UBS is promising funding of up to $200,000 to run proof-of-concept or pilot trials for outstanding startups emerging from its second global Future of Finance competition.
The transformation of mobile account provider Monese into a full-service bank has moved a step closer with the introduction of direct debits and Faster Payments.
The Financial Conduct Authority has selected 31 firms for its second cohort of regulatory sandbox participants, narrowing down the field from an initial list of 77 submissions.
The European Banking Federation has called on EU policymakers to rethink their prudential requirements for software investments by banks, describing the current treatment as a "significant disincentive for investments in innovation".
US regulatory body Finra has established an Innovation Outreach initiative to co-ordinate its ongoing research into fintech trends, beginning with a blockchain symposium in New York.
US online lender SoFi has applied for a bank charter with the Federal Deposit Insurance Corporation.
The Central Bank of Bahrain has opened a regulatory sandbox for fintech firms worldwide to test their technology ahead of live deployment in the Kingdom.
The Berlin Group, a-European payments interoperability coalition of banks and payment processors, is pushing a single standard for API access to bank accounts to comply with new regulations on freeing up customer data under PSD2.
Digital challenger bank Monzo is warning 20,000 customers that it may have to temporarily freeze their accounts if they fail to provide additional verification information under new money laundering regulations.
BBVA chairman Francisco González says that banks need to shed their past and image as 'incumbents' and transform into new digital technology companies if they are to prosper in a banking environment dominated by technologically astute competitors.
© Finextra Research 2017