Managers of Wealth Fintech

First fines issued under EU Digital Markets Act

Meta was fined €200m by the Commission after the regulator considered a previous version of the company’s so-called ‘consent or pay’ model to be non-compliant with the DMA.

FCA to provide live AI testing service for financial firms

The Financial Conduct Authority is to launch a live AI testing service to help firm deploy safe and responsible artifical intelligence models.

Panama City Officially Signs with One of the Biggest Local Banks to Process Tax Payments in Bitcoin

Through this collaboration, the city can now accept crypto payments without requiring new legislation, making the process simpler and more efficient.

Revolut links risky behaviour to staff bonuses

Revolut has had issues with risk and compliance over the years.

US Judge throws out CFPB's cap on credit card late fees

The rule applied to issuers worth more than a million open accounts unless they could prove high fees were needed to cover costs.

Bunq files for US licence

It plans to resubmit later this year but is taking a two-step approach, first targeting a broker-dealer licence.

New York sues DailyPay and MoneyLion over 'illegal loans'

The New York attorney general has sued DailyPay and MoneyLion, accusing the earned wage access providers of charging workers fees that amount to interest rates of up to 750%.

Nate founder charged with fraud over 'AI' shopping app secretly powered by humans

According to the DoJ, it ran out of funds and was forced to sell its assets in early 2023, leaving investors with "near total" losses.

Ofcom to issue guidance to help online platforms better protect women and girls online

Online services in scope of the Online Safety Act were required to have completed their Illegal Content Risk Assessment and Children’s Access Assessment by March 2025

DBS Bank and Bank of China customer records compromised in ransomware attack

Customer data that could have been compromised

Six banks select Luxhub's Payee Verification Platform ahead of EU VOP deadline

PSPs offering SEPA credit transfers in Europe must implement a name and account matching service by 9 October 2025.

Cryptocurrency exchange hit with €1 million fine by FIAU

Regulator commends OKCoin for 'proactive approach' in remedying issues

Hong Kong bolsters banking security with new information-sharing Bill

It also promises to fortify public protection against fraud and money laundering, aligning with international practices to maintain Hong Kong’s stature as a leading international financial center.

70% Of Bank IT Budgets Go to Maintaining Legacy Tech

The firm’s report found that banks are spending 70% of their budgets on maintaining these legacy systems, often employing a costly ‘path and upgrade’ strategy to their systems.

Phase Two of virtual asset services framework in effect

The Virtual Asset Service Providers (VASP) regime has been commenced in phases, to bring into effect global regulatory standards and prudential measures

Boost for deposit protection in the UK

The proposal also includes requirements for firms to update their disclosure materials to reflect these new protection limits, with a transitional period extending until 31st May 2026, to ensure compliance.

Backbase and Salt Edge partner to accelerate open banking compliance

With Backbase offering the banking and integration platform and Salt Edge providing a state-of-the-art open banking compliance solution

Hong Kong SFC approves tokenized money market ETFs by HashKey, Bosera

HashKey and Bosera are launching tokenized money market ETFs in Hong Kong, offering blockchain-based access to stable cash management.

Thai SEC Files Criminal Complaint Against OKX, Nine Others for Unlicensed Exchange

The regulator found that OKX offered digital asset trading services through its Thai website, charging a transaction fee of 0.1% and promoting its services across various social media platforms

Sparks Fly at First-Ever SEC Crypto Roundtable

Crypto skeptics and advocates went head-to-head in a legal debate that sought to determine the SEC’s role in crypto regulation.

Legal,Regulation,Tax & Compliance