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Nik Storonsky, the founder and CEO of Revolut, is planning to sell “tens or even hundreds of millions of dollars” of his stake in the fintech in the upcoming secondary share sale in the coming weeks, Sky News reported.Although the exact amount of his expected stake dilution remains unknown, the report outlined that it would depend on the valuation the company manages to attract. The exact stake of Storonsky in the fintech is also unknown.$40 Billion ValuationAccording to another Sky News report, the UK-headquartered fintech hired Morgan Stanley to organise a secondary sale round and is eyeing a valuation of $40 billion. In its previous funding round in 2021, the company was valued at $33 billion, making it the largest fintech in Europe. Now, with the new expected valuation, it would even eclipse the market capitalisation of banks like Barclays, NatWest, and Deutsche Bank.However, the British fintech will not raise any proceeds from the upcoming sale. Rather, it would offer the employees the opportunity to sell their stake to new investors.Record NumbersRevolut was founded in 2015 as a challenger bank and makes money from payments, subscriptions, and customers trading stocks and cryptocurrencies. The fintech recently broadened its offering by adding a range of trading instruments, including contracts for differences and bonds with third-party integrations.The platform has over 40 million customers globally, a third of whom are from the UK. Its competitors, Monzo and Starling, operate only in the UK and have fewer than 10 million customers each. In Europe, Revolut operates with a Lithuanian banking license and obtained a similar license in Mexico. It has also received a payment license in India.Meanwhile, the company's revenue jumped by 95 per cent to £1.8 billion in 2023, while it turned a pre-tax profit of £438 million. However, it is still waiting to receive a UK banking license for which it applied in 2021.This article was written by Arnab Shome at www.financemagnates.com.
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My ForexFunds Investigation Rattled by CFTC Commissioner Exposing Staff MisconductCommodityFutures Trading Commission (CFTC) Commissioner Caroline Pham issued a statement<a href="https://www.financemagnates.com/forex/my-forex-funds-investigation-rattled-by-cftc-commissioner-exposing-staff-misconduct/">calling for immediate action to address</a> alleged misconduct by CFTC staff in anongoing enforcement case against Traders Global Group, the operator of the proprietarytrading firm My Forex Funds (MFF).In herstatement, Commissioner Pham expressed concerns over allegations made in amotion that reportedly accuses CFTC staff of making false statements to the courtover a six-month period. For MFF, this could be a turning point in the casethat has been ongoing since last September, as the proprietary trading firm hasconsistently suggested that the commission may have misinterpreted some of thepayments it made, which led to the freezing of its assets.Breaking: MyForex Funds Seeks Sanctions against the CFTCHowever, thelegal representatives of Traders Global Group, operating as My Forex Funds, are<a href="https://www.financemagnates.com/forex/breaking-my-forex-funds-seeks-sanctions-against-the-cftc/">seeking sanctions against CFTC</a>. In a motion filed this week, the lawyers allegethat the regulator knowingly misrepresented facts and its “staff acted in badfaith.”The motion,which is part of the ongoing litigation against MFF and its CEO, Murtuza Kazmi,highlighted the alleged misrepresentation by the regulator against Debtbox asgrounds for the sanctions. Much of the allegations were based on earlier claimsthat the CFTC knowingly misrepresented some tax <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> while suing My ForexFunds and its CEO for fraud. Earlier, the court later unfroze the majority ofKazmi's assets.CFTC / Traders Global Group (MyForexFunds)2 Public Statements & Remarks<a href="https://t.co/hesi6o18Wq">https://t.co/hesi6o18Wq</a><a href="https://t.co/CB1bSibwlG">https://t.co/CB1bSibwlG</a> <a href="https://t.co/HLUc8Pj7Fp">pic.twitter.com/HLUc8Pj7Fp</a>— FundTraders (@FundTraders) <a href="https://twitter.com/FundTraders/status/1808575713210970394?ref_src=twsrc%5Etfw">July 3, 2024</a>CFDs BrokerThinkMarkets Launches Its Own Prop Trading BrandThe influxof retail brokers in the prop trading space continues, as ThinkMarkets becamethe latest to <a href="https://www.financemagnates.com/forex/cfds-broker-thinkmarkets-launches-its-own-prop-trading-brand/">launch prop trading services</a> this week under the brandThinkCapital. Although the broker has yet to announce anything officially, theprop trading brand's website is already live.Australia-headquarteredThinkMarkets has become one of the many forex and contracts for differences(CFDs) brokers offering prop trading services and technically funded tradingservices. The trend started with Axi, OANDA, and Hantec Markets and was laterjoined by IC Markets, Traders Trust, and Trade.com.Prop Trading Chaos: SI World Shuts Down, while The Prop Trading AU Teases ComebackAt the same time, chaos continues to rock the prop trading industry as SI World, a brand operated by the UK-based Stocknet Institute, announced its "permanent closing" this week. Interestingly, at the same time, Australia’s The Prop Trading AU teased a comeback one and a half years after being accused of fraud.Stocknet Institute <a href="https://www.financemagnates.com/forex/prop-trading-chaos-si-world-shuts-down-while-the-prop-trading-au-teases-comeback/">announced the closure of its prop trading business</a> with a notice on its social media channels addressing its clients. "After much consideration and strategic planning, we have decided to formally begin the process of winding down our operations with the goal of permanently closing," the announcement read. The company has already stopped engaging new clients and disabled the purchasing of challenges.<a href="https://t.co/uHKmKdoxyw">pic.twitter.com/uHKmKdoxyw</a>— Stocknet Institute (@siworldio)…
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This accolade is not only a testament to our hard work but also a celebration of the trust and loyalty we receive from our clients. We are deeply thankful for your continued support, which drives us to reach new heights of excellence every day.We are beyond excited to announce that TradingPRO has once made a dazzling impact on the global stage by clinching the prestigious "Best Forex Spreads Global" award for the fifth (5) time at the illustrious UF Awards in Limassol, Cyprus. This phenomenal achievement highlights our unwavering commitment to delivering unparalleled trading conditions to our valued clients.Securing the "Best Forex Spreads Global" award for the fifth time is a monumental milestone for TradingPRO. It symbolizes our relentless dedication to offering the most competitive spreads, top-notch trading conditions, and exceptional customer service in the industry. The UF Awards ExtravaganzaThe UF Awards event in Limassol was a dazzling affair, bringing together the crème de la crème of the Forex industry. It provided a magnificent platform to celebrate innovation, excellence, and extraordinary achievements. The atmosphere was electrifying, filled with anticipation and excitement as industry leaders gathered to honour the top performers.Reflecting on the event, I am incredibly proud of TradingPRO's accomplishments. The cognition we received is a shining testament to our team's dedication and our clients' unwavering support. The event offered a fantastic opportunity to network with other industry professionals, exchange groundbreaking ideas, and celebrate the remarkable advancements in our field. A vision for the Future This prestigious award ignites our ambition to continue setting the gold standard in the Forex industry. At TradingPRO, we are committed to pushing the boundaries of what's possible, always prioritizing our clients' best interests. We will continue to innovate, enhance our services, and ensure that our clients enjoy the most exceptional trading experience. Our journey is far from over. This award is a significant milestone, but it also marks the beginning of an exciting new chapter. We are thrilled about the future and look forward to achieving even greater heights with you by our side. To our incredible team, thank you for your trust and steadfast support. This award belongs to all of us. Together, we have made TradingPRO a beacon of excellence in the Forex industry, and together, we will continue to reach for the stars. Here's to many more triumphs and groundbreaking achievements in the future. Thank you for being an integral part of our journey.This article was written by FM Contributors at www.financemagnates.com.
