Video: Top fintech stories this week – 25 September 2020

The FinTech Futures weekly round-up of the industry’s top stories and developments from across the globe.

This week we cover:

 

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Penske will have 80% stake in joint venture

Variety owner Penske Media Corp. paid about $225 million to control 80 percent of the new ­entity that will also publish Billboard and The Hollywood Reporter, to be known as PMRC, reports Keith Kelly of the...

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FinCEN Files: Legacy technology “not up to the challenge” to tackle AML

Legacy technology is just “not up to the challenge” when it comes to dealing with anti-money laundering (AML) requirements, and overreporting from banks playing it safe is putting regulators under undue pressure, say market participants.

A major leak this week showed major banks allowing oligarchs, mobsters, and criminals to launder money more than $2 trillion.

Buzzfeed News obtained more than 2,100 suspicious activity reports (SARs) filed by banks and financial institutions. These were originally submitted to the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

Analysis by the International Consortium of Investigative Journalists (ICIJ) found that between 1999 and 2017 banks flagged transactions worth trillions in SARs submitted to FinCEN.

SARs in their eyes

Banks submit millions of SARs to regulators each year

“Whilst a large number of SAR filings may indicate effective controls in the financial institutions, it may also suggest they are overreporting so as to avoid future regulatory … Read the rest

Adweek lays off diversity and inclusion reporter O’Hara

Adweek magazine laid off diversity and inclusion reporter Mary Emily O’Hara, who started in February. “My strongest skills stem from 15+ years of reporting and editing coverage of underrepresented communities, but I am also...

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Revolut’s four-year-long partnerships head Rishi Stocker departs

Revolut’s first head of partnerships Rishi Stocker is leaving the start-up after joining the fintech back in September 2016 as one of its earliest employees.

Stocker’s four-year-long stint marks his longest employment to date, having spent two years at Unilever and then a further two years at San Francisco-based Square-Trade.

“I now plan to set up a business of my own and I’m working on a few ideas in stealth,” says Stocker in a LinkedIn post breaking the news. Details of what this venture will look like are yet to be revealed.

No new ‘head of partnerships’

Stocker spearheaded Revolut’s Japan launch

FinTech Futures reached out to Revolut for comment on who would be stepping into Stocker’s shoes in the interim.

“These days we don’t have an official head of partnerships, as we have a number of partnership roles responsible for many different aspects across both Revolut (retail) and Revolut … Read the rest

Former Fox Business anchor Trish Regan hired by American Consequences

Trish Regan, the Fox Business anchor who left the network earlier this year, has been hired as executive editor of American Consequences, P.J. O’Rourke’s magazine. Regan left Fox Business in March after controversial on-air...

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What the Fintech? Episode 14 | In these VC streets

The latest episode of the What the Fintech? podcast features Manuel Silva Martinez, general partner at Mouro Capital (formerly known as Santander Innoventures).

We analyse the consequences of HMRC’s £3.5 billion furlough payments that were sent in error and JP Morgan firing a collection of employees for illegally siphoning money from COVID-19. We also discuss what Jane Fraser’s appointment as Citigroup’s new chief executive officer (CEO) means for the industry.

Martinez shares his insight on venture capital (VC) culture and unpacks the shift from Santander Innnoventures to Mauro Capital.

Tune in to find out his three banished buzzwords in another exciting rendition of ‘Fintech Jail’!

WTF? Episode 14 | Commerce in the wake of COVID-19

Listen to the What the Fintech? podcast on Spotify Listen to the What the Fintech? podcast on Apple Podcasts Listen to the What the Fintech? podcast on SoundCloud

Special Guest – Manuel Silva Martinez, General partner at Mouro Capital
Hosted by – Alex Hamilton, Deputy Editor, FinTech Futures
Co-Hosted by – Sharon Kimathi, Editor, FinTech Futures

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Law360 hires Jay on the graphics desk

Ben Jay will be joining Law360’s graphics desk. Jay has been a freelance journalist covering local news, politics, arts, food, and more through photography, written reporting, and videography. He has contributed to publications, including...

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Standard Chartered launches Mox Bank in Hong Kong

Mox Bank, a virtual bank created by Standard Chartered, has launched in Hong Kong this week.

Mox was once known as SC Digital

The bank was created in partnership with Hong Kong Telecoms and Chinese travel agency Trip.com.

That group was among the first to be granted one of Hong Kong’s new digital bank licences by the Hong Kong Monetary Authority (HKMA).

Mox promises “next generation banking” through a cloud-based bank “built from the ground up”. Standard Chartered views the venture as a continuation of its retail banking digitisation.

Thought Machine provides Mox’s core banking system. It’s also using payments processor Paymentology, Oracle’s Netsuite, and working with FICO to build out its credit business.

The bank’s cards omit expiry dates and card verification values (CVVs) to reduce the risk of fraud and loss of personal information. All card information is instead available through the bank’s mobile application.

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FT/McKinsey announce finalists for Business Book of the Year

Books about the future of work, corporate culture, technology and the US economy feature among the six finalists for Financial Times and McKinsey Business Book of the Year, reports Andrew Hill of the Financial Times. Hill reports,...

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