China eases foreign-investor requirements to draw more outside capital

2 hours ago.
China will combine two large foreign-investor programs and open up more of its financial markets to outside institutions, relaxing several rules as it encourages a rising global profile for its currency.

Lack of insurance hinders global cryptocurrency growth: Cambridge research group

Last modified an hour ago. Published 2 hours ago.
A lack of insurance coverage is a major factor holding back the growth of cryptocurrencies and preventing their more widespread adoption into the mainstream, a research group said in a new report.

Huawei unveils product supporting contactless banking, financial inclusion

2 hours ago.
Chinese telecommunications company Huawei on Friday launched a product to help financial intitutions develop remote services, amid a push to provide more digital offerings especially to customers not already reached by the traditional banking sector.

Fannie, Freddie pose ‘risk to financial stability’ without capital reform, Treasury panel says

Last modified 2 hours ago. Published 2 hours ago.
A panel of top U.S. finance officials endorsed a proposal Friday that would force more stringent capital requirements on Fannie Mae and Freddie Mac as the massive real estate lending entities flounder in conservatorship.

Russia's Sberbank overhauls and rebrands itself as tech firm Sber

2 hours ago.
The largest state-owned bank in Russia relaunched itself as a technology company on Friday following a spate of fintech-focused moves this year, as the firm seeks to use its fresh image to draw in new customers.

Allianz names technology leader, former AIG executive to management board

3 hours ago.
Munich-based insurance and asset management firm Allianz said Friday that it appointed two new members to its management board, one of whom is moving into a position that was held by the company’s retiring chief operating officer.

Sustainable investing hampered by lack of companies making positive impact: ISS

3 hours ago.
Investors face limited environmental, social and governance-related options, with only a modest percentage of companies making substantive contributions to those goals, a shareholder advisory firm said.

Goldman Sachs to move over 100 London staff to EU cities before Brexit: Bloomberg

3 hours ago.
Goldman Sachs has reportedly asked more than 100 London-based employees to sign new contracts and gear up for a move to the European Union, in the latest shift by a financial firm related to Brexit.

Chase charged millions in improper overdraft fees through ‘secret step,’ class action says

3 hours ago.
JPMorgan Chase Bank routinely and quietly charged customers overdraft fees on debit transactions that didn’t actually overdraw their checking accounts, reaping millions of dollars in the process, according to a proposed class-action lawsuit filed in U.S. federal court.

UK clampdown on insurance pricing likely to hurt profits: Fitch

3 hours ago.
Analysts at Fitch Ratings warned that new reforms recently proposed by the U.K. Financial Conduct Authority to tackle high insurance prices in the home and motor insurance sectors could reduce non-life insurers’ profitability.

KBC Bank Ireland hit with new fines over 'unconscionable' tracker mortgage failures

3 hours ago.
KBC Bank Ireland admitted to 12 regulatory breaches this week and accepted a new fine from the country’s central bank over impacts to more than 3,000 tracker mortgage customer accounts dating back to 2008.

Crypto community says proposed EU regulations would ‘overburden’ industry

Last modified 3 hours ago. Published 3 hours ago.
Major forces in the crypto asset community responded Friday to the European Commission’s legislative proposals for the industry, saying the proposed rules would be burdensome and appear to favor traditional financial services providers over newer crypto firms.

Transamerica targets small-business retirement plan administrators with cash incentives

3 hours ago.
U.S. insurance firm and investment manager Transamerica will waive fees and give cash incentives to attract fund administrators, employers and participants to its retirement planning offering for small businesses.

Gold and silver dealers scammed elderly investors out of $185M, CFTC says

4 hours ago.
Two U.S. precious metal dealers tricked elderly, mostly politically conservative investors into spending $185 million on fraudulently overpriced priced gold and silver, market regulators said Friday.

Vanguard closes $3B municipal bond money-market funds to new investors

4 hours ago.
Asset manager Vanguard on Friday began turning away new investors for two money-market funds totaling $3 billion in assets that invested in Pennsylvania and New Jersey municipal securities, citing insufficient supply.

UK watchdog asked to ‘compel’ Hiscox COVID-19 BI payouts after court ruling

Last modified 2 hours ago. Published 4 hours ago.
Lawyers for hundreds of Hiscox policyholders asked British regulators to force the company to pay out COVID-19 business interruption claims, saying it has “refused” to do so following a U.K. High Court ruling deeming insurers largely liable for such claims.

Digital banks pose new threat to already weakened Korean lenders: Fitch

4 hours ago.
Internet-only banks, a newer concept in South Korea, are taking market share of higher-yielding loans from the country’s traditional banking sector, posing another threat to incumbents’ profits amid historically low interest rates.

Deutsche Bank may introduce ‘hybrid’ work-from-home model permanently

4 hours ago.
Deutsche Bank is considering revising its work-from-home policy to allow employees to split their work between the office and their homes in the future, a bank spokesperson said Friday, as the lender looks for cost-cutting opportunities amid the global pandemic.

Fidelity plans ETF version of storied Magellan mutual fund

Last modified 3 hours ago. Published 4 hours ago.
Fidelity Investments has filed regulatory paperwork for an exchange-traded fund version of its famous Magellan mutual fund, an investment vehicle that was once the world’s largest and had a “cottage industry” devoted to it.

Hong Kong hires US blockchain firm ConsenSys for central bank digital currency project

4 hours ago.
The Hong Kong Monetary Authority has hired U.S. blockchain technology company ConsenSys to study the use of a central bank digital currency for cross-border payments.