Month: May 2021

Controversial fintech Lanistar scores FCA approval

Lanistar, the much-hyped fintech that found itself in hot water with the UK’s Financial Conduct Authority last year, says it has now secured the regulator’s approval to operate as an Electronic Money Directive (EMD) agent of payments firm Modulr.As an EMD agent, Lanistar can distribute and redeem electronic money on behalf of Modulr, meaning the …

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Payoneer replaces PayPal in latest agreement with eBay

eBay further distances itself from its PayPal relationship and looks to consolidate its payments inhouse, the e-commerce monster has signed a new deal with Payoneer. Payoneer replaces PayPal in latest agreement with eBay Payoneer says it is collaborating with eBay to enable sellers in select countries to get paid for their sales on eBay’s core marketplace. …

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HSBC’s Voice ID prevents £249 million of attempted fraud

HSBC’s caller identification programme Voice ID has cut telephone banking fraud by over 50% during the past year, demonstrating the value of biometric verification in the fight against scammers. The UK bank reckons its voice biometrics system has prevented almost £249 million of customers’ money from falling into the hands of telephone fraudsters in the …

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Plaid and Railsbank are taking embedded finance to the masses through their latest partnership.

It seems like fintech partnerships have been on the menu lately and this next one could be a match made in digital banking heaven. Plaid and Railsbank are teaming up to bring Plaid’s Payment Initiation API to Railsbank’s customers, allowing them to instantly accept bank payments within their app or website. “This partnership is all about making it easier for any company, …

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Digital Dollar Project to launch five U.S. central bank digital currency pilots

The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States. The private-sector pilots initially will be funded by Accenture Plc (ACN.N) and involve financial firms, …

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Facial recognition should be banned, EU privacy watchdog says

Facial recognition should be banned in Europe because of its “deep and non-democratic intrusion” into people’s private lives, EU privacy watchdog the European Data Protection Supervisor (EDPS) said on Friday. The comments come two days after the European Commission proposed draft rules that would allow facial recognition to be used to search for missing children or criminals …

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China regulators order Tencent, other fintech companies to boost anti-monopoly measures

HONG KONG (AP) — Chinese financial regulators have summoned 13 companies engaged in online finance services, including Tencent and Bytedance, and told them to strengthen anti-monopoly measures. The regulators, which include the People’s Bank of China (PBOC) and China’s securities and banking regulators, said in a statement Thursday that they had summoned companies including Xiaomi’s 1810, -0.61% fintech …

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Thailand and Singapore launch first linkage of domestic instant payment systems

Singapore and Thailand have linked their respective real-time payment systems, enabling instant transfer of consumer funds across borders.The linkage of Singapore’s PayNow and Thailand’s PromptPay real-time retail payment systems is the culmination of several years of extensive collaboration between the Monetary Authority of Singapore and the bank of Thailand. Under the arrangements, customers of participating …

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PayPal to launch local wallet in China focused on cross-border payments

BOAO, China — PayPal plans to set up a local wallet in China focused on cross-border payments. In January, the U.S. fintech company became the first foreign firm with 100% ownership of a payments platform in China. But until now, PayPal’s been quiet on its plans. Hannah Qiu, the China CEO for PayPal, told CNBC that the …

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Deutsche Boerse to de-list Coinbase from Xetra, Frankfurt trade

Deutsche Boerse said on Wednesday it would delist Coinbase Global Inc (COIN.O) shares from its Xetra trading system and the Frankfurt stock exchange over incorrect data, with the U.S. cryptocurrency exchange saying it was working to resolve the “administrative error”. When Coinbase trading started on Deutsche Boerse’s platforms, a wrong reference code – a so-called LEI code …

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