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legal
regulatory

HSBC Australia fined $35 million for scam protection failings

HSBC Bank Australia faces a $35 million fine and significant remediation payouts for failing to protect customers from scams, with the Australian Securities and Investments Commission (ASIC) and HSBC requesting a Federal Court finding against the bank. HSBC admitted to inadequate controls on its internal transfer system and delays in investigating scam cases, impacting customers who lost millions of dollars. The bank's failures led to a surge in fraudulent transactions and prolonged delays in customer support regarding locked accounts.

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HSBC Australia fined $35 million for scam protection failings
other

EBAday 2026: Correspondent banking and liquidity management in a real-time world

EBAday 2026 discussions highlight how correspondent banking is adapting to real-time schemes and digital assets, despite challenges posed by evolving user and regulatory expectations. Experts from various banks emphasized the ongoing reliance on Swift while also preparing for a future that integrates diverse payment rails. They concluded that correspondent banking remains valuable for managing exceptions and ensuring security in a rapidly changing financial landscape.

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EBAday 2026: Correspondent banking and liquidity management in a real-time world
technology
expansion

Hong Kong pilots wholesale application of CBDC in a live market environment

Hong Kong is piloting the use of a wholesale central bank digital currency (wCBDC) for advance margin payments in after-hours derivatives trading. This initiative, led by Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA), aims to offer more flexible and timely payment options beyond regular business hours. The pilot demonstrates a wholesale application of CBDC in a live market environment, addressing operational pain points in the industry.

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Hong Kong pilots wholesale application of CBDC in a live market environment
other

EBAday 2026: Zooming in on AI and digital assets as the key themes of the event

EBAday 2026 focused on AI and digital assets, with panels discussing the evolution of AI systems from passive tools to autonomous agents in the payments ecosystem. Experts from Deloitte, BNP Paribas, SAP Fioneer, Volante Technologies, and Rabobank explored how financial institutions can leverage autonomous AI for innovation and efficiency, despite ongoing discussions about technological standards and regulatory responsibilities. An audience poll highlighted 'autonomous purchasing' as the payment workflow most ready for AI agents today.

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EBAday 2026: Zooming in on AI and digital assets as the key themes of the event
regulatory
technology

JPMorgan blocks Claude for Hong Kong employees - FT

JPMorgan Chase has restricted its Hong Kong employees from accessing Anthropic's AI models, Claude, due to usage terms in their licensing agreement. This follows a similar move by Goldman Sachs and comes amid heightened US-China tensions regarding AI technology. The US government has also ordered Anthropic to suspend exports of certain AI models to other countries and foreign nationals, citing national security concerns.

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JPMorgan blocks Claude for Hong Kong employees - FT
m&a

Deluxe agrees $625m acquisition of payment processor Celero

Deluxe, a company known for inventing the chequebook, has agreed to acquire payments processor Celero Commerce for $625 million in cash. This acquisition is part of Deluxe's strategy to shift its revenue mix towards higher growth payments and data segments. The deal is expected to increase the combined payment and data businesses to 57% of 2026 revenues on a proforma basis, compared to 31% in 2020.

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Deluxe agrees $625m acquisition of payment processor Celero
regulatory

Reform leader Farage urges BofE to drop Britcoin plans

Nigel Farage, leader of Reform UK, met privately with the Bank of England governor, Andrew Bailey, to urge him against implementing a central bank digital currency (CBDC), or Britcoin. Farage has publicly expressed strong opposition to a digital pound, citing concerns about state control. The Guardian links Farage's stance to a major donor, Christopher Harborne, who is a part-owner of the company behind the Tether stablecoin.

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Reform leader Farage urges BofE to drop Britcoin plans
other

Revolut refunds Irish customers after historic ATM glitch

Revolut has refunded thousands of Irish customers for incorrect ATM access fees caused by a third-party software glitch that occurred between June 2023 and February 2024. Despite the glitch, Revolut has seen significant growth in Ireland, adding 100,000 customers this year and an increase in active investing clients. The company stepped in to cover the refunds, with the median payment being around €3.95 per customer.

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Revolut refunds Irish customers after historic ATM glitch
technology

Deutsche Bank exec lauds AI impact on project times

Deutsche Bank's Chief Information Officer, Denis Roux, has highlighted the significant impact of AI on project timelines, reducing completion times from over two years to three to six months. The bank employs a token quota system for AI usage among its engineers to ensure productivity and value. This follows previous reports of Deutsche Bank successfully applying AI to streamline vendor risk reviews.

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Deutsche Bank exec lauds AI impact on project times
funding
expansion

Danish startup Festina raises $25m for pensions platform

Danish startup Festina Finance has successfully raised €25 million in its latest funding round, valuing the company at approximately €200 million. The capital injection will be used to expedite the development of its life and pensions platform and support the company's expansion strategy, particularly into the UK market. This growth investment was spearheaded by UK-based Birchway Capital, with existing shareholder Netcompany retaining a significant stake.

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Danish startup Festina raises $25m for pensions platform
technology

NatWest CEO Thwaite says AI will take some banking jobs

NatWest CEO Paul Thwaite anticipates that AI will automate some banking tasks, but he did not confirm if this would lead to a reduction in the company's overall workforce. This follows similar discussions from other bank CEOs regarding AI's impact on employment, with some predicting job cuts and others focusing on redeploying staff. The debate continues on how AI will reshape the banking job market.

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NatWest CEO Thwaite says AI will take some banking jobs
m&a

Finastra sells UB core banking software unit to Pollen Street Capital

Finastra has sold its Universal Banking (UB) global core banking software business to UK-based private equity firm Pollen Street Capital. This move allows Finastra to concentrate on payments and lending, while UB's existing clients benefit from continued support and strategic growth under Pollen Street Capital.

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Finastra sells UB core banking software unit to Pollen Street Capital
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