Fintech News

JUNE 5, 2024

Australia will introduce new legislation to amend the Credit Act, requiring Buy Now, Pay Later (BNPL) providers to hold an Australian credit license and comply with existing credit laws regulated by the Australian Securities and Investments Commission (ASIC). The new laws aim to balance consumer protection with innovation and competition.

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Regulations BNPL Product Consumer Protection 94

Open Banking Excellence

SEPTEMBER 27, 2024

Half a decade ago, Mexico demonstrated its ongoing commitment to updating its financial regulation with the introduction of the Fintech Law. Nevertheless, it is essential to review and complement the existing legislation with complementary laws to fully unleash the potential of this ecosystem.

Financial Inclusion 147

Financial Inclusion FinTech Laws Regulations 147

Fintech Finance

SEPTEMBER 20, 2024

The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year. This will mean company boards and international investors will be able to see how firms are operating.

Small Business 82

Small Business Governance Government Payments 82

PYMNTS

JANUARY 14, 2021

As the pandemic continues to bash the economy, all too many New York City apartment dwellers simply can’t pay the rent. A new survey conducted by the Community Housing Improvement Program (CHIP), a landlord trade group, focused on apartments under the city’s rent control laws, which includes about half of NYC’s rental units.

Economy 78

Economy CHIPS Laws Government 78

PYMNTS

SEPTEMBER 11, 2019

10) — and in so doing has very possibly changed the course of the gig economy forever. There are some amendments and exemptions to the law that are still being finalized. It seems AB 5 is done but for the final counting — and will soon be California’s local law of the land.

Economy 65

Economy Laws Legal Framework Legal 65

PYMNTS

JANUARY 14, 2020

About 12 associations, including foreigners, are working on the new laws with Chinese officials, and some are eager to introduce online banks, a source said. Hong Kong and Singapore are among the additional Asian economies introducing online-only banks.

Laws 58

Laws Rules Central Bank Privacy 58

PYMNTS

MAY 8, 2020

Government program subsidies and loans have been snapped up by larger companies and mid-sized chains, and banks have capped their exposure to loan programs. The prevailing sentiment, as the crisis heads into its third month, is that more innovative government programs will be necessary to provide any meaningful relief.

Government 56

Government Governance Small Business Federal Reserve 56

PYMNTS

APRIL 15, 2019

Governments making up the European Union have backed an initiative by the European Commission aimed at protecting Europe’s creative industries, ensuring fair compensation when the likes of Google and Facebook use their content. Google argued the new rules would harm the creative and digital economies in Europe.

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Governance Government Laws Rules 43

PYMNTS

JUNE 10, 2020

government has developed programs to help, such as the Pandemic Unemployment Assistance (PUA) program, but freelancers are still waiting weeks in some cases to receive their relief checks. Around The Gig Economy Payments World.

Economy 56

Economy Verification Online and Mobile Banking Payments 56

The Fintech Times

OCTOBER 7, 2024

In September, the Australian government proposed the introduction of a ‘Scams Prevention Framework’ (SPF), which would implement new scam obligations across all sectors. The post Fintech Australia Backs Scams Prevention Framework Proposal but Pushes for Accompanying Reforms appeared first on The Fintech Times.

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Scams FinTech Laws AML 52

PYMNTS

SEPTEMBER 15, 2016

Japan’s government is pointing the finger at Apple and Google, alleging that the two tech giants are violating the country’s anti-monopoly law. Both potentially defy Japanese law. Japan’s government has shined a light on the tech industry more recently.

Governance 62

Governance Government Laws Blocks 62

The Fintech Times

NOVEMBER 14, 2024

In fact, all their economies would be considered low-middle income based on gross domestic product (GDP), excluding Turkmenistan. Other goals of the Strategy included developing e-government services and platforms and promoting economic growth via digital transformation of the fintech and banking sectors.

FinTech 72

FinTech Online and Mobile Banking Financial Inclusion Central Bank 72

The Fintech Times

SEPTEMBER 30, 2024

In the UK alone, between 2021 and 2023, an estimated 10 million people became victims of fraud, costing the economy around £16billion, with individual losses averaging £907. UK law enforcement, in particular, faces challenges in tackling fraudsters based overseas due to geographical and legal constraints.

