Archive | FinTech

South Korea plans to launch full-scale blockchain financial services pilot

January 12th, 2017 by

South Korea’s Financial Services Commission (FSC) – the country’s primary financial regulatory and authority – have announced during a fintech meeting that it will launch a full-scale pilot project on blockchain-powered financial services this year. The announcement comes just over a month after the formation of South Korea’s first blockchain consortium. A group of 21 […]

Indonesia to regulate p2p fintech firms

January 12th, 2017 by

Otoritas Jasa Keuangan (OJK), a government agency, which regulates and supervises the financial services sector, has finally issued a regulation on fintech firms that run peer-to-peer lending businesses in Indonesia. The new regulation, POJK No. 77/2016, announced toward the end of December, is seen as an introductory move by the OJK to oversee the fintech […]

Iranian banker calls for bitcoin adoption

January 5th, 2017 by

The chief executive of Tejrat Bank has called for Iranian banks and payment service providers to prepare the grounds for using bitcoin in the country. The executive has also called for laying the groundwork to embrace and welcome bitcoin and fintech innovations in Iran. Speaking at a meeting on cryptocurrencies, Mohammad Ibrahim Moqaddam noted that […]

Spanish banking group BBVA acquires Mexican fintech startup Openpay

January 4th, 2017 by

BBVA has announced the acquisition of Openpay, a payments fintech startup based in Mexico that enables real-time payments for individuals, small businesses, and large enterprises. According to BBVA, Openpay combines a cutting-edge, real-time platform that allows users to make card, cash and loyalty points payments and banks transfers in a single integration. It also uses […]

Iran to launch regulatory fintech body

December 26th, 2016 by

Central Bank of Iran (CBI) announced it is planning to launch its very own fintech regulatory body. “CBI has been working on fintech regulations since last year. We are planning to develop an ecosystem to authorize the operation of financial startups and fintech firms,” Ali Kermanshah, director of CBI’s Office for Innovative Technologies, said in […]

PwC launches Vulcan Digital Asset Services

November 15th, 2016 by

Leading ‘Big Four’ consultancy firm PwC has launched Vulcan Digital Asset Services to enable digital assets to be used for everyday banking, commerce and other personal currency and asset related services. Vulcan’s services include digital asset wallets, international payment processing, and investment and trading services, and the company says that it will soon add point-of-sale […]

Ontario Securities Commission to host fintech hackathon

November 14th, 2016 by

The Ontario Securities Commission (OSC) has announced it is hosting a regulatory hackathon for blockchain and fintech innovation. The regulatory agency that oversees the Canadian province of Ontario seems excited about fintech. Now the organization is having a three-day hackathon. “RegHackTO” will take place November 25-27 at the Bitmaker — located at 220 King Street […]

Bitcoin Investor Peter Thiel to join Trump’s presidential transition committee

November 14th, 2016 by

Renowned Silicon Valley investor Peter Thiel has been appointed to Donald Trump’s transition committee. Thiel, 49, was one of the few tech industry executives who supported Donald Trump as a candidate for American presidency. Reportedly, he will deal with vetting presidential appointments and selecting which of Trump’s campaign promises will become the policies. There have […]

UK Financial Conduct Authority adds 9 blockchain firms to fintech sandbox

November 8th, 2016 by

The UK Financial Conduct Authority (FCA) has announced the first wave of blockchain and digital currency companies selected to take part in its new scheme offering lighter regulation to encourage innovation in fintech. Nine blockchain startups (out of a total of 24) are involved in the fintech sandbox, a development which comes more than two […]

Royal Bank of Scotland builds Ethereum-based distributed clearing house

November 8th, 2016 by

Royal Bank of Scotland (RBS) announced that its Innovation Engineering team has built a distributed clearing and settlement mechanism, based on Ethereum, to remove inefficiency from the patchwork system of cross-border payments. The new system, known as the RBS Emerald system, can significantly reduce wait times. Approximately 100 payments will enter the system every second, […]