection Bureau (CFPB) has proposed a set of rules to allow customers in the US to have more control over their financial data and accelerate the shift towards Open Banking.
Metro Bank has delivered a series of tech workshops to primary school kids living in some of the most deprived parts of London.
The bank said that it is now evaluating ways to reduce structural costs to help drive future returns, which it warned could lead to further “material charges” in the final quarter of the year.
Italy’s UniCredit on Monday announced plans to become Greek lender Alpha Bank’s largest investor while also agreeing to acquire most of the bank’s Romanian business
GoHenry, which provides prepaid debit cards for under 18s, has launched a petition calling on the UK government to make financial education compulsory in all primary schools.
Spanish bank BBVA is merging its three technology firms to create a new company focussed on software development.
Greek neobank Viva.com has launched two new features aimed at simplifying business operations across the EU.
Von Mentlen is a UBS veteran and has spent more than 40 years at the bank, with 10 of those spent as head of personal banking in Switzerland
Smaller challenger banks beat High Street banks when it comes to savings and current accounts, according to Which?.
Mastercard and Remitly, the digital financial services provider for immigrants, have announced a pair up to expand access to cross-border payments and remittances.
Back for it’s sixth year, RegTech Live 2024 returns to discuss all the latest developments in regulatory technology – identifying key trends, exploring emerging technologies and hearing from senior experts on this fast-growing sector
Lloyd's of London this week published details of a systemic risk scenario it carried out that modelled the global economic impact of a hypothetical but plausible cyber-attack on a major payments system over a five-year period.
Vinay Gandhi becomes global head of South Asian community and regional head of Africa, Middle East and Europe private banking, while veteran banker Foo Tian Ong is hired as regional head of Southeast Asia, and Singapore head for the private banking business
ClearBank has appointed Jonny Fry as head of digital assets strategy.
Mastercard is partnering with Worldpay and Buy Now, Pay Later (BNPL) provider Zip to scale new Open Banking-powered services.
The online payment processor has partnered with Open Banking payments network TrueLayer to offer the new payment option on Payment Element.
The ECB on Thursday said that the decision follows the completion of the investigation phase launched by the Eurosystem in October 2021 to explore possible design and distribution models for a digital euro
JP Morgan has launched two new services aimed at improving treasury management for its corporate investment banking customers.
The bank warned that messaging platforms like WhatsApp and social media are providing more channels for scammers to operate and reach people through, making it harder for people to keep up with what they should be looking out for next.
Al Etihad Payments (AEP), a subsidiary of the Central Bank of the United Arab Emirates (CBUAE) has announced the launch of an instant payments platform.
The supermarket has appointed Goldman Sachs as its adviser and has started reaching out to potential buyers
The organisation said that while the increased adoption of the standard provides a "major opportunity" for payments systems to improve their interoperability, this will not be realised if jurisdictions implementing it are doing so in "inconsistent ways".
Australian Payments Plus (AP+) has launched a new digital identity tool to protect Commonwealth Bank (CBA) and National Australia Bank (NAB) customers from fraud and identity theft.
Binance stopped accepting new users from 5PM local time on Monday, and said that it is looking for a solution to comply with the new rules
UBS has partnered with the Swiss government, CERN, the Geneva Science and Diplomacy Anticipator Foundation (GESDA) to further develop quantum computing in a bid to meet UN sustainability goals.
In what is described by the Financial Conduct Authority (FCA) as one of the largest cybersecurity breaches in history, hackers were able to access the personal information of 13.8 million UK consumers after Equifax outsourced data for processing to the servers of its parent company in the US.
Effective 16 October, Belsher will be based in Toronto and report dually to Richard Haworth, chief exec of the Americas and Cathal Deasy and Taylor Wright, global co-heads of Investment Banking
Tandem bank has appointed James Streeter as Head of ESG to support its green strategy, the company has announced.
Metro Bank has reportedly asked UK High Street banks to make offers for its £3 billion mortgage book by the beginning of November.
The financial services industry needs to be aware of bias when incorporating AI and machine learning (ML) models into their systems, according to an analyst at the Bank of England.
The bank said the move is part of its continued growth strategy to offer its business customers access to “fast, efficient and secure” payments solutions.
The deal was initially announced in April, with Deutsche Bank agreeing to buy Numis for £410 million
Axis Bank, one of the largest private sector banks in India, has partnered with Fibe to launch India’s first numberless credit card.
The bank said that the move is a show of commitment to the city state, with the meeting to be held next week
Click to Pay is a digital wallet for any device, which allows users to create a single profile where they can store multiple payment cards.
Mastercard has completed a successful demonstration of a technology that enables CBDCs to be tokenised, or “wrapped”, onto different blockchains.
Schroders has rolled out new technology to bolster a range of business services including cash flow data handling and customer onboarding.
Deutsche Bank has invested in Kodex AI, a Berlin-based start-up developing AI technology for the financial industry.
BlackRock has invested in the recently concluded €30 million funding round of a German FinTech focused on the creation of a digital wealth management API.
UK MPs have warned that the promotion of crypto assets in professional sport is putting supporters at risk of financial harm and potentially damaging the reputations of clubs.
