The Fintech Times

JULY 15, 2024

Akshata Namjoshi, Kabir Kuma, and Ahlam Faouzi The UAE has positioned itself at the forefront of the global virtual assets sector, becoming a pioneering jurisdiction in developing comprehensive regulations for virtual assets. A unique characteristic of FSRA’s regulatory framework is the regulation and licensing of the issuance of fiat tokens.

Stablecoins 96

Stablecoins Regulations Multi-Currency Issuers 96

Finextra

JUNE 24, 2024

The Swedish Financial Supervisory Authority (SFSA) has issued an injunction to SEB and the other Swedish owner banks of Bankgirot to ensure they fulfill the requirements of the EU’s Wire Transfer Regulation (WTR) before 31 December 2026.

Wire Transfer 98

Wire Transfer Regulations Wire Wires 98

Fintech Finance

OCTOBER 4, 2024

Obtaining the operating authorization from the National Bank of Romania (BNR), on October 1, 2024, six months after submitting the authorization application, allows the start of operations and the continuation of preparations for the launch of the system. We are open to continue discussions with various entities in the Romanian market.”

Authorization 96

Authorization Online and Mobile Banking Payments Legal 96

Fintech News

MAY 8, 2024

Additionally, as part of Project Guardian ’s policymaker group, the UK Financial Conduct Authority (FCA) and MAS, along with other policymakers, are advancing discussions on the regulatory treatment of digital assets, including DLT.

Finance 113

Finance Regulations Cross-Border Payments Cross-Border 113

Fintech Finance

OCTOBER 15, 2024

Aspire , a Singapore-headquartered all-in-one finance platform for modern businesses, today announced that it has received in-principle approval (IPA) for the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Payments Institute 98

Payments Institute Authorization Payments Finance 98

The Fintech Times

DECEMBER 9, 2024

The move follows the agencys use of a dormant legal authority revived in 2022 to oversee nonbank entities deemed to pose risks to consumers. The tech giant has now taken the dispute to court, challenging the agencys authority to impose supervision.

Consumer Financial Protection Bureau (CFPB) 75

Consumer Financial Protection Bureau (CFPB) CFPB Regulations Legal 75

Fintech News

NOVEMBER 10, 2024

QCP Trading, a provider of over-the-counter (OTC) spot trading services for digital assets, has been granted in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). ” said Darius Sit, Founder of QCP Trading. ” added Melvin Deng, Chief Executive Officer of QCP Trading.

Regulations 89

Regulations Payment APIs and Integration Settlement Stablecoins 89

The Fintech Times

NOVEMBER 4, 2024

The Monetary Authority of Singapore (MAS) has unveiled four new plans to help advance tokenisation in financial services in the region. The post Monetary Authority of Singapore Unveils Plans to Enable Industry-Wide Adoption of Tokenisation appeared first on The Fintech Times.

Authorization 83

Authorization CBDC Multi-Currency Settlement 83

Fintech Finance

DECEMBER 17, 2024

Neonomics , an open banking payments and data company, has lodged a formal complaint to the Norwegian Competition Authority to advocate for innovation and fair competition within the Norwegian Payments market. This behavior harms consumers and businesses alike, while protecting entrenched interests.

Authorization 72

Authorization Visa Payments Innovation 72

VISTA InfoSec

OCTOBER 21, 2024

A data protection officer role is to act as a bridge between organizations, its employee, and the regulatory authorities ensuring that the handling of personal data is safe, lawful and in line with regulations like GDPR (General Data Protection Regulation). Additional Responsibilities of DPO (As seen in other Regulations) 1.

CCPA 130

CCPA Privacy Laws Data Breach 130

Finextra

DECEMBER 16, 2024

The UK's Financial Conduct Authority has set out its latest steps to improve the integrity of the UK's crypto market.

Regulations 83

Regulations Authorization 83

Fintech Finance

OCTOBER 24, 2024

As the government plans to regulate buy now pay later firms by 2026, more than one in ten millennials (13%) and Gen Z (11%) consumers plan to put Christmas on credit using buy now pay later apps*, RSM UK’s latest Consumer Outlook reveals. RSM UK recommends providers take the following steps to prepare for the new regulation.