Law Enforcement 59

Law Enforcement Cross-Border Fraud Prevention Crime 59

PYMNTS

FEBRUARY 14, 2020

There’s a saying in jurisprudence: Hard cases make bad law. Early this week, a judge denied a request from Uber and Postmates to halt the enforcement of a new California labor law — known as AB5 , which was voted into law last year — that would place new restrictions on gig economy workers. New Economy and Old Laws.

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Rules Laws Economy Governance 64

PYMNTS

SEPTEMBER 27, 2019

Global consensus over how such tax policies should be enacted has yet to materialize, however, and disagreements among laws create confusion and greater compliance work for businesses. The September Next-Gen Sales Tax Tracker details the latest developments on digital sales tax policies, new eCommerce tax law announcements and more.

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Laws Compliance Governance Government 43

PYMNTS

JUNE 3, 2016

The sharing economy, regardless of country, has ruffled a lot of regulatory feathers. And recently, the European Union set out guidelines about its thoughts on how the sharing economy — AKA companies like Uber, Lyft and Airbnb — should be regulated. The question in the debate always comes down to one theme: to ban or not to ban.

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Economy Laws Regulations Compromise 41

PYMNTS

JUNE 27, 2019

The sharing economy could play a role in that and other recovery work — something the government has noticed. territory, in fact, is the latest example of regulators and politicians to get their hands around the sharing economy, which continues to grow even as such services are beginning to lose their novelty. Sharing Backlash.

Economy 43

Economy Regulations Laws Process 43

Innovative Payments Association

JUNE 26, 2024

CRA dates back to 1996, when it became law as part of the Small Business Regulatory Enforcement Fairness Act. It requires federal agencies to submit any major rule to the Government Accounting Office and to both houses of Congress before the rule goes into effect. 5 U.S.C. § § 804(2). 5 U.S.C. § § 804(2).

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Regulations Rules Laws Governance 52

PYMNTS

MARCH 21, 2018

The blockchain hype is real — just ask Long Blockchain — but governments are taking a modest, more realistic approach to the technology. In this week’s Blockchain Tracker , PYMNTS examines the latest government initiatives in the U.S. But governments are also cracking down on companies that get carried away with the blockchain hype.

Governance 49

Governance Government Blockchain Federal Trade Commission 49

PYMNTS

NOVEMBER 11, 2020

The big gains were a great sign that the Chinese economy — and more specifically, consumer spending — is on a post-COVID rebound. The stock fell after the Chinese government announced new antimonopoly rules that will increase the pressure on eCommerce marketplaces and payments services.

Regs 95

Regs NOV Law Enforcement Economy 95

The Fintech Times

SEPTEMBER 2, 2024

If the new Government were to rank its policy areas by order of priority, economic growth would certainly top that list. Following the turbulent summer, law and order would likely place a close second. But it is financial services and technology companies, rather than government, who are on the frontlines of this battle.

Crime 72

Crime Verification Fraud Detection Innovation 72

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. “MAS expects the NPC to coordinate and drive strategic changes which are aligned to the economy and national initiatives,” MAS explained. Singapore is preparing for a FinTech revolution.

Laws 47

Laws FinTech Money Laundering Interoperability 47

The Fintech Times

SEPTEMBER 6, 2024

However, the country wants to diversify its economy. Diversifying the economy When China reopened, economic development and rebooting the tourism industry were top priorities. Consequently, the SAR launched its plans for diversifying the economy based on the ‘1+4’ model in 2023. This sentiment was shared in Macau.

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SARS Cross-Border Governance Government 59

The Fintech Times

SEPTEMBER 22, 2024

Cambodia is leveraging fintech innovations and strategic reforms to boost economic growth, financial inclusion and international partnerships, positioning itself as a key player in the Southeast Asian digital economy. This shift was facilitated by the 1994 Law on Investment, which introduced a liberal foreign direct investment (FDI) regime.

Financial Inclusion 69

Financial Inclusion FinTech Central Bank Online and Mobile Banking 69

FICO

SEPTEMBER 27, 2017

Most tax and revenue agencies have strong collection operations, anchored by a large, dedicated staff of collectors supported by laws that allow for streamlined enforcement actions. Centralizing collections in government is therefore a significant opportunity when we focus on the area of non-tax receivables. So Why Centralize?

