U.S. Treasury Bureau Considers Allowing Fintech Companies as Special Purpose National Banks
The Office of the Comptroller of the Currency (OCC) will consider applications from fintech companies to become special purpose national banks, Comptroller Thomas Curry announced Friday. Over the past year, no topic in banking and finance has drawn more interest than fintech, and for good reason, Curry noted in prepared remarks while speaking at the Georgetown University Law Center. The number of fintech companies in the United States and United Kingdom has grown to more than 4,000, he noted, and in the last five years investment in the sector has expanded from $1.8 billion to $24 billion....
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Over the past few years, New York state has proven to take aggressive stances to financial technology. The state of New York has a somewhat unusual reputation when it comes to financial regulation. The state’s regulator is not too keen on the OCC’s bank charter pan for fintech firms. Overseeing the financial technology sector is a coveted price, and a national bank charter may not be the best idea. It is unusual to see NY state go after the OCC this way, although it remains unclear how things will play out. Not too long ago, the OCC proposed their plans for a national bank charter in the....
Canadian regulators and policy makers need to work together to ensure that the country maintains its FinTech development; however, it also needs to be mindful of maintaining the protection of its customers and banks. That’s according to an organized federal Competition Bureau discussion, reports the Financial Post. Moderated by Carolyn Wilkins, senior deputy governor of the Bank of Canada, those present included the federal Department of Finance, the Ontario Securities Commission, the Financial Consumer Agency of Canada, FINTRAC, and Payments Canada. The federal Competition Bureau is....
Singapore is taking steps to promote the country's fintech ecosystem by easing regulations for investment in the sector. Increasing interest in blockchain technology based applications among banking and financial institutions has got governments and central banks across the world making special allowances for Fintech companies. Singapore is the latest country to consider offering special concessions targeted towards fintech companies. The deputy Prime Minister of Singapore, Tharman Shanmugaratnam has announced that the Central Bank of Singapore is looking into the possibility of easing....
The online cryptocurrency and stock brokerage platform Etoro has announced the company is going public via a deal with a special purpose acquisition company called Fintech Acquisition Corp V. The Etoro merger is a $10.4 billion deal, backed by the banking entrepreneur and Fintech Acquisition Corp V chair Betsy Cohen. Etoro Enters a Special Purpose Acquisition in a $10.4 Billion Deal The popular cryptocurrency trading platform and stock brokerage service, Etoro, has plans to go public with a $10.4 billion merger. The merger was invoked by a firm called Fintech Acquisition Corp V, and....
Frank Schwab, a founder of the Fintech Forum in Germany, believes that bitcoin has proven itself, and banks could eventually become obsolete, according to an interview with Christoffer De Geer, marketing manager at XBT Provider, in The Street. Schwab’s association with fintech began in 2012 when he came across a Berlin-based startup called Mambu which develops a cloud-based core system for microloans. Schwab was impressed with the IT architecture for the business model. He then learned about fintech activities in New York and London and decided to launch the FinTech Forum in Germany.....