| | | Effective PR

fintech

FinCEN and the Federal Banking Agencies have issued a joint statement "encouraging innovative industry approaches" to money laundering compliance. It's not long and it encourages both human and technological innovation. But, importantly, it specifically says that it does not require those who don't need it to jump into NewTech just because it's there. It also says banks are free to fail when trying new things. It also says that some NewTech might result in regulators finding out things companies might rather they didn't.

BIScom Subsection: 

Mobile payments are exploited by criminals who use services such as AliPay and WePay coupled with QR codes and while the companies behind the services are, well, behind on customer protection, The People's Bank of China, the central bank, is running ahead of regulators in other jurisdictions to find a solution. Their first idea was harsh. Their second is brutal. Can it work?

A report published by FinMark Trust (a charity funded by the UK, the UN and private organisations) seeks to explain the reasons behind the " termination of mobile money services" in South Africa and the likely effects. More positively, the report also identifies "barriers to launching effective mobile financial services (MFS) in South Africa with a specific focus on the regulatory environment required to enable such opportunities. " But, as extracts show, there might be an element of a solution looking for a problem. It all seems a little too much as if someone has decided that mobile financial services are essential. What do you think?

The Dubai Financial Services Authority and ASIC yesterday signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Below, free content, is my interview, given in May 2017 at the Thompson Reuters Regulatory Summit in Singapore, published today.

BIScom Subsection: 

Quietly, almost under the counter, the UK's Financial Conduct Authority is preparing itself for life outside the EU with a raft of agreements directly negotiated with regulators around the world.

BIScom Subsection: 

It might seem a bit of a stretch to suggest that Uber, the dating service for those with a car that isn't a taxi and those with a transport need has much to do with FinTech but a long-running battle first in Spain and then in the European Court of Justice makes a landmark decision that affects the provision of so-called "disruptive" technologies and although it's couched in complex legal terms, the opinion represents a victory for common sense - and potentially causes enormous problems in relation to some aspects of passporting. Financial regulators all over the world should take notice: this is how you should view FinTech if you want to avoid systemic problems, says Nigel Morris-Cotterill

BIScom Subsection: 

The UK government is to host a conference on FinTech as part of FinTech Week 2017. Chancellor Phillip Hammond is pleased to say that it's got Bank of England Governor Mark Carney and City Minister Simon Kirby to speak. If that sounds like a non-coup, just think about this: the FinTech bubble is already under strain. It may well have burst by the time the conference takes place in the middle of April.

There's a lot of buzz about Person to Person Payments (sometimes called P2PP) but are they just a fad that don't add much to the old ways?

I hate buzzwords. I hate management-speak. And I really, really hate trends that appear to be one thing when really they are another. And more than all of those combined, I hate marketing-hype bubbles where everyone talks in breathless terms about the means instead of the ends or, even, the process.

So it follows, even though I've been fascinated by technology for decades, I'm irritated by the growth of so-called "fintech."

And I'm watching all the signs of a bubble.

Mobile payment systems provider is facing a nice day as venture capitalists value the little business at some USD1,000 million.

US company SurePass says that it has developed a two-factor authentication system that avoids problems with the "RSA Breached Token Devices" so as to "deliver secure two-factor authentication via free mobile apps, text and electronic card"

Pages