/regulation
German regulator BaFin has fined N26 €9.2 million for anti-money laundering failures but could be preparing to lift a cap on the number of new customers the digital bank can take on.
22 May 2024
/payments
Stripe is strengthening its position in the UK, opening a flagship London office in the heart of the City and launching its first Open-Banking-powered payment method and new financing options for small businesses.
/crypto
Singapore-based fiat-crypto payments firm Alchemy Pay has unveiled a Web3 digital banking platform for enterprises.
/ai
Innovative AI models should be trained to respect a ‘constitution’ or a set of regulatory rules that would reduce the risk of harmful behaviour, argues a senior Bank of England policy maker.
21 May 2024
The UK's Payment System Regulator (PSR) has stepped back from imposing financial penalties on Visa and Mastercard scheme and processing fees, despite evidence that the firms are running an effective duopoly in the supply of services to merchants.
Swift is working with 25 leading cash management banks and 20 corporates to develop a white labelled transaction tracking service for ISO 20022 messages across the entire payment chain.
Financial crime consultancy Plenitude has acquired Contineo Financial Risk Solutions, a provider of technical advisory services for regulatory compliance operations.
/wealth
Middle Eastern investment bank EFG Hermes has acquired a minority stake in Danish fintech Kenzi Wealth.
JPMorgan is to give AI training to all new employees, as the bank seeks to cement its reputation as an AI powerhouse.
/retail
UK digital bank Chetwood Financial has acquired buy to let mortgage lender CHL Mortgages to complement its soon-to-launch ModaMortgage's proposition.
/security
Barclays has launched a monthly 'Scams Bulletin' to inform consumers of emerging trends in criminal fraud tactics.
Financial institutions need to transform their entire business and operating model to achieve bespoke and modular digital solutions while improving their profitability.
20 May 2024
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