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News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

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Money20/20: Quantum and generative AI together is ‘scary’ - ING

Money20/20: Quantum and generative AI together is ‘scary’ - ING

At Money20/20 in Amsterdam, Finextra chatted to ING’s head of corporate strategy & innovation Jeroen Plag about how the bank has merged the innovation and strategy departments bringing initiatives closer to the business like CoorpID and Blacksmith and is now focusing on building new assets.

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Australia to kill cheques by 2030

Australia to kill cheques by 2030

Exploring the Impact of Innovation on Neobanks

Exploring the Impact of Innovation on Neobanks

Money20/20: MiCA, the regulation to rule them all

Money20/20: MiCA, the regulation to rule them all

Lucinity unveils generative AI-powered financial crime compliance copilot

Lucinity unveils generative AI-powered financial crime compliance copilot

Money20/20: HSBC to take SVB global

Money20/20: HSBC to take SVB global

SEC sues Coinbase

SEC sues Coinbase

SEC sues Binance and CEO Changpeng Zhao

SEC sues Binance and CEO Changpeng Zhao

UK lawmakers call for urgent action on crypto regulation

UK lawmakers call for urgent action on crypto regulation

OpenAI receives warning from Japanese privacy watchdog

OpenAI receives warning from Japanese privacy watchdog

CFPB warns consumers about non-insured payments apps

CFPB warns consumers about non-insured payments apps

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[Upcoming Webinar] Generative AI: Managing unreliability in financial services[Upcoming Webinar] Generative AI: Managing unreliability in financial services
Regulation & Compliance blogs
Financial Risk Management  

How to Solve Check Fraud

Stan Cowan

Stan Cowan - Effectiv - San Francisco

Financial Services Regulation  

First Half Catch-up on Foreign Direct Investment

Anna Monteiro

Anna Monteiro - www.solutions-atlantic.com - Boston

Banking Regulations  

Complex Rules Beget Costly Unintended Consequences

Daniel Schlaepfer

Daniel Schlaepfer - Select Vantage Inc - Toronto

Banking Strategy, Digital and Transformation  

In the Blink of an Eye: How the Digital Age Intensifies the Risk of Bank Runs

Joris Lochy

Joris Lochy - Capilever - Brussels

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Exploring the Impact of Innovation on Neobanks

Exploring the Impact of Innovation on Neobanks

Speaking at TCF 2023, Craig Bennett, Managing Director APAC, Temenos, and Simon Beitz, CEO, Alex Bank, discuss the exciting real-time applications that innovation has introduced to the market, and how technology and regulations are playing a significant role in shaping the future of neobanks.
The future of resilient CBDC systems & cross-border architecture

The future of resilient CBDC systems & cross-border architecture

Beju Shah, Head of Nordic Centre, BIS Innovation Hub, Bank for International Settlements, speaks at NextGen Nordics 2023, about the Hub's latest projects that are looking into creating resilient CBDC systems, building a new architecture for cross-border retail CBDCs, and using data to combat money laundering across firms and boarders.
Reimagining International Payments

Reimagining International Payments

Patrik Havander, Head of B2B Connect, Cross Border Money Movement Europe, Visa, discusses cross-border payments in Sweden at NextGen Nordics 2023, addressing its challenges and exploring the options available to overcome them.
The Innovation Pushing Digital Identity Forward: Part 2

The Innovation Pushing Digital Identity Forward: Part 2

Stephen Curran, Chair of the Board Of Trustees Sovrin Foundation, Identity Consultant, speaks with Andrew Smith, RTGS.global, in FinextraTV’s Tech Uncovered Series. Continuing their discussion, they examine innovations driving digital identity including blockchain, offline verification of identity, anonCreds, privacy-protecting technology, linked secrets, and zero knowledge proofs.
The long read
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Paige McNamee

Consumer Duty will require institutions to deliver good outcomes for retail customers

Paige McNamee - Finextra Research
Discussion
SEC sues Coinbase
Ketharaman Swaminathan

Ketharaman Swaminathan

  I'm amazed how SEC approved the public listing of CoinBase a few years ago when it knew that CoinBase's business model was illegal. If it's a question of jurisdiction, one would expect some other US govt agency to vet the legality of a business before it's allowed to sell shares to the man on the street.  Learning that other companies in illegal businesses like cannabis, gaming and rideshare were allowed to go public in USA only increases my wonderment. 

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SEC sues Binance and CEO Changpeng Zhao
Ketharaman Swaminathan

Ketharaman Swaminathan

  If crypto / DeFi firms put the same controls in place as banks, how will they achieve their charter to disrupt banks / TradFi?:)

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SEC sues Binance and CEO Changpeng Zhao
Jim Bray

Jim Bray

  "Unfortunately," it adds "the SEC’s refusal to productively engage with us is just another example of the Commission’s misguided and conscious refusal to provide much-needed clarity and guidance to the digital asset industry". This is a bullshi* statement. All of the players in the Bitcoin industry had many opportuntities to put the same controls inplace as banks have to to be compliant. Now they are crying because their Ponzi scheme is comming unraveled. 

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In the Blink of an Eye: How the Digital Age Intensifies the Risk of Bank Runs
Ketharaman Swaminathan

Ketharaman Swaminathan

  Most banks in USA - including SVB - offer virtually 0% interest on checking accounts. Moving money to term deposits will increase their interest outflow, which will dent their profits, which will hammer their share price, which will cause crisis of confidence, which will end up causing more-or-less the same problem as we have now, just from a different angle.  To cite Matt Levine, the key disconnect is that banks believe that banking is a Theory 2 business in practice even though it's contractually a Theory 1 business. In the past, their belief has been vindicated. Only time will tell whether they will see the failures of SVB et al as proof that banking is really a Theory 1 business in practice or they will shrug those failures off and continue to believe that banking is a Theory 2 business.

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Regulate crypto as gambling says UK Treasury Committee

Regulate crypto as gambling says UK Treasury Committee

Revolut CFO quits for 'personal reasons'

Revolut CFO quits for 'personal reasons'

Tide calls for tax on social media and telcos to fund fight on fraud

Tide calls for tax on social media and telcos to fund fight on fraud

Payments Canada Summit: Ghana's eCedi pilot

Payments Canada Summit: Ghana's eCedi pilot

The long read
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Paige McNamee

CBDC and progress across digital currencies could be feasible

Paige McNamee - Finextra Research
Elsewhere...

  1. Silicon

    Italy bans ChatGPT over personal data risk

  2. Politico

    Time to replace Bank of England’s governor with ChatGPT

  3. The Guardian

    ‘The first Twitter-fuelled bank run’: how social media compounded SVB’s collapse

  4. New Money Review

    Dark money concerns over Boris Johnson donor

  5. Bloomberg

    London Payments Firm Moves $1 Billion a Month Despite ‘Red Flags’

The long read
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Paige McNamee

Open banking reviews should lay the groundwork for open finance

Paige McNamee - Finextra Research