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Payments data offers a profound narrative of consumer behavior, preferences, and emerging trends. Each transaction captures a unique story, providing invaluable insights into the collective psyche of the market. For businesses, this data isn't just useful—it's transformative. It reveals spending patterns, highlights peak purchasing periods, and can even predict future behaviors. In an era where customer experience is paramount, the ability to anticipate needs and desires can set a business apart from its competitors.From Collection to Insight: The Data JourneyThe transformative power of payments data begins with comprehensive data collection. Every point of sale, online transaction, and mobile payment interaction is a crucial data point. Capturing this data accurately and comprehensively is essential, much like laying a robust foundation for a skyscraper. The sturdier the foundation, the taller the structure that can be built.Once collected, this data must be integrated into a cohesive ecosystem. Isolated data points are not enough; they must converge into a unified whole. This integration dismantles silos within an organization, providing a holistic view of transactions and customer interactions. It's akin to assembling a complex puzzle; only when the pieces come together does the complete picture emerge.Turning Data into Strategic GoldWith a unified dataset, advanced analytics can transform raw data into strategic insights. Technologies like artificial intelligence (AI) and machine learning play a crucial role here, uncovering hidden patterns and trends that traditional methods might overlook. This analytical power is like having a crystal ball, offering glimpses into future trends and enabling businesses to make proactive, rather than reactive, decisions.These insights must then be translated into strategic actions. This might involve refining pricing strategies, enhancing loyalty programs, or identifying new market opportunities. The key is to act swiftly and decisively, transforming insights into tangible outcomes. In a competitive landscape, speed and agility can make all the difference.A Continuous Cycle of InnovationThe process of leveraging payments data doesn't end with action; continuous improvement is essential. Implementing a feedback loop allows businesses to monitor the outcomes of their strategies, refine their approaches, and adapt to new challenges. This iterative process ensures that organizations remain agile, innovative, and ahead of the curve.Global Implications: Towards a Connected Financial EcosystemThe principles of harnessing payments data effectively have global implications. As businesses worldwide adopt these strategies, we could witness a new era of financial inclusivity and connectivity. Effective utilization of payments data could serve as a blueprint for global financial ecosystems, fostering a more interconnected and resilient economic landscape.Data-Driven Decision Making: A Broader Financial PerspectiveThe strategic use of payments data is part of a larger trend towards data-driven decision-making in the financial sector. Financial institutions are increasingly recognizing the importance of data analytics in enhancing operational efficiency, improving risk management, and delivering personalized customer experiences. This shift is not just technological evolution but a fundamental change in how businesses operate and compete. Banks are developing predictive models for loan defaults, enabling more accurate risk assessments and better credit decisions. Insurance companies are leveraging data to refine underwriting processes and develop tailored insurance products.Conclusion: Harnessing the Power of Payments DataIn the sprawling digital landscape, payments data remains a largely untapped goldmine. Its transformative power lies not in its raw form but in the strategic insights it offers. Understanding how to decode and harness this potential can redefine business strategy and customer engagement. As we stand on the brink of a data-driven revolution…
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Digital IDs leverage advanced technologies, such as encryption and biometrics, to provide secure and convenient methods of identity verification. For financial institutions, this means a significant leap forward in combating fraud, streamlining operations, and enhancing customer trust.In a world where digital transformation is no longer achoice but a necessity, the emergence of digital IDs is reshaping the financiallandscape <a href="https://www.financemagnates.com/fintech/data/digital-identity-the-key-to-securing-financial-services-in-the-digital-age/">with a force akin to the advent of the internet</a>. This technologicalinnovation promises to revolutionize the payments industry, offeringunprecedented levels of security, efficiency, and customer engagement.Why Are Digital IDs Crucial for the Payments Industry?Digital IDs provide a robust solution for verifying andauthenticating identities in an increasingly digital world. Unlike traditionalmethods, they're able to offer a higher level of security and convenience, reduce the risk of fraud, streamline onboarding processes, and enhance theoverall customer experience. For the payments industry, this means asignificant reduction in fraud, streamlined processes, and enhanced customertrust.How Do Digital IDs Enhance Security and Reduce Fraud?The payments industry is a prime target for fraudsters.Traditional identification methods are susceptible to forgery and theft,leading to substantial financial losses. Digital IDs, however, offer aformidable defense. By using biometric data and encrypted digital tokens,digital IDs make it exceedingly difficult for fraudsters to replicate or stealidentities. This enhanced security not only protects customers but alsomitigates the risk for financial institutions, potentially saving billions infraud-related losses.Can Digital IDs Streamline Onboarding and KYC Processes?KYC compliance has traditionally been a laborious and costly endeavor for financial institutions, often causing delays and frustration for customers. Digital IDs streamline this process by providing instant and accurate identity verification. This efficiency not only speeds up onboarding but also reduces operational costs and ensures compliance with regulatory standards.How Do Digital IDs Improve Customer Experience andEngagement?In the fiercely competitive payments industry, customerexperience is paramount. Digital IDs significantly enhance this experience bysimplifying interactions and transactions. Customers can open accounts, applyfor loans, and perform other financial activities without the need forrepetitive identity checks. This level of convenience fosters greater customer loyaltyand engagement, giving financial institutions a competitive edge.Could Digital IDs Foster Financial Inclusion?Digital IDs can play a crucial role in fostering financial inclusion, especially in regions where access to formal identification is limited. Millions of people worldwide are excluded from the financial system due to the lack of reliable identification. Digital IDs can bridge this gap, providing a secure and accessible form of identification that enables these individuals to access financial services. This inclusion can drive economic growth and reduce poverty, making digital IDs a powerful tool for social impact.How Should Financial Institutions Prepare for Digital IDs?To fully leverage the potential of digital IDs, financialinstitutions must take several proactive steps. Investing in the necessary technology infrastructure is paramount. Financial institutions must upgrade their systems to integrate digital ID verification and authentication processes. Collaborating with regulatory bodies is also essential to ensure compliance with emerging digital ID standards and to help shape favorable regulatory environments. Educating customers about the benefits and security of digital IDs is crucial for widespread adoption, as is continuously enhancing cybersecurity measures to protect against evolving threats.The integration of digital IDs in the…
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KuCoin's Visa debit card KuCard has added support formultiple virtual and physical cards starting July 1, 2024, the companyannounced today (Friday). This latest offering will enable users to managemultiple cards and access a cashback program.Eying Flexibility in Personal FinanceKuCard promises enhanced financial flexibility forpersonal use, managing family expenses, or keeping separate cards for differentspending categories. This feature reportedly allows for enhanced budgeting,improved expense tracking, and easier access to funds. Additionally, users canaccess KuCard's crypto-to-fiat conversion and cashback rewards.To mark this launch, KuCard has reportedly unveiled alimited-time offer ending on July 7, whereby users can apply for a secondvirtual card for free or a second physical card for EUR 9.99. This promotion isreportedly available on a first-come, first-served basis.Launched in November 2023, KuCard is a Visa debit cardthat simplifies financial transactions by automatically convertingcryptocurrencies into local currency at the point of sale. The platformrecently introduced cashback programs offering up to 3% on purchases for allcardholders. KuCard is compatible with Google Pay and Apple Pay andcan be used anywhere Visa is accepted. Initially available in the EuropeanEconomic Area (EEA), the card aims to promote the adoption of blockchaintechnology by enabling users to use their cryptocurrency for everydaypurchases, online shopping, and ATM withdrawals.Other Developments at KuCoinThis latest development comes amid the cryptoexchange’s new tax policy for its Nigerian users. A few days ago, KuCoinannounced that it would impose a 7.5% value-added tax (VAT) starting July 8 ontransaction fees for users with Know Your Customer (KYC) information registeredin Nigeria.However, the crypto exchange clarified that the newtax policy only applies to the fee charged per transaction and not the overalltransaction amount. In February, KuCoin collaborated with Revolut on anew method for purchasing digital assets using euros. This collaborationenables users to acquire various cryptocurrencies listed on the cryptocurrencyexchange through Revolut Pay.KuCoin’s partnership with Revolut seeks to simplifythe process of acquiring crypto for European users. Revolut Pay enables usersto convert euros to a variety of supported cryptocurrencies. This partnershipaddresses the growing demand for easy access to digital assets, especiallyamidst the ongoing surge in the value of Bitcoin. This article was written by Jared Kirui at www.financemagnates.com.
