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/regulation

FCA to make it easier for startups and innovative products to get to market

The Financial Conduct Authority has unveiled plans to make it easier for firms to test innovative products and to support new firms applying for regulatory approval as part of its work programme for 2025-2026.

/regulation

Revolut fined €3.5 million by Lithuanian central bank for AML failings

Revolut has been fined €3.5 million by the central bank of Lithuania for deficiencies in its anti-money laundering controls.

/security

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

The Monetary Authority of Singapore is investigating a ransomware attack on Toppan Next Tech, a vendor responsible for printing customer statements for DBS Bank and Bank of China (BoC) in Singapore, which exposed the personal data of thousands of customers.

/payments

Ryft raises £5.7m to take on Stripe Connect and Adyen

UK-based decentralised payments platform Ryft has raised £5.7 million in Series A funding to help acquiring banks take on industry giants Stripe Connect and Adyen.

/regulation

Earned wage access fintech DailyPay sues NY AG: Rain raises $75 million

DailyPay has sued New York Attorney General Letitia James over efforts to apply usury laws to the earned wage access sector.

/security

Americans lost $3bn to impersonation scams in 2024

Scams impersonating businesses and government officials cost Americans $2.95 billion last year, according to the Federal Trade Commission.

/crypto

Bitcoin-backed lending platform Firefish raises $1.8m seed funding

Firefish, a European open marketplace for bitcoin-collateralised loans, has raised $1.8 million seed funding.

/security

OCC reports 'major incident ' email hack to Congress

The Office of the Comptroller of the Currency says "highly sensitive information" was accessed in a hack on its email system.

/ai

BofA staffers embrace AI virtual assistant

Bank of America says that over 90% of its 213,000 employees now use its AI-driven internal virtual assistant, cutting calls into the IT services desk by half.

/payments

Restaurant payments and loyalty app Blackbird raises $50m

Blackbird Labs, a blockchain-based restaurant loyalty and payments app, has raised $50 million in a Series B funding round.

/payments

NatWest invests in Yonder

NatWest has made a minorty investment in rewards credit card startup Yonder.

/crypto

Ripple to acquire prime brokerage Hiddden Road for $1.25 billion

Ripple is to acquire crypo-friendly prime brokerage Hidden Road for $1.25 billion, representing one of the largest deals in the digital assets space.