Fintech
Raquel Fox, Director of the Office of International Affairs, to Depart SEC
Washington, D.C.–(Newsfile Corp. – October 29, 2020) – The Securities and Exchange Commission today announced that Raquel Fox, Director of the Office of International Affairs, will leave the agency in November.
The Office of International Affairs (OIA) advises the Commission on cross-border regulatory, supervisory and enforcement matters, and coordinates the SEC’s engagement with regulators and law enforcement authorities outside the United States.
“It is more important than ever that the SEC maintains strong, candid and productive relationships with our international counterparts,” said SEC Chairman Jay Clayton. “Under Raquel’s remarkable leadership, the Office of International Affairs has significantly improved our international engagement on both supervisory and enforcement matters. The effective cross-border coordination demonstrated during the days of significant COVID-19 induced market stress earlier this year would not have been possible if not for the efforts of Raquel and her team. I thank Raquel for her years of service to the Commission and to American investors.”
“It has been an honor to lead this office and continue to strengthen the SEC’s engagement with our regulatory partners around the world,” said Ms. Fox. “I want to thank the dedicated staff in OIA and across the agency, who continue to advance global issues that are critical to America’s investors and markets. Given the scope of OIA’s portfolio, our work is truly a team effort. I also want to thank Chairman Clayton for the opportunity to direct this office during an extraordinary time for global markets.”
Under Ms. Fox’s leadership, the Office of International Affairs’ enabled increased, high-quality global engagement from the SEC in a number of key areas, including:
- International Policy. Increased the SEC’s engagement in the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO), including unprecedented coordination during the pandemic.
- Data Privacy. Successfully negotiated and executed the IOSCO Administrative Arrangement, which facilitates the transfer of personal data between EU and UK securities regulators in light of the General Data Protection Regulation (GDPR).
- IOSCO EMMOU. Led the SEC’s negotiations for the IOSCO Enhanced Multilateral Memorandum of Understanding (EMMOU), which raised the international standards for cross-border enforcement cooperation and assistance among securities regulators.
- Brexit. Coordinated an SEC-wide effort in preparation for Brexit, including the execution of two new supervisory MoUs with the UK FCA.
- Cross-Border Title VII Regime. Worked as part of an SEC interagency team that stood up the SEC’s Title VII cross-border regime, including a first-of-its kind substituted compliance process for foreign jurisdictions.
- Cross-Border Enforcement and Supervisory Cooperation. Advised and assisted the Division of Enforcement and the Office of Compliance Inspections and Examinations (OCIE) on international enforcement investigations and compliance examinations of regulated entities located abroad, respectively.
- Emerging Markets. Advised the Chairman on regulatory policies and investor protection initiatives related to emerging markets, including China.
- Technical Assistance. Hosted institutes and trainings for numerous foreign counterparts to strengthen the regulatory infrastructure in global financial markets.
- MiFID II Response. Facilitated the Commission’s response to changes in payment for research following the enactment of the MiFID II research rules.
Prior to being named Director in 2018, Ms. Fox served as a senior advisor to Chairman Clayton focusing on matters involving the Division of Corporation Finance and the Office of International Affairs, and she also assisted on enforcement matters. Ms. Fox joined the SEC in 2011, previously served as Senior Special Counsel to two Directors of the Division of Corporation Finance, and worked as an attorney fellow in the offices of Capital Markets Trends and Rulemaking. Before joining the SEC, Ms. Fox was a counsel in private practice, specializing in capital markets transactions, corporate governance and disclosure. She began her career as a certified public accountant, specializing in taxation.
Ms. Fox earned her J.D. from Harvard Law School and her master’s degree in taxation and bachelor’s degree, summa cum laude, from Baylor University.
Upon Ms. Fox’s departure, Kathleen Hutchinson, Deputy Director of the Office of International Affairs, will assume the role of Acting Director. Paul Gumagay, Senior Special Counsel to the Director, will assume the role of Acting Deputy Director.
Fintech
CARD91 Launches Revolutionary 3-in-1 Card Platform at Global Fintech Fest 2024: Pioneering ID and Payment Integration
CARD91 proudly announces the launch of its 3-in-1 card platform at the prestigious Global Fintech Fest 2024. This innovative solution merges an ID Card, Access, and Prepaid Card functionalities, including NCMC, into one streamlined product, tailored for the modern needs of Corporate Employees and Students alike. Apart from these use cases, this card can be used in multiple scenarios like proper management of large-scale events, in medical institutions, shopping malls, and many more.
Unlock the Future with a Single Tap
This 3-in-1 card platform is set to redefine how organisations and their employees handle professional and financial transactions. By integrating multiple services into one card, users can now enjoy unparalleled convenience, improved security, and increased flexibility.
Platform Capabilities:
- Mobile-First Design: Optimised for mobile access, ensuring a seamless experience for both users and issuers.
- User-Friendly Interface: Intuitive portals and customisable dashboards simplify management, enhancing operational efficiency for corporates.
- Regulatory Compliance: Fully aligned with RBI guidelines, ensuring secure, compliant transactions.
- Enhanced Security: Equipped with numberless EMV cards, multi-factor authentication, and PCI DSS-compliant data storage for robust fraud protection.
- Configurable Integration: Open APIs allow easy adaptation and integration with various business systems.
- End-Use Control: Customisable settings for transaction limits, whitelisting/blacklisting MCCs/MIDs for enhanced expenditure control.
Card Benefits:
- Multipurpose Functionality: A unified solution for both business and personal use, simplifying everyday interactions.
- Convenient Mobility: NCMC-enabled, allowing users to skip metro queues and streamline daily commutes.