The UK’s central bank said that its annual health check of major lenders will do away with the Annual Cyclical Scenario (ACS) stress test for 2024 and instead run a desk-based stress test
Scottish neobank Alba Bank has said it is moving to Mambu’s cloud banking platform to help manage its SME lending services, as well as its retail and business deposits.
The company said that the figure was up from 30 million in June, and that the number of customers in Europe using Revolut as their primary account has grown by 90 per cent in the last year
The Financial Conduct Authority (FCA) issued 146 alerts within the first 24 hours of its new crypto marketing regime.
Nationwide says it now has more branches open on the High Street than any other major bank.
Which? has placed some of the UK’s High Street banks in a “red” warning category based on its analysis of fossil fuel investments and green policies.
Lloyds' says that its Paperless Guarantee initiative, designed for businesses who have a high volume of transactions requiring bank guarantees to be issued, enables "instant" delivery to recipients while reducing their carbon footprint.
The package includes a £325 million capital raise, made up of £150 million of fresh equity from Metro's largest shareholders and £175 million of new debt from bondholders
Citigroup has reached an agreement to sell its Chinese onshore consumer wealth portfolio to HSBC Bank China.
NatWest has launched a new Open Banking service designed to give customers personalised insights into their spending and advice on how to manage their budget.
State-owned British Business Bank has launched a £150 million investment fund for small Scottish businesses.
The Bank for International Settlements (BIS) and its central bank partners have launched a project which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases.
At the City and Financial Global AI Regulation Summit on Friday, FCA chief data, information and intelligence officer Jessica Rusu told firms that that the industry is at a point where it has options on where to take AI and could still “influence the outcome” of where the technology sits in the sector.
ClearBank's parent company has appointed four non-executive directors to a new board as part of plans to build the business and support its international expansion.
Revolut reportedly has plans to simplify its ownership structure with investor SoftBank in a move understood to be part of efforts to obtain a long-delayed UK banking licence.
Users of the payments platform will now be able to make transactions on their iPhone or Apple Watch.
The Department for Business and Trade has announced the appointment of Stephen Welton as the new non-executive chair of the British Business Bank.
Kojima, who co-heads the bank’s client solutions group and is an executive in the asset and wealth management unit, will join private equity firm General Atlantic in early 2024
Barclays has issued a warning over an increase in student money mule scams, with research finding they rose by 23 per cent at the start of the 2022 academic year.
Dimon added that the technology might be used as a co-pilot or to "replace humans", explaining that AI is for the most part doing the bank's equity hedging.
Coinbase, the world’s largest cryptocurrency exchange, has been awarded a full payments licence in Singapore
Lloyds Bank has partnered with Yoti to release a new digital identification app which offers users a secure way to prove their age or identity using their phone.
Vicky Jones-Ayre had joined as a relationship manager for the South-West region and Keith Godfrey had been hired as a business development director for Thames Valley, West London and South
The Financial Conduct Authority (FCA) has called for “enlightenment” on financial inclusion.
The regulator first raised concerns with the broker in 2014, when it identified the absence of a formal process to classify customers by risk.
The Financial Conduct Authority (FCA) is reportedly looking into whether Revolut should have allowed transactions from suspicious accounts.
The Federal Financial Supervisory Authority (BaFin) said that recent disruptions experienced at Postbank were “unacceptable,” with customers struggling to reach support and experiencing long processing times
The regulator added that they would improve investment flexibility for insurers by allowing broader and quicker investments by companies in their Matching Adjustment investment portfolio.
BNP Paribas reportedly has plans to monitor the amount of time London-based employees work from the office to make sure they meet targets.
Visa's network of financial institutions can now enable customers to make small value donations to community-based charities through social impact platform Tiptap.
The executive, a former British diplomat who has been with the bank since 2013, reportedly told attendees that the UK often bows down to demands from Washington
A US judge has denied Apple a motion to dismiss a lawsuit alleging it unlawfully monopolises the market for tap-and-pay mobile wallets.
Perenna has concluded a $52 million fundraise just weeks after the lender secured its UK banking licence.
The project trialled the international trading and settlement of hypothetical euros, Singapore dollars, and Swiss francs between simulated financial institutions, using new decentralised finance (DeFi) technology on a public blockchain.
Atom bank has partnered with climate technology firm Kamma to gain a complete view on climate risks associated with its mortgage book.
The European Central Bank (ECB) has announced that it is exploring technology similar to ChatGPT.
Binance has announced plans to fully exit Russia with the sale of its operations in the country to CommEX at an undisclosed sum.
Crypto platform Kraken has received authorisation from the Central Bank of Ireland as an E-Money Institution (EMI).
The new solution, which is now available to Lloyds Bank customers, is designed to provide more efficient online purchasing and address payments admin challenges like controlling spend, reporting, reconciliation, and simplifying processes.
Chase UK is reportedly set to ban customers from making cryptocurrency transactions with their debit cards from 16 October.
Mastercard has partnered with car manufacturer Mercedes-Benz to enable in-car payments using a fingerprint sensor.
Deutsche Bank, which owns an 80 per cent stake of DWS, has agreed to pay a $25 million fine after the company was found to have made misstatements surrounding Environmental and Social Governance (ESG) measures and anti-money laundering (AML) violations.
