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Items tagged with "fintech"

ECB supports LEI and enhanced reporting

A recent European Commission (EC) consultation – designed to inform the new EU digital finance strategy – has been considering amendments to the EU regulatory framework in response to rapidly evolving financial-technology landscape.

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Covid-19 boosts Digital Payments worldwide

A couple of weeks ago we highlighted news that the Covid-19 crisis has been a boon for digital payments in India, traditionally a cash-is-king country. However, India is, of course, not alone in choosing to shun paper currency right now, with digital payments and, in some cases, fintech services, receiving a pandemic boost worldwide.

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Thirty Recommendations on Regulation, Innovation and Finance

 The opportunities (and risks) presented by fintech are creating undeniable and unavoidable changes to economies worldwide – but how should regulators respond? The Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG) was set up by the European Commission in June 2018 to explore this question. Recently it published its recommendations, both identifying regulatory obstacles […]

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Machine Learning Analysis of Big Data more effective for Credit Scoring

We’ve heard a lot about the potential of fintech to open up access to credit by using big data and alternative data sources to assess risk – but how do these techniques actually stack up when compared to traditional credit scoring? A recent working paper from the Bank for International Settlements (BIS) looks at transaction […]

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Data Amplified 2019: China, the First Country to Kill Cash?

Keynote speaker Mr Jerry Zhou, Chairman and CEO of Huifu Payment, gave the audience of Data Amplified an insight into China’s booming payments industry. China’s payment industry is renowned – with most people in China using mobile payment based on QR codes for daily payments. Zhou even argued that you could say ‘China is the […]

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IMF Explore the Rise of Digital Money

Tomorrow, when you buy your morning coffee will you rifle through your wallet for some coins or a card, or wave your phone? Or maybe send a text, or deposit a digital token? The way we pay for things is changing, with e-money challenging traditional cash and bank deposits. How should we think of new digital […]

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Fintech Regulation Across the EU Mismatched

The European Banking Authority (EBA) have published a report analysing how the regulatory framework is applicable to fintech firms, illustrating the changing regulatory status of fintech firms and the different approaches of authorities across Europe. The report has noted two particular developments in the regulatory status of fintech firms. Firstly, many firms are shifting from […]

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ESMA Report Finds Gaps in Crypto-Asset Regulation

The European Securities and Markets Authority (ESMA) have published a report looking into the inconsistencies of fintech licencing across the EU. ESMA surveyed national competent authorities on the licensing regime of fintech firms in their jurisdictions, looking to assess how existing regulation of fintech firms diverge. While national authorities across the EU do not treat […]

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Can Regtech Solve the Fintech Problem?

As we’ve reported here before, the financial system is currently undergoing a technological revolution that regulators must respond to. Cryptocurrencies, new payment systems (tap to pay is becoming the norm) and digital banking all need new forms of oversight. At the same time, banking supervision is a highly complex system, with regulatory submissions reaching record […]

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IMF Warn of Financial Innovation Risks

The International Monetary Fund (IMF) have added their voice to those highlighting the unique challenge big tech and fintech pose to financial stability at the opening of the G20 Seminar on “Our Future in the Digital Age” in Japan last week. Christine Lagarde, head of the IMF, voiced concerns that, if not managed with balance, […]

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