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Brexit for fintech?: While financial and payment technology technology companies weigh their future in the U.K. as the nation navigates its departure from the European Union, France is actively luring companies to jump the channel, Bloomberg reports. While France and the U.K. have not been overt rivals for centuries, France sees an opportunity for Paris to gain at London's expense. Prime Minister Manuel Valls on Thursday called for tax breaks and a slew of other incentives designed to lure companies, using easy currency management within the European Union as an added incentive. France hopes the move will help it lure the tens of thousands of financial and technology jobs. In an earlier interview with PaymentsSource, Aite analyst Talie Baker said U.K. remittance and cross-border payment companies in particular face a difficult outlook given the uncertain currency and regulatory outlook.
French Prime Minister Manuel Valls
Krisztian Bocsi/Bloomberg
Not neutral in the fintech fight: In addition to France, the U.K. may also have to worry about Switzerland. Swiss regulators are calling for deregulation to make it easier for financial services startups to do business. While not directly linked to Brexit, it's still a move designed to allow the country to challenge London and other European tech capitals. According to a report in The Trade News, Switzerland's Federal Council has called for easier licenses and less stringent rules for companies that take deposits but do not lend, which would make the runway easier for alternative payment companies. Additionally, the government would back a "sandbox" that would allow firms that accept deposits of up to just over $1 million to be free from certain banking regulations. Finally, the council is asking for a 60 day deadline for holding money in settlement accounts, a move designed to help crowdfunding. The next step is a consultation draft, which will also address digitial currency. That draft is expected by early next year.
Aggregator of aggregators: Believing the financial transaction app marketplace has become too complex, a group of startups including Azimo, PensionBee and Nutmeg are signing on with another startup, Bud, which acts as a super dashboard for transfer and personal financial management accounts, according to TechCrunch. Bud, which has also attracted participation from established companies such as Western Union, offers a login to other supported products, such as P-to-P apps. The difference between its service and other aggregators is Bud's partnership agreements allow payments and budgeting from entirely within the app, making it low navigation user experience play. Bud, which has a referral revenue model, hopes to complement banks rather than act as a disruptor, hoping E.U. regulations that require banks to open their APIs will make banks amenable to more cross industry collaboration on payments.
Australia's 'data bill of rights': Residents of Oz may soon have a right to control over their personal data, a move that has major ramifications for business services such as banking and payments. The Productivity Commission has recommended an overhaul of the country's data policy, including what it calls a "comprehensive right" to control over personal data, reports the technology wire Finextra. People would have the right to access their own data at all times, and direct how that information is shared with a third third party, such as a doctor, insurance company or bank--a right Australians do not have right now despite privacy laws. A large project in Canada also aims to give consumers more control over how their personal data is accessed and shared. In this case, the country's banks are investing in SecureKey, which is developing a federated identity service that can be shared across public and private entities at the consumer's discretion.
Apple Pay arrives in Switzerland, Swiss bank nightmare becomes reality The Loop • Dave Mark The worst nightmare of Swiss banks has become a reality: starting Thursday, a heavyweight outsider begins offering a payment service in their home market. Apple has brought its payment app, Apple Pay, to Switzerland. In June, finews.ch reported the imminent launch.
Kohl's Pay pushes retailer further into digital (KSS) Business Insider • B.I. Intelligence In the few weeks since Kohl’s released Kohl’s Pay, the merchant's proprietary mobile wallet for store-card holders, it has reported extremely positive customer feedback.
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The Texas attorney general has accused WEX Bank of "debanking" a firearm supplier, but the Maine-based bank said it does not discriminate against any industry.
Der Spiegel and other European publications say the company continued to serve porn sites and money launderers even after regulators cracked down on it.
