The Payments Newsletter including Digital Assets & Blockchain, November 2025

Global Digital Finance (GDF), together with Ownera, EY and Hogan Lovells, have released a report titled “The Case for Collateral Mobility in Europe & the UK using Money Market Funds (MMFs)”. The report examines the legal certainty and operational readiness of tokenised money market funds (TMMFs) across Luxembourg, Ireland and the UK and includes sandbox simulations powered by Ownera's FinP2P infrastructure.

TMMFs combine the regulatory familiarity and liquidity of traditional MMFs with the speed, programmability and transparency of distributed ledger technology, offering a transformative opportunity for collateral management and liquidity in the derivatives markets – enabling programmable ownership transfer, reducing settlement friction and enhancing liquidity. The report is the result of a cross-industry working group of over 70 firms, and highlights how tokenisation can address inefficiencies in settlement and collateral mobility. Read more in the GDF press release here.

United Kingdom: HM Treasury publishes PVDC strategy for future UK retail payments infrastructure

On 7 November 2025, HM Treasury published the Payments Vision Delivery Committee's (PVDC) strategy setting out long-term goals for the UK’s retail payments infrastructure. The strategy is informed by, and builds on, the three pillars of the National Payments Vision: innovation, competition and security. In order to future-proof the strategy, it is anchored around five high-level strategic outcomes:

1. Consumers and businesses have a greater choice of innovative and cost-effective payment options that meet their needs. The new infrastructure will need to: support delivery of account-to-account payments, including by supporting Open Banking; improve existing payment use cases/facilitate new payment use cases (eg via programmable functionalities and tokenisation); explore use of alias-based payments, consistent with Outcome 3; reduce barriers to making cross-border payments eg through improved international interoperability via standardised messaging formats, and supporting stablecoin payments; be ‘inclusive by design’; enable modular development and seamless integration of value-adding overlay services.
2. Payments operate seamlessly as part of a diverse multi-money ecosystem, with interoperability between new and existing forms of digital money. The new infrastructure will need to: support innovation in new forms of digital money and payments; facilitate interoperability across different types of digital money.
3. Consumers and businesses can trust that their payments are protected from fraud and wider financial crime. Among other things, the new infrastructure will need to: support the fight against financial crime by enabling advanced capabilities in prevention, detection and resolution (eg via use of high-quality data and AI-driven analytics). Financial crime should be ‘designed-out’ as far as possible, eg via programmable payments to enable conditional settlement, dynamic transaction limits and payments to pre-approved recipients.
4. Participant firms have fair, transparent and non-discriminatory access to the infrastructure – maximising competition and scope for innovation across the payments ecosystem (in support of Outcome 1). The new infrastructure will need to: support a range of commercially viable business models; provide easier access to payment services providers and relevant other types of service provider that meet the necessary requirements, including compliance with regulation; have a transparent, fair and predictable pricing methodology and governance framework.
5. The payments ecosystem is operationally and financially resilient. Among other things, the new infrastructure will need to: include the highest levels of protection from cyber and wider threats; employ a funding model that enables ongoing investment; to ensure monetary and financial stability, continue as with current practice for systemic retail payment systems to facilitate final settlement in central bank money for payments between customers of different money issuers.

The PVDC will continue to coordinate closely to achieve the above outcomes, including monitoring developments and innovation in payment systems, including in other jurisdictions.

To achieve world-leading payments, the PVDC's priority areas are for the next generation infrastructure to:

• deliver ‘account-to-account’ functionality at point of sale, to enable greater choice of payment methods; and
• support innovation – including programmable payments, tokenised deposits, and stablecoins.

The strategy paper refers to the fact that Pay.UK is already undertaking important work on short-term enhancements to the current Faster Payment System and the Bacs Payment System, with a view to improving resilience and better supporting innovation.

In line with the new governance model announced in July 2025, the Bank of England has convened (and will chair) the Retail Payments Infrastructure Board (RPIB) to lead the design (and delivery oversight) of the renewed retail payments infrastructure in accordance with the strategy. The RPIB will develop a workplan that delivers on the strategy and also takes account of changes across the wider ecosystem and relevant regulatory initiatives.

