finextra

Cybercurrencies and the Need for Regulation

Anyone with a pulse and the money to cover legal fees can issue a cybercurrency. Once the cybercurrency is created, however, brokers are needed to sell and make a market for it. Given cybercurrencies are an unregulated market, then there are few concerns over how much commission is paid to the broker.

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Russia Wants to Adapt Its Payment Laws to Market Reality

“Central Bank of Russia takes control over foreign payment systems and e-wallets”, “Alipay and WeChat Pay will be restricted in Russia”, “Russian Central Bank will strengthen regulation towards Apple Pay and Google Pay” — these were the business news headlines after new amendments to payment laws were introduced to the Russian government last week.

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Apple Forced to Rewire Apple Pay Following Complaints by Swiss Banks

Apple has agreed to adjust the functioning of its mobile payments application to avoid a run-in with Swiss competition authorities over complaints by the banks that the consumer electronic giant was trying to over-ride the Twint app at contactless payment terminals.

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German Crypto Bank Opens for Business; solarisBank Wins Digital Asset Deal With Boerse Stuttgart

German cryptobanking startup Bitwala has opened for business, onboarding 40,000 pre-registered customers for its bitcoin and Euro deposit accounts.

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‘Digital Lipstick’ Will Not Make Banks ‘Sexy’ Enough to Become Tech Companies

DBS Bank’s chief innovation officer Neal Cross has warned the audience at Fintech Connect 2018 that European banks are getting digitisation and open banking completely wrong by failing to adequately address customer pain points.

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Australian Neo Bank 86 400 Begins Beta Testing Ahead of Launch

Having rounded out its technology suite and begun beta app testing, Australian neo bank 86 400 has started a waiting list for prospective customers and opened up to talks with future investors.

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Australian Neo Bank Xinja Returns to the Crowd

Australian mobile banking startup Xinja is returning to the crowd in a bid to raise a further $5 million from private investors as it prepares to apply for a full banking licence.Xinja has so far raised $4.4 million (including an earlier $2.

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T-Mobile Targets US Banking Market

T-Mobile is taking a second shot at the American banking scene, teaming up with BankMobile to launch an app-based checking account. The telco has begun a limited roll out of the T-Mobile checking account, complete with Fdic-insured protection thanks to a partnership with BankMobile, the digital-only arm of Customers Bank.

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EC and Card Giants Close in on Inter-regional Interchange Fee Agreement

Visa and Mastercard are nearing a deal with the European Commission which would see the interchange fees merchants in the EU pay on transactions involving cards issued outside of the region slashed by at least 40.

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APAC Banks See Big Benefits From Open Banking for Commercial Customers

Most large banks in Asia Pacific think providing Open Banking services for their commercial clients is a key strategic initiative in their digital transformation programmes, and many expect it to help them achieve double-digit revenue growth, according to research from Accenture.

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Latin America Builds Up Fintech Credentials

Latin America has established itself as a leading region in terms of innovation in the financial services sector that has seen more than 1,100 FinTech ventures and around a 50 annual growth rate in the main markets, according to research conducted by Startupbootcamp in Latin America.

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VIDEO: How Regulatory and Customer Driven Innovation Differ in Output

Simon Eacott, Head of Payments Innovation and Business Development, Natwest, speaks at Sibos 2018 in Sydney about new innovative technologies, AI and security, how regulatory and customer driven innovation differ in output and how you can ensure everyone is included in a large industry programme such as NPA.

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