PwC’s FinTech Insights August 2018

FinTech Insights

An exclusive look at the latest developments and evolving technologies in the FinTech space

FinTech news from around the world

Global insights handpicked by PwC

UK financial authority creates global alliance for fintech innovation collaboration

The UK Financial Conduct Authority (FCA) has announced the creation of a global initiative to improve collaboration on fintech innovations — like blockchain — between regulators and companies, according to an official 7 August press release. The FCA states that the new alliance, the Global Financial Innovation Network (GFIN), will work in collaboration with 11 financial authorities and related organizations in order to help fintech firms interact more easily with regulators from different countries.

MAS and Dubai authority sign accord to support fintech development

The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed an agreement that allows each party to refer fintech companies to each other, as well as facilitate the sharing of information on innovation in the financial sector. Both authorities have also agreed to work on joint projects on the application of key technologies. This includes digital and mobile payments, blockchain and distributed ledgers, Big Data and Application Programming Interfaces (APIs).

Swiss watchdog to propose less stringent anti-money laundering rules for fintechs

Swiss financial regulator FINMA is planning to loosen anti-money laundering rules for smaller financial technology firms, part of a drive to boost innovation and shore up the country’s position as a leading money management hub. The revisions, prompted by a new ‘fintech’ licensing category carved out by the Swiss parliament in June, will clarify how non-banks applying for the new license must ensure due diligence.

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