The forum will “serve as a platform to facilitate structured regulatory cooperation in the area of financial services pursuant to the Joint Declaration and this Memorandum of Understanding”
The organisation is the UK government’s economic development bank, launched in 2014 to "drive sustainable growth and enable the transition to a net zero economy".
Hokuhoku Financial Group has partnered with Fujitsu to trial the use of generative AI for banking operations at Hokuriku Bank and Hokkaido Bank.
Hundreds of jobs could be impacted by a sweeping reorganisation of Citi’s UK operations
The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have proposed new measures to boost diversity and inclusion in financial services.
Aviva is set to acquire AIG’s UK protection business for £460 million.
Sam Bankman-Fried, the disgraced founder of collapsed cryptocurrency exchange FTX, will remain in jail ahead of his 3 October trial, a court has ruled.
Trading and investment platform eToro has had its application for registration under the CySEC CASP (Crypto Asset Service Provider) Register has been approved.
New research has emerged showing that 95 per cent of non-fungible tokens (NFTs) are worthless
Bank of America (BoA) has announced plans to increase minimum wage to $23 per hour from October.
International communications platform BICs has partnered with Belgium company Bancontact Payconiq to add multi-factor authentication to its mobile payment app and enhance the level of security.
UBS has reportedly culled 70 per cent of Credit Suisse researchers based in Hong Kong.
The Financial Supervisory Authority (FSA) said that it will investigate Nasdaq Stockholm, formerly known as the Stockholm Stock Exchange, for possible breaches during several major corporate events in 2021 and 2022
The Financial Conduct Authority (FCA) has said no bank, building society or payment firm has reported that it closed accounts primarily due to someone’s political views.
WhatsApp users in India can now make payments directly through the messaging app.
UK-based FinTech Revolut is set to delay filing its 2022 accounts for a second consecutive year
The former chairman of the Financial Conduct Authority (FCA) has claimed the watchdog faced “political pressure” to allow crypto firms to enter the UK market.
Santander has announced the launch of a €100 million fund for startups
Financial messaging service Swift has partnered with money transfer platform Wise to expand the number of options for cross-border payments around the world.
The company expects 40 per cent of its profits to come from non-retail businesses – such as housing and finance – within a decade.
The majority of leading EU Banks have “significantly increased” their loss-absorbing and recapitalisation resources, new research by a top EU banking watchdog has suggested
FinecoBank has announced plans to exit the UK market.
Carrie Tolstedt has been sentenced to three years of probation including six months of home confinement, along with a $100,000 fine and an order to serve 120 hours of community service
Citi Securities Services has become the first digital custodian participant of BondbloX Bond Exchange (BBX), the world’s first fractional bond exchange using distributed ledger technology.
New Zealand banks have committed to introducing a range of initiatives to fight fraud and payment scams.
The partnership will see the 153-year old Deutsche Bank be able to hold a limited number of cryptocurrencies for its clients for the first time
Visa and has launched a cross-border money movement service for payment institutions in conjunction with Currencycloud.
Barclays has hired Christian Oberle as head of Americas financial sponsors group and Tom Vignon as managing director and senior member of the EMEA financial sponsors group
In a statement, the bank said that its offices in Singapore, Tokyo and Shanghai had emerged as preferred customer outreach hugs in Asia
SoftBank has reportedly priced Arm’s initial public offering (IPO) at $51 per share.
Cash payments in the UK increased for the first time in a decade, due to economic uncertainty and the cost-of-living crisis.
The investment bank announced plans to fully align its management structure with its business strategy in efforts to simplify the bank's operations
The bitcoin payment service provider said users can now spend PYUSD at supported merchants, securely hold it within its self-custody wallet, and use PYUSD to purchase gift cards
Panacea Financial will integrate its partner’s end-to-end digital banking platform with its core system through Fiserv’s Communicator Open
The World Bank may have spent almost $4 billion on fossil fuel projects in 2022, new research suggests.
The British bank on Wednesday said that business and corporate customers will be able to open and manage accounts for multiple business entities in multiple markets from a single dedicated portal
London-based FinTech Amplifi Capital has agreed a private securitisation warehouse of up to £100 million with NatWest as to expand its personal lending platform Reevo Money.
Northern Trust has announced it has completed the first stage toward an industry-wide voluntary carbon credit ecosystem that would allow institutional buyers to digitally access carbon credits from leading project developers.
Most of the cuts will be within teams that UBS acquired as part of the Credit Suisse takeover
Visa has highlighted a number of sophisticated fraud schemes which are targeting the global economy.
The Red Cross and Danish fintech company Inpay have partnered to reach more countries for emergency aid funding.
The bank is looking to cut costs at a time where it is considering a wider review of its strategy
Adyen has been granted authorisation as a UK bank.
Daley joined Wells Fargo from BNY Mellon in 2019 to take up a newly created corporate function at the bank
The International Monetary Fund (IMF) and the World Bank have issued a joint statement announcing plans to increase their cooperation on addressing global challenges such as climate change and the digital transition.
Under 25s are more likely to have been victims of impersonation scams, according to new research by UK Finance.
