IMF warns of Big Tech threat to financial stability
The International Monetary Fund has warned that the arrival of Big Tech firms in financial markets could lead to systemic challenges to financial stability and efficiency.
The spectre of companies like Amazon, Apple, and Google entering the banking industry, was raised by IMF chief Christine Lagarde in an address to the G20 at a summit in Tokyo.
US Congress launches fintech and AI task forces
The US House of Representative is launching task forces looking into fintech and artificial intelligence in financial services.Set up by the House Committee on Financial Services, the fintech task force will look at domestic and international regulation of the nascent sector as well as the infrastructure and legal and regulatory framework for efficient payments.
Canadian regulators ink cooperation deal with UK's FCA on sandbox initiative
The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the United Kingdom Financial Conduct Authority (FCA).
Big banks back new international blockchain alliance
Barclays, BBVA, Deutsche Boerse and Swift are among the financial services sector names to join a new collective promoting the development of a global framework for the development and adoption of distributed ledger technology.
Middle East bank chief calls for more regtech spending
The secretary general of the Union of Arab Banks has called on financial institutions in the region to increase their investment in regtech.
UBS hit with £27.6 million penalty over massive transaction reporting fail
UBS has been fined £27,599,400 by the Financial Conduct Authority (FCA) for failings relating to 135.8 million transaction reports over a ten-year period.
Canadian regulators consult on framework for crypto-asset trading platforms
The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) today published Joint Canadian Securities Administrators/Investment Industry Regulatory Organization of Canada Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms.
Bank of England slammed over outdated IT and culture
The Bank of England has been hauled over the coals by a Common Select Committee in a searing critique of its outmoded technology estate, culture and procurement activities.
