firms

How US States Are, and Aren’t, Easing Crypto Firms’ Compliance Burden

The Conference of State Bank Supervisors (CSBS), an organization of state financial regulators, will make it easier for financial technology payment firms and cryptocurrency exchanges to prove they’re in compliance with U.S. state laws.

The CSBS announced a “One Company, One Exam” plan Tuesday whereby states will coordinate their supervisory exams for the nation’s largest payment firms in an effort to reduce the costs on both state regulators and the companies they oversee. Essentially, the exam is how these regulators will make sure regulated entities are still in compliance.

What this means for cryptocurrency companies – such as Coinbase – is their compliance costs will drop. Rather than work with more than 50 different state and territory regulators, the exchanges only need to check in with the one group. The group of regulators includes every state but Montana, which doesn’t have a money transmission license.

Related: ‘Inherently Borderless’: Acting OCC

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HNA Group chairman barred from flying, vacationing on firm’s failure to pay court-ordered $5,300

BEIJING (Reuters) – The chairman of cash-strapped HNA Group has been barred from taking flights and high-speed trains and going on vacations due to the Chinese conglomerate’s failure to pay a court-ordered $5,300 in a lawsuit, a court document showed.

The once high-flying company, which owns Hainan Airlines <600221.SS>, is in the midst of a restructuring led by the Hainan government to resolve its liquidity risks stemming from years of aggressive acquisitions abroad.

The group and its affiliates have delayed payments on a few bond products this year.

HNA chairman and legal representative Chen Feng has also been barred from spending at star-rated hotels, nightclubs and golf clubs, and buying properties and high-premium insurance products, an order from the People’s Court in Xi’an city’s Beilin district showed on Tuesday. The order also disallows his children from attending private schools.

The conglomerate declined to comment on the order.

While such court-ordered

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Uber and Lyft should just become taxi firms and get over themselves

If you hadn’t heard, you must’ve had your head under a rock because there’s a new story every week, but ride-hailing apps Uber and Lyft are in an intense legal battle in California right now over how the companies classify their drivers. Their future remains uncertain, but what happens if they are forced to shut down? What apps would move into their space?

CNN recently interviewed the creators of a couple of options, and they show that proven business models can still be supported and built upon using innovative technologies.

Dumpling, an app created by a Seattle-based startup, sprouted up among on-demand grocery services like Instacart, but it’s subtly different.

Users of the app effectively become their own personal shopping small-business owner. Dumpling itself operates more as a one-stop-shop to get people working on their own terms than an on-demand service in its own right.

[Read: The NHTSA’s autonomous vehicle

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Tech firms given a year’s notice to reform to protect children online

TELEMMGLPICT000236453024.jpeg
TELEMMGLPICT000236453024.jpeg

Tech firms have been put on a year’s notice to introduce reforms that will protect children from harmful content – or face multi-million pound fines.

Elizabeth Denham, the Information Commissioner, has told firms including Facebook, Google and Twitter they have a year to ensure they adhere to a new legally-enforced code that bars them from serving children any content that is “detrimental to their physical, or mental health or well being.”

The Government-backed code will be enforced by fines potentially worth billions of pounds and is designed to prevent a repeat of the case of Molly Russell, the 14-year-old who killed herself after viewing self-harm images on Instagram and other sites.

It will also require the companies to safeguard children’s privacy to prevent them being groomed by paedophiles, to curb “addictive” features like notifications that keep them online and to restrict the firms’ from using personal information for commercial

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City firms still exploiting vulnerable customers, watchdog finds

The FCA logo
The FCA logo

Banks, insurers and other financial firms are not doing enough to support vulnerable customers, a report by the City watchdog has warned.

The Financial Conduct Authority said that some customers had been exploited for financial gain by unscrupulous firms. 

Its review found that 24 million people have displayed at least one characteristic of vulnerability in the last year, and that this number had increased by a further 1.5 million since the start of the coronavirus crisis. 

Vulnerability can be caused by health issues – both mental and physical – and life events such as bereavement. Others may be vulnerable because they have a lesser understanding of financial issues or have less ability to deal with financial problems. 

However, the report found multiple cases where firms had exploited or mis-sold customers who had confided that they were vulnerable. One customer was subject to pressure selling by an insurance

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How African firms are adapting to the pandemic

The coronavirus pandemic has brought doom and gloom to many businesses globally, whether big or small, and it looks like there will be more difficult times ahead as governments grapple with the worst economic downturn since the Great Depression.

But while some firms are sinking and may not reopen again, others have so far been able to swim with the tide.

Amidst store closures, job cuts and tensions with commercial property landlords, some entrepreneurs in Africa have been able to take the pandemic in their stride and capitalise on changing consumer demands.

Here are three firms in different industries from across the continent that still hold hope for the future.

Hair and skincare in South Africa

In recent years, the growing middle class of Africans has led to the realisation that there is a need for customised products that cater specifically to African consumer needs.

The African beauty industry is

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10 Chicago Insurtech Firms That Could Win Big At The Benzinga Fintech Awards

Of all the opportunities in fintech, insurance technology might be the biggest. The $1-trillion insurance sector has remained stagnant for decades, but a few companies in Chicago are making tremendous plays to shake it up. 

These 10 insurtech companies from the Windy City are top candidates for success at this year’s Benzinga Global Fintech Awards

Convr: Manual underwriting tasks can be take a toll on administrative time and resources. Convr aims to solve this problem by creating software that leverages data science and artificial intelligence for feasible commercial underwriting.

The goal is to assist commercial insurers in providing customers with quick and accurate service while enhancing productivity and cutting out unnecessary losses. 

Convr offers solutions for mid-market and small business underwriting by reducing the loss ratio by up to one point, providing world-class customer experiences and leverage thousands of data sources, according to the company. 

Kin: Home

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Social media firms make $1bn a year from anti-vax followers, report says

Conspiracy theorists at Hyde Park Corner on 16 May 2020 in London: Getty
Conspiracy theorists at Hyde Park Corner on 16 May 2020 in London: Getty

Social media platforms are making up to $1bn a year from people following anti-vaccine misinformation that could cause “tens of thousands” of coronavirus deaths, researchers say.

The Centre for Countering Digital Hate (CCDH) said the number of people viewing pages and posts claiming that a Covid-19 vaccine is unnecessary or would pose a health risk had risen dramatically during the pandemic.

Despite pledges by Facebook and others to crack down on harmful posts, a report found that at least 57 million users now follow anti-vaxxers on mainstream platforms across the UK and US – up 7.7 million since the start of the outbreak.

A YouGov poll suggested that almost one in five British adults say they would refuse the injection if it becomes available, and a further 15 per cent are unsure.

The research suggested that people

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