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I. Introduction: EWA on the Precipice - The increasing use of earned wage access (“EWA”) by workers in the United States and around the world has helped to bring...
SINGAPORE, Dec. 23, 2022 /PRNewswire/ -- On Dec. 21, 2022, the Financial Services Commission of Korea ("FSC", financial regulator in Republic of Korea) designated a blockchain-based fragmentized investment platform to be operated by APANDA Partners (hereinafter "APND) as an innovative financial services (so called, "Sandbox Approval"). In general, FSC has taken very conservative and prudent position in issuing Sandbox Approvals to blockchain-tech companies (in particular, after occurrence of many incidents in crypto-market) and APND went through FSC's intensive exa...
Weekly Fintech Focus FDIC issues an updated brokered deposit rule, creating new exceptions relevant to fintechs working with bank partners. FDIC issues a final rule clarifying its expectations for ILC charter applications. CFPB issues an advisory opinion on Special Purpose Credit Programs to clarify how creditors can offer these programs to disadvantaged groups. CFPB grants access to its compliance assistance sandbox to an earned wage access company, which meets the CFPB’s recent guidance on such programs. PayPal wins the first round in its efforts to throw out aspects of the CFPB’s prepa...