Go back to menu

Global Weekly Fintech Update

08 February 2021

08 February 2021

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.

You are welcome to share the round-up with colleagues who may like to subscribe.


Woolard Review - conclusions and impact on regulation in the UK 'Buy-Now-Pay-Later' industry

Trade in 2021: five trends to watch

Payment trends 2021: what will the new year mean for regulation and enforcement?

Fintech in 2021: five trends to watch

Tech trends 2021: what are your hopes and fears for tech in 2021?

Dr. Carissa Véliz, Associate Professor of Philosophy at University of Oxford, and Jonathan Kewley, Co-Head of the Clifford Chance Tech Group share their predictions for data, AI and cyber in 2021 in this illuminating interview by Clifford Chance associate, Herbert Swaniker. Topics include whether the UK may become a data haven post-Brexit, how businesses utilising AI can most effectively audit it and what good governance will need to look like to deal with increasing cyberattacks and an ongoing focus on data.



  • (2 Feb 2021) Bank for International Settlement (BIS) occasional paper​ considering how regulation should evolve to encourage fair competition and a level playing field between traditional banks and new fintech and big tech players.
  • (1 Feb 2021) BIS working paper​ on using machine learning to forecast systemic financial crises.



  • ​(29 Jan 2021) The Superfinanciera has announced that nine alliances (comprising a combination of regulated financial institutions and cryptoasset exchange platforms) have been selected to take part in a cryptocurrency trial in the regulator's sandbox | Press release (in Spanish)


  • (28 Jan 2021) The General Regulations Applicable to E-money Institutions (in Spanish), under the Financial Technology Institutions Act, have been published in the Official Gazette. These regulations set out requirements for e-money institutions and crowdfunding platforms in areas such as the execution of agreements, business continuity planning and outsourcing. They enter into force on 28 April 2021.



  • (29 Jan 2021) List of Government business to be undertaken during the Budget Parliamentary Session, which includes, among other things, consideration of The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which will seek to prohibit all cryptocurrencies in India, with the exception of a digital currency to be issued by the country's Reserve Bank.



  • (3 Feb 2021) Speech​ by European Central Bank Supervisory Board Member, Pentti Hakkarainen, on the ways in which digitalisation can disrupt traditional banking.
  • (2 Feb 2021) EU Commission call for advice from the European Supervisory Authorities on digital finance and other related issues. The call forms part of the Commission's preparatory work for the review of the financial services legislative framework in the context of its digital finance strategy.


  • (28 Jan 2021) Speech​ by Deutsche Bundesbank Executive Board Member, Joachim Wuermeling, on the role of central banks in the digital financial ecosystem.


  • (28 Jan 2021) Malta Financial Services Authority third volume​ of its publication 'The Nature and Art of Financial Supervision'. The third volume focuses on the supervision of ICT risk and cybersecurity.


  • (3 Feb 2021) Norwegian Competition Authority market research report​ (in Norwegian)​ on monitoring and pricing algorithms and the impact their usage can have on competition and consumers​​.


  • (1 Feb 2021) Certain elements of the package of legislative amendments to incorporate cryptoassets and distributed ledger technology (DLT) into Swiss Law have entered into force. Specifically, the Code of Obligations and the Private International Law Act have been amended to allow tokenised securities to be traded on DLT with the same legal standing as traditional securities. The remaining provisions of the DLT amendments are expected to enter into force on 1 August 2021. | Legislative proposals webpage (in German)


  • (2 Feb 2021) Letters from the Financial Markets Law Committee Chief Executive, Joanna Perkins, to the Financial Conduct Authority (FCA) and the Bank of England (BoE)​ supporting the institutions in their establishment and involvement in the Artificial Intelligence Public-Private Forum and calling on the Forum to consider, in particular, the risks posed by artificial intelligence through algorithmic bias, herd behaviours and disruption of the level playing field, as well the potential legal and regulatory mitigants to these risks.
  • (2 Feb 2021) FCA report setting out the findings of the Woolard Review on change and innovation in the unsecured credit market. The report provides an overview of, and recommendations on the supervisory response to, the growth of digital technology in the provision of consumer credit. | Press release | Clifford Chance summary