In this issue: CMA investigation into Diebold and Wincor merger; Contactless spending in H1 2016 exceeds total for whole of 2015; World's biggest banks to develop new digital currency and more...


REGULATORY

CMA investigation into Diebold and Wincor merger

The Competition and Markets Authority (CMA) has found that the merger of two suppliers of ATMs, Diebold and Wincor, could lead to a substantial lessening of competition in the supply of customer-operated ATMs in the UK. Diebold has until 26 August 2016 to offer proposals to resolve the competition concerns identified by the CMA. If Diebold does not offer such undertakings, or if the CMA is unable to accept them, the merger will be referred for an in-depth phase 2 investigation.

CMA, 19 August 2016

CPMI and IOSCO second consultation on harmonisation of unique product identifier

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have issued a second consultative report on harmonisation of the unique product identifier (UPI). Comments on the second consultative report can be made by 30 September 2016.

CPMI / IOSCO, 18 August 2016

UK

Contactless spending in H1 2016 exceeds total for whole of 2015

New figures from The UK Cards Association show that spending on contactless cards in the first half of 2016 has already exceeded contactless spending for the whole of 2015. Spending between January and June this year came to £9.27 billion, whereas total contactless spending for the whole of 2015 was recorded as £7.75 billion.

The UK Cards Association, 22 August 2016

Could Bitcoin be the answer to low rates with traditional investments?

Despite a volatile past, the cryptocurrency is now being traded around the world and could be the answer to low returns offered on cash investments. Over the past 12 months the price of the digital currency has risen from $220 to $575, according to Coindesk.

The Guardian, 22 August 2016

FCA considering approval of blockchain for small number of businesses

The financial watchdog has confirmed it is considering approving a "small but significant number of firms" that use blockchain technology. As part of Project Innovate, the FCA is scrutinising the companies in question and may approve firms which use the process behind bitcoin.

Financial Times, 21 August 2016

Munnypot launches a robo-advice service

Munnypot has launched an automated service which allows users to set life goals and then invests money on their behalf in one of five tracker products. The service launched as an online platform and an app will follow shortly.

Professional Advisor, 18 August 2016

The Pulse of Fintech Report - Q2 2016

KPMG and CB Insights have published their Q2 report focusing on global fintech trends.

KPMG International and CB Insights, August 2016

WORLDWIDE

World's biggest banks to develop new digital currency

UBS, Deutsche Bank, Santander, BNY Mellon and ICAP have joined forces to develop a new form of digital cash to clear and settle financial trades over blockchain. They will pitch the idea to central banks and are aiming to launch commercially by early 2018.

Financial Times, 23 August 2016

Singapore push for cashless payments

Singapore has announced it plans to reduce the role of cash and cheques in its economy in a bid to encourage banks to switch to digital payments.

Bloomberg, 19 August 2016

Key contacts

Amanda Hulme

Amanda Hulme

Partner, Head of Financial Regulation
London

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Fiona Ghosh

Fiona Ghosh

Partner, Commercial
United Kingdom

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Bruce Kilpatrick

Bruce Kilpatrick

Partner, Head of Competition
London

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William James

William James

Partner, Corporate
London

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