Payments ecosystem participants are also setting up an industry-owned Delivery Company, responsible for implementing the design – procuring and funding the next-generation infrastructure.

Given the timescales involved in the design and delivery of the new retail payments infrastructure, the PVDC welcomes potential wider private sector innovations in the interim that support the strategy's outcomes.

United Kingdom: PRA publishes policy statement on increases to deposit protection limits under FSCS

On 18 November 2025, the PRA published a policy statement (PS24/25) on increases to the deposit protection limits under the Financial Services Compensation Scheme (FSCS). Some key points from the policy statement are:

• The deposit protection limit is being increased from £85,000 to £120,000 and the temporary high balance limit from £1 million to £1.4 million, both taking effect from 1 December 2025. The updated versions of Supervisory Statement SS18/15 and Statement of Policy SoP1/15 will also apply from that date. The PRA proposed increasing the deposit protection limit to £110,000 in its March 2025 consultation (CP4/25), but has settled on a new total of £120,000 due to respondents’ feedback and the latest inflation data.
• Deposit taking firms are also required to update their single customer view (SCV) systems to reflect the new limits from 1 December 2025.
• There is a transitional period to 31 May 2026 for consequent changes to the information firms are required to disclose to depositors and other consumers to reflect the updated protection limits as well as ensuring information on the FSCS more generally remains clear and easy to understand.
• There are some further (mainly clarificatory/confirmatory) amendments to the previously proposed changes to the Depositor Protection Part (DPP) of the PRA Rulebook and related Supervisory Statement (SS18/15).

The FSCS has made information available on its website to assist firms in relation to the new limits and information requirements.

Take a look at this Our Thinking article for more on this development.

United Kingdom: Bank of England publishes update on digital pound project

On 23 October 2025, the Bank of England (BoE) published a progress update on its ongoing work to explore the case for a digital pound.

The update confirms that no decision has yet been made on whether to introduce a digital pound, but outlines the BoE's priorities for 2026, including finalising a detailed blueprint and continuing stakeholder engagement. The BoE's work to date has focused on three key areas: technical experimentation through the Digital Pound Lab, interoperability with existing and emerging forms of money, and gathering stakeholder input to inform design choices.

The BoE has also published new design notes on topics such as interoperability models, product strategy, offline payments, and alias services. These notes reflect the BoE's emerging thinking on how a digital pound could support innovation, financial inclusion, and the UK's broader National Payments Vision.

The blueprint and accompanying assessment are expected to be published in 2026 and will inform a joint decision by the BoE and HM Treasury on whether to proceed with further development of a digital pound.

European Union: ECB moves digital euro project to next phase

On 30 October 2025, the European Central Bank (ECB) announced it is transitioning the digital euro project from its preparation phase into its next stage, following successful groundwork laid between November 2023 and October 2025. The ECB Governing Council has confirmed that – assuming the EU co-legislators adopt the required Regulation during 2026 – a pilot phase could begin in mid 2027, with readiness for a possible first issuance by 2029.

The preparation phase included establishing foundational elements such as rulebooks, technical infrastructure, privacy design and stakeholder engagement. The decision aligns with political encouragement from European leaders at the October 2025 Euro Summit.

Key priorities for this next phase include:

• Building technical readiness for issuance;
• Launching pilot systems for user testing; and
• Supporting the EU’s legislative process.

ECB President Christine Lagarde emphasised that a digital euro would enhance payment innovation, resilience, privacy and European monetary sovereignty, while complementing but not replacing cash. The final decision to issue will only follow the adoption of the digital euro Regulation by the EU legislatures.

United Kingdom: PSR and FCA publish joint response to HMT consultation on PSR/FCA consolidation

On 23 October 2025, the PSR and FCA jointly responded to HM Treasury's (HMT) consultation on consolidating the PSR's functions into the FCA, welcoming the proposal as it preserves the PSR's core duties – competition, innovation and consumer protection – while enabling a more cohesive regulatory approach. They noted that joint initiatives – such as shared project teams, an updated Memorandum of Understanding with the Bank of England and the PRA, and cooperation on issues like digital wallets and fraud – already illustrate the benefits of a streamlined structure. The regulators confirmed continued collaboration with HMT to ensure smooth legislative integration.

