Industry News

How did ESG fare in 2023 and what is in store for 2024?

How did ESG fare in 2023 and what is in store for 2024?

FinTech Global discussed with Alexander Stevens, CEO of Greenomy, a developer of ESG and sustainability reporting software, the major ESG trends of 2023 and his predictions for 2024.
Unlocking the power of free OSINT tools for robust AML operations

Unlocking the power of free OSINT tools for robust AML operations

Understanding the potency of Open Source Intelligence Tools (OSINT) is crucial for risk management in today's tech-savvy world. Sigma Ratings recently outlined eight free OSINT tools that could be pivotal in streamlining your risk and compliance workflows.
Navigating the complexities of EMIR REFIT reporting: A cost-benefit analysis

Navigating the complexities of EMIR REFIT reporting: A cost-benefit analysis

In the ever-evolving landscape of financial regulations, staying compliant is more critical than ever. The European Market Infrastructure Regulation (EMIR) and its forthcoming amendments,...
Mastering CSRD emissions reporting: Strategies for transparency and sustainability

Mastering CSRD emissions reporting: Strategies for transparency and sustainability

Understanding the Corporate Sustainability Reporting Directive (CSRD) is crucial for companies as it heralds a new age of accountability in environmental and sustainability reporting. Position...
Nsurehub-partners-guardian-leak-detection-bolster-home-insurance-offering

NsureHub teams up with Guardian Leak Detection to bolster home insurance services

US-based InsurTech NsureHub has partnered with Guardian Leak Detection to bolster its home insurance offering.
Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States. In an enlightening eBook, Fenergo's director of thought leadership, Tracy Moore, demystifies the essentials that businesses must grasp concerning this significant regulatory development. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1071 has stirred substantial debate and legal scrutiny. Despite ongoing litigation, it's pivotal for financial entities to gear up for the forthcoming adjustments in compliance, staffing, and the financial outlay tied to this mandate. What exactly is Section 1071? Introduced by the CFPB, 12 C.F.R. Part 1002 enacts Section 1071 of the Dodd-Frank Act, marking a stride towards augmented regulatory oversight in the realm of commercial lending, particularly within the small business segment. Effective from March 30, 2023, this rule is tailored to enhance data collection and reporting processes for lenders engaged in small business financing. A vast spectrum of financial establishments, including traditional banks, credit unions, online lenders, and others active in small business lending, falls under its purview. The specificities of the compliance requirements and reporting duties hinge on the scale and scope of an institution's small business lending activities. The enactment of this rule, encapsulated in an extensive 888-page document, necessitates a thorough understanding by financial institutions to align with its stipulations. Fenergo's resource offers a comprehensive exploration of the rule's principal elements, compliance strategies, and the broader context enveloping its introduction, spotlighting the controversies it has incited. As the financial sector stands on the cusp of these regulatory shifts, grasping the nuances of Section 1071 becomes imperative for navigating the future landscape of small business lending. Read the story here.  Keep up with all the latest FinTech news here Copyright © 2024 FinTech Global

Navigating the compliance maze: A guide to the CFPB’s Section 1071 Rule

Navigating the complexities of the Consumer Financial Protection Bureau's (CFPB) Section 1071 rule is crucial for financial institutions across the United States.
ESMA

ESMA shifts focus: Navigating the digital and green transitions in 2024

The European Securities and Markets Authority (ESMA) has recently unveiled its work programme for 2024.
SEB

SEB and Crédit Agricole CIB unveil sustainable digital bonds platform

SEB and Crédit Agricole are jointly launching a ‘sustainable and open’ platform for digital bonds built on blockchain technology.  
AKUVO-bags-$10m-for-credit-risk-platform

AKUVO bags $10m for credit risk platform

AKUVO, a technology organisation specialising in collections and credit risk, has raised $10m in funding.
Toku

Latin American PayTech Toku raises $7m seed funding

Toku, a platform seeking to revolutionise the way firms collect payments in Latin America, has scored $7m in a seed funding round.

News Stories

Strong week in the FinTech sector with $1.7bn raised

FinTech Global this week reported on 21 recorded deals in the FinTech sector, with a strong showing in the reinsurance space bringing the total value recorded over $1bn.

EU regulator suggests revamp in sustainable investment rules

The ESMA has recently recommended a significant overhaul of the Sustainable Finance Disclosure Regulation (SFDR) within the EU.
MNT-Halan, Egypt’s largest non-bank financial institution and FinTech, has acquired Tam Finans, a prominent commercial finance company in Turkey.

MNT-Halan expands into Turkey with acquisition of Tam Finans

MNT-Halan, Egypt’s largest non-bank financial institution and FinTech, has acquired Tam Finans, a prominent commercial finance company in Turkey.

EU banks and insurers lag in green compliance, PwC study finds

A recent PwC study has uncovered a striking deficiency in the alignment of financial institutions’ activities with the EU's taxonomy for sustainable activities. According...
India

India’s new climate finance taxonomy to propel green transition

India is poised to implement a climate finance taxonomy, as announced by the Minister of Finance, Nirmala Sitharaman, during the annual budget.

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