Tagged: fintech regulations

September 30, 2024 @ 9:12 pm By Omar Faridi  |  

Dante Disparte, Chief Strategy Officer; Head, Global Policy, Circle Internet Financial, notes that with the emergence of fast-evolving fintechs, regulators have sought ways to keep pace with their activities and technologies, “not only in the spirit of leveling the playing field, but also to keep… Read More

July 10, 2023 @ 10:25 pm By Omar Faridi  |  

The Reserve Bank of India (RBI) is reportedly working on a new regulatory framework that should be more “developmental” and conducive for financial technology or Fintech firms. This, according to a deputy governor of the reserve bank (as first reported by Reuters this past Friday)…. Read More

March 21, 2022 @ 11:30 pm By Omar Faridi  |  

Financial regulators in China, including the nation’s reserve bank, and the Zhejiang provincial government are reportedly supporting “controllable risks” in the country’s digital commerce hub in order to promote Fintech innovation. This, according to a government update reviewed by the SCMP. The People’s Bank of… Read More

October 25, 2021 @ 6:26 pm By Omar Faridi  |  

During the past year, the Fintech sector in Saudi Arabia has experienced steady growth. This, according to the Fintech Saudi Annual Report for 2020/2021. The number of Saudi Arabia-based Fintechs increased by 37% with an investment amount surpassing SAR 1.3 billion (appr. $347 million). Nejoud… Read More

April 5, 2021 @ 10:23 pm By Omar Faridi  |  

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has provided an updated set of regulatory guidelines that are meant to serve as a framework to support the operations of Fintech companies. Many of these startups offer third-party services to clients of… Read More

January 29, 2021 @ 3:49 pm By Omar Faridi  |  

After facing increasing pressure from Chinese authorities, billionaire Jack Ma’s Fintech firm Ant Group is now focused on restructuring its business operations in order to serve as a financial holding company. The Ant Group has also been focused on positioning itself as an Internet-tech firm… Read More

January 3, 2021 @ 9:49 pm By Omar Faridi  |  

China’s banking and insurance regulator stated on December 31, 2020 (Thursday) that all Internet-based platforms in the country should investigate their Fintech-related businesses to ensure that they’re following regulatory guidelines and must also address any shortcomings. China‘s financial regulators have held discussions with Alibaba’s (NYSE:BABA)… Read More

December 28, 2020 @ 8:20 am By Omar Faridi  |  

Chinese regulatory authorities have ordered billionaire Jack Ma’s Fintech firm Ant Group Co. to return to offering payments services, instead of attempting to expand its operations into consumer loans or wealth management. China’s reserve bank officials recently held discussions with Ant Group’s management and instructed… Read More

December 23, 2020 @ 8:10 am By Omar Faridi  |  

A new regulatory policy has reportedly been introduced by Mexico’s financial industry regulator CNBV and it’s being referred to as “a death sentence” for firms that are providing Fintech-as-a-Service (FaaS) businesses, according to analysts. Carlos David Valderrama Narvaéz and Diego Montes Serralde from Legal Paradox,… Read More

December 20, 2020 @ 4:10 pm By Omar Faridi  |  

Chinese authorities may consider further tightening control over large Fintech companies by restricting or limiting the number of banking institutions they can work with, according to the Securities Times which cited recent statements from a former Chinese finance minister. As first reported by Bloomberg, bad… Read More

November 21, 2020 @ 3:45 pm By Omar Faridi  |  

South Korea’s Financial Services Commission (FSC) has proposed several legislative updates that could potentially give it more control over payment settlements in the Fintech sector. The Bank of Korea (BOK), the nation’s central bank, has stated that these proposed guidelines would create redundant regulations. As… Read More

November 3, 2020 @ 7:42 pm By Omar Faridi  |  

Chile’s Ministry of Finance recently revealed that it aims to streamline the development of its regulatory framework for Fintech and Open Banking. Chile’s government will reportedly be working on a legal proposal for standardizing Open Banking. This should help with promoting competition and innovation in… Read More

September 21, 2020 @ 7:43 am By Omar Faridi  |  

The Financial Regulatory Authority’s (FRA) Board of Directors in Egypt has reportedly approved a draft law that aims to regulate and support the use of Fintech services in the non-banking financial sector. Mohamed Omran, Chairman at the FRA, noted that the approval will aim to… Read More

May 23, 2020 @ 2:54 pm By Omar Faridi  |  

We recently talked to Lex Sokolin, the Global Fintech Co-Head and CMO at ConsenSys, a leading Ethereum (ETH) development studio based in New York. Before joining ConsenSys, Sokolin was the Global Director of Fintech Strategy at Autonomous Research, a firm that was eventually acquired by… Read More

April 27, 2020 @ 11:12 pm By Omar Faridi  |  

Global Ventures, a Dubai-based venture capital firm that recently finalized a $50 million investment round, has released a new report that discusses the state of Fintech in the Middle East region. Global Ventures’ extensive 59-page report covers the ongoing growth and development of the Fintech… Read More

February 7, 2020 @ 6:45 am By Omar Faridi  |  

The Italian Ministry of Economy and Finance has reportedly begun a consultation on a Draft Decree on the evaluation criteria to test out Fintech projects in a sandbox environment. The ministry has appointed a Fintech Committee, which will be exploring various financial technology projects. The… Read More