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Payments data offers a profound narrative of consumer behavior, preferences, and emerging trends. Each transaction captures a unique story, providing invaluable insights into the collective psyche of the market. For businesses, this data isn't just useful—it's transformative. It reveals spending patterns, highlights peak purchasing periods, and can even predict future behaviors. In an era where customer experience is paramount, the ability to anticipate needs and desires can set a business apart from its competitors.From Collection to Insight: The Data JourneyThe transformative power of payments data begins with comprehensive data collection. Every point of sale, online transaction, and mobile payment interaction is a crucial data point. Capturing this data accurately and comprehensively is essential, much like laying a robust foundation for a skyscraper. The sturdier the foundation, the taller the structure that can be built.Once collected, this data must be integrated into a cohesive ecosystem. Isolated data points are not enough; they must converge into a unified whole. This integration dismantles silos within an organization, providing a holistic view of transactions and customer interactions. It's akin to assembling a complex puzzle; only when the pieces come together does the complete picture emerge.Turning Data into Strategic GoldWith a unified dataset, advanced analytics can transform raw data into strategic insights. Technologies like artificial intelligence (AI) and machine learning play a crucial role here, uncovering hidden patterns and trends that traditional methods might overlook. This analytical power is like having a crystal ball, offering glimpses into future trends and enabling businesses to make proactive, rather than reactive, decisions.These insights must then be translated into strategic actions. This might involve refining pricing strategies, enhancing loyalty programs, or identifying new market opportunities. The key is to act swiftly and decisively, transforming insights into tangible outcomes. In a competitive landscape, speed and agility can make all the difference.A Continuous Cycle of InnovationThe process of leveraging payments data doesn't end with action; continuous improvement is essential. Implementing a feedback loop allows businesses to monitor the outcomes of their strategies, refine their approaches, and adapt to new challenges. This iterative process ensures that organizations remain agile, innovative, and ahead of the curve.Global Implications: Towards a Connected Financial EcosystemThe principles of harnessing payments data effectively have global implications. As businesses worldwide adopt these strategies, we could witness a new era of financial inclusivity and connectivity. Effective utilization of payments data could serve as a blueprint for global financial ecosystems, fostering a more interconnected and resilient economic landscape.Data-Driven Decision Making: A Broader Financial PerspectiveThe strategic use of payments data is part of a larger trend towards data-driven decision-making in the financial sector. Financial institutions are increasingly recognizing the importance of data analytics in enhancing operational efficiency, improving risk management, and delivering personalized customer experiences. This shift is not just technological evolution but a fundamental change in how businesses operate and compete. Banks are developing predictive models for loan defaults, enabling more accurate risk assessments and better credit decisions. Insurance companies are leveraging data to refine underwriting processes and develop tailored insurance products.Conclusion: Harnessing the Power of Payments DataIn the sprawling digital landscape, payments data remains a largely untapped goldmine. Its transformative power lies not in its raw form but in the strategic insights it offers. Understanding how to decode and harness this potential can redefine business strategy and customer engagement. As we stand on the brink of a data-driven revolution…
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Digital IDs leverage advanced technologies, such as encryption and biometrics, to provide secure and convenient methods of identity verification. For financial institutions, this means a significant leap forward in combating fraud, streamlining operations, and enhancing customer trust.In a world where digital transformation is no longer achoice but a necessity, the emergence of digital IDs is reshaping the financiallandscape <a href="https://www.financemagnates.com/fintech/data/digital-identity-the-key-to-securing-financial-services-in-the-digital-age/">with a force akin to the advent of the internet</a>. This technologicalinnovation promises to revolutionize the payments industry, offeringunprecedented levels of security, efficiency, and customer engagement.Why Are Digital IDs Crucial for the Payments Industry?Digital IDs provide a robust solution for verifying andauthenticating identities in an increasingly digital world. Unlike traditionalmethods, they're able to offer a higher level of security and convenience, reduce the risk of fraud, streamline onboarding processes, and enhance theoverall customer experience. For the payments industry, this means asignificant reduction in fraud, streamlined processes, and enhanced customertrust.How Do Digital IDs Enhance Security and Reduce Fraud?The payments industry is a prime target for fraudsters.Traditional identification methods are susceptible to forgery and theft,leading to substantial financial losses. Digital IDs, however, offer aformidable defense. By using biometric data and encrypted digital tokens,digital IDs make it exceedingly difficult for fraudsters to replicate or stealidentities. This enhanced security not only protects customers but alsomitigates the risk for financial institutions, potentially saving billions infraud-related losses.Can Digital IDs Streamline Onboarding and KYC Processes?KYC compliance has traditionally been a laborious and costly endeavor for financial institutions, often causing delays and frustration for customers. Digital IDs streamline this process by providing instant and accurate identity verification. This efficiency not only speeds up onboarding but also reduces operational costs and ensures compliance with regulatory standards.How Do Digital IDs Improve Customer Experience andEngagement?In the fiercely competitive payments industry, customerexperience is paramount. Digital IDs significantly enhance this experience bysimplifying interactions and transactions. Customers can open accounts, applyfor loans, and perform other financial activities without the need forrepetitive identity checks. This level of convenience fosters greater customer loyaltyand engagement, giving financial institutions a competitive edge.Could Digital IDs Foster Financial Inclusion?Digital IDs can play a crucial role in fostering financial inclusion, especially in regions where access to formal identification is limited. Millions of people worldwide are excluded from the financial system due to the lack of reliable identification. Digital IDs can bridge this gap, providing a secure and accessible form of identification that enables these individuals to access financial services. This inclusion can drive economic growth and reduce poverty, making digital IDs a powerful tool for social impact.How Should Financial Institutions Prepare for Digital IDs?To fully leverage the potential of digital IDs, financialinstitutions must take several proactive steps. Investing in the necessary technology infrastructure is paramount. Financial institutions must upgrade their systems to integrate digital ID verification and authentication processes. Collaborating with regulatory bodies is also essential to ensure compliance with emerging digital ID standards and to help shape favorable regulatory environments. Educating customers about the benefits and security of digital IDs is crucial for widespread adoption, as is continuously enhancing cybersecurity measures to protect against evolving threats.The integration of digital IDs in the…
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KuCoin's Visa debit card KuCard has added support formultiple virtual and physical cards starting July 1, 2024, the companyannounced today (Friday). This latest offering will enable users to managemultiple cards and access a cashback program.Eying Flexibility in Personal FinanceKuCard promises enhanced financial flexibility forpersonal use, managing family expenses, or keeping separate cards for differentspending categories. This feature reportedly allows for enhanced budgeting,improved expense tracking, and easier access to funds. Additionally, users canaccess KuCard's crypto-to-fiat conversion and cashback rewards.To mark this launch, KuCard has reportedly unveiled alimited-time offer ending on July 7, whereby users can apply for a secondvirtual card for free or a second physical card for EUR 9.99. This promotion isreportedly available on a first-come, first-served basis.Launched in November 2023, KuCard is a Visa debit cardthat simplifies financial transactions by automatically convertingcryptocurrencies into local currency at the point of sale. The platformrecently introduced cashback programs offering up to 3% on purchases for allcardholders. KuCard is compatible with Google Pay and Apple Pay andcan be used anywhere Visa is accepted. Initially available in the EuropeanEconomic Area (EEA), the card aims to promote the adoption of blockchaintechnology by enabling users to use their cryptocurrency for everydaypurchases, online shopping, and ATM withdrawals.Other Developments at KuCoinThis latest development comes amid the cryptoexchange’s new tax policy for its Nigerian users. A few days ago, KuCoinannounced that it would impose a 7.5% value-added tax (VAT) starting July 8 ontransaction fees for users with Know Your Customer (KYC) information registeredin Nigeria.However, the crypto exchange clarified that the newtax policy only applies to the fee charged per transaction and not the overalltransaction amount. In February, KuCoin collaborated with Revolut on anew method for purchasing digital assets using euros. This collaborationenables users to acquire various cryptocurrencies listed on the cryptocurrencyexchange through Revolut Pay.KuCoin’s partnership with Revolut seeks to simplifythe process of acquiring crypto for European users. Revolut Pay enables usersto convert euros to a variety of supported cryptocurrencies. This partnershipaddresses the growing demand for easy access to digital assets, especiallyamidst the ongoing surge in the value of Bitcoin. This article was written by Jared Kirui at www.financemagnates.com.
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Capital.com has hired Tarek Mahassen as Head of Risk forthe MENA region, ending his two-year tenure at Revolut, where he most recentlyserved as the Group Senior Operational Risk Manager. Earlier, Mahassen was theBusiness Risk Manager at the London-based fintech giant.Speaking about his career move, Tarek Mahassen said:"After two and a half amazing years at Revolut, it's time for a newchapter in my journey. I'm thrilled to announce that I'll be joiningCapital.com as Head of Risk MENA and moving to Dubai.""A huge thank you to my incredible colleagues andmentors at Revolut. Your support, collaboration, and the memories we've createdtogether have been truly special. I'm so proud of what we've achieved and willalways cherish my time there. Now, I'm looking forward to bringing my passionand expertise to Capital.com and working closely with the amazing CEO Tarik,who will be my manager."Expect ongoing updates as this story evolves. This article was written by Jared Kirui at www.financemagnates.com.
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When the United States enacted the Patriot Act post-9/11,the aim was clear: protect national security. However, this well-intentionedmove led to increased governmental surveillance and a significant reduction inindividual privacy. Europe's current approach to digital transactions couldlead to similar consequences, where security measures may infringe uponfundamental freedoms.Europe's Regulatory Push: The End of AnonymityThe European Union (EU) is intensifying efforts to regulatethe crypto market, focusing on reducing anonymity in digital transactions. Thelatest <a href="https://finance.ec.europa.eu/news/latest-update-anti-money-laundering-and-countering-financing-terrorism-legislative-package-2024-04-24_en">anti-money laundering and countering the financing of terrorism(AML/CFT)</a> measures reflect this trend, raising critical concerns about thedelicate balance between security and privacy.Since the adoption of the Markets in Crypto Assets (MICA)regulation in 2022, the EU has been working diligently to establishcomprehensive guidelines for entities operating within the crypto assetmarkets. This regulatory framework is designed to curb illicit activities, suchas money laundering and terrorism financing, which have thrived in theanonymous nature of digital currencies. While these measures are undoubtedlyaimed at enhancing security, they also challenge the core principles ofdecentralization and privacy that cryptocurrencies were built upon.The recent rumors that the EU might ban anonymouscryptocurrency transactions through self-custodial wallets, such as Metamaskand Trust Wallet, highlight the growing scrutiny. Although these rumors werebased on a misinterpretation of the new laws, the direction of regulatoryefforts is evident: reducing the use of untraceable transactions. This shifttowards comprehensive monitoring of digital transactions risks creating asystem where financial privacy becomes a relic of the past.The Digital Euro: A Double-Edged SwordThe European Central Bank's (ECB) Digital Euro initiativeunderscores the EU's commitment to enhancing control over digital transactions.The ECB has made significant progress with the Digital Euro, moving into the"preparation phase" to lay the foundations for its implementation.This phase involves finalizing the rulebook and selecting providers to developthe necessary infrastructure, with a substantial budget allocation to ensureits success.While the Digital Euro promises convenience and stability,it also introduces the risk of <a href="https://www.financemagnates.com/fintech/payments/lets-not-write-the-eulogy-for-cash-just-yet/">unprecedented state surveillance and controlover individual financial activities</a>. Centralized control over digitalcurrencies could lead to a future where every transaction is traceable,undermining the autonomy that cryptocurrencies were designed to ensure. Thepotential for misuse of such oversight powers cannot be overlooked, as whatbegins as a measure against financial crime could easily extend into broader domains,stifling dissent and eroding civil liberties.Banks Embrace Regulation: A New Era for Crypto ServicesTraditional financial institutions in Europe, such asSantander, BBVA, and CaixaBank, are leveraging the regulatory clarity tointegrate crypto services. Historically cautious about the volatile andunregulated nature of cryptocurrencies, these banks now see an opportunity tooffer crypto products within a more secure and regulated environment. This movecould boost user adoption and mark a significant turning point in the Europeancrypto market, particularly given the region's highly banked population.Banks can capitalize on the end of full anonymity in cryptotransactions by developing initiatives such as wallet services andmulticurrency accounts that accept both crypto and CBDCs. As the regulatoryframework advances, financial institutions must stay attuned to these changesand adapt their strategies to incorporate new forms of digital value transfers.This proactive approach will enable them to better…
