Latest global banking news

August 24, 2022 2:25 PM

This week in global news, Australia maps out its crypto market, the U.K. ponders new crypto legislation, Microsoft plans a metaverse accelerator in Dubai, and more.

Here's what's happening around the world.

Australia to map out its crypto market

Financial regulators in Australia plan to tighten rules for cryptocurrencies, with measures including a map of the country's digital access sector. The map will chart the number, type and code of available cryptocurrencies, as part of an effort to mitigate investor risk and monitor the impact of advertising, reports The Sydney Morning Herald. Cryptocurrency ads are appearing in public venues, including sporting events, and regulators want to create disclosure standards that will inform consumers about the technology and its risks. The government also plans to regulate third parties that act as custodians for cryptocurrency transactions. —John Adams

U.K. lawmakers propose crypto bill

A bill that could bring digital assets like stablecoins under local payments regulation for the first time will be debated in the U.K. Parliament next month, CoinDesk reports. The proposed bill will include definitions for digital assets and assign oversight to the Bank of England, Financial Conduct Authority and Payments Systems Regulator. Lengthy cabinet discussions are expected before rules take shape. European Union regulators recently agreed on the Markets in Crypto Assets bill to establish licensing rules for crypto assets. —Kate Fitzgerald

Microsoft, partners plan metaverse accelerator in Dubai

Emirates NBD, Dubai's government-owned bank, is collaborating with Microsoft and the Dubai International Financial Centre to operate a technology development program for metaverse startups, part of a plan to create more than 40,000 virtual jobs in the next eight years. The program. The bank and Microsoft are looking for startups that can support a decentralized payment network that will allow users to buy and sell digital assets, as well as other firms that can support 3D technology and virtual reality. The program will run for ten weeks, ending with a demo day during which short-listed companies will present their ideas to Dubai NBD. —John Adams

Westpac, FIS invest in chatbot tech

Kasisto, a technology company that develops artificial intelligence-driven communication, has drawn a $15 million Series C round led by Australian bank Westpac and bank technology company FIS. Kasisto's clients include JPMorgan Chase and Standard Chartered, which use the firm's digital platform to support multilingual communication with consumers. Kasisto, which is based in New York, will use the investment to fund new AI technology and expand partnerships with financial institutions globally. —John Adams

Revolut offers loans in Romania

London fintech Revolut has added consumer lending in Romania, supporting loans of up to about $25,000. The Revolut app determines approval in a few moments, and allows consumers to manage repayment plans in Romanian currency. Borrowers can also use the app to check their credit report. The loans reportedly do not charge fees beyond interest, reports Romania Insider. Romania is Revolut's second-largest market behind the U.K., with about 2 million customers, or 10% of the fintech's global total. Revolut is building a financial super app, a strategy that also includes adding point of sale technology to compete with firms such as Block and PayPal. —John Adams

Standard Chartered backs Hong Kong data firm

SC Ventures, Standard Chartered's fintech investment arm, has made an undisclosed investment in Chekk, a Hong Kong-based firm that performs data management, know-your-customer, know-your-business compliance and other risk management tasks. The new investment follows an early round in June in which HSBC and venture capital firm SOSV invested in Chekk. The firm's platform aggregates data sources from around the world, such as government corporate registries, global commercial data partners, and anti-money laundering lists to feed into a modular ecosystem to vet identity and data relationships with business and individual clients. —John Adams