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Global Weekly Fintech Update

06 July 2020

06 July 2020

Welcome to this week's global fintech round-up, summarising fintech regulatory developments that have happened around the world along with our Clifford Chance fintech publications and upcoming events.

Details of these and previous developments can also be found on our Fintech Topic Guide on the Clifford Chance Financial Markets Toolkit.

Please click here to subscribe to future editions of the round-up.


FinTECH Talents fireside chat with Simon Crown

Financial regulatory partner and co-head of our UK fintech and payments team Simon Crown shares how Clifford Chance is working with both established financial service providers and emerging fintech companies as well as some key pitfalls for new entrants, with Liz Lumley of FinTECH Talents.



  • (2 Jul 2020) International Capital Market Association updated fintech mapping directory, which compares the capabilities of over 150 technology solutions available in repo and cash bond markets | Directory webpage
  • (1 Jul 2020) Financial Action Task Force (FATF) priorities​ for 2020-2022 in which FATF states it intends to launch an initiative to explore the anti-money laundering and counter terrorist financing challenges and opportunities posed by digital transformation in the economy | Press release
  • (30 Jun 2020) The Bank for International Settlements (BIS) has announced it intends to establish Innovation Hubs in five new locations: Toronto (with the Bank of Canada); London (Bank of England); Frankfurt and Paris (European Central Bank/Eurosystem); and Stockholm (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank). The BIS will also form a strategic partnership with the Federal Reserve System in New York. | Press release​



  • (30 Jun 2020) Bank of Canada analytical note on designing a central bank digital currency


  •  (30 Jun 2020) Senate Committee on Banking, Housing, and Urban Affairs hearing on the digitisation of money and payments, which focuses in particular on central bank digital currencies
  • (18 Jun 2020) New York Department of Financial Services (NY DFS) final guidance on the adoption and listing of virtual currencies
  • (18 Jun 2020) NY DFS notice and FAQs on the updated application procedure for BitLicenses



  • (1 Jul 2020) The first phase of the Consumer Data Rights Act, which introduces open banking to Australia, becomes effective. During the first phase, consumer data relating to credit and debit cards and deposit and transaction accounts can be shared. Mortgage and personal loan data can be shared from 1 Nov 2020.​ | Press release​
  • (30 Jun 2020) Australian Securities Exchange consultation​ on a revised timetable for the implementation of the ​distributed ledger technology based replacement system for CHESS (Clearing House Electronic Subregister System). Responses are due by 28 July 2020. | Press release


  • (18 Jun 2020) National Bank of Cambodia report on its proposed blockchain-based payments system


  • (24 Jun 2020) Reserve Bank of India notice to commercial banks and non-banking financial firms regarding best practices and regulatory requirements when using digital lending platforms to disburse loans to borrowers


  • (2 Jul 2020) Bank of Japan report (in Japanese) on central bank digital currencies (CBDCs), in which the bank states its intentions to investigate the technical feasibility of a CBDC




  • (24 Jun 2020) Commissariat aux Assurances circular (in French) on its adoption of the European Insurance and Occupational Pensions Authority guidelines on outsourcing to cloud service providers


  • (19 Jun 2020) Federal Council statement in which the Council notes that there is no current need to amend the country's tax laws in response to digital ledger technology and blockchain developments, as the new technology is adequately covered by the existing legislative regime
  • (17 Jun 2020) The National Council has adopted a package of legislative amendments which are intended to encourage the use of distributed ledger technology and blockchain. The amendments will now be considered by the Council of States and are expected to be finalised in the autumn. | Legislative proposals webpage (in German)


  • (1 Jul 2020) Competition and Markets Authority (CMA) report on online platforms and digital advertising, in which it sets out, among other things, plans to establish a new Digital Markets Taskforce which will advise the UK government on measures aimed at enhancing competition in digital platform markets. The CMA is calling for input on this Taskforce and its focus for advice. Responses are requested by 31 Jul 2020.
  • (30 Jun 2020) Financial Conduct Authority research note on cryptoasset consumers and consumer trends | Press release

- Following the outbreak of coronavirus (Covid-19), we are keeping our global events programme under review. We anticipate that many events will be hosted online. Please continue to sign up for events of interest to ensure you receive news of the latest developments and any changes to location or schedule –.

Tech Live: What does ethical tech mean for law and compliance? (7 July 2020): 

What does 'corporate digital responsibility' mean? How does the use of new technology, especially artificial intelligence, affect social and human rights? Who is liable for adverse algorithm results? In this webinar, the second in a series covering relevant topics from our study with Forbes Insights, Ready, Steady, Grow, members of the Clifford Chance Tech Group in Germany discuss the legal requirements of an ethical and sustainable technology strategy. The webinar will be held in German. | For more information and to register see the event webpage

Additional Information

This publication does not necessarily deal with every important topic nor cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. Clifford Chance is not responsible for third party content. Please note that English language translations may not be available for some content.

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