Fidelity International has announced it has expanded its fund range to include eight funds classified as Article 9 under the Sustainable Finance Disclosure Regulation.
HSBC has partnered with Terra Quantum to explore hybrid quantum technology applications to address “optimisation challenges for business impact”.
Visa has partnered with Blackhub Networks (BHN) to transition the gift card company’s prepaid products distributed by third party retail networks from plastic to paper-based materials.
Car manufacturer Hyundai has announced plans to launch an in-car payment system which will let customers pay for items via vehicle touchscreens.
The Securities and Exchange Commission (SEC) has hit Prime Group with a $20.5 fine over “inadequate disclosures” of fees paid to an affiliate.
Mastercard has partnered with Fintech Saudi in a bid to develop and grow the FinTech industry in Saudi Arabia.
The executive most recently served as co‑head of Equity Capital Markets Americas and was previously head of the ECM Americas Syndicate at Credit Suisse
In an industry-first, Monzo has launched a new feature on its app that lets customers check if a call from someone claiming to be from the bank is legitimate.
Santander UK has partnered with TV relationship expert Anna Williamson to raise awareness of romance scams.
Should this move prove successful, it would open up a new viable avenue for CBDCs to make call money settlement more efficient and secure in the digital age
European Central Bank (ECB) chief executive Fabio Panetta has delivered remarks on the path towards a digital euro and voiced criticism over private providers taking wing in the digital asset class.
The bank said that the IPF framework allows business payment experts via low code to create workflows and enable software engineering teams to "quickly extend and create highly customisable integrations into existing bank systems".
The contactless card lets customers load multiple currencies for use at any Mastercard-affiliated shop or restaurant in over 210 countries around the world.
Wise has been scolded by the Office of Financial Sanctions Implementation (OFSI) for falling foul of the UK financial sanctions regime by permitting a Russian individual to make a £250 cash withdrawal.
The London Stock Exchange Group (LSEG) is planning to launch a new digital markets business, according to a report by the Financial Times (FT).
Robinhood on Friday said it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million
Buy now pay later (BNPL) provider Klarna has given around 2,500 employees access to ChatGPT.
Web3 company MoonPay has launched a new investment arm.
Zilch has opened markets for trading at the London Stock Exchange (LSE) in celebration of its third birthday.
The Financial Times said that people with knowledge of the talks said that US financial regulators have previous highlighted risk and compliance concerns with the bank related to its FinTech clients.
The milestone reflects a 9.3 per cent increase in total payments compared to the previous month, according to Open Banking Limited.
LHV Bank has partnered with online savings platform Raisin UK to take its first step into the personal savings market.
The companies, which account for 99 per cent of all card transactions, are planning to increase interchange fees which are paid by a merchant to a cardholder's bank each time a credit card is used for a purchase.
UBS will reportedly cull around 3,000 jobs in the coming years as part of its intent to drive down costs by more than $10 billion following its takeover of rival Credit Suisse.
The trend of increased borrowing over a longer term to stretch affordability looks to have reached its limit, according to new research from UK Finance.
Swiss crypto bank SEBA has received an approval in principle (AIP) licence from Hong Kong’s Securities and Futures Commission.
The global payments business said the move is part of its plan to “set a new standard” for recurring payments in continental Europe and the UK.
Metro Bank, Close Brothers and Paragan have reportedly expressed concerns about a delay to regulatory approvals from the Prudential Regulation Authority (PRA) which could be costing them millions of pounds.
Maybank has partnered with Broadridge to evolve its securities borrowing and lending (SBL) business division.
Chan will become managing director of internet coverage, while Taylor will join as global head of internet coverage.
FIFA Clearing House (FCH) has partnered with Banking Circle in a move anticipated to streamline the payment of training rewards relating to international player transfers in the footballing world.
BMO Commercial Bank has partnered with Mastercard to launch a mobile wallet for virtual cards through the Extend for BMO app.
Crypto exchanges and similar venues would have to report new data surrounding the sale and exchange of digital assets by its users to the Internal Revenue Service (IRS) should newly proposed legislation pass into law.
Telecoms firm Orange has sold its digital banking business in Romania to Alpha Bank Romania for an undisclosed sum.
Mastercard said the new partnership aims to increase AI capabilities and readiness in the country, adding that it would initially focus on addressing financial crime, securing the digital ecosystem, and driving “inclusive growth” in the UAE and beyond.
The card, currently available in Argentina, Bahrain, Brazil and Colombia, allows users to make payments in traditional local currencies funded by cryptocurrency holdings on the Binance exchange
Citi said that the move makes Rextie the first FX FinTech in Latin America to receive an investment from “one of the largest banks in the world”.
Cambridge & Counties Bank has received £20 million Tier 2 capital facility from British Business Investments, the commercial subsidiary of British Business Bank.
UK finance, the trade association representing around 300 British financial services firms, revealed that between 11 October 2020 and 16 September 2021, Nathan Gilbert changed bank customers’ account details and fraudulently issued bank passbooks.
Commonstock, which has more than $10 billion in connected assets, enables users to link their brokerage accounts, share their portfolio's performance, and discuss their trades and strategies.
