A new law has been introduced in Japan to reduce the high usage of cash in the country. The law, which is being gradually phased in over the next two …
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Amazon plans to launch its own banking service
Amazon, the world’s largest online retailer, has created special accounts as part of a new banking service. This new service, however, does not imply that Amazon intends to launch its …
Read More »China UnionPay and banks create unified payment app
China UnionPay has teamed up with more than 30 local commercial banks and payment institutions to launch a unified app for the country’s banking industry. The Mobile QuickPass app is …
Read More »Mail.Ru launches money transfer service
User of Mail.Ru can now send money transfers of between RUB 100 and RUB 75,000 to users of any email address. To transfer money, users need to create a new …
Read More »Barclaycard expanding contactless payment devices
bPay, payment division of the British company Barclaycard is working with seven watch brands to create a new payment tool that is also stylish and functional as a watch. bPay …
Read More »Singaporean mobile wallet providers form payment consortium
In Singapore, seven mobile wallet providers have formed a payment consortium as part of an effort to promote electronic payments in Singapore and with the aim of supporting interoperability among …
Read More »“Invisible” payments being tested in Spain
Spanish banking company BBVA is testing a facial recognition system in its internal cafeterias as part of an effort to make payments “invisible”. The system is able to recognize user …
Read More »RegTech startups to be included in Accenture’s latest Innovation Lab
RegTech startups that offer solutions for financial regulatory requirements are being invited to join Accenture’s sixth FinTech Innovation Lab for the first time. Accenture made the decision to increase in …
Read More »EU regulators seek to shape the future of FinTech
A new action plan from the European Commission (EC) is aiming to support the growth of technology-enabled financial services. The action plan, due to be launched in spring 2018, will …
Read More »UK’s Financial Conduct Authority calls for smarter regulatory reporting
The Financial Conduct Authority (FCA) of the United Kingdom is examining how technology can help firms meet regulatory reporting requirements and, potentially, improve the quality of the information provided to …
Read More »MasterCard and IBM create Truata, an independent data trust
MasterCard and IBM have founded Truata, an independent trust that will allow companies to conduct analytics while complying with the upcoming General Data Protection Regulation (GDPR) of the European Union …
Read More »UK to harness FinTech to ensure an economy for the future
The government of the United Kingdom (UK) has unveiled its first FinTech sector strategy. A cryptoassets task force (consisting of Her Majesty’s Treasury, the Bank of England (BoE) and the Financial …
Read More »Bank of Russia to pilot new financial ecosystem
The Bank of Russia presented a concept for a new financial ecosystem at the Finopolis forum in autumn 2017 and is ready to begin testing it in the second half …
Read More »Airfox using blockchain technology to replace banks in emerging markets
The American startup Airfox represents a new opportunity in banking, especially for those without bank accounts in emerging markets. The service allows users to make purchases and transfer money while …
Read More »Societe Generale to close 300 branches in move towards digital banking
French bank Societe Generale has announced that it will close 300 (15%) of its branches and eliminate 900 jobs as part of its effort to expand its digital capabilities and …
Read More »Number of bank branches in the Czech Republic decreasing
The number of bank branches in the Czech Republic has been significantly decreasing in recent years. At the end of 2016, there were 2,046 bank branches in the country, 8% …
Read More »The increasing importance of digital banking in the Asia–Pacific region
Customer adoption of digital banking channels is growing steadily across the Asia–Pacific region, making digitization increasingly important for driving new sales and reducing costs. A recent study identified three counter-intuitive …
Read More »Monobank: a mobile bank with no physical branches
Monobank, the debut project of a Ukrainian FinTech company, is proving to be a strong new competitor in Ukraine’s mobile banking industry. The bank, with its lack of infrastructure, is …
Read More »Traditional U.K. banks lagging behind challengers in offering digital banking services
A recent survey of U.K. banks has found that traditional banks are losing ground to challenger banks when it comes to digital banking services. The survey showed the surprising lack …
Read More »Penta: a new digital bank for startups and SMEs
German company Penta is partnering with solarisBank to launch a new digital bank that has been designed to meet all the needs of startups and small- and medium-sized enterprises (SMEs). …
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