Tag Archives: fintech

LSB looks at digital developments

LSB has reviewed its Standards to assess whether any amendments are needed to take account of various digital developments.  It considered the effects of digitalisation of the customer experience on the whole customer journey apart for credit card, loan and overdraft products. Key findings included: firms increasingly use third parties to supply the required technology, […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ECON publishes draft retail FS plan

The EP has published a draft report on the Action Plan for retail financial services. The report: says the EU retail financial services market is still underdeveloped and fragmented, but recognises that such a market will work only if it delivers real customer value; welcomes the Commission’s action plan working towards a single technology-enabled market; […]

FATF FinTech and RegTech forum 2017

On 30 May 2017, the Financial Action Task Force (FATF) published a summary of its FinTech and RegTech forum, which was held on 25 and 26 May 2017. The forum discussed developments in FinTech and RegTech, including peer-to-peer transfers, crowdfunding, distributed ledger-technology or blockchain-based services, analytical tools, KYC utilities and digital identity.

Why banks are partnering with fintechs

Bond Dickinson’s new economic study looks at the volume of investment by financial institutions in UK SMEs. It found financial services is far ahead of any other UK industry. The report looks at volumes of investment and considers why financial services is ahead of the field.

FSB and CGFS publish joint report on the functioning of FinTech credit markets

On 22 May 2017, the Financial Stability Board (FSB) and the Committee on the Global Financial System (CGFS) published a report on FinTech credit. FinTech credit – that is, credit activity facilitated by electronic platforms such as peer-to-peer lenders – has generated significant interest in financial markets, among policymakers and from the broader public. Yet […]

BoE updates Fintech accelerator

BoE has updated its Fintech accelerator page, to reflect that its latest call for applications is now closed. The page also outlines the current proofs of concept that currently form part of the accelerator programme.

ESMA speaks on Regtech

ESMA has spoken on how the financial services industry has adopted Regtech. Patrick Armstrong looked at the changes in how we work that have been subject to almost constant change in the past 10 years. Yet, he said, many institutions that survived the financial crisis still have in place antiquated IT systems that are ineffective, […]

EP adopts Fintech resolution

The EP has adopted a resolution on the influence of technology on the financial sector. The provisional version of the resolution focuses on the rapid development of applications of fintech technologies and notes that some may become of systemic importance. It looks at the benefits and risks of the developments and notes that some applications […]

FCA and SFC to co-operate on Fintech

FCA and the Hong Kong Securities and Futures Commission have signed a MoU to co-operate with each other on information sharing and referrals of innovative firms wanting to enter each other’s markets. This is the latest in a series of Fintech MoUs FCA has signed with AsiaPac regulators, including the recent MoU with the Hong […]