Economic news

From Malta to Belgium, the past three years have served as something of a shopping market between payments-based fintechs seeking alternative jurisdictions through which they could still be licensed within the EU, and investment agencies hoping for a piece of their business.

Some analysts warn the loosening of bank regulations may be hiding risks; watchdogs are demanding proof that financial institutions are ready for 2021.

Cold, hard currency is still a crucial part of a competitive payments strategy, particularly in massive markets like Indonesia, Korea, Japan and India, says Rapyd's Joel Yarbrough.

Reliance Industries Ltd. started testing its online shopping portal, moving a step closer to billionaire Mukesh Ambani’s goal of setting up a digital platform to take on e-commerce giant Amazon.com Inc. in India.

Regulators' oversight of the industry's switch to a new interest rate benchmark is expected to intensify as a key deadline approaches.

Lenders have until the end of 2021 to phase out their use of the London interbank offered rate in setting interest rates, but ServisFirst Bancshares and its CEO Tom Broughton see little reason to wait when a replacement is already available.

The morphing of e-commerce and brick and mortar technology will require strategies that address both at the same time, says Zoomd's Omri Argaman.

The shift away from LIBOR won't take place until at least 2021, but there are steps credit unions can take to prepare now.

Ant Financial, the online finance giant that operates Alipay, said veteran Simon Hu, 49, would become CEO. He will take over the role from Eric Jing, 47, who will remain executive chairman.

Facebook acquired a small video-shopping startup earlier this year to help build a live shopping feature inside the company’s Marketplace product, according to a person familiar with the plans.

The bank sees digital assets as part of the future and "we want to be there when this happens," says Ralph Achkar, head of digital product development and innovation.

The bank is the first U.S. one approved for a majority-owned securities unit in China; the FSB said banks must get serious about replacing the benchmark.

Fintech dLocal is expanding its API-based payments service into Nigeria and South Africa, two nations with different levels of digital payments adoption.

MFS Africa has spent the last decade building an interoperable mobile payments system linking millions of consumers in Africa, and now it’s formed a partnership with Visa to extend global card acceptance to its users.

But some industry watchers are tempering expectations, saying that the language is too vague to know for sure if China is serious about introducing more foreign competition.

Digital technology is increasingly connecting compensation and payment capabilities for contractors and creating an ability to share apps. It's a trend that’s brought Citi and PayPal together to offer flexibility and a network effect to counter fintechs.

Payment companies looking for relief from international political chaos got a moment of clarity in the form of a decisive U.K. election and nominal progress in the trade war.

Though details of a potential pact with China aren't clear, bankers are hoping it could convince leery customers to finally go through with delayed investments.

Comptroller of the Currency Joseph Otting explains why his agency and the Federal Deposit Insurance Corp. have moved forward with a proposal to change the 42-year-old CRA.

The new decade will see Generation Z become adults, and they will expect more services and activities to be facilitated by their device of choice, says Zoomd's Omri Argaman.