Moov Financial, the US startup behind an open source embedded banking platform, has raised $5.5 million in a seed funding round led by Bain Capital Ventures.

A coalition of US financial trade associations are calling on the Securities and Exchange Commission to rescind its cyber incident disclosure rule, claiming that it endangers victims.

A customer of Santander Bank had £60,000 scammed from her account after transferrring funds to a criminal impersonating the bank’s head of fraud, Chris Ainsley.

Standard Chartered has launched a digital asset custody service in the UAE.

UK startup thankyü has unveiled an app that lets customers tip hospitality staffers with a tap of their phone against a wearable tipping band.

Bank of America has built on its partnership with iCapital Network by making a strategic investment in the alternative investment platform.

The Tifin Group, an umbrella group operating a host of fintech companies in the asset and wealth management industry, has raised $22.3 million in a Series B funding round joined by JP Morgan Asset Management, Morningstar and Broadridge.

While this news primarily reiterates existing policy, the reminder signals that the CFTC is increasingly receptive to offshore exchanges that operate in jurisdictions that the US considers as having ‘credible’ regulatory frameworks.

Funding for Portuguese fintechs has exceeded the €1bn mark for the first time.

Goldman Sachs Growth Equity has led a $50 million Series C funding round for Striim, the firm behind a platform that helps businesses move data in real-time to the cloud.

The Australian banking industry is ushering in a raft of reforms to keep customers safe from scammers, including a $100 million investment to build a new Confirmation of Payee system.

Italian bank Intesa Sanpaolo has made its first cryptocurrency purchase, buying 1 million euros worth of bitcoin.

The UK’s Open Up 2020 Challenge has named the 15 fintech firm finalists to each receive £50,000 to help unlock the power of open banking.

“There have been many fundamental shifts in the IT space, such as the internet and the ecommerce revolution. This is the biggest one,” warned Dorian Selz, CEO and co-founder of Squirro, at Sibos today. “Leadership in companies needs to be on top of this revolution.”

Money 20/20 Asia day two kicked off with a discussion on open banking and how regulatory mandates and open API guidelines are driving this initiative in this region. With Asia learning lessons from early adopters in Europe, panel sessions highlighted what the challenges are for banks and regulators.