Managers of Wealth Fintech

Revolut finally wins UK banking licence

Revolut now enters the ‘mobilisation’ stage, sometimes referred to as ‘Authorisation with Restrictions’, a common step for many new banks in the United Kingdom.

FSB: Emerging markets face regulatory challenges from stablecoin circulation

Stablecoins also present concerns related to financial integrity, illicit finance, data privacy, cyber-security, consumer and investor protections, market integrity, fiscal stability, and macroeconomic stability.

UK paytech RC365 acquires Money Lenders Licence to provide digital lending services in Hong Kong

“A key element of our growth strategy is the expansion into virtual banking, and this licence represents important progress towards achieving that goal,” Law adds.

Essential guide to the EU Artificial Intelligence Act and what it means for Guernsey

The regulation of high risk / unacceptable risk AI systems is to be welcomed to the extent that it safeguards the consumer and leads to greater transparency concerning its use.

FCA lifts partner onboarding restrictions on UK fintech Modulr

This development means that Modulr can once again enlist A&D partners to issue electronic money on its behalf to expand the reach of its payment services.

Warning after firms caught by bank scam

The authority said islanders should be "particularly cautious" of scammers trying to trick people using the the worldwide IT outage as part of their cover story.

HKMA unveils latest additions to stablecoin issuer sandbox

The regulator goes on to clarify that participants are “expected to comply with the sandbox requirements”

Bitzlato founder won’t get more jail over $700M dark web clearing house

The judge said the 18 months Anatoly Legkodymoc had already served in Brooklyn’s “terrible” MDC was enough punishment.

HKMA wins broad support for stablecoin legislation

The proposed regulatory requirements and implementation arrangements received general support from respondents, with some further enhancements suggested in the submissions.

Lloyds Banking Group terminates five-year agreement with invoice financing fintech Satago

The agreement was set into motion the following July.

Saudi Central Bank introduces Government banking services platform

This platform facilitates access to their account information at all times, enables management of their accounts efficiently, and provides instant monitoring of transactions to and from government entities.

UK regulators seek feedback on Big Tech digital wallets

Nikhil Rathi, chief executive, FCA, says: "The UK is seeing a seismic shift in how people pay, as digital wallets become a part of everyday life for many people.

PayPoint issues warning over unauthorised cheque fraud

For added security the service performs a Confirmation of Payee (CoP) check requiring the recipient’s name to match that on the name on the bank account holder before the payment is transferred.

AI Act written into EU law as compliance clock ticks

The AI Act cleared the legislative process in May, ahead of the European Parliament elections, and has now been published in the Official Journal of the EU.

BSP Cautions Public About AI-Driven Crypto Scams on Social Media

The public is also encouraged to verify the authenticity of social media posts and report any suspicious activities.

European Council prepares for debate on copyright under AI Act

The meeting took place last week was intended to offer the chance to exchange views on copyright and AI and the possible need for regulatory action.

Germany Threatens Fintech Solaris With Fines Over Slow Fixes

While the regulator relaxed measures this year for some of the firms, it has warned that the pressure won’t let up for those that don’t improve controls.

Lithuania fines crypto firm EUR9.3m for Russia sanctions violations

In a statement, the FNTT says "the identities of the company's customers were not properly determined and checked intentionally, in order not to lose a significant part of the income".

Dubai Chambers and VFS Global Sign MoU to Accelerate Trade and Investment Opportunities

Our cooperation with VFS Global will enhance the competitiveness of Dubai’s private sector by facilitating smoother entry into global markets.

Crypto payment service Payeer hit with record $10M fine in Lithuania

Payeer was fined approximately $10 million after it allegedly allowed transfers to sanctioned banks.

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