Shariyah Review Bureau to Supervise Tribal Credit’s Sharia Compliance For New Corporate Cards
The Fintech Times » Regtech
by Francis Bignell
1y ago
To review, certify and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets, Tribal Credit, a global company from Silicon Valley that provides integrated financial solutions for startups across the Middle East and emerging markets, has partnered with Shariyah Review Bureau (SRB), a GCC based Shari’a advisory firm. With this announcement, Tribal Credit has become one of the first standalone credit and expense management solutions to offer Shari’a compliant products in MENA. SRB has been at the forefront of Shari’a advisory for more than seven ..read more
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Regulatory Reporting Remains Highest Priority for Finance Firms Despite Some Costs Doubling
The Fintech Times » Regtech
by Tyler Smith
1y ago
As pressure on the compliance function grows in a fast-moving and increasingly complicated regulatory and operational landscape, almost 90 per cent of financial services firms have reported increased compliance expenditure over the past five years, with one in 10 saying costs have doubled. In this light, 44 per cent of firms are planning to invest more in regtech solutions in the next 12 months to cope with the growing pressure on the compliance function, while a further 41 per cent expect to continue investing the same amount as they did in the 12 months prior. However, the cost of complianc ..read more
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Spotlight: UK Government Announces Regulatory Crackdown on Buy Now Pay Later Services
The Fintech Times » Regtech
by Tyler Smith
1y ago
The UK Government is to apply more stringent regulations to the buy now pay later (BNPL) industry; as many continue to turn to payment instalments to manage the rising cost of living.  In the announcement made on Monday, 20 June, the Government outlined its intentions to introduce BNPL systems and providers to a wider regulatory framework which will seek to promote fairness, transparency and guided industry development. As the paytech has made historic leaps and bounds in terms of consumer adoption, the regulation around this form of alternative finance has struggled to keep pace; placin ..read more
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RBC Joins the Open Invention Network To Protect Fintech From Looming Threat of Patent Trolls
The Fintech Times » Regtech
by Tyler Smith
1y ago
Royal Bank of Canada (RBC) joins the Open Invention Network (OIN) as its newest community member.  OIN was formed to safeguard open source software (OSS), with the company now the largest patent non-aggression community in history. It announced this week that RBC has joined as a community member. OIN is an advocate for patent non-aggression, something it describes as ‘defensive strategies that protect us against the aggressive use of patents’. When a company claims a patent and uses its right to an invention as a means to prevent others from entering the market effectively, this is paten ..read more
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Enfuce Buckles up With Konsentus Verify as ATO Continues Fintech Onslaught
The Fintech Times » Regtech
by Tyler Smith
1y ago
​​Enfuce has chosen Konsentus’ Verify to protect its customers from unauthorised or fraudulent third parties gaining access to valuable account data and funds. The Finnish open banking and embedded payments provider is to deploy the Konsentus Verify infrastructure regtech to enable open banking data to be exchanged securely within its own services. The infrastructure is built upon identity and regulatory checking services, which block access to end-user account data or funds for unauthorised or fraudulent third parties. Verify checks a third party’s identity and regulatory status each time it ..read more
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RecognID Enters The Global KYC Market With Deep Expertise in Fintech
The Fintech Times » Regtech
by The Fintech Times
1y ago
Know your customer (KYC) service provider RecognID recently announced its global market expansion. After several years of serving as an identity proofing solution for existing partners, the team of MD Finance, a group of fintech companies, decided to give the product an additional boost and development. Based on its team’s experience in top-notch KYC, RecognID has evolved into a separate product, ready to conquer new horizons. Core features to provide reliable identity proofing The team of RecognID aims to cover a wide range of possibilities for clients to go through eKYC and anti-money laund ..read more
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LuLu Financial Holdings and Samsara Remit Select Aerotruth for B2B Partner Onboarding
The Fintech Times » Regtech
by Tyler Smith
1y ago
Both Abu Dhabi-based LuLu Financial Holdings and the Nepali money transfer service Samsara Remit join Aerotruth‘s commercial partner onboarding platform.  Aerotruth is an Australian and New Zealand-based startup. Its online platform has been designed to make the partner business-to-business (B2B) onboarding process for fintechs, banks and other financial institutions easier. The industry is currently experiencing a heightened level of inter-sector collaboration but also remains dependent on efficient B2B partner onboarding processes. Traditional email-based onboarding methods are time-co ..read more
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UK Government Unveils New Data Protection Laws Promising £1Billion in Business Savings
The Fintech Times » Regtech
by Tyler Smith
1y ago
The UK Government has disclosed details of its intention to introduce new, business-focused data protection laws in its latest ‘clampdown on bureaucracy’. The proposals, which were announced at the end of London Tech Week this week, plan to reform the UK’s current data protection laws, offering businesses wider flexibility in how they obtain consent to use a customer’s data. The arrival of these reforms would do away with most of the European Union’s general data protection regulation (GDPR), which was introduced four years ago and requires businesses to adhere to complex ‘box-ticking’ exerci ..read more
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Policies Require Calibrated Approach To Mitigate the Uncertainties of MENA’s Economic Recovery
The Fintech Times » Regtech
by Tyler Smith
1y ago
Dubai International Financial Centre (DIFC), the financial centre of the Middle East, Africa and South Asia (MEASA) region, co-hosted the virtual launch of the International Monetary Fund (IMF) April 2022 Regional Economic Outlook (REO) for the Middle East and North Africa (MENA) region. According to the IMF report titled ‘Divergent Recoveries in Turbulent Times’, the war in Ukraine and sanctions on Russia are exacerbating the divergence in recovery prospects for the MENA region. The IMF Regional Economic Outlook report details trends and developments across the Middle East and Central Asia ..read more
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Neobank Brand New Day To Expand Its AML Controls With Sentinels
The Fintech Times » Regtech
by Tyler Smith
1y ago
The Dutch neobank Brand New Day has adopted the transaction monitoring and compliance solution of Sentinels to scale its anti-money laundering (AML) controls in tandem with its own growth.  Since obtaining its banking licence five years ago, Brand New Day has accumulated around 200,000 customers, for whom the bank manages nearly €4.5billion (£3.8billion). With this, the bank reports how it naturally sought out a compliance partner that could provide the appropriate regtech; something it found in Sentinels. According to the neobank, its selection has resulted in increased efficiency, the ..read more
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