Cryptocurrency exchange Bitget announced its registration as a financial services provider on New Zealand's FSPR, enabling it to offer services like foreign currency exchange and money transfers. However, the registration was not visible on the FSPR registry at the time of writing.
Kakao Group, including Kakao Pay and Kakao Bank, signed an MOU with Circle Internet Group to explore won-backed stablecoin payments and cross-border remittances in South Korea, anticipating upcoming crypto regulations.
Anthropic will supply its Claude AI models to 21 firms in the UK Financial Conduct Authority's Supercharged Sandbox, enabling them to test AI applications like fraud detection and compliance automation in a regulated environment.
South Korea's financial authorities investigated over 40 cases of unfair crypto trading, including market manipulation and fraudulent activities, in the last two years. Since the Virtual Asset User Protection Act took effect in July 2024, 30 cases were reported to investigative agencies, leading to 25 identified suspects and average unlawful gains of ₩1.4 billion.
Gold prices are trading with a bearish bias due to escalating Middle East tensions, inflation concerns, and expectations of a continued restrictive US monetary policy. Higher oil prices and a stronger dollar are weighing on bullion, with attention turning to upcoming US economic data.
Gold prices are trading with a bearish bias due to Middle East geopolitical tensions fueling inflation concerns and strengthening expectations of a US Federal Reserve rate hike. Technical indicators suggest a continued downtrend unless key resistance levels are reclaimed.
Kraken's mobile app now features AI-powered financial tools to offer personalized investment recommendations and portfolio management, aiming to provide everyday users with sophisticated market insights previously available only to active traders.
UK Chancellor Rachel Reeves is launching a new "skills compact" with financial firms like Barclays and Lloyds to retrain thousands of workers for the AI revolution. The initiative commits employers to improving skills and keeping pace with technological changes, aiming to future-proof jobs and maintain the sector's competitiveness.
Sheldon Mills, an executive director at the UK's Financial Conduct Authority, warns of an "arms race" in AI use in financial services, urging greater regulatory powers and a review of large language models. His report highlights both benefits like "hyper-personalization" and risks such as fraud and manipulation, advocating for human accountability.
The UK's Financial Conduct Authority (FCA) has released a report detailing a significant shift towards automated retail financial services driven by agentic AI. The report highlights the need for programmable infrastructure and addresses governance risks.
A landmark review by the FCA urges ministers to enhance the City regulator's powers to manage AI risks in financial services. While AI offers benefits like increased accessibility, it also poses risks of fraud, cyber threats, and consumer harm. The review recommends expanding regulatory authority over critical third parties and tech companies.
Gold prices may see limited upside due to persistent high US inflation, according to Manav Modi, Senior Analyst at Motilal Oswal. While a weaker dollar and softer labor data initially boosted gold, inflation above the Fed's 2% target prompts caution on rate cuts.
South Korea's Financial Services Commission and Korea Exchange introduced new rules for "split listing" by conglomerates, aiming to protect ordinary shareholders and boost stock values. The guidelines limit major shareholder voting rights and require parent companies to assess and mitigate the impact on shareholders.
Nearly 1,700 UK investors are suing Binance and its founder, Zhao Changpeng, for at least £150 million, alleging the crypto exchange sold them unauthorized derivative products.
Meta's WhatsApp is launching a major financial services and AI initiative led by Kunal Shah, aiming to leverage AI agents and the Meta AI chatbot for growth, especially in India. Shah's appointment highlights India's strategic importance and could revive WhatsApp's fintech ambitions.
Ten years after Brexit, columnist Larry Elliott restates his leftwing case for leaving the EU, arguing Europe isn't working economically and Brexit offers an opportunity for Britain to pursue a different economic model.
The EU and Hong Kong are discussing a financial services dialogue, with EU companies interested in opportunities within Hong Kong's Northern Metropolis. Ambassador Harvey Rouse highlighted potential cooperation in sustainable finance and the green transition.
Charles Schwab is reportedly planning to launch prediction markets for its customers, offering yes-or-no wagers on the S&P 500's performance. This move, in partnership with Cboe Global Market, expands into a growing sector already featuring platforms like Kalshi and Polymarket, despite ongoing regulatory scrutiny.
Ant International and Mexico's Clip have launched the Mi Clip e-wallet, aiming to reduce cash dominance in Mexico by offering financial services and credit solutions. The initiative leverages AI and Mastercard's network to build formal financial identities for users.
New York City ranks first globally for financial services talent, excelling in labor index and VC funding. However, the industry's center of gravity is shifting east, with Asia-Pacific cities like Shanghai, Beijing, and Hong Kong showing significant growth.
South Korea's Financial Services Commission (FSC) has established an AI-based insurance fraud prevention task force to address an estimated 9 trillion won in annual insurance fraud. The TF will focus on legal grounds, data sharing, and AI pattern analysis to enhance the insurance industry's reliability and prevent financial leaks.
Taiwan's National Development Council (NDC) has selected six banks to pilot a "one-stop financial service" program aimed at easing banking and credit card application difficulties for international talent. The initiative seeks to create a more welcoming financial environment for foreign professionals in Taiwan.
A UK House of Lords committee has advised the Bank of England to reconsider proposed stablecoin caps and reserve requirements, arguing they could stifle the development of a pound-denominated stablecoin market before it even begins.
New York's NYDFS and the EU's EBA signed an MOU to share information on the $314 billion stablecoin market, aiming to enhance oversight, identify risks, and coordinate responses during crises. This collaboration addresses concerns about stablecoin runs and dollar dominance in the sector.