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The recent strategic partnership between Zand Bank PJSC,the UAE’s first digital bank, and Taurus SA, a global leader in digital assettechnology, marks a pivotal moment not just for the Middle East but for theglobal financial ecosystem. This collaboration, encompassing all aspects ofdigital asset infrastructure including custody, tokenization, and blockchainconnectivity, signifies a significant leap in digital finance. The timing ofthis partnership is particularly noteworthy given the current geopolitical andeconomic context.A New Era of Digital Finance: Zand Bank and Taurus PartnershipUnder this agreement, <a href="https://www.zand.ae/en">Zand</a> will leverage <a href="https://www.taurushq.com/">Taurus</a>’market-leading integrated custody and tokenization solutions to expand itsoffering in the field of digital assets, including cryptocurrencies, tokenizedsecurities, and digital currencies. Backed by institutional investors such asCredit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier, and PictetGroup, Taurus raised $65 million in 2023, underscoring its robust and credibletechnological foundation.Advanced Digital Asset Ecosystem: Comprehensive Solutions for Security and ComplianceAt the core of this partnership is the provision ofbest-in-class institutional-grade custody for digital assets. Zand will utilizeTaurus-PROTECT, a secure wallet solution for cryptocurrencies, NFTs, tokenizedsecurities, and digital currencies. This solution ensures that Zand meets thehighest security and compliance standards, leveraging hot and cold HSMenvironments, programmable rules, and robotic process automation (RPA) featuresto optimize efficiency and security.Leveraging Taurus-PROTECT, Zand is able to implementdefense-in-depth security on its custodial wallets with multi-layered securitycontrols, which include transaction monitoring mechanisms, ensuring compliance with all applicable regulations, includingthose of the UAE.Bridging Traditional and Decentralized Finance: Innovative Tokenization SolutionsZand will also leverage Taurus-CAPITAL, a tokenizationsolution that enables the issuance and servicing of any type of tokenizedfinancial and real-world assets. This integration allows Zand to deploy andmanage the lifecycle of smart contracts across both public and privateblockchains, using Taurus’ blockchain node infrastructure, Taurus-Explorer.This infrastructure, ISAE3402 Type II audited, provides a unified API andreliable broadcasting algorithms for secure interfacing with multipleblockchain networks.Geopolitical and Economic Significance: UAE’s Leadership in Global FintechThe UAE has been positioning itself as <a href="https://www.financemagnates.com/cryptocurrency/regulation/strategy-decentralization-and-tech-diplomacy-uaes-forward-thinking-crypto-regulation/">a global hub forinnovation and financial technology</a>. By embracing digital assets through thispartnership, the UAE is not only diversifying its economy but also assertingits leadership in the global fintech arena. This move is likely to attract moreinternational investors and fintech companies to the region, further bolsteringthe UAE’s economic growth and technological advancement.On a broader scale, this partnership could influence globalfinancial policies and regulatory frameworks. As more countries explore theintegration of digital assets into their financial systems, the standards setby Zand and Taurus could serve as a benchmark. The collaboration exemplifieshow robust regulatory compliance, such as adherence to the Central Bank of theUAE’s standards, can coexist with cutting-edge technological innovation.Setting a New Standard in Digital Finance: Leading the MENA RegionAs the first bank in the UAE to embrace digital assetscomprehensively, Zand is at the forefront of bridging traditional finance withdecentralized finance. This partnership sets a new benchmark for digital assetmanagement in the MENA region as it aims to unlock new opportunities, fostersustainable growth, and drive positive impacts in the evolving…
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dxFeed has announced the addition of the Cboe One CanadaSummary Feed to its market data solutions. This product provides real-time dataon Canadian equities from Cboe Global Markets. The feed aggregates data from all four trading venuesoperated by Cboe Canada and includes trading volume from all Canadian markets.It offers exclusive coverage of over 260 listed and traded securities on CboeCanada.Cboe Canada Data IntegrationCboe Canada is the third most active marketplace in Canada,representing about 15% of all volume traded in Canadian-listed securities. Thenew feed aims to enhance dxFeed's ability to provide insights and analytics totraders and investors. This addition is part of dxFeed's effort to provide marketdata solutions that allow traders with information necessary for makinginformed decisions.The new offering from dxFeed includes real-time marketinsights, allowing traders to access real-time pricing and trade data. Thisenables traders to stay ahead of market movements and capitalize on emergingopportunities. In addition to real-time insights, dxFeed provideshistorical charting and tick data services. These services are designed tooffer quick and reliable charting and tick-level data for backtesting and issueresolution. We've added the Cboe One Canada Summary Feed, a real-time Canadian equities market data product from @CBOE Global Markets. This latest addition to dxFeed’s comprehensive suite of #marketdata solutions further strengthens its commitment to delivering unparalleled insights and… pic.twitter.com/ecv44fx0HX— dxFeed (@dxFeedSolutions) July 3, 2024Tools for TradersThe reference data for Canadian markets includes fundamentaldata and corporate actions for Canadian companies. This is complemented byadvanced analytical tools, a market screener, alerts, and indicators, whichhelp traders identify trends, patterns, and trading opportunities quickly andefficiently. The variety of delivery options, including AWS PrivateLink, crossconnects in the US, EU, and Asia, and IaaS delivery, ensures that data isdelivered directly to end users in a manner that suits their needs.This article was written by Tareq Sikder at www.financemagnates.com.
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Adyen, a global financial technology platform, has announceda partnership with noon, a leading e-commerce platform in the Middle East,aimed at bolstering the region's digital economy. Since its establishment in2017, noon has developed into a digital ecosystem serving UAE, KSA, and Egyptwith a range of products and services.noon Enhances Payments with AdyenIn response to its rapid expansion, noon developed noonpayments, an internal infrastructure catering to its payment requirements.Partnering with Adyen will now enable noon to enhance payment solutions forregional merchants and customers. Adyen's unified platform offers acomprehensive array of services, including point-of-sale capabilities, advanced3D secure technology, risk management configurations, and consumer insights.“By combining our global experience with noon’s deepunderstanding of the local market, we are confident that our partnership willdrive significant growth and innovation in the e-commerce landscape of theUAE,” said Sander Maertens, Head of Middle East at Adyen.$ADYEN Partners with NoonAdyen is partnering with noon, a leading e-commerce platform in the Middle East.This partnership aims to enhance noon’s payment solutions for merchants and customers by integrating Adyen’s comprehensive suite of services. pic.twitter.com/HrPXYBYSUV— Wolf of Harcourt Street (@wolfofharcourt) July 3, 2024E-commerce Innovation Accelerates RegionallyThis collaboration aims to accelerate e-commerce innovationsacross the region, facilitating smoother payment processes, mitigating fraudrisks, and delivering valuable customer data. Such enhancements are expected tooptimize the shopping experience, empowering businesses to refine theirstrategies based on deeper consumer insights and foster a more personalizedmarket engagement.“noon has rapidly built deep native capabilities on paymentsto bring the best payment experiences to the market here in the Middle East. Weare now onboarding Adyen to help us take our efforts to the next level.""Adyenbrings superior global capabilities as a digital payments company; we’reexcited to partner with them to amplify the experience for our merchants andcustomers,” said Mosam Gadia, SVP, Payments at noon.This article was written by Tareq Sikder at www.financemagnates.com.
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After three days of sparse quotes and speculation, the NewYork Eastern District court judge presiding over the latest chapter in theproposed credit card swipe fee settlement between Visa, Mastercard, andmillions of merchants <a href="https://ecf.nyed.uscourts.gov/doc1/123121446571">has posted her 88-page opinion</a>. This opinion, deliveredby U.S. District Judge Margo K. Brodie, comes almost a week after she indicated<a href="https://www.financemagnates.com/fintech/us-judge-delays-visa-mastercard-30-billion-settlement-on-swipe-fee-lawsuit-report/">she would not approve the previous settlement</a> negotiated in late March.Thegeneral gist of the opinion is that Brodie was not likely to approve <a href="https://www.financemagnates.com/fintech/payments/a-truce-in-the-swipe-war-how-visa-and-mastercard-settlements-could-reshape-payments/">theproposed settlement</a> because it failed to treat all merchants equitably and didnot provide adequate relief compared to what merchants could potentially win attrial. This decision sends the parties back to the negotiating table in a casethat has dragged on for nearly two decades.Judge puts $30 billion Visa, Mastercard settlement on hold, in signal of likely rejection <a href="https://t.co/Ex0poY5leB">https://t.co/Ex0poY5leB</a>— The Associated Press (@AP) <a href="https://twitter.com/AP/status/1806059880261746991?ref_src=twsrc%5Etfw">June 26, 2024</a>The rejection of the $30 billion swipe fee settlementbetween Visa, Mastercard, and merchants by U.S. District Judge Margo K. Brodiecarries significant implications for the payments industry. Here are the keytakeaways:1. Potential Changes to the "Honor AllCards" Rule:A key feature of the rejected settlement was the expandedability for merchants to surcharge customers for credit card use. Thesettlement would have allowed merchants to surcharge up to 1% on all Visa orMastercard credit card transactions. However, Brodie found these provisionsprovided little benefit to many large retailers. For example, large nationalmerchants are more likely to accept American Express and operate in states thatprohibit surcharging, thus gaining no appreciable benefit from the settlement.Moreover, the settlement's surcharging provisions would still prohibitsurcharging at the issuer level, meaning merchants could not use surcharging asleverage to urge competition among issuing banks.The "Honor All Cards" rule, which requiresmerchants to accept all of a network’s credit cards if they accept any, wasanother contentious point. The settlement would have maintained this rule,which Brodie found insufficient. She noted that while the proposed changesoffered some flexibility, they still left merchants with an all-or-nothingchoice among card products, falling short of the relief sought by someobjecting merchants.By questioning the adequacy of changes to the "HonorAll Cards" rule, the ruling signals that significant modifications oreliminations of such rules might be necessary to meet merchants' needs. Thiscould impact how credit card networks enforce card acceptance policies.2. A Step Towards Equitable Financial PracticesThe ruling is a crucial step towards achieving moreequitable financial practices within the payment industry. Brodie's insistenceon equitable treatment and adequate relief highlights the need for settlementsthat fairly address the concerns of all stakeholders, particularly largenational retailers who pay the most in swipe fees. This decision underscoresthe importance of creating agreements that do not disproportionately benefitsmaller merchants at the expense of larger ones and ensures that the proposedsolutions align with competitive market rates.3. Increased Scrutiny on Equitable Treatment:At the heart of Brodie’s ruling is the assertion that theproposed settlement does not equitably treat all merchants involved. Theproposed agreement would have required Visa and Mastercard to pay up to $30billion to merchants over five years through reduced interchange fees and wouldhave allowed merchants more flexibility…
