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 116

Payments Consumer Protection Authorization On-Demand 116

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.

Law Enforcement 116

Law Enforcement Audit Authorization Consumer Protection 116

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.

Stablecoins 125

Stablecoins Regulations Risk Mitigation Digital Currency 125

Fintech News

NOVEMBER 20, 2024

The Monetary Authority of Singapore (MAS) is streamlining the product approval process for life insurers while maintaining robust consumer protection. These revisions aim to facilitate innovation within the life insurance sector while maintaining robust consumer protection.

Product 96

Product Process Consumer Protection Compliance 96

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.

Authorization 53

Authorization Regulations FinTech Cryptocurrency 53

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 108

P2P Caps Consumer Protection Risk Management 108

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 113

Consumer Protection Risk Management Regulations Legal 113

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.

Regulations 96

Regulations Consumer Protection Authorization PayPal 96

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.

APACS 115

APACS Regulations Stablecoins Cryptocurrency 115

PYMNTS

SEPTEMBER 30, 2020

But last fall, a federal appeals court questioned the OCC’s authority to issue such a charter. The potential for asymmetries in regulation across companies with different banking charters could produce regulatory arbitrage and undermine safety and soundness and consumer protection,” the bankers wrote. “A Specific Concerns .

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

The Payments Association

DECEMBER 2, 2024

2024 reshaped payments with instant payment mandates, crypto regulations, and enhanced consumer protection driving innovation and security. In 2024, payments regulation underwent seismic shifts, with reforms spanning fraud prevention, digital innovation, and consumer protection, collectively redefining the industry’s future.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

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 95

Cross-Border Payments Financial Inclusion Cross-Border Financial Crimes 95

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.

Crime 108

Crime Ransomware Scams Stablecoins 108

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.

APACS 112

APACS Regulations Cross-Border Cross-Border Payments 112

The Fintech Times

DECEMBER 13, 2024

Global Dollar (USDG) is a stablecoin backed by the US dollar, issued by Paxos Digital Singapore, and aligns closely with the Monetary Authority of Singapore s (MAS) forthcoming stablecoin regulations, ensuring high standards of consumer protection and compliance.

Stablecoins 69

Stablecoins Cash Management Regulations Compliance 69

PYMNTS

AUGUST 5, 2020

Richard Neil, a spokesman for the report’s authors, told the news service that scams taking advantage of Americans’ desperation in the midst of a deadly pandemic and accompanying economic upheaval are running rampant.

FTC 112

FTC Federal Trade Commission Scams Identity Theft 112

PYMNTS

MARCH 16, 2020

Guznov said per reports, “We believe there are big risks of legalizing the operations with the cryptocurrencies, from the standpoint of financial stability, money laundering prevention and consumer protection.”. The company had notified police when it saw surprising activity levels throughout many of its computers.

Bitcoin 97

Bitcoin Digital Currency Central Bank Money Laundering 97

PYMNTS

APRIL 16, 2019

Cross-border FinTech efforts have seen increasing participation from central banks and monetary authorities. I think supervisors need to recognize and be thoughtful about how we might affect the way banks consider innovation,” said Bowman. “In

Federal Reserve 84

Federal Reserve Cross-Border FinTech Payment APIs and Integration 84

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.;

FTC 79

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. .”

Visa 78

Visa EMV Security Chip Cards 78

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

PYMNTS

JUNE 19, 2020

A top British financial services regulator Friday proposed new regulations that could help borrowers bracing for the end of consumer protections implemented as COVID-19 bore down on the country.

Regulations 84

Regulations Credit Cards Consumer Protection Authorization 84

Fintech News

DECEMBER 9, 2024

This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. However, this embrace of the new is not without a cautious side, as Singapore carefully balances innovation with robust regulation and consumer protection.

Cryptocurrency 106

Cryptocurrency Cross-Border Facilitators Consumer Protection 106

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.

Consumer Financial Protection Bureau (CFPB) 130

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

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.”.

Fed 51

Fed Federal Reserve Digital Currency Consumer Protection 51

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.

Scams 52

Scams Research Cross-Border Agreements 52

PYMNTS

SEPTEMBER 30, 2016

Singapore’s financial authority said it will look to consolidate existing legislation related to payment systems, stored value facilities and remittance businesses in order to create a new combined regulatory framework. “A Last month, Singapore took a big step in preparation for its own FinTech revolution.

FinTech 76

FinTech Money Laundering Interoperability Authorization 76

PYMNTS

NOVEMBER 9, 2020

Financial Conduct Authority (FCA), said in an interview with PYMNTS that the pandemic has helped shine a spotlight on the infrastructure underpinning the great digital shift toward online and contactless transactions. ” the Federal Reserve Bank of Boston said, “To date, U.S. In June, Maha El Dimachki , then-head of Payments for the U.K.

Consumer Financial Protection Bureau (CFPB) 114

Consumer Financial Protection Bureau (CFPB) Accreditation CFPB TCH 114

PYMNTS

JANUARY 10, 2019

The court said the Dash buttons, which are small, Wi-Fi-connected devices that reorder items like laundry detergent and coffee, breaks consumer protection legislation because it doesn’t give consumers enough information about the product or its price. 10), according to a report from Reuters.

Laws 57

Laws Consumer Consumer Protection Rules 57

Fintech News

FEBRUARY 26, 2024

The Regulatory Conundrum and Market-Led Initiatives Navigating the regulatory landscape presents a complex challenge for fintech firms, balancing the drive for innovation with compliance and consumer protection requirements.

FinTech 139

FinTech Consumer Financial Inclusion On-Demand 139

The Paypers

SEPTEMBER 30, 2024

The Financial Conduct Authority (FCA) has been consulting on proposals to scale consumer protection when payments and e-money companies cease their operations.

Consumer 41

Consumer Consumer Protection Consulting Authorization 41

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

SEPTEMBER 29, 2024

In Indonesia, consumer debt related to BNPL schemes reached IDR 6.13 increase compared to the same period the previous year, CNA reported , citing data from the Financial Services Authority (OJK). trillion (US$382 million) by March 2024, a 23.9%

BNPL 131

BNPL Scams Identity Theft Non-Bank 131

The Fintech Times

NOVEMBER 27, 2024

The Financial Conduct Authority (FCA) has unveiled a roadmap outlining key dates for the development of its ‘crypto regime’, as it aims to introduce a clear regulatory framework for the UK’s crypto industry. This encourages experimentation while ensuring consumer protection. They need to work.”

Regulations 112

Regulations Stablecoins Risk Consulting 112

PYMNTS

MARCH 20, 2020

The regulator will have the authority to request information from tech firms and also enforce other Indian laws aimed at consumer protection and fair competition, the sources said. The policy being drafted by India’s trade ministry also calls for a new regulator to provide oversight and enforce compliance.

Rules 73

Rules Law Enforcement Laws Regulations 73

PYMNTS

JULY 26, 2020

The nation’s consumer protection agency is seeking input on rule changes to third-party access to individual financial records. Its purpose was to review the agency’s handling of authorized third-party access to consumer’s financial data.

Consumer Financial Protection Bureau (CFPB) 69

Consumer Financial Protection Bureau (CFPB) CFPB Consumer Privacy 69