Fintech Features December Edition
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A FinTech news and event round-up from Bird & Bird's cross practice group fintech team.
As the end of year festivities draw closer, in this winter edition of our newsletter we feature articles and commentary on a range of issues affecting the FinTech sector with input from specialists across the firm.
This month we focus on AI in financial services, what the PSRs new APP fraud reimbursement requirement means for UK payment firms and HMT’s recommendations for the future of payments in the UK. We also take a look on what’s happening around the regulation of digital assets in Australia and our top FinTech predictions for 2024!
Bookmark this page for updates from our FinTech Team.
Contracting for generative AI in the Financial Services sector – what inhouse lawyers need to know
The financial services sector is at the forefront of the adoption of disruptive technologies. This article provides a short summary of some of the key legal issues to consider when adopting generative AI solutions.
What's new in the APP fraud mandatory reimbursement scheme and its impact on payment providers following the Philipp v Barclays Bank ruling?
Our article discusses the latest developments in relation to the new mandatory reimbursement scheme for APP fraud and considers how the proposed liability on payment service providers reconciles with the recent Supreme Court ruling in Philipp v Barclays Bank UK PLC.
The Future of Payments: HMT Report
We share our thoughts and analysis on the new report released by HM Treasury on the Future of Payments Review 2023. Open Banking, digital wallets and the impact of Big Tech, fraud and the need for regulatory alignment are four key areas of focus.
FinTech Trends: End of year round up
In this video, our fintech team offers snapshots of the key trends across the fintech market in 2023, and also some insights into what can be expected from 2024!
How the financial sector helps tackle climate change
This article discusses the role of the financial services sector in fostering sustainability and combating climate change under the EU's 2018 Green Deal. It highlights the sector's progress in increasing sustainable investment and the challenges that remain, such as defining sustainability and the need for reliable sustainability data. The piece underscores the importance for financial institutions to plan for evolving sustainability legislation and develop robust internal sustainability policies.
FCA Continues Scrutiny on Anticompetitive Information Exchange in Financial Sector
The Financial Conduct Authority (FCA) continues to intensify its scrutiny over anti-competitive information exchange within the financial services sector, recently fining three money transfer firms for price-fixing offences in Glasgow. Amidst an industry-wide focus on competition law, businesses are urged to carefully assess their practices to ensure compliance and avoid facilitating collusion, as the sharing of commercially sensitive information remains a significant concern.
Spotlight on Australia
Playing Catchup – Australia’s Proposal to Regulate Digital Assets
The Australian Treasury is seeking submissions on a proposal to extend regulations to cover digital asset platforms. The proposal intends to protect consumers and support innovation. It details current and proposed regulations, the framework, and exemptions for innovation. The consultation ends on 1 December 2023, with draft legislation anticipated in 2024.
Spotlight on Germany
Biometrics under the EU AI Act
This article examines the regulation of biometric AI systems in Europe, highlighting debates in the European Parliament. It compares institutional stances, their alignment with GDPR, and discusses uncertainties, particularly concerning fraud prevention in financial services. The piece also addresses the "high-risk" label for certain AI tools under the EU AI Act and anticipates the final version of the Act by the end of 2023.
5 Things Venture Capital Investors should look out for when investing in crypto start-ups
The article discusses the growth and appeal of crypto start-ups to venture capitalists, despite the crypto winter. It highlights that the risk of investing in these start-ups goes beyond their success to include legal and regulatory factors, such as civil law uncertainty, prospectus obligations, authorisation requirements, owner control, and changing legal situations. The upcoming European Crypto Asset Regulation, expected to majorly impact the sector, emphasizes the need for understanding these complexities and planning ahead for both start-ups and potential investors.
Bonus Feature
What in-house lawyers need to know about Fintechs
Online pension tracing services, know-your-customer and antimoney laundering checks are some examples of services being offered to customers through these partnerships. Bird & Bird partner Gavin Punia also highlights the recent trend of companies ‘looking at NFTs and how they can monetise a company’s revenue stream.
