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Tag: Featured


Capital and Risk, Credit, Operational

Myanmar’s KBZ Bank taps FinbotsAI for credit risk management solution

April 16, 2024

Via: FinTech Futures

As part of the deal, KBZ Bank will deploy the fintech’s credit modelling platform, CreditX, to “assess the creditworthiness of applicants across retail and SME products with higher accuracy and efficiency”. The AI-powered platform enables “real-time, paperless loan assessment” and […]


Capital and Risk, Insurance

Florida Peninsula Says Reforms Have Had an Impact, Announces 2% Rate Cut

April 11, 2024

Via: Insurance Journal

After the Florida Legislature in 2022 and 2023 passed sweeping reforms designed to limit excessive claims litigation, some in the insurance industry predicted that the new rules would prevent further rate increases – but would not lead to actual decreases […]


Regulations

Revolut to launch operations in Mexico with new banking licence

April 10, 2024

Via: FinTech Futures

Previously cited by the fintech as a “key region for international expansion”, Revolut has been in pursuit of the approval since 2021, when it hired former RappiPay executive Juan Miguel Guerra to head its entry into the market. Its efforts […]


Capital and Risk, Operational

Opus CEO Praveen TM on driving AI transformation in banking and payments

April 10, 2024

Via: FinTech Futures

In an era where technology is reshaping the world of banking and payments, Opus Technologies is making waves through innovation. The company has launched a host of platforms and solutions to democratise artificial intelligence (AI) adoption among banks and credit […]


Capital and Risk, Trading

Unveiling the Dark Side of Forex and Cryptocurrency Trading

April 10, 2024

Via: TechBullion

Unveiling the Dark Side of Forex and Cryptocurrency Trading With the rise of the forex trading platform and the allure of quick profits, scam brokers have emerged as a significant threat to those seeking to venture into forex and cryptocurrency […]


Capital and Risk, Operational

CFPB publishes new report highlighting risks related to financial transactions in video games

April 8, 2024

Via: FinTech Futures

Titled Banking in Video Games and Virtual Worlds, the new study reveals that gaming consumers in America spent nearly $57 billion on hardware, software, and in-game transactions in 2023. Gamers are often exchanging real dollars for virtual currencies or other […]


Regulations

NY Fed enters cross-border tokenization effort

April 4, 2024

Via: Payments Dive

The central bank also provided perspective on its goals. “The project will focus on overcoming common structural inefficiencies in cross-border payments today related to differing legal, regulatory, and technical requirements, operating hours and time zones, and varying financial integrity controls,” […]


Capital and Risk, Operational

First Abu Dhabi Bank partners Microsoft to develop new AI-powered banking capabilities

April 3, 2024

Via: FinTech Futures

The bank is tapping Microsoft’s cloud-based Azure AI services to build and operate what it calls an “AI Innovation Hub”, with the aim of further integrating the technology into its product suite and back-end operations. Microsoft previously engaged in a […]


Capital and Risk, Operational

MAS unveils new Cosmic platform to help banks defend against terrorism financing and money laundering

April 3, 2024

Via: FinTech Futures

Cosmic was co-developed by MAS and six commercial Singaporean banks – Citibank, DBS, HSBC, OCBC, UOB, and Standard Chartered Bank – with these financial institutions being the first to implement the solution during its initial phase. MAS states that information […]


News

Return-to-office delays burden regional bank real estate portfolios

April 3, 2024

Via: Banking Dive

Delays implementing return-to-office plans and questions around companies’ longer-term real estate footprints are straining the office category of regional banks’ commercial real estate portfolios, executives said last week in Philadelphia. Nearly a year after the World Health Organization declared the […]


Regulations

U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

April 1, 2024

Via: JD Supra

In a display of the United States’ jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and unlicensed money transmission offenses. The indictment […]


News

Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’

April 1, 2024

Via: Banking Dive

Citi’s energy clients include companies predominantly related to oil and gas production, but also include bioenergy, carbon capture, utilization and sequestration, direct air capture hydrogen and renewable energy, according to its 2021 Task Force for Climate-related Financial Disclosures report. Its […]


Capital and Risk, Insurance

Yellen Sees Insurance Payouts Helping Fund New Baltimore Bridge

March 28, 2024

Via: Insurance Journal

Treasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week. “My expectation would be that, ultimately, there’ll be insurance payments in part to cover […]


Activity, Capital and Risk, Operational, Retail Banking

Missouri’s Central Bank taps Personetics for AI-powered money management solution

March 28, 2024

Via: FinTech Futures

Central Bank states that the move will enable it to deliver goal-oriented savings and wellness programmes to its digital users, offer real-time personalised financial advice and introduce an improved money management hub. Daniel Westhues, executive VP and CMO at Central […]


News

UK’s Co-operative Bank to cut 400 jobs as part of cost reduction programme

March 27, 2024

Via: FinTech Futures

The Manchester-headquartered bank says a consultation for the proposed job cuts has now commenced, with the action expected to impact 12% of its total workforce. “The decision has not been made lightly, and the bank will continue to work closely […]


Regulations

DOJ calls Apple card fees ‘significant expense’ for banks

March 26, 2024

Via: Banking Dive

The Justice Department lawsuit against Apple suggests banks have been victims of Apple’s antitrust infractions, noting that fees the banks must pay when consumers use credit cards are “a significant new cost.” “Apple has charged issuing banks 15 basis points […]


Activity, Retail Banking

Mobile banking app for kids and teens, Cashee, to launch in Saudi Arabia

March 25, 2024

Via: FinTech Futures

Founded in 2020, the start-up has three co-founders: Smeetha Ghosh (CEO), Brad Whittfield (CFO), and Gups Jutla (COO). Cashee describes itself as “a banking and financial education platform” and says it’s “empowering youth to create better money habits”. Once launched, […]


Regulations

SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’

March 21, 2024

Via: Insurance Journal

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false […]


Activity, Investment Banking

JPMorgan is still stuck on soccer

March 20, 2024

Via: Banking Dive

JPMorgan Chase has created a “sports investment banking coverage group” aiming to offer advisory and financing solutions for potential investors in athletic franchises, Reuters reported Tuesday, citing an internal memo. “Sports has become an increasingly large asset class, attracting more […]


Capital and Risk, Credit, Regulations

FTC fines fintechs Biz2Credit, Womply $59M over PPP actions

March 19, 2024

Via: Banking Dive

Two fintechs, Biz2Credit and Womply, agreed to pay a collective $59 million to settle allegations they deceived small businesses seeking Paycheck Protection Program loans during the COVID-19 pandemic, the Federal Trade Commission said Monday. Biz2Credit and its subsidiary, Itria Ventures, […]