For further background on HMT's consultation, see this previous Our Thinking article.

Ghana: Central bank moves forward with open banking and digital ID to strengthen payment systems

On 30 October 2025, the Bank of Ghana (BoG) launched its National Payment Systems Strategy 2025–2029 to accelerate open banking adoption and integrate a national digital ID framework to enhance interoperability and security across payment systems. Speaking at the National Payment Systems Workshop, the BoG’s First Deputy Governor highlighted key initiatives to strengthen the country’s payment ecosystem, including:

• The rollout of open banking and data-sharing frameworks to support interoperability and innovation;
• The implementation of electronic Know Your Customer systems for streamlined onboarding; and
• Deployment of trusted digital identity solutions to lower barriers for banks and non-bank entities.

The First Deputy Governor highlighted these initiatives as critical to driving financial inclusion and supporting innovation in Ghana’s fast-growing digital economy. He also cautioned against growing cybersecurity and fraud risks, urging continued collaboration across regulators, fintechs, banks, and mobile money operators. The BoG also signalled upcoming regulatory guidelines to govern API standards and data-sharing protocols for banks and fintechs.

Stakeholders – including banks, fintechs, and development partners – were invited to contribute to the draft strategy, which will guide Ghana’s payment systems policy and investment landscape through to 2029.

United Kingdom: Government exempts domestic premises suppliers from BNPL credit broking rules

On 4 November 2025, the government laid the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) (No. 2) Order 2025 (the Amendment Order), exempting domestic premises suppliers from requiring credit broking permissions when offering buy now, pay later (BNPL) products.

The Amendment Order follows a June 2025 HM Treasury policy paper and feedback from stakeholders and the FCA (see more in the July 2025 edition of the Newsletter), which emphasised that licensing requirements for in‑home sellers could overburden small businesses and restrict consumer access to interest‑free credit for low‑value purchases.

The new BNPL regime introduced by the Financial Services and Markets Act 2000 (Regulated Activities etc) (Amendment) Order 2025 (as amended by the Amendment Order) will come into effect on 15 July 2026. It will include a Temporary Permissions Regime for firms that do not currently hold required authorisations. The FCA's consultation on detailed rules for regulated BNPL firms closed on 26 September 2025, with a policy statement and final rules expected in early 2026.

See this Our Thinking article for links to further related publications on the new BNPL regime.

Philippines: Central bank proposes stricter reporting penalties for payment data breaches

On 20 October 2025, the Bangko Sentral ng Pilipinas (BSP) released a draft circular proposing tougher penalties for operators that submit inaccurate or late payment data reports. Key details include:

• Monetary fines: up to PHP 3,000/day for large banks; PHP 2,000 for digital banks; PHP 1,500 for thrift banks; PHP 450 for rural banks; PHP 1,000 for non bank providers;
• One-off resubmission window to correct non-compliant reports before penalties apply; and
• Non-monetary sanctions may include suspension or disqualification of directors or officers.

The move supports the BSP’s broader strategy to boost governance, accountability, and real-time monitoring in the rapidly growing digital payments ecosystem, where digital transactions comprised 57.4% of retail volumes in 2024.

The stakeholder comment period for the draft circular closed on 21 November 2025.

Australia: Treasury consults on draft regulations to modernise payment systems law

On 28 October 2025, the Australian Treasury released the draft Payment Systems Legislation Amendment (2025 Measures No. 1) Regulations 2025 and a related draft explanatory statement for consultation.

The purpose of the draft Regulations is to support the amendments in Schedule 1 to the Treasury Laws Amendment (Payments System Modernisation) Bill 2025. Schedule 1 amends the Payment Systems (Regulation) Act 1998 (PSRA) to modernise the payments regulatory framework, ensuring it is fit-for-purpose and can address emerging risks related to payments. The Bill was passed by both Houses of Parliament on 4 September 2025.

The consultation closed on 11 November 2025.

United Kingdom: Financial inclusion - HM Treasury Strategy and FCA speech

On 5 November 2025, HM Treasury (HMT) published a national Financial Inclusion Strategy, and on 4 November Nikhil Rathi, FCA Chief Executive, delivered a related speech at the Fair4All Finance Delivering Financial Inclusion Together Conference.