The former chief executive will continue to earn a fixed salary and fixed share awards totalling £2.4 million, along with pension contributions, throughout her 12-month notice period
The European Investment Fund (EIF) and Lithuania’s SME Finance have signed a guarantee agreement under the InvestEU programme to provide financing for small businesses.
The pair of former precious metal traders at the bank engaged in the fraudulent practices as part of a market manipulation scheme that took place between May 2008 and August 2016
New York-based Ramp has announced the close of a $300 million Series D funding round at a post-money valuation of $5.8 billion.
UK energy watchdog Ofgem found that while Morgan Stanley has rules in place which prohibit the use of WhatsApp for trading communications, the bank did not take "reasonable steps" to make sure its traders were complying with its internal policies or legal requirements.
Cynergy Bank has secured £20 million in Tier 2 capital from British Business Investments, the commercial subsidiary of British Business Bank.
Turkish FinTech Colendi has received approval from Turkey’s banking regulator to launch as the country’s first digital deposit bank.
According to reports, the sale is part of a shift away from mass market customers to concentrate on its ultra-rich clients.
Jane Fraser is looking to split up the bank’s Institutional Clients Group (ICG) into three separate units representing investment and corporate banking, global markets and transaction services
The FT said that while the network has grown in popularity since its launch in 2016, the system has found difficulty reaching remote areas and poorer communities due to a lack of internet access and lower literacy levels.
Head of digital assets and blockchain at Mastercard Raj Dhamodharan said that the move is designed to “foster collaboration with key players in the space so they can drive innovation and efficiencies”.
Allianz is reportedly aiming to launch a new global private credit fund in Luxembourg holding at least €1.5 billion in capital for investments.
Investment in the UK FinTech industry dropped 57 per cent to $5.9 billion in the first half of 2023, according to a new report from professional services firm KPMG.
The company had around €18 billion slashed from its market value after publishing its financial results on Thursday, according to The Financial Times.
British Business Bank has appointed Esi Eshun as its new general counsel and company secretary, effective from November 2023.
Åkerström, who became Handelsbanken’s first ever female chief exec in 2019, had previously announced plans to retire at 65
On Friday the government body announced a new framework which states that the vast majority of people and businesses in the UK should be no further than three miles away from withdrawing cash.
Some users of the bank's mobile app and 365Online service had noted a glitch that allowed customers with low balances to transfer up to €1,000 to a linked account with a digital banking app which in turn could be withdrawn via an ATM.
Turkey’s largest FinTech Param has expanded into Europe by acquiring Czech buy now pay later (BNPL) provider Twisto for an undisclosed sum.
The investigation, first reported by Bloomberg, is part of a wider antitrust probe into the company which started at the beginning of 2021.
The UK’s Financial Conduct Authority (FCA) is set to introduce tough curbs on the advertising of cryptocurrencies to British consumers on 8 October
Mastercard has launched Mastercard Strive India a new philanthropic programme focusing on micro-enterprises, women-owned businesses and agricultural entrepreneurs in India.
The FinTech Growth Fund, which is backed by Barclays, NatWest, Mastercard, London Stock Exchange Group, and Peel Hunt, aims to invest in UK FinTechs predominantly between Series B and pre-IPO.
The European Innovation Council and SMEs Executive Agency (EISMEA) has launched a financial support initiative to give European Innovation Council (EIC) awardee companies financial support towards accessing specialised services.
Some users had noted a glitch with the bank’s app that allowed customers with low balances to transfer up to €1,000 to a linked account with a digital banking app which in turn could be withdrawn via an ATM
TSB and FinTech Scotland have opened applications for their annual Innovation Labs programme.
PayPal has appointed Alex Chriss as its next chief executive and president.
Monzo has been rated the top personal and business current account provider in Great Britain.
The announcement will advance a proposal to exit Chapter 11 as a new entity owned by creditors of the failed lender
The move is in response to Beijing’s ‘common prosperity’ drive which was launched in 2021
The British High Commission in Suva, Fiji, has partnered with organisations in Pacific Island countries to deliver climate finance projects.
Sainsbury’s Bank has confirmed the £479 million sale of its mortgage portfolio to the Co-operative Bank.
A new study by the Bank of Canada (BOC) has raised questions over the future success and adoption rate of a Central Bank Digital Coin (CBDC) by Canadians.
The Financial Conduct Authority (FCA) has sent information requests to the UK’s largest banks and building societies over account closures.
The news was confirmed by Martijn Gribnau, chairman of the Dutch state-owned bank
Barclays is calling on tech companies to be liable for scams and reimburse victims, arguing that it financially incentivises scam prevention.
UBS has reportedly set in motion the process of erasing the international Credit Suisse brand following its takeover of the collapsed investment bank.
Handelsbanken Norway has partnered with Tietoevry to expand and consolidate its offering of wealth management products on a new platform.
This unit will become the ‘driving force’ of its integrated payments business with a view to forming strategic partnerships with other companies
The Bank of Russia has announced plans to begin piloting a digital Ruble.
GOV.UK Pay is free online card payment service for government and public sector organisations.
The Financial Conduct Authority (FCA) has warned people to watch out for signs of loan fee fraud as they look to fund their summer spending.
