Managers of Wealth Fintech

PayPal to lay off 2000 staff; SoFi and Upstart terminate employees

The staff cuts will take place over the coming weeks, with some departments impacted more than others.

Revolut plans 1700-person hiring spree

Neo banking challenger is one of the few fintech ‘decacorns’ to continue to hire amid wider layoffs in the tech sector.

Freedom Finance extends partnership with lender Koyo

Freedom Finance’s lending technology helps consumers navigate the credit market by matching them with products they are eligible for through a single application.

Organisations engage pro-actively with data protection registration

The high level of engagement is a positive sign that the ODPA’s key message, for us all to take our data protection responsibilities seriously, is hitting home.

Coinbase Wins Dismissal of Lawsuit Over Unregistered Securities

The proposed class-action suit, filed in federal court in New York in October 2021

Central Bank of Ireland warns payment firms about governance deficiencies

The central bank sets out its findings relating to five key areas: safeguarding; governance, risk management, conduct and culture; business model, strategy and financial resilience; operational resilience and outsourcing; and AML/CFT.

Fiserv Secures Payment License From MAS

Fiserv has a history of payments innovation in Singapore

IBM profit jumps 16% but company will cut 3,900 jobs

Net profit during the October-December period rose to more than $2.7bn

Saudi Central Bank engages with fintechs and banks on CBDC

The Governor of Sama Fahad Almubarak says that it has engaged both local banks and fintechs

Commerzbank sues EY over €200 million Wirecard loss

Wirecard had a credit facility of €200 million with Commerzbank, of which about 90% was drawn at the time of its undoing.

4 RegTech companies reducing compliance burden in Germany

DataGuard is a Compliance software company focused on Data Privacy and Information Security.

MAS Grants In-Principle Approval to Payments Firm Flywire

With the in-principle approval, Flywire will be able to provide domestic money transfer services, cross-border money transfer services and merchant acquisition services.

AI proves helpful for banks facing new cash penalties for settlement failures

According to one report, banks have been hit with penalties of up to €5 million per month under new CSDR settlement rules. As a result, banks are turning to AI to help.

Tech Nation loses UK government grant to Barclays

Doubt is cast on the future of Tech Nation as the organisation is now “working around the clock” to remedy its funding shortfall.

Microsoft plans 10,000 job cuts, will take $1.2bn charge

The layoffs come as the software giant said it’s seeing customers exercise caution, with some parts of the world in recession

Thailand's SEC issues digital wallet rules

Pursuant to the transitional provisions, digital asset business operators who had provided custody of clients’ assets prior to the effective date of the regulations are required to fully comply within six months as from the effective date.

Can central bank digital currencies help stabilize global financial markets?

Despite global financial instability, central bank digital currencies (CBDC) are emerging as high priorities for central banks.

LendingClub cuts 225 jobs

The firm says it originated $2.5 billion in loans in the fourth quarter and expects revenue of between $260 million and $263 million, with net income of between $21 million and $24 million.

Key Developments & Latest Trends in the Fintech Sector in The Bahamas

From a central Government policy perspective, the Government of The Bahamas (the “Government”) published a Policy White Paper on The Future of Digital Assets in The Bahamas

Herbert Smith Freehills advises the NSW Government on partnership with Techstar

The agreement will see Techstars establish an office in Sydney’s Tech Central, Australia's largest innovation district.

Legal,Regulation,Tax & Compliance