Tag: FinTech

1
UK’s Green FinTech Challenge
2
US Treasury Report on Nonbank Financials, Fintech, and Innovation
3
CFPB’s New Office of Innovation to be led by Arizona FinTech Regulatory Sandbox Official; Cryptocurrencies and Blockchain will likely be on the Agenda
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Dubai Fintech Goes Global
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OCC Expected to Release Guidance on FinTech Charter in July 2018
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Federal Government to implement Open Banking regime in Australia
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IOT Group to set up blockchain centre in the Australian energy sphere
8
Senior English Judge Comments on FinTech
9
Australian Open Banking Developments
10
Starbucks – a trust legitimiser for blockchain?

UK’s Green FinTech Challenge

By Jonathan Lawrence

The UK’s Financial Conduct Authority has launched its Green FinTech Challenge. This is aimed at firms developing green financial technology solutions that need specific regulatory support to bring their proposition to market. The Challenge is designed to support innovation and growth in the Green Finance sector as part of the UK government’s Green GB Week which started on 15 October 2018.

Firms that require specific regulatory support are invited to apply. The Challenge will provide support to a selection of firms developing innovative products and services to assist in the UK’s transition to a greener economy. It is open to start-ups, incumbents and technology providers.

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US Treasury Report on Nonbank Financials, Fintech, and Innovation

By Anthony R.G. Nolan

On Tuesday 31 July, the United States Department of the Treasury issued its report on Nonbank Financials, Fintech, and Innovation.  This is the fourth and last scheduled report on financial market regulatory reform in response to Executive Order 13772.  It makes about 80 recommendations for improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.

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CFPB’s New Office of Innovation to be led by Arizona FinTech Regulatory Sandbox Official; Cryptocurrencies and Blockchain will likely be on the Agenda

By Eric A. Love

On July 18, 2018, Consumer Financial Protection Bureau (“CFPB”) Acting Director Mick Mulvaney announced that Paul Watkins, who previously led the FinTech initiatives in the Arizona Attorney General’s Office, will head the CFPB’s newly created Office of Innovation. According to a CFPB press release about the selection, the Office of Innovation will replace the CFPB’s Project Catalyst initiative (which the CFPB launched in 2012) and will “focus on creating policies to facilitate innovation, engaging with entrepreneurs and regulators, and reviewing outdated or unnecessary regulations.”  Project Catalyst and the Office of Innovation share the stated overarching objective of promoting “consumer-friendly innovation” in consumer financial services.

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Dubai Fintech Goes Global

By Jonathan Lawrence

Dubai International Financial Centre (DIFC) has signed a FinTech Memorandum of Understanding (MoU) with professional services company Accenture. Under the MoU, FinTech Hive at DIFC – the first financial technology accelerator in the Middle East region – will collaborate with Accenture’s FinTech Innovation Labs in New York, London and Hong Kong, to share resources and knowledge on research and trends in FinTech. In line with the DIFC Growth Strategy 2024 and Dubai Vision 2021, FinTech Hive gives financial companies access to technologies to support their digital transformation while providing innovators with access to potential clients and investors.

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OCC Expected to Release Guidance on FinTech Charter in July 2018

By Eric A. Love and Dan Cohen

On May 24, 2018, Comptroller of the Currency Joseph Otting indicated during a press call that the Office of the Comptroller of the Currency (“OCC”) will release guidance in July 2018 on whether it will move forward with issuing a special purpose charter to FinTech companies.  According to press reports, Comptroller Otting had previously indicated that the OCC hasn’t yet made a final decision about issuance of a FinTech charter, although he had also signaled that guidance from the OCC on the matter could be released as early as June.  His more recent comments during the press call extend this timetable by a month.

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Federal Government to implement Open Banking regime in Australia

Jim Bulling, Daniel Knight and Felix Charlesworth

On 9 May 2018, the Australian Government confirmed their decision to establish an Australian Open Banking regime and implement the recommendations set out in the Farrell Report titled “Review into Open Banking in Australia”. This follows the Government’s report into Open Banking released in February 2018 which broadly supported the creation of a new data-sharing regime in the financial services industry. The Australian Government has set aside roughly $45 million over four years to develop the creation of a Consumer Data Right which includes the establishment of the Open Banking framework.

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IOT Group to set up blockchain centre in the Australian energy sphere

By Cameron Abbott and Sarah Goegan

Technology company IOT Group announced this week that it has signed an Australian first energy and blockchain deal. In the agreement with Hunter Energy, IOT Blockchain will build a blockchain centre at the Redbank coal-fired power station in the Hunter Valley, two hours north of Sydney.

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Senior English Judge Comments on FinTech

By Jonathan Lawrence

In a recent speech, one of England’s most senior judges explored, in the context of the digital revolution, the culture of and relationship between the UK financial services sector, the UK legal profession, and the judiciary in a changing technological environment. Sir Geoffrey Vos, Chancellor of the High Court, gave the Banking Standards Board Lecture on 20 March.

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Australian Open Banking Developments

By Jim Bulling and Edwin Tan

The Australian Government has today released a report into Open Banking in Australia that sets out recommendations in relation to the method of implementation and proposed timelines.  Some key points are:

  • the Australian Competition and Consumer Commission (ACCC) should be primarily responsible for overseeing standards-setting and accreditation, assisted by the Office of the Australian Information Commissioner for privacy issues;
  • the obligation to share data should apply to all Australian Deposit-taking Institutions (ADIs) as well as reciprocally for other participating entities;
  • all ADIs should be automatically accredited to receive data.  A risk-based accreditation standard should be used for non-ADIs (this would include most FinTech startups, for example);
  • the use of Application Programming Interfaces to facilitate data sharing; and
  • mandatory implementation of “read-only” access should be approximately 12 months from a final Government decision to implement Open Banking for the big 4 banks, with a further 12 months transitory period for other banks.

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Starbucks – a trust legitimiser for blockchain?

By Cameron Abbott and Samantha Tyrrell

In a recent quarterly investor call, Starbucks’ Chairman Howard Schultz discussed the possibility of incorporating blockchain technology into Starbucks’ impressive digital repertoire.

Starbucks’ commitment to being a first mover when it comes to disruptive technology has already resulted in the hugely successful implementation of its mobile payment app, launched in 2015. The app allows users to order, pay and accrue rewards remotely and now accounts for nearly one third of Starbucks’ US transactions. According to Schultz, these figures may warrant a move towards integrating some entirely cashless stores throughout the US.

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