Fintech News

JULY 23, 2024

Hex Trust, a Hong Kong-based digital asset custodian, announced it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This license will allow Hex Trust to offer regulated Digital Payment Token (DPT) services in Singapore, including custody and OTC trading of DPTs.

Payments 109

Payments Consumer Protection Authorization On-Demand 109

The Paypers

SEPTEMBER 27, 2024

The Virtual Assets Regulatory Authority (VARA) has updated its marketing regulations for VASPs in Dubai to enhance transparency and consumer protection.

Rules 36

Rules Consumer Protection Authorization Regulations 36

PYMNTS

DECEMBER 14, 2018

In an effort to help authorized push payment (APP) fraud victims, The U.K.’s s Financial Conduct Authority (FCA) unveiled new rules on Friday (Dec. FCA Executive Director of Strategy and Competition Chris Woolard said, according to FT : “The FCA takes APP fraud and the harm it causes to consumers very seriously.

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Authorization Regulations Scams Online and Mobile Banking 66

Fintech News

JUNE 11, 2024

The Infocomm Media Development Authority (IMDA) of Singapore and Hong Kong’s Office of the Communications Authority (OFCA) have signed a Memorandum of Understanding (MOU) to combat scams. The agreement was finalised during their annual bilateral meeting in Singapore on June 11, 2024.

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Scams Research Cross-Border Agreements 52

Fintech News

JULY 21, 2024

Indonesia’s Financial Services Authority (OJK) plans to raise the maximum limit for peer-to-peer (P2P) funding above the current IDR 2 billion cap, specifically for productive funding used for business and economic activities, rather than consumptive funding for personal use.

P2P 100

P2P Caps Consumer Protection Risk Management 100

The Paypers

JULY 16, 2024

Poland's antitrust and consumer protection authority, UOKiK , has fined PayPal Europe USD 27.3 million for inadequately detailing activities subject to penalties in its contractual clauses.

PayPal 36

PayPal Consumer Protection Authorization Consumer 36

PYMNTS

MARCH 9, 2018

While the European Banking Authority has created a “roadmap” on how to regulate emerging FinTech services, the body is not keen on creating a unified approach to cryptocurrency regulation — at least not yet, Reuters reported.

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Authorization Regulations FinTech Cryptocurrency 53

Neopay

AUGUST 15, 2024

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have jointly issued a Call for Information to gather insights on the impact of digital wallets, a key component of big tech’s growing influence in the payments landscape.

Consumer Protection 52

Consumer Protection Regulations Authorization Assessments 52

Fintech News

FEBRUARY 21, 2024

The Indonesian Financial Services Authority (OJK) is closely monitoring Investree , a fintech peer-to-peer lending platform, following public reports of potential operational and consumer protection violations. The OJK has previously imposed administrative sanctions on the platform due to these issues.

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Law Enforcement Audit Authorization Consumer Protection 109

Fintech News

APRIL 10, 2024

Authored by Juan Carlos Crisanto , Johannes Ehrentraud , and Denise Garcia Ocampo , this report underscores the increasing prominence of stablecoins in the financial landscape, pointing out their potential to mirror the value of fiat currencies.

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Stablecoins Regulations Risk Mitigation Digital Currency 119

Fintech News

MARCH 31, 2024

The Indonesian Financial Services Authority (OJK) has issued a new mandate requiring all financial institutions introducing new products and services, including those related to crypto assets, to participate in a regulatory sandbox.

Consumer Protection 108

Consumer Protection Risk Management Regulations Legal 108

Fintech Finance

JULY 15, 2024

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) are seeking views on the benefits and risks digital wallets bring to people and businesses. The use of digital wallets has grown rapidly over the last few years, and it’s likely that more than half of UK adults now use one.

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Regulations Consumer Protection Authorization PayPal 90

Fintech Finance

SEPTEMBER 24, 2024

The government is producing a much needed National Payments Vision and Strategy (NPV&S), that reflects its recognition of the systemic importance of payments to the UK authorities and how its leadership must give rise to a new era for payments.