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After a record-high number of executive moves last week, this week saw a slight drop in the number of appointments, promotions, and exits. In this week's segment, notable moves camefrom FX, proprietary trading, and investment platforms.Notably, former Amazon Consultantjoined Capital.com as Global Head of Programmatic; Finalto recruited DigitalMarketing Expert Grant Ellis from CMC Markets; GCEX strengthened UAE presencewith a new Non-Executive Director; Capital.com hired Revolut's Tarek Mahassenas Head of Risk in MENA; MetaQuotes welcomed TopFX's former executive RamiFleifel as Sales Manager; prop trading giant FTMO strengthened c-suite with anew CFO and Head of Legal; Marex's former Director Tim Cunningham joinedLiquidnet; TradingView targets Australia expansion with a new Director ofGrowth. Take a look at our executive move segment for this week as we highlight the most important executive appointments, promotions, and exits from notable industry appointments, departures, and promotions.Executive Moves of the WeekFormer Amazon Consultant JoinsCapital.com as Global Head of ProgrammaticCapitcal.com appointed Patricia LynDixon as Global Head of Programmatic. Previously, Dixon worked at Amazon Ads asa Programmatic Solutions Consultant for over two years. Before Amazon, she wasthe Buyer Lead for the UK and Nordics at Magnite for one and a half years. Besides that, Dixon also held variousroles at Omnicom Media Group. She was the Director of Programmatic AV and laterthe Operational Business Director for one and a half years. She started atOmnicom as a Senior Programmatic Video Manager nearly a year ago. Her careerbegan at Videology, where she spent nearly four years.Discover more about <a href="https://www.financemagnates.com/executives/former-amazon-consultant-joins-capitalcom-as-global-head-of-programmatic/">Capitcal.com's appointment of Patricia Lyn Dixon</a> as Global Head of Programmatic. Finalto Recruits Digital MarketingExpert Grant Ellis from CMC MarketsFinalto hired CMC Markets' FormerDigital Marketing Manager, Grant Ellis, to serve in the same capacity. Ellishas been with CMC Markets for nearly two years as the Digital MarketingManager, leading the development of strategies to acquire leads and managemarketing campaigns.She previously served as the Digital Marketing Manager for the London-based Kingfisher Insurance. The <a href="https://www.financemagnates.com/terms/m/marketing/">marketing</a> expert has also worked for other brands, including Cogora, ZincMedia Group, and GP Acoustics. In a similar move, Finalto onboarded Daniel Leisas the Sales Director in February, joining the company's London offices.Display more about <a href="https://www.financemagnates.com/executives/finalto-recruits-digital-marketing-expert-grant-ellis-from-cmc-markets/">Finalto's hire of CMC Markets' former Digital Marketing Manager</a>, Grant Ellis. GCEX Strengthens UAE Presence with NewNon-Executive Director OnboardGC Exchange FZE, the Dubai-based armof the GCEX Group, named Saeed Al Darmaki as the Non-Executive Director as partof its efforts to expand its presence in the UAE. Al Darmaki's will focus onthe company's expansion. Currently, GC Exchange FZE is operating in the countryas a Virtual Asset Service Provider (VASP) license from Dubai's Virtual AssetsRegulatory Authority (VARA).Headquartered in London with physicaloffices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur, GCEXopened its Dubai offices in mid-2022 and subsequently obtained the locallicense. Currently, Al Darmaki is currently the CEO of Sheesha Finance andco-founder of the Alphabit investment fund. He also holds advisory roles inseveral other companies in the country.Find out more about <a href="https://www.financemagnates.com/executives/gcex-strengthens-uae-presence-with-new-non-executive-director-onboard/">Al Darmaki's onboarding as a Non-Executive Director</a> at GCEX and the firm's effort to expand its presencein the UAE. Capital.com Hires Revolut's TarekMahassen as Head of Risk in MENACapital.com brought Tarek…
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My ForexFunds Investigation Rattled by CFTC Commissioner Exposing Staff MisconductCommodityFutures Trading Commission (CFTC) Commissioner Caroline Pham issued a statement<a href="https://www.financemagnates.com/forex/my-forex-funds-investigation-rattled-by-cftc-commissioner-exposing-staff-misconduct/">calling for immediate action to address</a> alleged misconduct by CFTC staff in anongoing enforcement case against Traders Global Group, the operator of the proprietarytrading firm My Forex Funds (MFF).In herstatement, Commissioner Pham expressed concerns over allegations made in amotion that reportedly accuses CFTC staff of making false statements to the courtover a six-month period. For MFF, this could be a turning point in the casethat has been ongoing since last September, as the proprietary trading firm hasconsistently suggested that the commission may have misinterpreted some of thepayments it made, which led to the freezing of its assets.Breaking: MyForex Funds Seeks Sanctions against the CFTCHowever, thelegal representatives of Traders Global Group, operating as My Forex Funds, are<a href="https://www.financemagnates.com/forex/breaking-my-forex-funds-seeks-sanctions-against-the-cftc/">seeking sanctions against CFTC</a>. In a motion filed this week, the lawyers allegethat the regulator knowingly misrepresented facts and its “staff acted in badfaith.”The motion,which is part of the ongoing litigation against MFF and its CEO, Murtuza Kazmi,highlighted the alleged misrepresentation by the regulator against Debtbox asgrounds for the sanctions. Much of the allegations were based on earlier claimsthat the CFTC knowingly misrepresented some tax <a href="https://www.financemagnates.com/terms/p/payments/">payments</a> while suing My ForexFunds and its CEO for fraud. Earlier, the court later unfroze the majority ofKazmi's assets.CFTC / Traders Global Group (MyForexFunds)2 Public Statements & Remarks<a href="https://t.co/hesi6o18Wq">https://t.co/hesi6o18Wq</a><a href="https://t.co/CB1bSibwlG">https://t.co/CB1bSibwlG</a> <a href="https://t.co/HLUc8Pj7Fp">pic.twitter.com/HLUc8Pj7Fp</a>— FundTraders (@FundTraders) <a href="https://twitter.com/FundTraders/status/1808575713210970394?ref_src=twsrc%5Etfw">July 3, 2024</a>CFDs BrokerThinkMarkets Launches Its Own Prop Trading BrandThe influxof retail brokers in the prop trading space continues, as ThinkMarkets becamethe latest to <a href="https://www.financemagnates.com/forex/cfds-broker-thinkmarkets-launches-its-own-prop-trading-brand/">launch prop trading services</a> this week under the brandThinkCapital. Although the broker has yet to announce anything officially, theprop trading brand's website is already live.Australia-headquarteredThinkMarkets has become one of the many forex and contracts for differences(CFDs) brokers offering prop trading services and technically funded tradingservices. The trend started with Axi, OANDA, and Hantec Markets and was laterjoined by IC Markets, Traders Trust, and Trade.com.Prop Trading Chaos: SI World Shuts Down, while The Prop Trading AU Teases ComebackAt the same time, chaos continues to rock the prop trading industry as SI World, a brand operated by the UK-based Stocknet Institute, announced its "permanent closing" this week. Interestingly, at the same time, Australia’s The Prop Trading AU teased a comeback one and a half years after being accused of fraud.Stocknet Institute <a href="https://www.financemagnates.com/forex/prop-trading-chaos-si-world-shuts-down-while-the-prop-trading-au-teases-comeback/">announced the closure of its prop trading business</a> with a notice on its social media channels addressing its clients. "After much consideration and strategic planning, we have decided to formally begin the process of winding down our operations with the goal of permanently closing," the announcement read. The company has already stopped engaging new clients and disabled the purchasing of challenges.<a href="https://t.co/uHKmKdoxyw">pic.twitter.com/uHKmKdoxyw</a>— Stocknet Institute (@siworldio)…
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This accolade is not only a testament to our hard work but also a celebration of the trust and loyalty we receive from our clients. We are deeply thankful for your continued support, which drives us to reach new heights of excellence every day.We are beyond excited to announce that TradingPRO has once made a dazzling impact on the global stage by clinching the prestigious "Best Forex Spreads Global" award for the fifth (5) time at the illustrious UF Awards in Limassol, Cyprus. This phenomenal achievement highlights our unwavering commitment to delivering unparalleled trading conditions to our valued clients.Securing the "Best Forex Spreads Global" award for the fifth time is a monumental milestone for TradingPRO. It symbolizes our relentless dedication to offering the most competitive spreads, top-notch trading conditions, and exceptional customer service in the industry. The UF Awards ExtravaganzaThe UF Awards event in Limassol was a dazzling affair, bringing together the crème de la crème of the Forex industry. It provided a magnificent platform to celebrate innovation, excellence, and extraordinary achievements. The atmosphere was electrifying, filled with anticipation and excitement as industry leaders gathered to honour the top performers.Reflecting on the event, I am incredibly proud of TradingPRO's accomplishments. The cognition we received is a shining testament to our team's dedication and our clients' unwavering support. The event offered a fantastic opportunity to network with other industry professionals, exchange groundbreaking ideas, and celebrate the remarkable advancements in our field. A vision for the Future This prestigious award ignites our ambition to continue setting the gold standard in the Forex industry. At TradingPRO, we are committed to pushing the boundaries of what's possible, always prioritizing our clients' best interests. We will continue to innovate, enhance our services, and ensure that our clients enjoy the most exceptional trading experience. Our journey is far from over. This award is a significant milestone, but it also marks the beginning of an exciting new chapter. We are thrilled about the future and look forward to achieving even greater heights with you by our side. To our incredible team, thank you for your trust and steadfast support. This award belongs to all of us. Together, we have made TradingPRO a beacon of excellence in the Forex industry, and together, we will continue to reach for the stars. Here's to many more triumphs and groundbreaking achievements in the future. Thank you for being an integral part of our journey.This article was written by FM Contributors at www.financemagnates.com.