The Strategy aims to address specific challenges from its three cross-cutting themes of mental health, accessibility and economic abuse as well as looking to embed a more inclusive approach across financial services more generally.

Among other things, the Strategy highlights the further opportunities that the National Payments Vision presents to embed and support financial inclusion, eg in the design of the new retail payments infrastructure, the work of HMT, the FCA and the Payment Systems Regulator on progressing the development of Open Banking-enabled variable recurring payments, and the importance of financial inclusion to the development of the forthcoming Payments Forward Plan which will contain a sequenced plan for future payments initiatives.

This Our Thinking article highlights some further key takeaways for financial services firms.

United Kingdom: HM Treasury announces launch of joint PRA/FCA Scale-Up Unit

On 24 October 2025, HM Treasury announced the launch of a new Scale-up Unit jointly led by the FCA and the PRA. Initially focused on dual regulated firms (banks/building societies and insurers), plans to expand the Unit's scope to solo regulated firms will be announced in Spring 2026. Part of the government's pro-growth agenda, the new Unit is designed to "supercharge" the growth of innovative financial services firms. New webpages on the Unit have also been published by the FCA and the PRA. Take a look at this Our Thinking article for more details.

United Kingdom: FCA shares findings from review of firms’ financial crime risk assessment processes and controls

As part of its wider financial crime supervisory work in support of its 2025–30 strategy, on 11 November 2025 the FCA published the findings from its multi-firm review of firms' business-wide risk assessment (BWRA) and customer risk assessment (CRA) processes.

Firms involved in the review included building societies, platforms, custody and fund services, payments (e-money) and wealth management firms. The FCA focused on how firms:

• Identify, understand and assess risk: Key challenges include tailored risk assessments, quantitative analysis, the need for BWRA and CRA processes to work in harmony, and good governance.
• Appropriately mitigate risk: Key points include the capacity of compliance and financial crime functions to support firms’ current and future growth strategy, the need for risk assessments, decision-making and monitoring activities to be joined up, the need for financial crime risk to be at the heart of business decisions and strategy, and good governance.
• Effectively manage risk: Key points include that CRA is an essential part of conducting business, senior management’s understanding of financial crime risk should include the full range of relevant risks (not just those targeted at the firm such as fraud risk), and good governance.

While the FCA expects firms to already be complying with existing requirements in terms of understanding relevant risks and having robust financial crime systems and controls in place, it is encouraging firms to use its findings to review their current approach. It will continue to monitor firms through its supervisory work to make sure they are considering the points raised in the review with a view to making any necessary improvements.

See this Our Thinking article for more on the FCA's findings.

United Kingdom: PSR publishes compliance report on confirmation of payee system

On 18 November 2025, the Payment Systems Regulator (PSR) published a compliance report on Specific Direction 17 (SD17), which required "Group 1" payment system providers (PSPs) to use a confirmation of payee (CoP) system by October 2023 and "Group 2" PSPs by October 2024. The PSR has been monitoring firms' compliance with SD17 since October 2024. Key points from the compliance report include:

• Over 320 organisations offer CoP checks in the UK, with CoP covering around 99% of the payments market by October 2024.
• The PSR is continuing to monitor a small group of firms that still do not have a CoP system. It has opened three enforcement investigations into Group 2 firms who did not meet the deadline. If, following an investigation, the PSR's Enforcement team find that there has been a compliance failure, it may decide to refer the case to the Enforcement Decisions Committee.
• Firms who may not previously have conducted relevant business, but begin to do so, are required to implement a CoP system. The PSR will continue to monitor market data to identify PSPs who may meet the definition.

United Kingdom: PRA publishes policy statement on near-final simplified capital regime for small domestic deposit takers

On 28 October 2025, the PRA published a policy statement (PS20/25) on near-final rules for the simplified capital regime for small domestic deposit takers (SDDTs) under the strong and simple framework. The policy statement represents the second and final phase of the PRA's strong and simple initiative.

