Retired Member
This week, three major regulated financial firms (PayPal, MasterCard, Visa) all reportedly are getting cold feet about their participation in the Libra Association project. Can anyone really be suprised after last month's policy moves? Consider: --As noted in this analysis on Medium over the summer, the revenue streams for the Libra Association r...
04 October 2019 /regulation Blockchain Observations
Richard Warren Partner at FirstPartner
The decision by many regulators not to enforce PSD2 Strong Customer Authentication (SCA) on electronic payments on 14th September has given valuable breathing space to e-commerce and payments players. However, the travel and hospitality sector will find compliance extremely challenging even with the benefit of proposed 18 month managed implementat...
04 October 2019 /payments /regulation
At the beginning of the week, a Securities and Exchange Commission (SEC) enforcement action generated attention mostly by levying a large fine ($24 million) in the Initial Coin Offering (ICO) sector. Many shrugged, seeing this as another example of regulatory hostility to cryptocurrency. The reality is more nuanced. The complaint itself is remar...
Rolf Van Der Pol MD at i-KYC
This article (https://www.dawn.com/news/1322817) published in ‘Dawn’ last year not only describes the K&K case clearly but at that highlights some of the underlying issues in Pakistan. A large informal economy, a tradition of sending money abroad and widespread use of hawala networks are the 3 basic factors. Then there’s a widespread use of
01 October 2019 /regulation
Mari-Anne Bayliss Director, Payment and Fraud Solutions, EMEA at CyberSource, a Visa solution
Since the European Banking Authority (EBA) published its Opinion in June on the strong customer authentication (SCA) requirements of the revised Payment Services Directive (PSD2), I've been thinking and talking about it with colleagues, peers and — especially — with merchants. In particular, we've been discussing the opportunity given to nationa...
30 September 2019 /payments /regulation The future of Payments in Europe
Africa has one of the world’s most mobile populations, and African nations account for a large and growing slice of the global remittance market. In 2018, the World Bank reported that remittances to sub-Saharan Africa grew by almost 10% to $46 billion. African migration has been rising steeply in recent years, fuelling the growth of cross-border f...
30 September 2019 /regulation /inclusion Trends in Financial Services
Konstantin Rabin Head of Marketing at Kontomatik
Far East Asia is slowly but surely becoming quite a heated market especially after the bastion of commerce, Hong Kong had to go through months of protesting and a display of political issues. The protests are still continuing as we speak as Hong Kongers continue to march in the streets to somehow win back the democracy they feel like they’re losing...
27 September 2019 /regulation /startups Fintech
Julien Rey Director, Derivatives Data & Valuation Services at IHS Markit
The US repo market took center stage last Tuesday, September 17 when a confluence of factors temporarily slowed down banks' cash spigots and drove overnight repo rates to as high as 10%, which led the NY Fed to inject large amounts of cash into banks, through their overnight repo facility, not seen since the days following September 11, 2001. Unli...
26 September 2019 /regulation Trends in Financial Services
“Data is King” has become an idiomatic phrase. Banks have an abundance of data, but the recent fines levied by the FCA against prominent UK banks for their failure to accurately report transactions under MIFID indicate that volume of data does not guarantee the fitness to deploy it. These MIFID reporting failures were centered on simple cash instr...
26 September 2019 /regulation Banking Regulations
Eli Taranto Head of Global Business Development at EQIBank
Offshore banking has always carried an air of subversion about it, but following the release of the Panama Papers in 2016 the industry was catapulted into an entirely new and highly critical light. Since that stark revelation of hidden earnings and tax evasion, a shocking $1.2 billion in back taxes and penalties have been collected by governments ...
25 September 2019 /regulation /wholesale Banking Regulations
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