Stay up to date with the latest news from fintech! This week, we bring you updates on tech launches, cybersecurity, new entries, acquisitions, and more. Enjoy reading!
Swift trials electronic bill of lading interoperability model (Finextra)
Swift has partnered with BNY Mellon and Deutsche Bank to test an API-based interoperability model for electronic Bills of Lading (eBL) that it says could help digitise global trade. In 2022, only 2.1% of bills and lading and waybills in the container trade were electronic, according to the FIT Alliance. McKinsey predicts that adopting eBL could save the industry $6.5 billion a year and enable $40 billion in global trade by 2030. Read more
SEC denies Coinbase petition for crypto rules (Finextra)
The Securities and Exchange Commission has denied a petition from crypto exchange Coinbase asking the regulator to put in place new rules specifically for the digital asset sector. Coinbase filed the petition last July, asking that the SEC “propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods”. In a 3-2 vote, the commission has denied the petition, stating that it disagrees that the current regime is “unworkable” for crypto securities. Read more
UK’s PSR proposes cross-border interchange fee cap (Fintech Futures)
The UK’s Payment Systems Regulator (PSR) has proposed a new cap on cross-border interchange fees in a push to protect UK businesses from overpaying on these fees when accepting payments from cards issued in the European Economic Area (EEA). The calls are part of a recently published interim report instigated by the regulator after fee increases by Visa and Mastercard. Read more
ESMA sets new timeline for crucial ESG fund naming guidelines (Fintech Global)
The ESMA has recently announced an update regarding its guidelines on ESG and sustainability-related terms in fund names. This update is significant for the FinTech sector, particularly in the areas of sustainable and ethical investments. A critical aspect of this update is the postponement of the adoption of these guidelines. ESMA has chosen to delay the implementation to fully incorporate the outcomes of the reviews of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive. Read more
ECB unveils crucial climate risk strategies for EU financial system (Fintech Global)
The ECB and the European Systemic Risk Board (ESRB) have released a report focusing on the impact of climate change on the EU’s financial system. This comprehensive report introduces a set of frameworks targeting the enhancement of financial stability in the face of climate risks. The report outlines the creation of a surveillance framework alongside a Chartbook to monitor financial stability indicators significantly impacted by climate change. It also proposes a macroprudential approach to manage climate-related risks. This strategy extends to nature-related risks, offering a broad scope of risk management. Read more
Google and Apple’s iron grip on app stores is slipping (The Washington Post)
Apple and Google make billions of dollars a year funneling users to make purchases through their app stores. A new federal court decision and a spate of new laws from around the world are challenging that — and threatening their ironclad grip on the internet economy. On Monday, a federal jury in San Francisco found that Google’s app store was an illegal monopoly that the search giant had used to close out competition from other companies. Read more
Tingo Group CEO temporarily steps down after US SEC charges (Reuters)
Tingo Group (TIO.O) said on Wednesday that Nigerian businessman Dozy Mmobuosi has temporarily stepped down as interim co-CEO of the fintech firm after the U.S. Securities and Exchange Commission (SEC) filed charges alleging fraud. The SEC on Monday filed charges against Mmobuosi and three companies of which he is CEO, alleging they inflated the financial performance of the companies and key subsidiaries to defraud investors. Ken Denos will serve as interim co-CEO of Tingo Group until further notice, the company said on Wednesday. Read more
Lydia, Insurtech Qover to Enhance Insurance Experience for European Clients (Crowdfund Insider)
Lydia, a mobile banking application, has partnered with insurtech Qover to introduce a seamless travel insurance experience. This offering is exclusively available “to Lydia’s premium cardholders, known as Black+ users, in Belgium, France, Portugal and Spain.” Qover’s embedded insurance orchestration platform is at the heart of the program, “backed by Zurich and Cover-More.” This collaboration creates a seamlessly embedded solution “that redefines the way users engage with insurance.” Read more
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