The PRA has not published its final rules for the SDDT capital regime as the Pillar 1 requirements for SDDTs will be based on the final rules for the implementation of Basel 3.1, which have not yet been published.

The PRA intends to publish a policy statement in Q1 2026 setting out its final policy and rule instruments relating to the simplified capital regime for SDDTs. This policy statement will be published alongside, or shortly after, its policy statement on its final rules on the implementation of Basel 3.1.

Broadly, the final rules for the SDDT capital regime, and related changes to supervisory materials, are intended to come into force on 1 January 2027. 

United Kingdom: Bank of England consults on regulatory regime for systemic stablecoins

On 10 November 2025, the Bank of England (BoE) published a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins, marking what the BoE describes as a ‘significant step’ in the UK’s ongoing development of a comprehensive stablecoin regime. The proposals aim to ensure financial stability and public confidence as stablecoins become integrated into UK payment systems, while supporting innovation within a clear supervisory perimeter.

• Under the regime, issuers would need to hold high-quality backing assets – primarily short-term UK government securities and central bank deposits – and guarantee redemption at par value. Temporary holding limits of £20,000 for individuals and £10 million for businesses are proposed during the transition to mitigate risks to credit provision.
• The BoE also sets out expectations for operational resilience, safeguarding of backing assets, and redemption rights, alongside interoperability with existing payment systems.
• The consultation clarifies that the regime will apply only to stablecoins used for payments with systemic potential, excluding those used solely for crypto trading, which remain under the FCA’s remit.
• It also signals alignment with the BoE’s broader digital money strategy, including the future digital pound, and acknowledges transitional challenges for firms moving from the FCA’s non-systemic regime to the BoE’s systemic framework.

The consultation closes on 10 February 2026, with final rules expected later in 2026 as part of the UK’s phased approach to regulating systemic stablecoins. The BoE emphasises that the consultation paper forms part of an ongoing policy development process for the UK's stablecoin framework and is not intended to set out detailed implementation requirements.

Take a look at this Our Thinking article for more on the BoE’s consultation proposals.

Malaysia: Central bank publishes discussion paper on roadmap to test blockchain-based asset tokenisation

On 30 October 2025, Bank Negara Malaysia released a discussion paper on a proposed three-year initiative to pilot blockchain-based asset tokenisation in its financial system. The initiative builds on the central bank’s existing Digital Asset Innovation Hub and aims to explore tokenisation of traditional assets – such as bonds and real estate – on distributed ledger platforms to improve market efficiency, transparency, and liquidity.

The proposed roadmap includes:

• Regulatory sandbox trials for banks, fintechs and blockchain developers piloting tokenised assets under controlled conditions;
• Development of Islamic finance instruments, using smart contracts to automate payments; and
• Collaboration with banks, fintechs, and institutional investors to assess scalability and compliance.

Feedback is invited until 1 March 2026. Pilot projects are expected in 2026, followed by wider trials in 2027.

Australia: ASIC publishes updated digital assets guidance ahead of new licensing regime

On 29 October 2025, the Australian Securities and Investments Commission (ASIC) announced that it will expand its supervisory approach to digital assets as the country prepares for the introduction of a new licensing framework under the Digital Asset Platforms Bill. ASIC confirmed that oversight will extend beyond crypto exchanges to include tokenised products, custody arrangements, and market integrity standards.

ASIC confirmed that many digital assets already fall under existing financial laws and require licensing, noting that they often meet the definition of financial products under the Corporations Act 2001. The regulator detailed these expectations in its updated guidance in Information Sheet 225, which broadens its scope from “crypto assets” to “digital assets” and introduces practical examples explaining when tokens, staking programs, and tokenised products require financial services licences. It also published a summary of feedback themes from submissions to its December 2024 consultation paper (CP 381) on the proposals to update Information Sheet 225.

The forthcoming regime will introduce mandatory licensing for digital asset service providers and is expected to take effect in 2026. ASIC stated that its priorities will include strengthening consumer protection, ensuring operational resilience, and enforcing anti-money laundering compliance. The regulator urged industry participants to begin aligning with governance and risk management expectations ahead of formal implementation, noting that the move reflects global regulatory trends and aims to balance innovation with investor safeguards.