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New York’s initiative to regulate the Buy Now, Pay Later(BNPL) industry signifies a critical shift in the relationship betweentechnology, finance, and consumer protection. Governor Kathy Hochul’s proposal,which mandates BNPL providers to obtain licenses and adhere to strictcompliance standards, aims to address potential abuses and redefine responsibleinnovation in the digital age.The Rise of BNPL: A Double-Edged SwordThe BNPL phenomenon has transformed consumer credit,offering the attractive simplicity of purchasing now and spreading paymentsover time. This model, while revolutionary in its appeal, has rapidly drawnscrutiny as the consequences of unchecked financial exuberance become evident.The governor’s initiative responds to a pressing need to bring order andaccountability to a burgeoning market that has, until now, operated in aregulatory grey area.BNPL services have been praised for democratizing access togoods and services, particularly for younger consumers who might lacktraditional credit options. However, the features that make BNPLattractive—minimal credit checks, instant approval, and deferred payments—<a href="https://www.financemagnates.com/fintech/payments/buy-now-pay-later-a-double-edged-sword-for-consumers-and-retailers/">canalso lead to financial overextension and mounting debts</a>. Hochul’s proposal isthus as much about consumer education as it is about regulation. By enforcingtransparency in terms and conditions, dispute resolution, and credit reporting,the state seeks to arm consumers with the knowledge necessary to make informedfinancial decisions.A Broader Trend in Regulatory ThinkingThis move highlights a broader trend in regulatorythinking, where the rapid pace of fintech innovation demands equally agilegovernance. The BNPL market’s meteoric rise has outpaced traditional regulatoryframeworks, leaving gaps that can be exploited. By stepping in with robustrules, New York is setting a precedent that other states, and potentially thefederal government, might follow. This is not merely a regional issue; it is amicrocosm of the global challenge to balance innovation with protection.The New York Department of Financial Services, empowered tooversee BNPL providers, represents a shift towards more proactive state-levelintervention in financial markets traditionally dominated by federal oversight.This localized approach can be more responsive and nuanced, addressing specificconsumer protection issues unique to New York’s diverse demographic.Legislative Efforts: Competing VisionsIn March, a group of Democrats in the Assembly introduced a bill that countered the governor’s, presenting an alternative attempt to install parameters and consumer guardrails on the young payment method. Assembly member Pamela Hunter, who chairs the banks committee, was among the legislators who introduced<a href="https://www.nysenate.gov/legislation/bills/2023/A9588/amendment/A"> Assembly bill 9588</a>. In May, New York Sen. James Sanders, another Democrat and chair of that chamber’s committee on banks, introduced legislation, <a href="https://www.nysenate.gov/legislation/bills/2023/S9689">Senate Bill 9689</a>, also aimed at licensing BNPL providers. Both bills sought to institute consumer protections, such as fee limits, disclosure requirements, dispute resolution parameters, credit reporting standards, and data privacy terms. A spokesperson for Sanders’ office did not immediately respond to a request for comment.The existence of these competing bills underscores the complexity and urgency of regulating BNPL services. The legislative landscape is dynamic, with various stakeholders advocating for frameworks that best balance consumer protection with market innovation.Ethical Dimensions and ChallengesGovernor Hochul’s stance also reflects a growingrecognition of the ethical dimensions of fintech. As digital finance platformsproliferate, the onus is on both regulators and innovators to ensure that thesetools enhance, rather than exploit, consumer well-being. The proposedlegislation’s…
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ViCA.Chat, an AI-powered Virtual Compliance Assistant, is set to developregulatory compliance consulting. Developed collaboratively by ComplyMAPGroup's AI engineers and Complyport's compliance consulting teams, ViCArepresents a significant leap forward in governance, risk, and compliancesupport services.Real-Time SupportViCA provides real-time assistance across UK and EU regulatoryframeworks, emphasizing efficiency and precision. Drawing on Complyport's 22years of regulatory expertise, ViCA utilizes specialized databases and AItraining tools to function as a seasoned compliance consultant.ViCA's refinement process includes human support, feedbackloops, and quality assurance sessions to ensure businesses receive instantupdates and access to current regulatory information.🎉 Excited to share that #ViCA has been exhibiting at the #iFXExpo this week! ViCA is Your Virtual #Compliance Assistant, powered by #AI, simplifying compliance with real-time support for UK & EU #regulations.Try ViCA for FREE today> https://t.co/drJiCgGfY1 pic.twitter.com/xlhUioJFx5— Complyport Limited (@complyport) June 20, 2024"With ViCA, compliance insights become availableto all. No longer are regulated firms and responsible people overly dependenton advisors and compliance consultants,” commented Luis Parra, Managing Directorof ViCA.“Through ViCA, the financial system will not onlymeet but exceed regulatory standards. Moreover, the level of information madeavailable to the public will benefit society as a whole, in its interactionswith the financial services sector.”Adaptable Regulatory SolutionsCentral to ViCA's service is its access to proprietary regulatoryinterpretations, historical data, and structured compliance documentation.Using advanced scraping capabilities, ViCA extracts relevant data fromdesignated websites to offer comprehensive compliance insights across variousindustries.ViCA seamlessly adapts to the needs of fintech startups, law firms,financial institutions, regulatory bodies, insurance providers, and complianceconsultants. Its user-friendly interface simplifies navigation and regulatorydata analysis, optimizing the compliance workflow.ViCA's cost-effective approach reduces reliance on traditionalconsulting expenses, making it an attractive option for businesses seekingefficient compliance solutions without compromising accuracy or depth ofregulatory knowledge.This article was written by Tareq Sikder at www.financemagnates.com.
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The Securities and Exchange Commission (SEC) Nigeria hasalerted the public about ongoing fraud attempts targeting investors and theonline community.These scammers are impersonating the Director General of theCommission, Emomotimi Agama, in an effort to deceive individuals into sharingpersonal information and making unauthorized payments.SEC Nigeria Warns PublicThe Commission has emphasized that neither the DirectorGeneral nor any staff member will request personal information regardinginvestments through online platforms, phone calls, or emails. The public isurged to verify the identity of anyone claiming to be from SEC Nigeria.Official communications from the Commission will always comefrom verified email addresses, the official website, social media handles, andphone numbers. SEC Nigeria advises the public to stay vigilant and report anysuspicious activities to the appropriate authorities.Impersonation Fraud Alerts: CySEC, FSMAEarlier, the CyprusSecurities and Exchange Commission (CySEC) has issued a warning aboutfraudsters impersonating its employees, as reported by Finance Magnates. This time, a fakeInstagram account, cysec_cy, with over 14,100 followers, has been identified. The account fraudulently offered dispute resolution servicesto traders, redirecting them to the genuine CySEC website but using amisleading email address that closely resembles the CySEC domain. This warning followed an alert from CySEC about individualsfalsely presenting themselves as CySEC officers and creating counterfeitwebsites with similar names. CySEC urges the public to remain vigilant againstthese scams.Last year, Belgium’s Financial Services and MarketsAuthority (FSMA) issueda warning about increasing impersonation fraud. Fraudsters used the FSMA'sname and logo to deceive consumers and engage in recovery room fraud. They pretended to be regulatory employees, contactinginvestment fraud victims with promises of recovering their losses in exchangefor a fee. The FSMA identified three fraudulent email addresses used to trapvictims, which were cleverly designed to mimic the regulator's domain.This article was written by Tareq Sikder at www.financemagnates.com.
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New York’s initiative to regulate the Buy Now, Pay Later(BNPL) industry signifies a critical shift in the relationship betweentechnology, finance, and consumer protection. Governor Kathy Hochul’s proposal,which mandates BNPL providers to obtain licenses and adhere to strictcompliance standards, aims to address potential abuses and redefine responsibleinnovation in the digital age.The Rise of BNPL: A Double-Edged SwordThe BNPL phenomenon has transformed consumer credit,offering the attractive simplicity of purchasing now and spreading paymentsover time. This model, while revolutionary in its appeal, has rapidly drawnscrutiny as the consequences of unchecked financial exuberance become evident.The governor’s initiative responds to a pressing need to bring order andaccountability to a burgeoning market that has, until now, operated in aregulatory grey area.BNPL services have been praised for democratizing access togoods and services, particularly for younger consumers who might lacktraditional credit options. However, the features that make BNPLattractive—minimal credit checks, instant approval, and deferred payments—<a href="https://www.financemagnates.com/fintech/payments/buy-now-pay-later-a-double-edged-sword-for-consumers-and-retailers/">canalso lead to financial overextension and mounting debts</a>. Hochul’s proposal isthus as much about consumer education as it is about regulation. By enforcingtransparency in terms and conditions, dispute resolution, and credit reporting,the state seeks to arm consumers with the knowledge necessary to make informedfinancial decisions.A Broader Trend in Regulatory ThinkingThis move highlights a broader trend in regulatorythinking, where the rapid pace of fintech innovation demands equally agilegovernance. The BNPL market’s meteoric rise has outpaced traditional regulatoryframeworks, leaving gaps that can be exploited. By stepping in with robustrules, New York is setting a precedent that other states, and potentially thefederal government, might follow. This is not merely a regional issue; it is amicrocosm of the global challenge to balance innovation with protection.The New York Department of Financial Services, empowered tooversee BNPL providers, represents a shift towards more proactive state-levelintervention in financial markets traditionally dominated by federal oversight.This localized approach can be more responsive and nuanced, addressing specificconsumer protection issues unique to New York’s diverse demographic.Legislative Efforts: Competing VisionsIn March, a group of Democrats in the Assembly introduced a bill that countered the governor’s, presenting an alternative attempt to install parameters and consumer guardrails on the young payment method. Assembly member Pamela Hunter, who chairs the banks committee, was among the legislators who introduced<a href="https://www.nysenate.gov/legislation/bills/2023/A9588/amendment/A"> Assembly bill 9588</a>. In May, New York Sen. James Sanders, another Democrat and chair of that chamber’s committee on banks, introduced legislation, <a href="https://www.nysenate.gov/legislation/bills/2023/S9689">Senate Bill 9689</a>, also aimed at licensing BNPL providers. Both bills sought to institute consumer protections, such as fee limits, disclosure requirements, dispute resolution parameters, credit reporting standards, and data privacy terms. A spokesperson for Sanders’ office did not immediately respond to a request for comment.The existence of these competing bills underscores the complexity and urgency of regulating BNPL services. The legislative landscape is dynamic, with various stakeholders advocating for frameworks that best balance consumer protection with market innovation.Ethical Dimensions and ChallengesGovernor Hochul’s stance also reflects a growingrecognition of the ethical dimensions of fintech. As digital finance platformsproliferate, the onus is on both regulators and innovators to ensure that thesetools enhance, rather than exploit, consumer well-being. The proposedlegislation’s…
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ViCA.Chat, an AI-powered Virtual Compliance Assistant, is set to developregulatory compliance consulting. Developed collaboratively by ComplyMAPGroup's AI engineers and Complyport's compliance consulting teams, ViCArepresents a significant leap forward in governance, risk, and compliancesupport services.Real-Time SupportViCA provides real-time assistance across UK and EU regulatoryframeworks, emphasizing efficiency and precision. Drawing on Complyport's 22years of regulatory expertise, ViCA utilizes specialized databases and AItraining tools to function as a seasoned compliance consultant.ViCA's refinement process includes human support, feedbackloops, and quality assurance sessions to ensure businesses receive instantupdates and access to current regulatory information.🎉 Excited to share that #ViCA has been exhibiting at the #iFXExpo this week! ViCA is Your Virtual #Compliance Assistant, powered by #AI, simplifying compliance with real-time support for UK & EU #regulations.Try ViCA for FREE today> https://t.co/drJiCgGfY1 pic.twitter.com/xlhUioJFx5— Complyport Limited (@complyport) June 20, 2024"With ViCA, compliance insights become availableto all. No longer are regulated firms and responsible people overly dependenton advisors and compliance consultants,” commented Luis Parra, Managing Directorof ViCA.“Through ViCA, the financial system will not onlymeet but exceed regulatory standards. Moreover, the level of information madeavailable to the public will benefit society as a whole, in its interactionswith the financial services sector.”Adaptable Regulatory SolutionsCentral to ViCA's service is its access to proprietary regulatoryinterpretations, historical data, and structured compliance documentation.Using advanced scraping capabilities, ViCA extracts relevant data fromdesignated websites to offer comprehensive compliance insights across variousindustries.ViCA seamlessly adapts to the needs of fintech startups, law firms,financial institutions, regulatory bodies, insurance providers, and complianceconsultants. Its user-friendly interface simplifies navigation and regulatorydata analysis, optimizing the compliance workflow.ViCA's cost-effective approach reduces reliance on traditionalconsulting expenses, making it an attractive option for businesses seekingefficient compliance solutions without compromising accuracy or depth ofregulatory knowledge.This article was written by Tareq Sikder at www.financemagnates.com.
