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Global Weekly Fintech Update

28 August 2020

02 August 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.


Financial Conduct Authority reveals data on cyber notification and investigation trends


FinTECH Talents fireside chat with Caroline Dawson

Financial regulatory partner Caroline Dawson sits down with Liz Lumley of FinTECH Talents to discuss how the financial services industry is responding to COVID-19, the impact this pandemic will have on regulatory oversight and how the regulatory community can harness technology to support supervision.

Watch the full video here.



  • (27 Aug 2020) Bank for International Settlements (BIS) report on how digital banking and fintech platform financing are regulated across 30 different jurisdictions
  • (24 Aug 2020) BIS report​ on the rise of central bank digital currencies, covering the current drivers, approaches and technologies
  • (19 Aug 2020) BIS Innovation Hub Head, Benoît Cœuré, speech on the challenges and opportunities associated with the use of innovative technology for supervision (suptech) and regulation (regtech)



  • (20 Aug 2020) The Banco Central do Brasil has announced it has established an intergovernmental study group responsible for investigating the security, economic and societal impact of a Brazilian central bank digital currency, as well as developing a potential issuance model | Press release​ (in Portuguese)


  • (25 Aug 2020) National Institute of Standards and Technology draft report​ on four proposed principles that comprise the fundamental properties for explainable artificial intelligence systems



  • (25 Aug 2020) Australian Securities and Investments Commission guidance to assist innovative financial businesses to test their products and services under the Australian Government's enhanced regulatory sandbox, scheduled to commence on 1 September 2020 | Press release​

Hong Kong:

  • (21 Aug 2020) Hong Kong Academy of Finance report of the use of artificial intelligence in the banking sector | Press release​

Indonesia and Malaysia:          

  • (24 Aug 2020) The Securities Commission Malaysia and Indonesia's Financial Services Authority (Otoritas Jasa Keuangan) have signed a fintech cooperation agreement, under which the two institutions agree to facilitate information sharing on emerging trends and regulatory developments in fintech, provide joint innovation project opportunities and facilitate referrals of fintech businesses seeking to operate in each other's jurisdiction | Press release | See our table of fintech cooperation agreements for more information and a full list of international agreements.



  • (27 Aug 2020) European Central Bank response to the EU Commission's consultation on a new digital finance strategy and fintech action plan 


  • (27 Aug 2020) Financial Markets Law Committee (FMLC) response to the EU Commission's proposed new action plan for a comprehensive EU policy on preventing money laundering and terrorist financing. Among other things, the FMLC highlights concerns regarding the narrow definition of 'virtual currencies' in the fifth Anti-Money Laundering Directive.
  • (25 Aug 2020) Financial Conduct Authority (FCA) new webpage​ for its resources, guidance and initiatives around fintech, regtech and innovative businesses​
  • (24 Aug 2020) FCA consultation on proposals to extend annual financial crime reporting obligations to a wider range of firms, including all cryptoasset exchange providers and custodian wallet providers | Press release
  • (21 Aug 2020) Bank of England recording​ of a panel session on the key emerging themes and issues around artificial intelligence, financial services and the impact of the coronavirus pandemic
  • RUSI Event – Keeping online payments safe (2 September 2020): 
    Though most transactions go through without problems, the vast volume of money now changing hands online means digital payment systems are a constant target for crime and other subversive activity. Clifford Chance, in collaboration with the Royal United Services Institute (RUSI), is hosting an event on the security of online payments. Leading cryptologist and former PayPal Principal Scientist Dr Markus Jakobsson will discuss with Clifford Chance partners Sam Ward and Monica Sah the current threats to the security of online payments and how they could be addressed. | This event is open to RUSI members only, for more information, see the event webpage
  • FinTECH Talents – Virtual North America (9 September 2020): Clifford Chance is delighted to be sponsoring FinTECH Talents' virtual-first conference, Virtual North America on 9 September from 9.00am EST. Clifford Chance partner Megan Gordon will be sharing her insights on technology and ethics, we'll be leading a discussion around the ways that regulators are grappling with regulation of cryptoassets and our global team will be hosting an interactive virtual booth. The event is free to attend and global attendees are welcome. | For more information and to register, see the event webpage
  • Chamber of Digital Commerce – Parallel (18 September 2020): Clifford Chance is delighted to be sponsoring the Chamber of Digital Commerce's blockchain digital event series, Parallel taking place online between July and December 2020. On 18 September 2020, Clifford Chance partner Steven Gatti will be talking to attendees about his perspectives on the regulatory landscape and his predictions for the future of capital markets. | 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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