Yapeal gets Switzerland’s first fintech bank license

Yapeal, a Swiss digital challenger bank, has been granted Switzerland’s first fintech bank license. The fintech bank license was issued by the Swiss financial services regulator – the Swiss Financial Markets Supervisory Authority (FINMA). The license allows Yapeal to provide individuals with accounts with a Swiss IBAN. The fintech bank license has a cap on… Continue reading Yapeal gets Switzerland’s first fintech bank license

First Mexico fintech license is issued

Mexico has issued its first fintech license. The license has been granted to NVIO Pagos Mexico, which is an affiliate of Bitso. Bitso is a cryptocurrency exchange, based in Mexico City and founded in 2014. The license is granted by Mexico’s financial services regulator – the Mexican National Banking and Securities Commission (the CNBV). Over… Continue reading First Mexico fintech license is issued

Spain’s fintech sandbox is on the way

Spain’s fintech sandbox is on track to start taking applications this year. The Council of Ministers has approved Spain’s “Digital Transformation of the Financial Sector” draft bill, which includes provisions for a regulatory sandbox. The draft bill  will next go to parliament for consideration and approval.. The sandbox would be overseen  by Spain’s central bank (the Banco… Continue reading Spain’s fintech sandbox is on the way

Sri Lanka Launches Fintech Sandbox

Sri Lanka has launched a regulatory sandbox for fintech firms. The sandbox is operated by Sri Lanka’s financial regulator – the Central Bank of Sri Lanka (CBSL). It is intended to help grow Sri Lanka’s fintech industry, support innovation in financial services in the country and improve access to financial products and services. The sandbox… Continue reading Sri Lanka Launches Fintech Sandbox

Australia doubles time firms can spend in Fintech Sandbox

Australia’s fintech sandbox (the ASIC Regulatory Sandbox) allows approved fintech firms to operate in Australia without an Australian Credit Licence or Australian Financial Services Licence. The amendment passed this week doubles the amount of time fintech firms can spend in the sandbox (from 12 months to 24 months) and increases the range of activities that… Continue reading Australia doubles time firms can spend in Fintech Sandbox

New lobby group for UK peer-to-peer lenders (36H Group)

A new lobby group for UK peer to peer lenders – named 36H – has been formed by Innovate Finance. Innovate Finance is an independent fintech industry organisation in the UK – funded by membership fees from its members. The name 36H refers to article 36H of the Financial Services and Markets Act (FSMA) –… Continue reading New lobby group for UK peer-to-peer lenders (36H Group)

California proposes fintech regulation overhaul. License fees may also increase.

California’s Governor has included changes to fintech regulation in the state’s proposed budget for this year. The changes are intended to improve consumer protection and may also help continue to improve California’s fintech ecosystem/reputation as a trusted headquarters for national and global fintech firms. The proposed budget will now be reviewed by the California State… Continue reading California proposes fintech regulation overhaul. License fees may also increase.

California denies Sezzle and warns other point of sale lenders

Summary California has determined that Sezzle has been illegally providing loans in the state As their service needed a lender’s licence which Sezzle believed it did not need. Sezzle allows online shoppers to pay for their purchases in installments (as an alternative to paying for the purchase with a debit or credit card). California Decison… Continue reading California denies Sezzle and warns other point of sale lenders

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US FDIC may change Brokered Deposit Rules – Potentially Benefiting Fintechs

Brokered Deposits are deposits that have been placed with a bank by an intermediary firm (a “broker”) for an end customer. The current rules prevent banks that are not classed as “well capitalised” by the Federal Deposit Insurance Corporation (FDIC) from taking brokered deposits. The logic is that deposits from deposit brokers in the past… Continue reading US FDIC may change Brokered Deposit Rules – Potentially Benefiting Fintechs

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China approves Vanguard (US) – Ant Financial Retail Business

The China Securities Regulatory Commission has approved a Joint Venture between Vanguard and Ant Financial. Vanguard is the world’s second largest asset manager. It is based in Pennsylvania, USA. Ant Financial was spun out of Alibaba and operates Alipay. It is based in Hangzhou, China. The Joint Venture will provide Chinese retail investors with access… Continue reading China approves Vanguard (US) – Ant Financial Retail Business