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Global Weekly Fintech Update

30 November 2020

30 November 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.

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


Countdown to the new European Electronic Communications Code: what electronic communications network operators and service providers should expect

WIPO's virtual exhibition on artificial intelligence and intellectual property: the advent of deepfake technology and related legal issues

Three UK ICO enforcement actions in a month: what do the Ticketmaster, Marriott and British Airways penalties tell us about cyber resilience and data breach?

Clifford Chance webinar recording – New technologies in the insurance industry: legal and regulatory challenges (please note this webinar was delivered in Polish)

THIS WEEK - Clifford Chance International Festival of Fintech

If you haven’t already signed up, it's not too late to join us for our International Festival of Fintech, a week long series of insightful webinars on the rapidly changing world of financial technology, featuring multiple expert panel discussions and fireside chats with industry leaders. We will explore and debate the biggest questions, challenges and trends in fintech.

Clifford Chance experts and industry leaders from global institutions including ABI, Adyen, Block.one, Chamber of Digital Commerce, Chip, Delta Capita, Digital Asset, Digital Horizon, the Economist, Facebook, FintechOS, the UK Information Commissioner’s Office, ISDA, Mindsmith, OKCoin, Parafi Capital, R3, Securitize, S7 TechLab, SIA S.p.A., Tech Nation and the University of Oxford will share the latest insights on a range of hot topics including payments, blockchain and DLT, stablecoins and CBDCs, AI and tech policy. For more information and to register, see the event webpage



  • (24 Nov 2020) Bank for International Settlements working paper​ on stablecoins, which looks at the difference between existing stablecoins and the emergence of planned global stablecoins (like Libra), their potential role and what this implies for their regulation.
  • (20 Nov 2020) International Monetary Fund working paper​ on the legal foundations of central bank digital currencies (CBDCs) under central bank and monetary law and the potential legal, financial and reputational risks their issuance could pose.
  • (16 Nov 2020) Speech by Financial Action Task Force Executive Secretary, David Lewis, on the implementation of its revised standards on virtual assets and virtual asset service providers in which he states that progress has been largely good, although slow with regard to private sector service providers and in the implementation of the so-called 'travel rule.'


South Africa:

  • (20 Nov 2020) Financial Sector Conduct Authority consultation​ on a draft declaration which would define cryptoassets as a financial product under the Financial Advisory and Intermediary Services Act. Responses are due by 28 January 2021. | Press release.



  • (23 Nov 2020) Federal Reserve Bank of New York article in which the authors argue that the involvement of big tech in payment services has resulted in the monetisation of consumers' privacy and consider how CBDCs could offer a safer alternative for digital cash.



  • (21 Nov 2020) Speech by President Xi Jingping to the G20 meeting attendees on the future of the global economy in the wake of the COVID-19 pandemic. Among other things Xi called on the G20 to develop standards and principles for CBDCs with 'an open and accommodating attitude'.



  • (20 Nov 2020) Speech by the European Banking Authority's Director of Banking Markets, Innovation and Consumers, Piers Haben, on the regulatory perimeter, in which he discusses the EBA's upcoming fintech work programme, which will cover cryptoassets, artificial intelligence, big data, regtech, suptech and platformisation.
  • (23 Nov 2020) EU Commission consultation​ on amendments to Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC) in order to expand the exchange of information framework to include cryptoassets and e-money. Responses are due by 21 December 2020. | Inception impact assessment 


  • (24 Nov 2020) The​ Ministry of the Economy and Digitalisation, in collaboration with AWS, the Austrian federal development and financing bank, has launched a new artificial intelligence platform ('KI-Marktplatz'), designed to allow businesses to find, use and develop suitable artificial intelligence solutions | Press release (in German) | KI-Marktplatz webpage (in German).


  • (25 Nov 2020) Speech​ by Deutsche Bundesbank Executive Board Member, Sabine Mauderer, on the role of fintechs in green finance.

