Weekly Headlines 24 July 2020

24th July 2020

EC launches sector inquiry into IoT

EC Survey on banking fraud

Banque de France moves on CBDC

HM Treasury seeks to strengthen financial promotions oversight

Mastercard accelerates crypto card support

eBay rolls-out managed payments

Ant Group plans IPOs.

IBM pushes financial services cloud


The EC has launched a sector inquiry into the consumer Internet of Things (IoT)Web page

The inquiry will focus on consumer-related products and services that are connected to a network and can be controlled at a distance, including smart home appliances and wearable devices.  the Commission will gather market information to better understand the nature, prevalence and effects of potential competition issues linked to restrictions of data access and interoperability and certain forms of self-preferencing and practices linked to the use of proprietary standards.


The ECSecurity and crimes: Europeans worry about online banking fraud, data misuse and terrorist attacksReport

On online banking fraud 24% of Europeans are very worried that their online bank account or payment card details will be misused.  But overall, only 8% have experienced online banking or card fraud in the five years before the survey.


The Banque de France has selected eight applicants to experiment the use of CBDC for interbank settlements.

The Experiments will allow

  • new ways of exchanging financial instruments (excluding cryptoassets) for central bank money
  • testing the settlement in CBDC to improve executing conditions for cross-border payments
  • revising the arrangements for making central bank money available.


HM Treasury has published proposals to strengthen protections around the promotion of financial products and cryptoassets.  Regulatory Framework    Cryptoasset promotions

Two consultations have been published that propose both increasing the oversight of financial promotions issued by unauthorised firms and bringing the promotion of certain types of cryptoassets under FCA regulation for the first time.


Mastercard is accelerating its Crypto Card Partner Program.

Mastercard aims to make it simpler and faster for partners to bring secure, compliant payment cards to market and is inviting cryptocurrency and crypto card partners to join its Accelerate program.

As part of this move Wirex has secured principal membership of Mastercard.

The cryptocurrency-native platform says it is the first to bring cryptocurrency to the mainstream.


eBay has begun the global roll-out of its managed payments strategy post the end of the PayPal agreementBlog. VP Global Payments

eBay is managing payments for nearly 42,000 sellers in the U.S. and Germany and has already processed $4.7 billion in GMV, saving sellers $17 million in transaction fees so far.  Over the coming weeks, the company will be activating managed payments in the UK, Australia and Canada and is on track to transition a majority of sellers on its marketplace into the experience in 2021.


Ant Group has announced it is planning a listings on Shanghai Stock Exchange’s STAR market and The Stock Exchange of Hong Kong.

Alipay’s parent has commenced the process of a concurrent IPO on the two markets to help the company accelerate its goal of digitizing the service industry in China and driving domestic demand, as well as position the company to develop global markets with partners and expand investment in technology and innovation.


IBM Cloud for Financial Servicesseveral global banks are to join a growing ecosystem of FIs and tech providers adopting the service.

Cloud Ready White paper

The IBM Cloud Policy Framework for Financial Services establishes a new generation of cloud for enterprises with common operational criteria and streamlined compliance controls framework specifically for the financial services industry.  BNP Paribas has committed to joining the IBM service as an anchor client in Europe.


Industry Videos

Dutch cashierless store trial

ING is working with supermarket chain Albert Heijn and US AiFi on a cashierless store trial.

Users gain access by scanning their debit card, with cameras and ‘smart shelves’ tracking purchases and automatic payment on exit. Similar to Amazon Go but does not require an app.

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