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The Securities and Exchange Commission (SEC) Nigeria hasalerted the public about ongoing fraud attempts targeting investors and theonline community.These scammers are impersonating the Director General of theCommission, Emomotimi Agama, in an effort to deceive individuals into sharingpersonal information and making unauthorized payments.SEC Nigeria Warns PublicThe Commission has emphasized that neither the DirectorGeneral nor any staff member will request personal information regardinginvestments through online platforms, phone calls, or emails. The public isurged to verify the identity of anyone claiming to be from SEC Nigeria.Official communications from the Commission will always comefrom verified email addresses, the official website, social media handles, andphone numbers. SEC Nigeria advises the public to stay vigilant and report anysuspicious activities to the appropriate authorities.Impersonation Fraud Alerts: CySEC, FSMAEarlier, the CyprusSecurities and Exchange Commission (CySEC) has issued a warning aboutfraudsters impersonating its employees, as reported by Finance Magnates. This time, a fakeInstagram account, cysec_cy, with over 14,100 followers, has been identified. The account fraudulently offered dispute resolution servicesto traders, redirecting them to the genuine CySEC website but using amisleading email address that closely resembles the CySEC domain. This warning followed an alert from CySEC about individualsfalsely presenting themselves as CySEC officers and creating counterfeitwebsites with similar names. CySEC urges the public to remain vigilant againstthese scams.Last year, Belgium’s Financial Services and MarketsAuthority (FSMA) issueda warning about increasing impersonation fraud. Fraudsters used the FSMA'sname and logo to deceive consumers and engage in recovery room fraud. They pretended to be regulatory employees, contactinginvestment fraud victims with promises of recovering their losses in exchangefor a fee. The FSMA identified three fraudulent email addresses used to trapvictims, which were cleverly designed to mimic the regulator's domain.This article was written by Tareq Sikder at www.financemagnates.com.
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Adyen, a global financial technology platform, has announceda partnership with noon, a leading e-commerce platform in the Middle East,aimed at bolstering the region's digital economy. Since its establishment in2017, noon has developed into a digital ecosystem serving UAE, KSA, and Egyptwith a range of products and services.noon Enhances Payments with AdyenIn response to its rapid expansion, noon developed noonpayments, an internal infrastructure catering to its payment requirements.Partnering with Adyen will now enable noon to enhance payment solutions forregional merchants and customers. Adyen's unified platform offers acomprehensive array of services, including point-of-sale capabilities, advanced3D secure technology, risk management configurations, and consumer insights.“By combining our global experience with noon’s deepunderstanding of the local market, we are confident that our partnership willdrive significant growth and innovation in the e-commerce landscape of theUAE,” said Sander Maertens, Head of Middle East at Adyen.$ADYEN Partners with NoonAdyen is partnering with noon, a leading e-commerce platform in the Middle East.This partnership aims to enhance noon’s payment solutions for merchants and customers by integrating Adyen’s comprehensive suite of services. pic.twitter.com/HrPXYBYSUV— Wolf of Harcourt Street (@wolfofharcourt) July 3, 2024E-commerce Innovation Accelerates RegionallyThis collaboration aims to accelerate e-commerce innovationsacross the region, facilitating smoother payment processes, mitigating fraudrisks, and delivering valuable customer data. Such enhancements are expected tooptimize the shopping experience, empowering businesses to refine theirstrategies based on deeper consumer insights and foster a more personalizedmarket engagement.“noon has rapidly built deep native capabilities on paymentsto bring the best payment experiences to the market here in the Middle East. Weare now onboarding Adyen to help us take our efforts to the next level.""Adyenbrings superior global capabilities as a digital payments company; we’reexcited to partner with them to amplify the experience for our merchants andcustomers,” said Mosam Gadia, SVP, Payments at noon.This article was written by Tareq Sikder at www.financemagnates.com.
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After three days of sparse quotes and speculation, the NewYork Eastern District court judge presiding over the latest chapter in theproposed credit card swipe fee settlement between Visa, Mastercard, andmillions of merchants <a href="https://ecf.nyed.uscourts.gov/doc1/123121446571">has posted her 88-page opinion</a>. This opinion, deliveredby U.S. District Judge Margo K. Brodie, comes almost a week after she indicated<a href="https://www.financemagnates.com/fintech/us-judge-delays-visa-mastercard-30-billion-settlement-on-swipe-fee-lawsuit-report/">she would not approve the previous settlement</a> negotiated in late March.Thegeneral gist of the opinion is that Brodie was not likely to approve <a href="https://www.financemagnates.com/fintech/payments/a-truce-in-the-swipe-war-how-visa-and-mastercard-settlements-could-reshape-payments/">theproposed settlement</a> because it failed to treat all merchants equitably and didnot provide adequate relief compared to what merchants could potentially win attrial. This decision sends the parties back to the negotiating table in a casethat has dragged on for nearly two decades.Judge puts $30 billion Visa, Mastercard settlement on hold, in signal of likely rejection <a href="https://t.co/Ex0poY5leB">https://t.co/Ex0poY5leB</a>— The Associated Press (@AP) <a href="https://twitter.com/AP/status/1806059880261746991?ref_src=twsrc%5Etfw">June 26, 2024</a>The rejection of the $30 billion swipe fee settlementbetween Visa, Mastercard, and merchants by U.S. District Judge Margo K. Brodiecarries significant implications for the payments industry. Here are the keytakeaways:1. Potential Changes to the "Honor AllCards" Rule:A key feature of the rejected settlement was the expandedability for merchants to surcharge customers for credit card use. Thesettlement would have allowed merchants to surcharge up to 1% on all Visa orMastercard credit card transactions. However, Brodie found these provisionsprovided little benefit to many large retailers. For example, large nationalmerchants are more likely to accept American Express and operate in states thatprohibit surcharging, thus gaining no appreciable benefit from the settlement.Moreover, the settlement's surcharging provisions would still prohibitsurcharging at the issuer level, meaning merchants could not use surcharging asleverage to urge competition among issuing banks.The "Honor All Cards" rule, which requiresmerchants to accept all of a network’s credit cards if they accept any, wasanother contentious point. The settlement would have maintained this rule,which Brodie found insufficient. She noted that while the proposed changesoffered some flexibility, they still left merchants with an all-or-nothingchoice among card products, falling short of the relief sought by someobjecting merchants.By questioning the adequacy of changes to the "HonorAll Cards" rule, the ruling signals that significant modifications oreliminations of such rules might be necessary to meet merchants' needs. Thiscould impact how credit card networks enforce card acceptance policies.2. A Step Towards Equitable Financial PracticesThe ruling is a crucial step towards achieving moreequitable financial practices within the payment industry. Brodie's insistenceon equitable treatment and adequate relief highlights the need for settlementsthat fairly address the concerns of all stakeholders, particularly largenational retailers who pay the most in swipe fees. This decision underscoresthe importance of creating agreements that do not disproportionately benefitsmaller merchants at the expense of larger ones and ensures that the proposedsolutions align with competitive market rates.3. Increased Scrutiny on Equitable Treatment:At the heart of Brodie’s ruling is the assertion that theproposed settlement does not equitably treat all merchants involved. Theproposed agreement would have required Visa and Mastercard to pay up to $30billion to merchants over five years through reduced interchange fees and wouldhave allowed merchants more flexibility…
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Rami Fleifel, the former Head of Support and Back Office at TopFX has joined MetaQuotes as the Sales Manager. Fleifel, who shared the news on LinkedIn today (Wednesday), most recently served as the General Manager ofFondex, a forex and CFD company based in Cyprus. At TopFX, he also held therole of Head of Support for EMEA.Experience from Notable BrandsAccording to his LinkedIn profile, Fleifel has held otherkey roles in notable industry brands, including Spotoption Exchange, AFX Group,and IronFX Global. At AFX Group, he was the Business Development Manager for ayear, while at IronFX Global, he served as the Account Manager. Thislatest appointment comes as Metaquotes expands its product offering. Recently,the company launched the MetaTrader 5 platform beta build 4330, which featuresnew analytical tools for traders and resources for developers. On this newplatform, developers can access support for the latest ChatGPT model, GPT-4o.Otheradditional features on MetaTrader 5 include analytical tools that display timeand prices, draw various shapes such as rectangles, ellipses, triangles, andcircles, and add labels to their charts.Elsewhere,MetaQuotes opened a new office in Mexico City early this year as part of itsexpansion efforts to provide services to businesses in Latin America. The opening ofMetaQuotes' representative office in Mexico promised to open access toopportunities for collaboration in the region's financial technology space.More from MetaQuotesMorecompanies are also integrating MetaQuotes into their platforms. For instance,APS, a payment service provider, integrated MetaTrader 5 Payments in March.This offering seeks to facilitate client onboarding, enhance deposittransaction conversions, and reduce broker costs. According to the company,this step will benefit big and small brokerage firms.To use theintegrated payments through MetaTrader 5, firms need to establish anagreement with a supported Payment Service Provider and input authorizationdata into the platform. This article was written by Jared Kirui at www.financemagnates.com.