- Environmentally Friendly: Reduces carbon footprint by consolidating multiple functions into one eco-friendly card.
A New Era of Integration and Convenience
“We are thrilled to introduce this pioneering 3-in-1 card platform. This product represents our vision of the future, where technology seamlessly integrates into our everyday lives, from unlocking office doors to making secure online purchases and tapping to pay at the store. This launch also signifies our preparedness to enable APAAR Cards for students,” said CARD91 CEO, Ajay Pandey.
He added, “This launch marks a significant step forward in digital convenience, and we extend our sincere thanks to NSDL Payments Bank and NPCI for their support in making this possible.”
The post CARD91 Launches Revolutionary 3-in-1 Card Platform at Global Fintech Fest 2024: Pioneering ID and Payment Integration appeared first on HIPTHER Alerts.
Leading digital banking platform Ibanera, spearheaded by CEO Michael Carbonara, announced today its collaboration with Visa, a world leader in digital payments. This opportunity will enable Ibanera to leverage Visa’s card issuing capabilities to support its clientele’s banking and finance needs.
Ibanera’s integration with Visa’s payment network will enhance accessibility to domestic and cross-border payments for businesses and their customers. The collaboration provides Ibanera with the scalability to grow its fintech enablement services to meet growing customer demand.
Michael Carbonara, CEO of Ibanera, emphasized the significance of this collaboration for the growth of the payment ecosystem: “Navigating the complexities of regulation and payments can be challenging. This is why we are excited about our strong collaboration with Visa, which will drive innovation and provide simplified solutions as we focus on the digital and creator economies.”
Ibanera’s collaboration with Visa provides an ecosystem not only for global payments but also leverages Visa’s advanced security and fraud protection systems, such as Visa’s zero liability policy for unauthorized transactions, giving cardholders peace of mind through trust in the cards utilized.
Visa Senior Vice President of Digital Partnerships, James Schinella says, “Our alliance with Ibanera underscores our shared commitment to enhancing the payments ecosystem. Our joint efforts will provide advanced security and fraud protection, ensuring peace of mind for cardholders.”
The post Ibanera Teams Up with Visa to Drive Digital Payment Solutions appeared first on HIPTHER Alerts.
Fintech
Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems
Gaia-X, a leading European initiative aimed at establishing a secure, transparent, and interoperable digital infrastructure, has unveiled its Compliance Document. This essential framework defines the standards that data providers, data consumers, data exchanges, and digital infrastructures must follow to participate in the Gaia-X ecosystem. Aligned with the core European values of transparency, data protection, and cybersecurity, the document promotes innovation and competitiveness while ensuring that organisations operate globally under clear, standardised rules.
Why Gaia-X Compliance Matters
The Gaia-X Compliance Document is not just a set of rules but a foundational guide for creating trust in the evolving digital marketplace. It focuses on three key areas:
- Openness and Transparency: Gaia-X supports global efforts to create interoperable data spaces built on federated cloud infrastructures. By ensuring transparency in operations, data handling, and service processes, Gaia-X fosters trust across the entire ecosystem, ensuring stakeholders have clear insight into the services they use.
- Security and Data Protection: In compliance with GDPR and other European regulations, such as the Data Act and Data Governance Act, Gaia-X ensures that personal and non-personal data are handled securely. Service providers are required to implement strong privacy protections and technical safeguards, offering businesses and users peace of mind.
- European Sovereignty: At its core and especially with its Label Level 3, Gaia-X guarantees European control over digital infrastructure, ensuring that services comply with European laws and standards. However, Gaia-X is designed with global interoperability in mind, providing tools and frameworks that can be adapted to meet the regulations of other regions worldwide.
Key Components of Gaia-X Compliance
1. Standards-Based Approach: The Gaia-X compliance framework builds on globally recognised standards, ensuring a high level of security and compliance across industries.
2. Label System for Differentiation: Gaia-X has introduced a clear labelling system to categorise services based on their level of compliance:
- Gaia-X Standard Compliance: A universal set of standards designed to apply to all types of providers worldwide.
- Gaia-X Label Level 1: Entry-level compliance with standard data protection and security following European laws.
- Gaia-X Label Level 2: Higher-level data protection and security standards following European laws and widely based on certifications.
- Gaia-X Label Level 3: The highest compliance level for services requiring exceptional data handling, security, and legal control for European providers only.
These labels provide clarity for both providers and users, ensuring transparency in service offerings.
3. Trust Anchors and Continuous Validation: Gaia-X ensures ongoing trust and compliance through its Trust Framework, powered by the Gaia-X Digital Clearing House (GXDCH). This system continuously validates verifiable credentials, allowing automated trust assessments across the ecosystem.
Benefits for Ecosystem Participants
The Gaia-X Compliance offers significant advantages to both service providers and users:
- For Users: Businesses and governments benefit from greater choice, transparency, and control over the digital services they utilise. With Gaia-X’s clear compliance standards, users can confidently select services that meet their specific security, privacy, compliance or sovereignty needs, allowing them to select their preferred Label Level while maintaining flexibility and avoiding vendor lock-in.
- For Providers: Gaia-X offers a clear path to certification and compliance, enabling companies to demonstrate adherence to top-tier security and privacy standards. By aligning with European regulations, providers enhance their credibility, position themselves as digital market leaders, and answer to market demand. The standardised use of the Gaia-X Ontology ensures that cloud providers can achieve true interoperability across ecosystems.
The Gaia-X Compliance Document highlights Europe’s commitment to digital sovereignty, security, and trust, providing a foundation for a trusted digital marketplace aligned with European values and laws. It serves as a blueprint for global organisations to operate securely, transparently, and interoperably.
The post Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems appeared first on HIPTHER Alerts.
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