Tag:Financial Services

1
Singapore to Share Cryptocurrency Tax Information With Other Countries
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Hong Kong Monetary Authority Unveils Fintech Promotion Roadmap
3
Annual Consumer Financial Services Symposium to Focus on 5 Top Issues
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FinTech outlook for 2018: US Banks look to AI
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Meet us at Money20/20!
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Better late than never to the FinTech party
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Voice biometrics and fraud prevention in payments
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FCA outlines FinTech and RegTech priorities for year ahead
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Blockchain Has a Perception Problem
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NetSpend Settles FTC Claim Regarding Prepaid Debit Cards

Singapore to Share Cryptocurrency Tax Information With Other Countries

By: Nicolet-Serra and Josh Durham

Singapore has just become the 48th nation (joining the US) to begin implementing the international Crypto-Asset Reporting Framework (CARF), which is intended to standardize the automatic exchange of personal financial information between countries and to reduce tax evasion by those engaging in cryptocurrency transactions.

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Hong Kong Monetary Authority Unveils Fintech Promotion Roadmap

By Jay Lee and Beatrice Wun

In a transformative step for the financial technology (fintech) industry, the Hong Kong Monetary Authority (HKMA) recently announced a new Fintech Promotion Roadmap (Roadmap), which outlines its key initiatives to be taken over the next 12 months to expedite the growth of the Fintech ecosystem and give stronger impetus to fintech adoption in the Hong Kong financial services sector.

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Annual Consumer Financial Services Symposium to Focus on 5 Top Issues

K&L Gates is proud to host the 2021 Consumer Financial Services Symposium – Virtual Edition.  This symposium will consist of a series of webinars over the course of several weeks with the first panel focusing on FinTech Trends, Developments, and New Directions on Wednesday, April 21 at 1:00 – 2:00 p.m. EST. 

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FinTech outlook for 2018: US Banks look to AI

By Cameron Abbott and Harry Crawford

With 2017 at a close, US banks have set out their 2018 FinTech new year resolutions. According to American Banker, US banks are likely to focus their FinTech investment in 4 major areas in 2018:

  • Artificial intelligence and machine learning
  • Open banking
  • Cybersecurity and biometrics
  • Commercial banking innovation

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Meet us at Money20/20!

K&L Gates is excited to be a part of Money20/20, the largest global event focused on payments and financial services innovation! Join us from October 22nd – 24th in Las Vegas, U.S.

We have several exciting events and programs taking place during the conference.

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Better late than never to the FinTech party

By Cameron Abbott and Olivia Coburn

Oracle has finally realised that it wants to hang out with the cool FinTech kids on the block, having recently announced the release of its Oracle Banking Payments application programming interface (API) service.

Oracle’s move recognises the value of offering better ways for its banking clients to collaborate with FinTechs and other third parties.

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Voice biometrics and fraud prevention in payments

By Claire de Koeyer and Jim Bulling

The ability to transfer funds from one account to another in near real-time using just an email address or mobile number is getting closer for Australians with the RBA advising that developments are on track to allow the first payments to be made through a new payment platform towards the end of 2017. The new platform, the development of which was commenced by the RBA in 2012, allows for near real-time funds transfer between bank accounts, regardless of who people bank with.

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FCA outlines FinTech and RegTech priorities for year ahead

By Jonathan Lawrence

The UK Financial Conduct Authority (FCA) recently issued its Business Plan 2017/18 that deals with its FinTech and RegTech priorities for the year ahead. The FCA wants to engage more with regional and Scottish FinTech hubs. In its risk outlook, the FCA talks about more complex value chains that utilise FinTech posing a risk to consumer protection and market integrity. The issues associated with the oversight and controls of increasingly complex chains of third party relationships are reflected in the FCA’s priorities. The technological resilience of incumbent firms will also continue to be an area of focus because of the risk of disruption to financial markets. The FCA states that FinTech firms may not fully understand the scope of regulation and its impact on their business model. This could lead to cases of non-compliance with FCA rules, which could pose risks to consumer protection and market integrity. In addition, the FCA fears that greater reliance on technology poses increased operational risk, and risks to market integrity. The FCA believes that FinTech business models shift risk from financial firms to consumers without consumers fully understanding the implications or having adequate safeguards.

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Blockchain Has a Perception Problem

By Tyler Kirk

The International Monetary Fund (“IMF”) just wrapped up a panel on “FinTech and the Transformation of Financial Services” here in Washington, DC. Presenting 4 propositions, the IMF invited the panelists and the audience to vote on whether they agreed or disagreed with each. Following the panel’s discussion on each proposition, the votes were compared. To the exclusion of all other Fintech topics, there was an almost singular focus on blockchain in each panelist’s response to the propositions. This focus by itself is illuminating, however the audience and the panel diverged dramatically on one proposition, whether FinTech will help rather than hinder regulation of AML and combatting the financing of terrorism (“CFT”). The panel agreed, 92% to 8%, that FinTech would assist with AML and CFT efforts. The audience was essentially split, agreeing 57% to 43%. Similarly, 40% of the audience believed FinTech posed a threat to financial stability while only 17% of the experts shared that view. The takeaway here is that, while those of us who are intimately familiar with this technology clearly understand its benefits, the general electorate does not. So, does Congress? Financial regulators? Now is the time to engage counsel and shape public policy.

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NetSpend Settles FTC Claim Regarding Prepaid Debit Cards

By Julia B. Jacobson and Eric A. Love

NetSpend Corporation has reached a settlement with the U.S. FTC about the FTC’s claims that NetSpend’s advertisements deceived consumers about the availability of funds deposited on general purpose reloadable prepaid cards (GPR Cards).

On its website, NetSpend indicates that its target customers are those without a traditional bank account or who “rely on alternative financial services.”  According to the FTC’s November 2016 complaint, NetSpend’s advertising promises “guaranteed approval” and “immediate access” to funds that are “always available.”  Instead, the complaint alleges, cardholders experienced delayed or denied access to funds on their GPR Cards and NetSpend depleted account balances by charging inactivity fees and often delayed resolving and providing provisional credit for account errors.  The FTC also noted in its complaint that thousands of customers “complained about NetSpend’s practices to government authorities, Better Business Bureau and NetSpend itself.”

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