Australian Legislators Pass Law to Enhance ASIC’s Fintech Regulatory Sandbox. The amendments passed on Monday extend the scope and timeframe fintechs can spend on the existing ‘sandbox.’ The ‘Treasury Laws Amendment (2018 Measures No. 2) Bill 2019‘ allows more businesses such as fintechs to test a wider range of new financial and credit products and services without a licence from ASIC for up to 24 months.
Fintech firm Reich & Tang has reached a deal with Smiley Technologies, a developer and provider of core banking solutions to U.S community banks.
Community banks typically struggle to keep up with their larger competitors on high technology solutions. Smiley Technologies has worked with smaller banks to modernize and streamline core banking applications and services. These services help improve the efficiency of data management.
With new-fangled fintech disruptors snapping at their heels, two legacy payment processor giants in Europe have joined forces in an $8.6 billion mega-deal. French payment company Worldline will acquire domestic rival Ingenico to create the industry’s number four player.
UK the Epicenter of Fintech in Europe, says Report. The fintech sector in the UK raked in a record $4.9 billion in investments during 2019, despite political turmoil from Brexit.
The Global X FinTech Thematic ETF (FINX) has rallied more than 32% over the last 12 months. Shares have climbed from a 52-week low of $24.49 per share to $32.40 this week. The fund aims to replicate the performance of the Indxx Global FinTech Thematic Index.