Regulations 97

Regulations Agreements Checks Consulting 97

Bank Automation

DECEMBER 17, 2024

Klarna, the Swedish fintech that provides buy now, pay later services, was fined 500 million Swedish Kronor ($46 million) by Swedens Financial Supervisory Authority for violating anti-money laundering rules. The regulator in a Dec.

Regulations 69

Regulations Money Laundering Crime Assessments 69

The Payments Association

OCTOBER 23, 2024

On 25 September 2024, the UK Financial Conduct Authority (FCA) published its long-awaited Consultation Paper (CP24/20) setting out proposed changes to the safeguarding rules applicable to electronic money institutions (EMIs) and payment institutions (PIs) (together, payments firms). What does this mean for Payments firms?

Rules 88

Rules Payments Institute Authorization Reconciliation 88

Fintech News

MAY 8, 2024

Deputy Prime Minister and Minister for Finance and Chairman of Monetary Authority of Singapore (MAS) Lawrence Wong, addressed the regulatory aftermath of the Terraform Labs’ collapse in a parliamentary session yesterday (8 May 2024). Additionally, Paxos Digital Singapore was authorized to issue a new US dollar-backed stablecoin.

Addressing 110

Addressing Stablecoins Monetary Loss Cryptocurrency 110

The Payments Association

JULY 29, 2024

While the speed and convenience of open banking solutions helps to improve convenience, transparency, and confidence in payments, it also increases the chances for fraud, and in particular authorized push payment (APP) fraud.

Regulations 88

Regulations Authorization Service Provider Technology 88

Fintech News

NOVEMBER 17, 2024

APAC financial regulators and cloud providers recently conducted a first-of-its-kind crisis management exercise simulating a large-scale public cloud outage impacting the region’s financial sectors. This exercise comes at a time of heightened awareness surrounding the potential for widespread disruption from technology failures.

Risk 110

Risk Best Practices APACS Authorization 110

The Fintech Times

DECEMBER 14, 2024

Salem Mohammed Al Darei, CEO of ADGM Authority Commenting on the event, Salem Mohammed Al Darei , CEO of ADGM Authority said: “Fintech Abu Dhabi exemplifies our dedication to innovation, bringing global visionaries together to shape the future of finance and technology. .”

AI 64

AI Regulations Finance Cross-Border 64

VISTA InfoSec

MARCH 28, 2024

Companies that excel in data protection comply with stringent regulations and gain a competitive edge by building solid relationships with their customers. Access Control Implement strict access controls to ensure only authorized personnel can access customer data.

Data Breach 277

Data Breach Regulatory Compliance Breach Encryption 277

VISTA InfoSec

JUNE 3, 2024

If your company has ever worked with businesses in European Union countries, you probably had to follow the EU’s General Data Protection Regulation (GDPR). Compliance with Other Standards and Regulations While GDPR sets a high bar for data protection, organizations must also consider compliance with other relevant standards and regulations.

MFA 130

MFA Credential PCI DSS Compliance 130

Open Banking Excellence

JULY 9, 2024

In my conversations with Open Banking Excellence, it is clear to me that by sharing the Kazakh experience and journey with regulators and the like, we can learn from each other to promote the digital economies of all of our countries. Regulator-led Pilot Focused on Open API Infrastructure Our pilot launched on Nov.

API 147

API Payment APIs and Integration Participant Regulations 147

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

AUGUST 6, 2024

Minister Chee stated that his focus would be on the regulatory perspective of the Monetary Authority of Singapore (MAS). The MAS assessment emphasized the regulator’s role in promoting a sound financial sector, focusing on insurer risk management and long-term policy protection. billion (EUR 1.5 billion (EUR 1.5

Consumer Protection 107

Consumer Protection Consumer Risk Management Best Practices 107

Fintech News

NOVEMBER 13, 2024

The Monetary Authority of Singapore (MAS) received fewer than five complaints annually over the past five years concerning online “finfluencers,” Parliament was told during a session. Most of these complaints involved remarks by individuals who did not provide financial advice and therefore did not fall under MAS regulation.

