FCA and PRA fine Goldman Sachs £96.6m for 1MDB scandal

UK regulators have fined the London-headquartered, Goldman Sachs International (GSI), £96.6 million for risk management failures in connection with 1Malaysia Development Berhad (1MDB).

The FCA and PRA fines are part of a globally coordinated resolution reached with Goldman Sachs Group (GSG) and its subsidiaries.

The investigation found that GSI breached a number of FCA and PRA principles and rules.

GSI is an indirect wholly owned subsidiary of the GSG. GSI acts as a material booking entity for bond transactions underwritten and purchased by Goldman Sachs outside the USA.

1MDB is a Malaysian state-owned development company that has been at the centre of billion-dollar embezzlement allegations.

GSI underwrote, purchased and arranged three bond transactions for 1MDB in 2012 and 2013 that raised a total of £4.9 billion for 1MDB. The 1MDB transactions were approved by global GSG committees that GSI participated in, and were booked to GSI.

The 1MDB transactions involved … Read the rest

Bauman to become senior investigative reporter for Bloomberg Industry

Bloomberg Law senior legal reporter Valerie Bauman will become a senior investigative reporter for Bloomberg Industry Group starting next week. She had been covering health care and pharmaceutical issues. She previously covered immigration, jobs...

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NatWest accelerator graduate Hoddle launches beta savings app

Hoddle, a fintech savings app which recently graduated from NatWest’s fintech accelerator programme, has launched a beta version of its app in the UK.

Around 6.5 million adults in the UK have no cash savings at all

The start-up, founded two years ago by mobile app developer, Sami Chaudry, allows users to save with family and friends.

A twist with all the trimmings

Its app, based on Google Cloud infrastructure, allows users to set-up “group holds”. Users scan the card they want to attach to the hold, and then Hoddle configures the shared savings pot – be that for bills, or a holiday.

Whilst this is the app’s most original feature, offering a twist on the more individual-focused savings app, it isn’t short of other services.

It also allows consumers to automatically save through “smart holds”, and save regular amounts through “fixed holds”.

Hoddle uses open banking to connect with … Read the rest

Davies joins The Washington Post Metro desk

Emily Davies will be joining the Washington Post Metro desk after completing two successful summer internships at the Post. Over the past several months, Davies has covered the pandemic’s impact on people and businesses...

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FinTech Futures Jobs: six skills that can get you hired in fintech

Click on the image to see all the vacancies on the FinTech Futures Jobs portal

Looking for a new job can be a very positive experience but it can also be somewhat overwhelming at times. Where do I start? How do I put myself out there? What can I do to help my chances? FinTech Futures Jobs is here to help!

The global fintech market is predicted to grow at a rate of almost 25% annually over the next couple of years, making it one of the most exciting industries to be involved in right now (check out all the great vacancies at FinTech Futures Jobs). The rate of growth also makes fintech quite a competitive market for jobseekers.

So, what kind of skills do you need to get you hired in fintech today?

Analytical skills

Analytical skills are important because they allow you to find solutions to … Read the rest

Washington Post hires USA Today’s Brown to cover tech innovations

The Washington Post business editor David Cho, technology editor Christina Passariello and technology policy editor Mark Seibel sent out the following announcement on Thursday: We are excited to announce that Dalvin Brown will join...

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Modulr lands EMI licence from Ireland’s central bank

Modulr, a UK-based payments fintech, has landed an electronic money institution (EMI) licence from Ireland’s central bank.

The start-up is based in both the UK and Ireland. The licence is for its Dublin-based entity, Modulr FS Europe – known as Modulr Europe.

Modulr automates payment flows and embeds payments within customers platforms

Modulr powers the payments infrastructure of fintechs such as Revolut, Iwoca, Sage and Mode.

The licence will allow Modulr to extend its services across the entire European Union.

Fellow fintech Gemini, a US-based crypto exchange, recently made the move to Europe. It also filed for a licence to operate in Ireland as well as the UK, in case Brexit nullifies a UK-issued EMI licence in wider European.

Modulr’s growth

In May, Modulr landed £18.9 million in growth funding in a round led by Highland Europe. Two months earlier, it became a principal issuing member of Visa.

And … Read the rest

Business Insider hires Atkinson as chief media correspondent

Business Insider has hired Claire Atkinson as its senior media correspondent. She will start in November. She has been at NBC News for the past three years as senior media editor. Atkinson previously was...

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White paper: Low code development in banking and its role in high speed content-based services

A common challenge faced by financial services has been in developing and bringing to market content-based applications quick enough to meet changing needs and requirements. This was true before the COVID-19 pandemic and is perhaps even more true now, with the need for agility and responsiveness brought to the fore more than ever.

This has all meant that “low code” development has become of much greater significance. This provides banks with the ability to create and roll out new services and user experiences without having to engage in long development projects. When applied specifically to content-based applications, low code paves the way for companies to create new content-based services in just days and weeks, a truly transformative capability.

This white paper explores the emergence of low-code development and how it provides banks with the ability to create and roll out new services and user experiences without having to engage in … Read the rest

Sellers of “Most Powerful Women Summit” is leaving Fortune

Pattie Sellers, who has been involved with Fortune magazine for 36 years, including running its “Most Powerful Women Summit,” is leaving the magazine. She and Nina Easton have been running the Summit for Fortune since 2015...

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