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MarketAxess reported a substantial increase in tradingvolumes for June, driven by notable gains in US high-grade credit, emergingmarkets, and municipal bonds. The company achieved an average daily volume(ADV) of $36.5 billion, a 33.8% increase from the previous year and a 13.5%rise from May 2024.Impressive Monthly PerformanceThis growth was bolstered by strong performances intotal credit ADV, which rose to $14.0 billion, and a significant 49.8% increasein total rates ADV. The firm’s trading platform, X-Pro, reported a boost inactivity, specifically in the fixed-income securities market.X-Pro platform reportedly posted a record usage, with 56% of portfoliotrading volume executed on it during the quarter. Total portfolio tradingvolume reached $16.6 billion, marking a 104.6% year-over-year increase. Theopen trading share of total credit trading volume remained steady at 34%.The US high-grade credit segment led the charge with a17% increase in ADV to $6.6 billion. Chris Concannon, the CEO of MarketAxes, highlighted that this growth wasaccompanied by an improvement in market share, reaching an estimated 19.9% inJune. Despite a slight year-over-year decline, the month-over-month performanceshowed positive momentum, indicating a strong market presence.Today we announced fully-electronic trading volume for June and Second Quarter 2024. Read the full press release here: https://t.co/oJkttKx1Y7 #FixedIncome #ElectronicTrading #Volumes pic.twitter.com/EVURcyNo6m— MarketAxess (@MarketAxess) July 3, 2024However, US high-yield ADV experienced a decline of13.8% to $1.3 billion, with market share dropping to 13.9%. This segment facedchallenges reportedly due to lower credit spread volatility and a focus on newissuances by long-only clients. Nonetheless, the estimated market shareslightly improved from May 2024.Besides that, emerging markets displayed robustgrowth, with ADV climbing 17.9% to $3.6 billion. Contributions from regionslike LATAM, EMEA, and APAC were significant, driven by a 25.1% increase in hardcurrency ADV and record local currency market volumes.Emerging Markets and EurobondsEurobonds also performed well, with ADV up 16.1%year-over-year, despite an 11.5% decrease from May 2024. The diverse creditofferings continue to attract substantial trading activity. Municipal bondsexperienced a notable 48.4% increase in ADV to $549 million. For the second quarter, MarketAxess reported a totalADV of $34.2 billion, driven by a 22.8% increase from the previous year. Thetotal credit ADV grew by 12.4%, while total rates ADV saw a 30.9% rise. Thequarter also featured record performances in portfolio trading volumes andcontinued strength in emerging markets and municipal bonds.This article was written by Jared Kirui at www.financemagnates.com.
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When the United States enacted the Patriot Act post-9/11,the aim was clear: protect national security. However, this well-intentionedmove led to increased governmental surveillance and a significant reduction inindividual privacy. Europe's current approach to digital transactions couldlead to similar consequences, where security measures may infringe uponfundamental freedoms.Europe's Regulatory Push: The End of AnonymityThe European Union (EU) is intensifying efforts to regulatethe crypto market, focusing on reducing anonymity in digital transactions. Thelatest <a href="https://finance.ec.europa.eu/news/latest-update-anti-money-laundering-and-countering-financing-terrorism-legislative-package-2024-04-24_en">anti-money laundering and countering the financing of terrorism(AML/CFT)</a> measures reflect this trend, raising critical concerns about thedelicate balance between security and privacy.Since the adoption of the Markets in Crypto Assets (MICA)regulation in 2022, the EU has been working diligently to establishcomprehensive guidelines for entities operating within the crypto assetmarkets. This regulatory framework is designed to curb illicit activities, suchas money laundering and terrorism financing, which have thrived in theanonymous nature of digital currencies. While these measures are undoubtedlyaimed at enhancing security, they also challenge the core principles ofdecentralization and privacy that cryptocurrencies were built upon.The recent rumors that the EU might ban anonymouscryptocurrency transactions through self-custodial wallets, such as Metamaskand Trust Wallet, highlight the growing scrutiny. Although these rumors werebased on a misinterpretation of the new laws, the direction of regulatoryefforts is evident: reducing the use of untraceable transactions. This shifttowards comprehensive monitoring of digital transactions risks creating asystem where financial privacy becomes a relic of the past.The Digital Euro: A Double-Edged SwordThe European Central Bank's (ECB) Digital Euro initiativeunderscores the EU's commitment to enhancing control over digital transactions.The ECB has made significant progress with the Digital Euro, moving into the"preparation phase" to lay the foundations for its implementation.This phase involves finalizing the rulebook and selecting providers to developthe necessary infrastructure, with a substantial budget allocation to ensureits success.While the Digital Euro promises convenience and stability,it also introduces the risk of <a href="https://www.financemagnates.com/fintech/payments/lets-not-write-the-eulogy-for-cash-just-yet/">unprecedented state surveillance and controlover individual financial activities</a>. Centralized control over digitalcurrencies could lead to a future where every transaction is traceable,undermining the autonomy that cryptocurrencies were designed to ensure. Thepotential for misuse of such oversight powers cannot be overlooked, as whatbegins as a measure against financial crime could easily extend into broader domains,stifling dissent and eroding civil liberties.Banks Embrace Regulation: A New Era for Crypto ServicesTraditional financial institutions in Europe, such asSantander, BBVA, and CaixaBank, are leveraging the regulatory clarity tointegrate crypto services. Historically cautious about the volatile andunregulated nature of cryptocurrencies, these banks now see an opportunity tooffer crypto products within a more secure and regulated environment. This movecould boost user adoption and mark a significant turning point in the Europeancrypto market, particularly given the region's highly banked population.Banks can capitalize on the end of full anonymity in cryptotransactions by developing initiatives such as wallet services andmulticurrency accounts that accept both crypto and CBDCs. As the regulatoryframework advances, financial institutions must stay attuned to these changesand adapt their strategies to incorporate new forms of digital value transfers.This proactive approach will enable them to better…
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The recent strategic partnership between Zand Bank PJSC,the UAE’s first digital bank, and Taurus SA, a global leader in digital assettechnology, marks a pivotal moment not just for the Middle East but for theglobal financial ecosystem. This collaboration, encompassing all aspects ofdigital asset infrastructure including custody, tokenization, and blockchainconnectivity, signifies a significant leap in digital finance. The timing ofthis partnership is particularly noteworthy given the current geopolitical andeconomic context.A New Era of Digital Finance: Zand Bank and Taurus PartnershipUnder this agreement, <a href="https://www.zand.ae/en">Zand</a> will leverage <a href="https://www.taurushq.com/">Taurus</a>’market-leading integrated custody and tokenization solutions to expand itsoffering in the field of digital assets, including cryptocurrencies, tokenizedsecurities, and digital currencies. Backed by institutional investors such asCredit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier, and PictetGroup, Taurus raised $65 million in 2023, underscoring its robust and credibletechnological foundation.Advanced Digital Asset Ecosystem: Comprehensive Solutions for Security and ComplianceAt the core of this partnership is the provision ofbest-in-class institutional-grade custody for digital assets. Zand will utilizeTaurus-PROTECT, a secure wallet solution for cryptocurrencies, NFTs, tokenizedsecurities, and digital currencies. This solution ensures that Zand meets thehighest security and compliance standards, leveraging hot and cold HSMenvironments, programmable rules, and robotic process automation (RPA) featuresto optimize efficiency and security.Leveraging Taurus-PROTECT, Zand is able to implementdefense-in-depth security on its custodial wallets with multi-layered securitycontrols, which include transaction monitoring mechanisms, ensuring compliance with all applicable regulations, includingthose of the UAE.Bridging Traditional and Decentralized Finance: Innovative Tokenization SolutionsZand will also leverage Taurus-CAPITAL, a tokenizationsolution that enables the issuance and servicing of any type of tokenizedfinancial and real-world assets. This integration allows Zand to deploy andmanage the lifecycle of smart contracts across both public and privateblockchains, using Taurus’ blockchain node infrastructure, Taurus-Explorer.This infrastructure, ISAE3402 Type II audited, provides a unified API andreliable broadcasting algorithms for secure interfacing with multipleblockchain networks.Geopolitical and Economic Significance: UAE’s Leadership in Global FintechThe UAE has been positioning itself as <a href="https://www.financemagnates.com/cryptocurrency/regulation/strategy-decentralization-and-tech-diplomacy-uaes-forward-thinking-crypto-regulation/">a global hub forinnovation and financial technology</a>. By embracing digital assets through thispartnership, the UAE is not only diversifying its economy but also assertingits leadership in the global fintech arena. This move is likely to attract moreinternational investors and fintech companies to the region, further bolsteringthe UAE’s economic growth and technological advancement.On a broader scale, this partnership could influence globalfinancial policies and regulatory frameworks. As more countries explore theintegration of digital assets into their financial systems, the standards setby Zand and Taurus could serve as a benchmark. The collaboration exemplifieshow robust regulatory compliance, such as adherence to the Central Bank of theUAE’s standards, can coexist with cutting-edge technological innovation.Setting a New Standard in Digital Finance: Leading the MENA RegionAs the first bank in the UAE to embrace digital assetscomprehensively, Zand is at the forefront of bridging traditional finance withdecentralized finance. This partnership sets a new benchmark for digital assetmanagement in the MENA region as it aims to unlock new opportunities, fostersustainable growth, and drive positive impacts in the evolving…
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