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Weekly News Highlights – 28 April 2022

Stay up to date with the latest news from fintech! This week, we bring you updates and developments on partnerships, lending, banking, crypto, NFT and more. Enjoy reading!

IFSCA issues new framework for fintech entities (Money Control)
In a bid to develop and regulate financial products and services, the government-controlled International Financial Services Centres Authority (IFSCA) on April 27 issued a framework for fintech entities across the spectrum of banking, insurance, securities, and fund management. As per the framework, there will be a dedicated Regulatory Sandbox for fintech products or solutions. IFSCA has defined Regulatory Sandbox as a live environment with a limited set of real customers for a limited timeframe wherein entities operating in the capital market, banking, insurance and other financial services space in International Financial Services Centres (IFSC) shall be granted certain exemptions and relaxations from the applicability of certain regulatory provisions for experimenting fintech ideas and solutions. Read more.

CFPB Dusts off Old Rule to Investigate FinTech (PYMNTS)
The Consumer Financial Protection Bureau (CFPB) announced yesterday, April 25, 2022, that it will start using a largely unused legal provision to examine nonbank financial companies, FinTechs, that pose risks to consumers. According to the Bureau, this dormant authority will help protect consumers and level the playing field between banks and nonbanks. “Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to,” said CFPB Director Rohit Chopra. Read more.

Micro-Investment App Raiz Partners Now Available to Non-Maybank Users (Fintechnews)
Raiz Malaysia, a joint venture company between Raiz Invest Australia and Permodalan Nasional Berhad (PNB), enables its customers to link their bank cards via the micro-investment app through its partnership with Visa. Following its launch in July 2020, Raiz was initially only available for Maybank account holders. With Raiz’s auto-round-ups feature, cardholders can now save their spare change from everyday purchases and boost their savings in the background of life while managing their finances better. Read more.

Funding Societies Makes Co-investment in Indonesia’s Bank Index (Fintechnews
Funding Societies, Southeast Asian SME digital financing platform also known as Modalku in Indonesia, announced its investment into Indonesia’s Bank Index alongside Carro, a Southeast Asian automotive marketplace platform. This move signals Funding Societies’ entry into the neobanking space. With a focus on SME banking, Bank Index is a privately-owned national bank with a nation-wide footprint of 53 offices networks in major commercial areas across Jabodetabek, Java, Sumatra, Bali and Batam. Read more.

Digital Services Act: Commission welcomes political agreement on rules ensuring a safe and accountable online environment (European Commission)
The Commission welcomes the swift political agreement reached today between the European Parliament and EU Member States on the proposal on the Digital Services Act (DSA), proposed by the Commission in December 2020. The DSA sets out an unprecedented new standard for the accountability of online platforms regarding illegal and harmful content. It will provide better protection for internet users and their fundamental rights, as well as define a single set of rules in the internal market, helping smaller platforms to scale up. Read more.

Bank Negara Malaysia Announces Much Anticipated Digital Banking License (Fintechnews)
After a month of delay, Bank Negara Malaysia (BNM) finally announced the list of successful applicants. The framework which was first issued on 30th December 2020, was hotly contested and attracted 29 parties to bid for the licenses. The central bank said all 29 applications received were thoroughly assessed pursuant to section 10 (1) of FSA, and IFSA, which required BNM to consider all the factors in Schedule 5 of the Acts and other relevant policy requirements. Read more.

 

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