Barclays has announced the appointment of James Edmonds as its new global head of sustainable project finance.
Friendly fraud, also known as first-party fraud, is when a customer claims a legitimate purchase is fraudulent or says that they did not receive an item when they did.
The watchdog said that there was widespread and longstanding failure by the firms and their employees to maintain and preserve electronic communications
Australia’s Commonwealth Bank (CBA) is launching a police referral pilot designed to set new standards for how banks report tech-facilitated abuse to law enforcement.
RusKhimAlyans, which is 50 per cent owned by Gazprom, has filed documents with the Court of Arbitration of St Petersburg and the Leningrad Region
PayPal has launched a US dollar stablecoin for Web3 and digital payments.
Banco Bradesco boss Octavio de Lazari Junior has said that the card will launch next Tuesday
The Monetary Authority of Singapore (MAS) is set to invest around $110 million (150 million Singaporean dollars) in FinTech, with plans to help fund emerging technology like Web3.
Mastercard has introduced Cardholder Verification Code (CVC)-less online transactions for its debit and credit cardholders in India who have tokenized their cards on merchant platforms.
Only around 20 bankers will be spared from the cuts
A trio of the UK’s largest motor finance providers, including Lloyds and Santander, are facing a High Court lawsuit alleging they undertook “anti-competitive practices” which led to customers purchasing second-hand cars being “overcharged” by a cumulative total of £1 billion over more than five years.
TikTok is looking to obtain a payments licence in Indonesia and is in early-stage negotiations with the country’s regulators, according to reports by Reuters.
Rapyd, a London-based fintech-as-a-service provider, has acquired the global payments organisation (GPO) businesses of PayU for $610 million.
JPMorgan has said it expects to set aside around $3 billion for its part in refilling the Federal Deposit Insurance Corporation's (FDIC) fund once recently proposed rules are finalised by the bank regulator.
The bank said that it is exploring a switch for its EU headquarters in an effort to "be closer to the balance of operations" on the continent
According to a source cited by Reuters the laying off of New York investment bankers was set to take place this week, though they did not specify the scale of the cuts or the specific businesses impacted
Klarna is set to fold Klarna Kosma, its Open Banking-dedicated division, into its existing brand banner.
Deposits in Apple Card’s savings account by Goldman Sachs have grown to over $10 billion in deposits.
A group of criminals based in North London have been sentenced after they conspired to obtain 42 fraudulent loan applications.
Sarah Breeden has been appointed deputy governor of the Bank of England and will take up the role on 1 November 2023 for a five-year term.
Vanquis Banking Group has announced its acquisition of money-saving FinTech Snoop.
The Agenzia per la Cybersicurezza Nazionale (ACN) on Tuesday said that it had detected hacker attacks against the websites of at least five banks
The Muslim Council of Britain (MCB) has written to the prime minister to raise concerns over the “arbitrary closure” of bank accounts belonging to Muslim individuals and organisations.
Metro Bank has returned to profit in the first six months of the year after a loss in 2022, with the bank attributing its stronger financial results to keeping a tight rein on costs while benefitting from interest rate hikes.
FCA executive director Sheldon Mills has provided Davies with the watchdog’s backing
The Financial Conduct Authority (FCA) has launched a 14 point plan to ensure banks are passing on the best savings rates to their customers.
The announcement comes after the bank’s profits more than doubled in the six months to 30 June.
France’s privacy watchdog CNIL has expressed doubts about the legality of the biometric data collection practices of Worldcoin, a new cryptocurrency project founded by OpenAI chief executive Sam Altman.
The EBA said on Friday that it carried out a test which saw a theoretical €496 billion wiped from the buffers of 70 banks.
The Financial Conduct Authority (FCA) has announced that its new Consumer Duty rules, designed to raise the standards of consumer protection for consumers, have now come into force.
The number of accounts being closed down has increased significantly in the recent years, jumping from below 50,000 in 2016 to nearly 350,000 in 2022.
Tali Salomon, the company’s regional manager for Iberia and LatAm, said that the company has been a long-standing supporter of crypto and blockchain technology.
The CFTC has sued CZ, Binance and its former chief compliance officer Samuel Lim over violations of the Commodity Exchange Act and a number of related federal regulations
Peter Flavel, the chief executive of NatWest-owned Coutts, has been dismissed in the wake of a row that emerged over the private bank’s closure of Nigel Farage’s accounts.
Italian investment bank Mediobanca has teamed up with the UK’s Founders Factory to invest in FinTech startups. The companies plan to invest in up to 35 startups over the next five years.
Customers of Microsoft stores in countries including the US, UK and Germany will now have the option to use PayPal’s ‘Pay Later’ solution.
Binance will be required to comply with an upcoming European Union rule change which will require companies seeking to operate in the bloc to secure authorisation from at least one member state by January 2025
The Banking Protocol is a nationwide initiative developed by UK Finance, National Trading Standards, and local police forces.
The Financial Conduct Authority (FCA) warned that the most vulnerable in society are more likely to struggle when trying to contact their bank or another provider.
Travelers visiting China can now link their Mastercard and Visa cards to Chinese payment platforms Alipay and WeChat Pay, the most widely accepted payment methods in the country.
