Launched on March 23 by Egypt’s central bank, InstaPay permits electronic transfers from accounts belonging to different banks. 13 banks currently use the app and run on its Instant Payment Network (IPN).
Read MoreEuropean Union lawmakers have voted to apply AML regulations to crypto, while also requiring ID verification for payers and recipients of any amount of cryptocurrency. The E.U. may also cut off unregulated crypto exchanges from financial systems if they fail to comply.
Read MoreItaly’s central bank has banned N26, the Germany-based neobank giant, from onboarding new customers or offering new products. Italian regulators have flagged N26 for its weak AML procedures.
Read MoreBoth payments processors had previously announced that that they would stop doing business in Russia. But their cards still work within the country, because Visa and Mastercard were forced to switch to Russia’s domestic payments-processing system in 2015.
Read MoreAccording to the Financial Health Network, more than 70% of pay-advance users have taken out several advances in a row. Predatory data collection and obscure cash-limit algorithms further affect consumers within this $12B industry.
Read MoreThe Chinese tech giant said it is looking into whether Chinese regulators will force it to house its financial businesses in a holding company. Two financial holding company licenses have recently been issued in the country.
Read MoreAn interagency panel, the Property Appraisal and Valuation Equity task force, released a plan for addressing discrimination in the appraisal industry. The group first convened last summer.
Read MoreIn a research report, Morgan Stanley said it expects growth within decentralized finance to slow down. It cited regulation and overcollateralization as the two primary factors affecting DeFi’s deceleration.
Read MorePaysera, a Lithuanian company handling payments for online stores and retail customers, has refurbished the fourth floor of its global offices to house 16 Ukrainian refugees. It’s also halted payments to and from Russia in response to the country’s invasion of Ukraine.
Read MoreFTX announced that tennis star Naomi Osaka will become a brand ambassador for the crypto exchange. She will get an equity stake and be compensated in crypto as well.
Read MoreIn an update to the state’s bribery- and corruption-prevention laws, the New Jersey General Assembly may soon vote to prevent public officials from receiving NFTs and virtual currency as gifts. The bill was approved by the Science, Innovation, and Technology Committee last week.
Read MoreOn Wednesday, the Consumer Finance Protection Bureau (CFPB) announced that discrimination associated with any financial product is illegal. The Bureau has primarily concerned itself with discrimination in credit.
Read MoreFrom cannabis to cryptocurrency, the future of fintech lies in the hands of regulators. Find out how alternative payments rails, smart contracts, and securities enforcement can potentially change everything.
Read MoreThe billion-dollar startup, which wants to distribute cryptocurrency to every human being by imaging their eyes, recently suspended operations in at least seven countries. It’s now delayed its launch date for a second time.
Read MoreThe global payments firm launched a new brokerage payments solution that lets international FIs settle transactions with certain U.S. brokerages. This system is up to 90% cheaper for customers than SWIFT.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
