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Daily Briefing

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Monday 16th July @ 9:10am

European regulators are falling over themselves to become first to offer banking licences to cryptocurrency exchanges. Not long after arriving in Malta from Hong Kong, crypto exchange Binance wants to establish a decentralised community-owned bank. The concept, dubbed Founders Bank, has been thought up by Binance, which is set to make up to $1bn in profit this year. "Obviously, they'll have to meet anti-money-laundering regulators. The question will be, how do regulators view...MORE

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Friday 13th July @ 9:20am

Mastercard followed Visa with its own outage yesterday. The company has not yet announced the reason for the failure, which mainly hit customers in the UK and the US. "We are aware there may have been some issues in processing a limited number of transactions earlier," the company tweeted. "The situation has been resolved and those transactions are now working as normal." Customers angered by...MORE

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Thursday 12th July @ 11:05am

Danske Bank's head of compliance, Anders Meinert Jorgensen, has stepped down. The major Danish lender has been embroiled in a money laundering scandal for some time after allegations were made that a branch in Estonia was critical to funneling criminal funds through. Indeed, earlier this month, the Berlingske newspaper made claims that the total amount of laundered funds could be closer to $8.3 billion, considerably...MORE

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Wednesday 11th July @ 10:01am

Google Pay has finally rolled out some features that it had announced earlier this year, and the developments spell good news for the digital wallet's future. The new in-app functions will allow users to send money to each other (previously only allowed through the Google Pay Send app). As well as storing the likes of your plane boarding pass, Google has also made it easier for users to manage their payment...MORE

Ant
Tuesday 10th July @ 10:04am

Ant Financial is eyeing up both South America and Africa as regions it could seriously expand into in the future — according to its head of international investment. Kenny Man said that the e-commerce and digital payment giant is looking to continue its growth on a global scale, singling out Brazil and Mexico as places where mobile wallet adoption will grow in the next...MORE

PayPal
Monday 9th July @ 9:21am

Payment app Paytm is growing in India, and announced that $50 billion worth of transactions come through the payment platform annually, with around five billion transactions in a year. Since January this year, the firm says it has processed 400 million transactions and has witnessed a 500 percent growth in P2P transactions between...MORE

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Friday 6th July @ 9:09am

Swiss stock exchange operator SIX is launching a cryptocurrency exchange as Switzerland looks to cement its position as Europe's most crypto-friendly country. "SIX, the company that owns and operates the Swiss stock exchange, on Friday announced plans to launch a fully regulated cryptocurrency exchange, showing continued institutional interest in the space despite declining prices," http://uk.businessinsider.com/swiss-stock-exchange-operator-six-launching-cryp...MORE

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Thursday 5th July @ 10:18am

The consequences of the HBOS fraud of 2002-07 continue to rumble on as a retired high court judge in London prepares to examine precisely what the major lender knew about the criminal activity at its Reading branch. Lloyds has asked Dame Linda Dobbs to investigate the scam in the said branch whereby companies were stripped of their assets for gain: six people have already been handed...MORE

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Wednesday 4th July @ 9:52am

Danske Bank's Estonian operations were apparently used to launder 53 billion kroner ($8.3bn) between 2007 and 2015, from countries including Russia, Moldova and Azerbaijan, claims Danish newspaper Berlingske. Although allegations had previously been levelled at the major lender, the new amount — which came to light after more documents were examined — is more than double...MORE

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Tuesday 3rd July @ 11:02am

HSBC has completed "one of the largest projects ever undertaken" by the firm with the ringfencing of its retail banking division ahead of the early 2019 deadline. The separate entity, HSBC UK, has £200bn ($264bn) in assets and has already received its banking licence from the Prudential Regulation Authority; Ian Stuart is the CEO, and David Watts is the chief financial officer. HSBC is the...MORE

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Monday 2nd July @ 10:00am

Digital challenger bank Monzo's aim might be to "make money work for everyone" but unfortunately for Tom Blomfield's firm it hasn't quite figured out how to simply make money. It has emerged that the London-headquartered bank saw its pre-tax losses increase to just over £33 million ($43.5m) for the financial year to the end of February — an increase of...MORE

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Friday 29th June @ 10:34am

JP Morgan Chase is launching its app-only bank nationwide, some nine months after it started testing the app. The phone-based bank account will be called Finn by Chase and is aimed at the millennial generation, keen to do their banking without having to visit a branch. The firm is enticing users to sign up and open an account by offering new customers $100 once...MORE

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