NatWest chief executive Alison Rose has stepped down after admitting she gave inaccurate information to the BBC about the closure of Nigel Farage’s Coutts account. Coutts is a UK private bank and wealth manager owned by the NatWest Group.
The opt-out case represented thousands of asset managers, pension funds and financial institutions, and was based on findings of the European Commission, which fined banks more than €1 billion in 2019 for rigging the foreign exchange market between 2007 and 2013
Under part 5 of the Retail Banking Order, banks are required to send payment transaction histories to any business current account (BCA) customer that closes their account with a turnover of less than £6.5 million.
The BoE said that leading banks will have to submit an assessment of their resolvability plans by 6 October
Mastercard has launched an automated service to process virtual card payments.
UBS has agreed to pay $388 million in fines to UK and US regulators over misconduct by Credit Suisse towards its former counterparty Archegos Capital Management. Now a subsidiary of UBS, the Swiss bank said in a statement that Credit Suisse would pay the US Federal Reserve $269 million and $119 million to the Bank of England.
JPMorgan has announced it will expand its online bank Chase to Germany and other European countries.
Derivatives marketplace CME Group has laid off around 100 people, or three per cent of its workforce. However, spokeswoman Laurie Bischel told Bloomberg that the company “plans to reallocate” the majority of those positions to new, cloud-focused technology roles and that overall headcount will “remain about the same”.
Atom Bank has reached profit for the first time since its launch.
The ECB wants to carry out more frequent checks on banks’ ability to react to potential shocks from interest rate rises
The new currency Worldcoin is described by its website as an Ethereum-based “new, collectively owned global currency that will be distributed fairly to as many people as possible.”
Virgin Money has announced that it will be closing around 30 per cent of its branch network from October this year.
The FCA has released figures demonstrating how it is cracking down on “problematic firms” and protecting consumers.
The Financial Conduct Authority (FCA) has launched a permanent digital sandbox aimed at boosting innovation in the finance sector. The sandbox’s launch follows two successful pilots by the authority with the rationale of helping to support innovative business, start-ups and data providers.
Deutsche Bank has gone live on CLSNet, the bilateral payment netting calculation service for over 120 currencies. The system, developed by CLS, is designed to standardise and centralise post-trade processes, with CLSNet assisting in helping market participants to “reduce risk and achieve greater operational efficiency” for a broad range of currency flows.
Aviva has announced it expects profits for the first half of 2023 to reach around £700 million. The figures would represent five to seven per cent year on year growth for the British multinational insurer.
German financial regulator BaFin has announced plans to extend existing anti-money laundering (AML) measures for digital bank N26.
The US Federal Reserve has issued a $186 million fine to Deutsche Bank over anti-money laundering (AML) failures.
The Buy Now, Pay Later (BNPL) provider will signpost debt advice services from MAN to give consumers access to credit advice “around the clock”.
Nordea has entered into an agreement to buy Danske Bank’s personal customer business and associated savings assets in Norway for an undisclosed sum. The Finnish bank said that the acquisition, which is expected to receive regulatory approval and close by late 2024, is an ideal strategic fit and will strengthen its market position in Norway among household customers.
Credit Suisse will reportedly cut around 80 London-based investment banker roles as it continues its integration with UBS. Sources told news outlet Financial News London that 80 of around 260 Credit Suisse’s London-based investment banking staff will be axed, or around 30 per cent of employees.
Starling Bank has upgraded its anti-money laundering (AML) and counter-terrorism financing processes with the roll out of a new platform.
Thirteen UK FinTechs have banded together to call for an “urgent review” of current legislation on hidden fees for international payments.
Barclays has announced three new senior hires in the corporate and investment bank.
Pay.UK is using the newly launched T3 test and certification platform for New Payments Architecture (NPA) from Iliad Solutions in precertification mode to underpin its self validation testing.
Halifax has partnered with Effective Home to source and install solar panels as part of a new scheme.
Payments infrastructure provider Thunes has extended its Series C fundraise to include new investors, including Visa, bringing the total funding to $72 million. Singapore-based investor EDBI and US investment fund Endeavor Catalyst also joined the round.
The Financial Conduct Authority (FCA) has announced plans to update its guidelines for promoting financial products and services on social media.
Some banks are wrongly closing customer accounts in an attempt to prevent fraud and comply with anti-money laundering rules, Which? has found.
The organisation, which promotes international financial stability by coordinating national financial authorities, said that events over the past year had highlight the “intrinsic volatility and structural vulnerabilities of crypto-assets and related platers”.
More than 120 senior bankers at Credit Suisse have reportedly departed the company since it was taken over by rival UBS earlier this year. Sources told the Financial Times that in recent months Deutsche Bank has hired up to 40 former Credit Suisse bankers globally, while Jefferies has brought on at least 25 and Santander more than 20.
UK Finance has partnered with fraud prevention body Cifas to provide lessons for young people with the aim of preventing them becoming money mules.
HSBC is reportedly expanding its green finance and bond teams in China to meet surging demand. Sources told Reuters that HSBC will make key investments in its asset management arm in China this year and establish two new teams with a sole focus on green assets and fixed income.