Authorization 96

Authorization Regulations Risk Product 96

Fintech News

OCTOBER 6, 2024

One major focus is on proactive prevention, where the IMC advocates for tighter regulations on corporate service providers and enhanced due diligence for non-financial sectors vulnerable to exploitation by money launderers. On effective enforcement, the IMC proposes strengthening the legislative tools available to law enforcement agencies.

Money Laundering 122

Money Laundering Law Enforcement Financial Crimes Due Diligence 122

Fintech News

AUGUST 12, 2024

Crypto custodian BitGo has obtained the Major Payment Institution license from the Monetary Authority of Singapore (MAS). This approval follows an in-principle nod received earlier this year and allows BitGo to offer regulated digital payment token services in Singapore. BitGo is set to expand its operations in Asia with this license.

Security 113

Security Regulations Payments Institute On-Demand 113

Fintech News

FEBRUARY 25, 2024

A major investigation is underway in Singapore involving the police and the Monetary Authority of Singapore (MAS) against two key figures of Samlit Moneychanger, a licensed payment services provider. The regulator said in a statement , “Samlit remains a licensee under the Payment Services Act 2019 until 29 February 2024.

Authorization 107

Authorization Laws Business Day Compliance 107

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

SEPTEMBER 1, 2024

The Singapore subsidiary of crypto exchange OKX has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows OKX to offer a broader range of digital payment services in compliance with local regulations.

Payments 124

Payments Regulations Payments Institute Compliance 124

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. Those failing to comply will be deemed unlicensed or illegal.

Consumer Protection 113

Consumer Protection Risk Management Regulations Legal 113

Fintech News

FEBRUARY 21, 2024

The Monetary Authority of Singapore’s (MAS) legislative reform initiative, encapsulated in the Financial Institutions (Miscellaneous Amendments) Bill (FIMA Bill), signifies a strategic overhaul aimed at enhancing the regulatory and enforcement framework governing Singapore’s financial sector.

Financial Crimes 112

Financial Crimes Crime Authorization Consulting 112

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 regulators will consider all feedback received and provide an update by Q1 2025.

Regulations 96

Regulations Consumer Protection Authorization PayPal 96

Fintech News

JANUARY 7, 2024

The Monetary Authority of Singapore (MAS) has granted crypto exchange Upbit Singapore a full payment license, enabling the company to expand its operations in the digital asset market. Bedsides Singapore, the group already operates regulated exchanges Indonesia and Thailand, as well as VerifyVASP, a travel rule solution provider.

APACS 116

APACS Travel Rule Payments Regulations 116

Fintech News

APRIL 2, 2024

The Monetary Authority of Singapore (MAS) has announced revisions to the Payment Services Act (PS Act) and related regulations, marking a significant expansion in the regulation of payment services within the country. Here’s are four key takeaways from the guidelines: 1.

Rules 114

Rules Accreditation Money Laundering Caps 114

VISTA InfoSec

OCTOBER 21, 2024

To face these digital risks, the European Union introduced the Digital Operational Resilience Act (DORA), a regulation designed to ensure that financial entities can withstand and recover from digital disruptions. This ensures that supervisory authorities are informed promptly and can respond effectively to mitigate further impact.

Compliance 152

Compliance Third-Party Service Provider Risk Assessment Audit 152

Open Banking Excellence

MARCH 5, 2024

A convergence of regulations and market developments this year are providing the building blocks that could put the Open Banking ecosystem on a more sustainable path for growth. The PSR ’s (Payment Systems Regulator) approach is not sustainable,” he explains. “It

Innovation 147

Innovation Payment APIs and Integration Push-to-Card Use Case 147

Fintech News

OCTOBER 29, 2024

Crypto exchange Gemini has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The company is expanding its team in Singapore to support its growth and ensure adherence to local regulations.

APACS 112

APACS Regulatory Compliance Cross-Border Payments 112