Government 49

Government Governance Non-Bank Authorization 49

PYMNTS

MARCH 29, 2018

In an effort to comply with local laws and regulations in China, Airbnb has announced that it will start sharing information with the Chinese government in a few days. Like all businesses operating in China, Airbnb China must comply with local laws and regulations,” a company spokesperson told BuzzFeed.

Governance 40

Governance Government Laws Regulations 40

PYMNTS

NOVEMBER 30, 2020

The British government is establishing a new Digital Markets Unit tasked with enforcing laws that apply to Big Tech companies, such as Google and Facebook , authorities announced in a press release. The new unit, according to the government's announcement, will fall within the U.K.'s According to the U.K.

Rules 75

Rules Laws Authorization Regulations 75

PYMNTS

AUGUST 30, 2016

The small nation is making a big push in support of FinTech innovation by reforming its payment laws. “MAS expects the NPC to coordinate and drive strategic changes which are aligned to the economy and national initiatives,” MAS explained. Singapore is preparing for a FinTech revolution.

Laws 40

Laws FinTech Money Laundering Interoperability 40

PYMNTS

OCTOBER 5, 2020

California Assembly Bill 5 ( AB5 ) — and its now famed (and feared) three-part test as to whether a worker could be classified as an independent contractor or must by law be classified as an employee — has been a magnet for controversy almost since day one. It’s clear that AB5 is essentially an assault on app-based, on-demand tech companies.

Laws 76

Laws Economy On-Demand Legal 76

Segpay

OCTOBER 3, 2024

Here are some of the most popular age verification tools and methods: Document-Based Verification Yoti : Yoti is a widely used digital identity platform that allows users to upload government-issued identification (like a passport or driver’s license) to verify their age. It is GDPR-compliant and offers high security. Users link their Verify.Me

Compliance 91

Compliance Verification Database Privacy 91

PYMNTS

FEBRUARY 10, 2020

Last week in India, the government proposed a tax on eCommerce transactions that will likely increase operating costs for sellers large and small. The tax, technically known as “Tax Deducted at Source” (TDS), is sent directly to an account held by the central government. The law allows for fines of more than $5,000 per violation.

Laws 70

Laws Government Governance Small Business 70

PYMNTS

JUNE 25, 2020

The unit will help law enforcement as well, bringing criminal charges when needed, the press release says. We are working hard to disrupt and dismantle these criminal networks, and we applaud the law enforcement authorities who are already part of this fight.

Crime 97

Crime Law Enforcement Laws Authorization 97

The Fintech Times

FEBRUARY 3, 2024

This gives some clarity to the industry, suggesting that should a Labour government come to power, many of the initiatives already in motion, to unlock capital and to bring about consolidation, would continue. A Labour government will work with regulators and industry to develop the roadmap for open finance.

Finance 59

Finance FinTech Regulations Financial Inclusion 59

PYMNTS

MAY 4, 2016

It can seem like the low-hanging fruit of political topics, but there’s new evidence coming out that small and medium-sized businesses are feeling the crunch from government regulations. The NRF study also touched on several current issues swirling around the role of government in the workplace, like minimum wage.

Government 40

Government Governance Regulations Small Business 40

Fintech News

OCTOBER 6, 2024

Swiss companies can already provide cross-border insurance services for large corporate clients under current UK law, which is expressly confirmed by the agreement. When it comes to cross-border trade in an area as highly regulated as financial services, this has been a historically difficult feat.

Agreements 89

Agreements Cross-Border Risk Management Risk 89

PYMNTS

OCTOBER 16, 2020

In May 2019, the government took over Baoshang Bank in the first seizure of its kind in almost 20 years. The People’s Bank of China (PBOC) set the terms for commercial banks to seek bankruptcy, while outlining actions for lenders to follow as they aim to leave the market or reorganize through its first changes to the law as of 2015.

Regulations 112

Regulations Central Bank Risk Government 112

The Fintech Times

FEBRUARY 8, 2024

We are committed to investing in a digital future through our DeepTech Venture Studio in Riyadh that will positively contribute to the three pillars of Vision 2030 and foster a thriving digital economy in Saudi Arabia.”

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Regulatory Compliance Legal Laws Facilitators 69