Cross-Border Payments 86

Cross-Border Payments Financial Inclusion Cross-Border Financial Crimes 86

The Fintech Times

SEPTEMBER 9, 2024

Organised by the DLT Science Foundation (DSF) in partnership with the Virtual Asset Regulatory Authority (VARA) , the event will explore the future of finance and the transformative impact of decentralised technologies. The event will also explore emerging issues such as consumer protection in the age of generative AI.

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P2P Federal Reserve Central Bank Financial Inclusion 59

Neopay

MARCH 22, 2024

The Financial Conduct Authority (FCA) has unveiled its Business Plan for 2024-25, setting forth an ambitious agenda for the final year of its 3-year strategy aimed at achieving better outcomes for consumers and markets. Contact us today to learn more about how we can help your organisation.

Consumer Protection 52

Consumer Protection Regulatory Compliance Compliance Regulations 52

Neopay

JUNE 24, 2024

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA – ESAs) has published its 2023 Annual Report, detailing the joint work completed over the past year. Consumer Protection and Financial Innovation Consumer protection remained central to cross-sectoral work in 2023.

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Legal Framework Financial Literacy Consumer Protection Risk Assessment 40

The Payments Association

OCTOBER 14, 2024

To rethink the assumptions behind CBDC proposals and push for more privacy-oriented innovative solutions Many central banks and financial authorities worldwide are experimenting with central bank digital currency (CBDC), including the European Central Bank, the US Federal Reserve, and the Bank of England, among others. What’s next?

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Privacy Addressing CBDC Payer 88

Fintech News

FEBRUARY 27, 2024

The Hong Kong Monetary Authority (HKMA) proposed stablecoin legislation , driving innovation with projects like the tokenised green bond and the e-HKD pilot. This bill , among other changes, entails the transfer of regulatory authority for cryptocurrencies from Bappebti, the commodities regulator, to OJK, the securities regulatory body.

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APACS Regulations Stablecoins Cryptocurrency 111

Segpay

MAY 1, 2024

By collaborating with industry stakeholders, regulatory authorities, and other relevant parties to identify and address systemic risks in the digital ecosystem. This will help maintain trust and confidence in digital service providers and ensure that consumers can access reliable and secure payment services without disruption.

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Cybersecurity Compliance Procedures Risk Management 52

Neopay

AUGUST 22, 2024

While Reeves supports consumer protection, she emphasises that regulators must also ensure the UK’s financial services sector remains competitive globally. The proposed changes don’t address the role of social media platforms, where 60% of APP fraud originates,” said Riccardo Tordera-Ricchi, head of policy at The Payments Association.

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Rules Treasury Push-to-Card Regulations 52

Fintech News

APRIL 14, 2024

Notably, the event will also feature five of Asia’s top regulators, including representatives from the Hong Kong Monetary Authority, Financial Services Agency of Japan, Securities Commission Malaysia, Department of Bangko Sentral ng Pilipinas, and the Financial Consumer Protection Group of the Bank of Thailand.

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APACS Regulations Cross-Border Cross-Border Payments 106

Fintech News

FEBRUARY 21, 2024

The Monetary Authority of Singapore (MAS) played a pivotal role in shaping a safer and more innovative environment for digital assets. Under the PSA, DPT service providers must obtain a license from MAS and comply with strict standards related to anti-money laundering, consumer protection, cybersecurity, and governance.

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Crime Ransomware Scams Stablecoins 103

Neopay

SEPTEMBER 6, 2024

The Financial Conduct Authority (FCA) has published its Annual Report, outlining key improvements that it hopes will enhance the regulatory environment and promote economic growth. Protecting consumers and tackling financial crime According to its annual report, the FCA’s impact on consumer protection continues to grow.

Financial Crimes 52

Financial Crimes Crime Consumer Protection Regulations 52

Neopay

JULY 18, 2024

The Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) are seeking views on the benefits and risks digital wallets bring to people and businesses. ‘We want to make sure we can maximise the opportunities and benefits for consumers and businesses while protecting against any risks this technology may present.’

Regulations 52

Regulations Consumer Protection PayPal Risk 52

Payment Savvy

OCTOBER 8, 2024

To help combat this, many businesses and consumers turn to direct debit as an efficient, automated solution. Direct debit allows businesses to automatically collect payments from a customer’s bank account once authorization is given. This is usually done by signing a mandate or authorization form on paper or online.