The Netherlands:

  • (24 Nov 2020) De Nederlandsche Bank (DNB) supervisory strategy 2021-2024 (in Dutch), in which it provides further detail on its priorities in the areas of technological innovation, as well as sustainability and financial crime. Among other things, the DNB calls on financial institutions to put in place adequate safeguards for their data to protect against cyber attacks and the loss of data privacy, particularly if the institutions are using algorithms and artificial intelligence. | Press release


  • (26 Nov 2020)  Transcript (in Russian) of a meeting of the Government, at which the prime minister Mikhail Mishustin proposed developing a legal framework to recognise cryptoassets as property and to protect the rights and interests of those that hold them 


  • (27 Nov 2020) The Government has announced plans to establish a Digital Markets Unit within the Competition and Markets Authority (CMA) to introduce and enforce a new code to govern the behaviour of tech giants, such as Google and Facebook. The new unit, which is expected to start work in April 2021, is being established in response to the CMA's recent market study on online platforms and digital marketing. | Press release
  • (23 Nov 2020) The Financial Conduct Authority has announced the firms it has picked to take part in its Digital Sandbox pilot, which will run until 5 February 2021 and is designed to support firms in testing innovative products and solutions that are still in development and not yet ready for testing in a live environment. The pilot focuses on innovative solutions to challenges arising from the COVID-19 pandemic, including fraud and scams, financial vulnerability and SME lending. | Digital Sandbox webpage
  •  (20 Nov 2020) Treasury Committee consultation on the future of financial services after the end of the transition period, which calls for evidence on, among other things, how to facilitate and promote the emergence of fintech and new competition. Responses are due by 8 January 2021. | Press release​
  • (19 Nov 2020) Speech​ by Economic Secretary, John Glen, on the Government's vision for a more open, technologically advanced and greener UK financial services sector, including continued work on how central banks can issue their own digital currencies and an upcoming consultation on the UK's regulatory response to stablecoins.

Middle East


  • (25 Nov 2020) The Government has launched a Fintech Forum, which brings together senior officials, central bankers and government representatives to consider important issues facing the financial sector and to promote cross-border collaboration | Press release.
  • (25 Nov 2020) The Central Bank of the UAE has launched a Fintech Office which will work with industry and regulatory bodies to develop the fintech ecosystem within the UAE | Press release

Clifford Chance International Festival of Fintech (30 November – 4 December 2020):
We are delighted to invite you to the Clifford Chance International Festival of Fintech, a week long series of insightful webinars on the rapidly changing world of financial technology, featuring multiple expert panel discussions and fireside chats with industry leaders. We will explore and debate the biggest questions, challenges and trends in fintech, sharing the latest insights from Clifford Chance and industry experts across the globe to help your business embrace the opportunities and manage the risks. | For more information and to register, see the event webpage

Tech policy in 2021. What are the trends and what's going to happen? (2 December 2020):
We are delighted to invite you to a panel discussion on the major trends and political risks in the tech policy space and our predictions for 2021. Join our panellists – Jonathan Kewley, Samantha Ward and Phillip Souta from Clifford Chance, Edward Bowles (Director of Public Policy at Facebook), Tom Standage (Deputy Editor of the Economist and co-host of the "Secret History of the Future" podcast) and Dr Carissa Véliz (Associate Professor at the Faculty of Philosophy and the Institute for Ethics in AI, and a Tutorial Fellow in Philosophy at Hertford College, Oxford University) – as they explore some of the biggest issues in tech policy right now: big tech vs governments, east vs west, emerging litigation, supply chain and vendor risks, privacy intrusion, mass surveillance, AI bias, trade and tech and more. | For more information and to register, see the event webpage

Perspectives series – Data claims in the UK and Europe: scaling the risk (15 December 2020):
Since it came into force in 2018, GDPR has led to a significant increase in collective data claims worth billions of euros. Our specialists will provide an update on the most active jurisdictions, including the UK and the Netherlands, and an overview as to how courts in the UK and across Europe are starting to grapple with the key question, 'what is our personal data worth?' | For more information and to register, see the registration form

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. 

The content above relating to the People's Republic of China (PRC) is based on our experience as international counsel representing clients in business activities in the PRC and should not be construed as constituting a legal opinion on the application of PRC law. As is the case for all international law firms with offices in the PRC, whilst we are authorised to provide information concerning the effect of the Chinese legal environment, we are not permitted to engage in Chinese legal affairs. Our employees who have PRC legal professional qualification certificates are currently not PRC practising lawyers.