Regulatory

Executives From Apple, Google, Facebook and Amazon to Get Grilled Next Week by Lawmakers

According to Bloomberg, a congressional panel will be holding a hearing a week from today (July 16th) on competition in the tech sector. The hearing will be held by the House antitrust subcommittee, led by Representative David Cicilline (D-RI).

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7-Eleven Is Suspending Its Mobile Payment Feature After Hackers Stole $500,000 From Japanese Consumers

Hackers exploited a flaw in a mobile payment feature introduced by 7-Eleven Japan on July 1 to target 900 accounts and use them to make 500,000 in purchases, causing the retailer to shut down the program, according to The Verge.

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US Lawmakers Ask Facebook to Cease Libra Cryptocurrency Development

Sovereign digital currencies could be one likely outcome of super-sovereign creations like Libra. We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra-its proposed cryptocurrency and Calibra-its proposed digital wallet.

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Square Faces Suit Over Misdirected Medical Receipt

A California man is suing Square ( SQ +0.7), alleging that payments company violated privacy laws when it forwarded a digital receipt containing details of his medical history to one of his friends, the Wall Street Journal reports. The plaintiff, A. Trent Ruark, is seeking class-action status for the lawsuit.

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Rep. Maxine Waters Sets House Committee Hearing on Facebook’s Libra

By Rex Crum The Mercury News Less than a week after Facebook gave details about Libra, two Congressional committees set July dates for hearings about the social networking giant’s cryptocurrency plans. Late Monday, Rep. Maxine Waters, chairwoman of the House Financial Services Committee, said she would hold a hearing July 17 on Libra.

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FCA’s New Advertising and Social Media Rules Extend to E-Money and Payment Institutions

The payments industry seems constantly awash with new regulation. The last two years alone have seen the advent of the 4th Money Laundering Directive (4MLD), the Second Payment Services Directive (PSD2) and GDPR.

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Facebook’s Libra Coin Likely to Run a Regulatory Gauntlet

NEW YORK/SAN FRANCISCO(Reuters) – Facebook Inc will face unprecedented regulatory scrutiny over a new digital currency that the social media company hopes will become globally recognized legal tender within a year.

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Patenting Trends in Blockchain Innovations

Blockchain technology adoption has increased rapidly in recent years. The proliferation of tools for big data analysis and artificial intelligence based processing pushes organizations to collect and make available large amounts of data.

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86 400 Co-founder: Why Would Google Bother Getting Banking Licence?

Anthony Thomson and Chris Skinner on whether Australia’s banks have to worry about big-tech coming for their lunch.

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Mastercard Lets Transgender Users Choose Names on Their Cards (If Banks Agree)

Mastercard, one of the two dominant U.S. payment networks, is introducing debit and credit cards that will let transgender users select whatever name they want – as long as the bank that issues the card and extends the accompanying credit line goes along.

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Mastercard Will Now Allow Transgender Customers to Use Their Preferred Names on Debit and Credit Cards

Mastercard MA, has adopted a new policy aimed at reducing a major source of stress for transgender and non-binary consumers. The company is introducing the True Name card, which will allow card holders to choose for their preferred name to appear on their credit and debit cards even if it does not match their legal […]

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Regulatory and Innovation Sandbox

The Indian fintech industry is rapidly evolving to provide innovative technologies in the financial services sector.

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