The Treasury Committee has announced the launch of an inquiry into the barriers faced by women in finance.
Google-owned AI fund Gradient Ventures has participated in a $50 million Series A fundraise for Collective, the AI-powered platform for freelance workers. Serving ‘solopreneurs’, the San Francisco-headquartered startup provides business formation services, S-election, payroll, tax, and bookkeeping services for one-person businesses and a personal dashboard to manage their finances.
NatWest has announced the launch of Apple’s Tap to Pay on iPhone for eligible businesses across the UK.
Monzo is reportedly in talks over a merger with Danish peer Lunar Bank. People familiar with the matter told Bloomberg that the British FinTech is exploring the potential for some form of “combination” with Lunar as it looks to further expand and develop its presence within Europe.
The Bank of London has submitted a formal application for a European Union Banking Licence.
Legal & General (L&G) has signed a seven-year agreement with IT infrastructure services provider Kyndryl to lead its digital transformation process.
CaixaBank has announced that its technology subsidiary has plans to hire 200 new staff members. focussing on cloud application development, data analysis and artificial intelligence.
The Financial Conduct Authority (FCA) is set to warn bosses in the finance sector that they must increase their spend on measures to tackle scammers using Artificial Intelligence (AI) to commit fraud. As reported by the Guardian, FCA chief executive Nikhil Rathi will state in a speech to be given in London today that “cyber fraud, cyber-attacks and identity fraud are increasing in scale and sophistication and effectiveness” as AI technologies become more widespread.
A new survey by the Bank for International Settlements (BIS) has indicated there could be 24 Central Bank Digital Currency’s (CBDC) in circulation by 2030. Of the 86 banks surveyed, almost a fifth stated that they planned to issue a retail CBDC in the near future.
Chancellor Jeremy Hunt has set out a new strategy for pensions designed to unlock funding for high growth firms in the UK.
NatWest has reportedly announced plans to shutter a further 36 branches in 2023. According to Which?, the additional branches marked for closure brings NatWest’s tally to 142 branches set to close in 2023.
Citi Commercial Bank has announced the launch of a new digital client platform.
The executive, who will be based in San Francisco, returns to Barclays having spent three years as senior vice president of Barclays Investment Bank between 2008-2011
Revolut has reportedly lost millions of dollars to criminals taking advantage of a flaw in its payment systems.
Private equity company Notion Capital has announced the close of its fifth and final FinTech fund at around €300 million (£256 million). The London-headquartered company, which has funded companies including GoCardless, CurrencyCloud and Paddle, said the round was oversubscribed and closed at its ‘hard cap’ level.
SumUp, which provides payment services for small businesses, has partnered with Form3 to provide access to the UK Faster Payments Scheme (FPS) and Bacs Scheme.
Concordia said that it had acquired all the shares it was permitted to of Rothschild – 8.18 million shares at €46.60 per share for a total purchase price of over €381 million
On Thursday the Financial Conduct Authority (FCA) had a meeting with the UK’s largest banks and building society Nationwide to address issues in the savings market.
Fidelity National Information Services (FIS) has reached a definitive agreement to sell a majority stake in Worldpay to private equity firm GTCR for almost $12 billion. GTCR will take a 55 per cent stake after FIS valued the card payments provider at almost $18 billion – less than half of the roughly $43 billion it paid to merge Worldpay into its operations in 2019 -- while it will retain a 45 per cent ownership in a new standalone venture.
HSBC has become the first bank to join a quantum-secured metro network run by BT and Toshiba in collaboration with Amazon Web services (AWS).
However, the number of employees at HSBC, Barclays, Lloyds Banking Group, Standard Chartered, NatWest Group, and Nationwide Building Society has generally been trending downwards for the past 10 years.
Mastercard has partnered with nine UK banks to help them predict and prevent payment scams with its new AI tool. Banks the payments processor has so far partnered with include Lloyds Bank, TSB, Monzo, Bank of Scotland, Halifax, and NatWest.
Digital bond issuance in the UK represented just 1 per cent of the $20.6 trillion of long-term fixed income issued in 2021
There has been no improvement in the value of investment deals to all-female founder teams over the past decade, according to a new report by the British Business Bank.
The company on Tuesday announced the launch of its Global Private Banking (GPB) business in India to serve high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients with investable assets of more than $2 million
The Bank of England (BoE) is reportedly mulling plans to order international banks to set up subsidiaries in the UK. People familiar with the matter told the Financial Times (FT) that the UK’s central bank is considering the plans as part of a review following the collapse of Silicon Valley Bank (SVB) after a bank run earlier this year.
NatWest has published a new report calling for banks, FinTechs and regulators to work together to address economic barriers to the wider adoption of Open Banking.
Tandem Bank, which describes itself as the UK’s greener digital bank, has raised £20 million in Tier 2 capital.
Following a review, the Financial Conduct Authority (FCA) has declared that home and motor insurers must improve their treatment of vulnerable customers and how they handle customer claims. The watchdog’s review, which was prompted by an increase in customer complaints about insurance claims, discovered deficiencies in the insurance claims process, including lengthy complaints handling times and customers not been provided with appropriate settlements.