Category: Regulation
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Fintech Bank Receives An Investment License.
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Berlin-based Fintech Vivid has received permission to provide investment advice through its Dutch subsidiary. Neobank aims to offer a “super app” for all financial services. The neobank has received an investment license from the Dutch Financial Markets Authority (AFM).
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Indian Fintech Uni Suspends Card Services In Face Of Central Bank Guidance!
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Indian Buy-now-pay-later card startup Uni (website) plans to temporarily suspend its card services in the South Asian market due to the local central bank’s digital lending guidelines. The fintech, which is backed by General Catalyst, Elevation Capital, and Lightspeed Venture Partners, confirmed that the cards will be inactive until further…
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Alibaba Founder Jack Ma Plans To Withdraw From Ant Group
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Chinese regulators have once again targeted Alibaba Group Holding, a major shareholder in Ant Group, after several fines were already imposed on the Internet group. The powerful Alibaba Group Holding Ltd and Jack Ma’s financial technology giant Ant Group have been under scrutiny from Chinese authorities for years. Ant told…
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Kenya’s Banks Ordered To Stop Dealing With Flutterwave And Cipper Cash!
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According to media reports, the Central Bank of Kenya (CBK) has ordered lenders and microfinance institutions to stop doing business with fintech companies Flutterwave and Chipper Cash. The CBK said in a letter to the CEOs of commercial banks, microfinance companies and mortgage lenders that the two startups have been…
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Cashfree Payments Receives RBI Approval To launch Product Enabling Purchase Of Listed Shares On Foreign Exchanges
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Cashfree Payments, a leading Indian payments and API banking solutions provider, announced that it had received the green light from the Reserve Bank of India (RBI) for its cross-border payments product. The approval came after the company successfully tested the solution during the RBI’s second cohort regulatory sandbox for cross-border…
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Moving Forward Despite Crypto Winter – Coinbase Receives Regulatory Approval In Italy!
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In a recent blog post, Coinbase announced it secured approval from Italian regulators to provide ongoing crypto services to its residents. The new requirement implemented by the Organismo Agenti e Mediatori (OAM) mandated that all companies offering crypto trading, custody, or other services, meet set criteria. We’re proud to be…
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Taiwan And Israel Sign Memorandum On Fintech Cooperation
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Taiwan’s Cabinet Office Financial Supervisory Commission (FSC) and Israel Securities Authority (ISA) concluded a memorandum on financial technology (fintech) cooperation via videoconference on July 13, highlighting the Republic of China (Taiwan) government’s efforts to promote global partnerships in the sector.
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Flutterwave Has Accounts Frozen In Kenya Over Money-Laundering Allegations!
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A Kenyan tribunal froze more than $40m in accounts belonging to fintech company Flutterwave under the country’s anti-money laundering laws. Kenya’s Assets Recovery Agency sought and was granted a High Court order to freeze several accounts with three banks belonging to Kenyan-registered Flutterwave Payment Technology Ltd.
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Payout Issues At Crypto Exchange Blockchain.Com!
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In Feb 2022, the US crypto exchange operator Blockchain.com announced that its UK and European retail customers will be moved from the FCA-regulated EMD agent Blockchain Access (UK) Ltd to the Lithuanian subsidiary Blockchain (LT) Ltd. The UK entity is an agent of FCA-regulated Modulr FS Limited. For some time…
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China Approves Plan For ‘Healthy’ FinTech Sector Development!
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Chinese President Xi Jinping chaired a conference this week that approved publicizing the “healthy” development of the payment and fintech sectors. The meeting of the central commission for deepening overall reform also backed improving regulation of significant payment platforms, adding that companies would be encouraged to return to their roots…