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ACH Credit Cards ACH Network Authorization 52

PYMNTS

JUNE 26, 2019

Federal Reserve plans to hold Facebook ’s cryptocurrency, Libra , to high standards when it comes to consumer protection and regulation. Given the possible scale of it, I think that our expectations — from a consumer protection standpoint, from a regulatory standpoint — are going to be very, very high.”.

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Fed Federal Reserve Digital Currency Consumer Protection 51

Neopay

FEBRUARY 26, 2024

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) on 1st February 2024 published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. data protection and consumer protection authorities). data protection and consumer protection authorities).

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Facilitators Non-Bank Authorization Innovation 52

The Fintech Times

AUGUST 28, 2024

Ecosystem setup Bank Indonesia oversees monetary policy, while the Indonesian Financial Services Authority (OJK), is responsible for oversight of peer-to-peer (P2P) lending, digital banking, crowdfunding, financial data security, technology in insurance, and financial consumer protection.

FinTech 69

FinTech Economy Authorization Underserved 69

The Fintech Times

JULY 17, 2024

With digital wallets now firmly established as the go-to payment method for adults across the globe, the Payments Systems Regulator (PSR) and Financial Conduct Authority (FCA) are joining forces to investigate how they could impact the UK’s financial ecosystem.

Regulations 72

Regulations Consumer Protection Risk PayPal 72

The Fintech Times

SEPTEMBER 9, 2024

Research author Matthew Purnell remarked: “VRPs provide a service not easily replicable beyond A2A, boosting A2A’s potential. Vendors must capitalise on this opportunity and offer merchants A2A-specific solutions that enhance consumer payment experiences like VRPs, improving satisfaction and rewarding repeated payments.”

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Research Transactions Instant Payments FedNow 59

Open Banking Excellence

OCTOBER 6, 2023

Last October, the Consumer Financial Protection Bureau (CFPB) published proposals for a new regulatory framework governing “Personal Financial Data Rights” – which requires banks to provide qualified third parties access to consumer financial data.

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Consumer Financial Protection Bureau (CFPB) Rules CFPB Finance 130

PYMNTS

JUNE 26, 2019

s Financial Conduct Authority (FCA) have joined the Bank of England (BoE) and the G7 in speaking out about the need to thoroughly vet Facebook’s plans to release Libra next year. They are not going to walk through authorization without that,” Bailey said on Tuesday. The international Financial Stability Board (FSB) and the U.K.’s

Regulations 56

Regulations Federal Reserve Consumer Protection Authorization 56

PYMNTS

JANUARY 12, 2021

Financial Conduct Authority (FCA) said new scams could end up having devastating effects on crypto investors, CoinDesk reported. CoinDesk also reported that the FCA ban on the sale of cryptocurrency derivatives and exchange-traded notes, which are brought in as a consumer protection, began on Jan.

Scams 78

Scams Returns Regulations Bitcoin 78

Finovate

SEPTEMBER 18, 2024

The purpose of this stipulation is to ensure consumers are able to access their funds without delays and to increase the reliability of custodial funds arrangements. Consumer protection and transparency Consumer protection is the underlying reason behind the new proposed rule.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Neopay

APRIL 25, 2024

Indeed, the corridors of the European Parliament have been buzzing with both political and technical negotiations on amendments to the Commission’s proposals, whether by adding more stringent transparency requirements on elements such as currency exchange rates or adding new robust consumer protection safeguards.

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Fraud Prevention Payments Authentication Authorization 52

PYMNTS

MAY 22, 2020

After a payday lender allegedly left consumers to pay more than promised by drawing continued interest-only deductions, the Federal Trade Commission (FTC) has charged a lending operation with overcharging customers and taking money from their bank accounts without authorization. Hotei Marketing, Inc.; Kotobuki Marketing, Inc.;

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FTC Federal Trade Commission Consumer Protection Funds Transfer 79

PYMNTS

MAY 18, 2020

Mastercard has announced a series of consumer protections aimed at protecting customers and merchants from fraud at fuel stations. The enhanced consumer protection program was designed to provide merchants and banks with tools to help them navigate the heightened risk of fraud, Mastercard said. .”

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Visa EMV Security Chip Cards 78