In recognition that firms will need time to consider the updated guidance and apply for licences, ASIC has granted a sector-wide no-action position until 30 June 2026. ASIC has also made an in-principle decision to grant proposed regulatory relief for distributors of certain stablecoins and wrapped tokens, and certain relief for custodians of digital assets that are financial products. Feedback was invited on the draft relief instruments until 12 November 2025. Feedback from CP 381 informed the no-action position and ASIC's decision to provide the proposed relief and include additional examples in the updated guidance.

European Union: ESRB warns on systemic risks from third-country stablecoin schemes

On 20 October 2025, the European Systemic Risk Board (ESRB) published a report highlighting systemic risks from crypto-assets and stablecoins, particularly those jointly issued by EU and non-EU entities.

The ESRB warns that such arrangements could amplify stress during market shocks, as cross-border reserve transfers may be delayed, undermining redemption rights.

Global stablecoin market capitalisation has more than doubled since the ESRB's May 2023 report on crypto-assets and decentralised finance, driven partly by U.S. policies promoting U.S. dollar-denominated stablecoins. Stablecoins and traditional finance are increasingly intertwined, including through reserves held at commercial banks, prompting the ESRB to stress that eligible reserve assets in the EU must be high-quality and liquid. The report also notes that crypto-asset investment products are becoming more accessible to institutional and retail investors, deepening integration with mainstream finance.

Finally, the ESRB details the financial stability risks posed by stablecoins jointly issued by EU and third-country entities. This model creates vulnerabilities: a run could strain EU issuer reserves and delay redemptions, while third-country restrictions on reserve transfers could exacerbate stress. MiCAR does not explicitly envisage such joint issuance and cannot address these risks.

To mitigate these risks, the ESRB issued Recommendation ESRB/2025/9 on third-country multi-issuer stablecoin schemes. The ESRB sets out a two-pronged strategy. First, it recommends that the European Commission clarify by the end of 2025 that these schemes are not permitted under MiCAR. Second, if the Commission does not act, the ESRB urges EU and national authorities to introduce safeguards. The ESRB will monitor the implementation of this recommendation. 

United Kingdom: FCA updates rules following lifting of ban on cETNs

On 27 October 2025, the FCA issued a statement reminding firms of the rules in place after retail access to certain crypto exchange traded notes (cETNs) resumed on 8 October. As cETNs are classified as Restricted Mass Market Investments, firms must ensure that cETNs are listed on the Official List and traded on a UK Recognised Investment Exchange, with approved prospectuses in place.

Firms offering cETNs must also comply with the FCA's financial promotions regime – meaning no inducements, clear risk disclosures, appropriateness assessments, client categorisation, and a cooling‑off period – as well as adhere to the Consumer Duty. They are also required to inform their FCA supervisory contact in advance and confirm they have the correct permissions.

The FCA continues to integrate cryptoassets into its broader regulatory framework, guided by its crypto roadmap and ongoing consultations.

Singapore: MAS launches BLOOM initiative to advance digital settlement capabilities

On 16 October 2025, the Monetary Authority of Singapore (MAS) announced BLOOM –Borderless, Liquid, Open, Online, Multi-currency, a new initiative to extend settlement capabilities across financial institutions.

BLOOM aims to enable settlement in tokenised bank liabilities and well-regulated stablecoins while managing risks through standardised approaches.

The initiative builds on Project Orchid and focuses on three areas: (i) distribution and clearing of settlement assets to coordinate disparate networks; (ii) programmable compliance controls to automate checks and reduce costs; and (iii) agentic payments using AI to execute transactions within predefined limits.

MAS invites financial institutions and partners to collaborate and conduct trials under BLOOM, including use cases involving public blockchains.

Global: IOSCO publishes final report on tokenisation of financial assets

On 11 November 2025, the International Organisation of Securities Commissions (IOSCO) published a final report discussing observations from a monitoring exercise conducted by its Fintech Task Force to determine how tokenisation and distributed ledger technology (DLT) is being developed and adopted in capital markets products and services. The aim is to help IOSCO members understand how tokenisation is being adopted and how regulators are responding to these developments. In particular, the final report considers the potential impact on market integrity and investor protection to help members plan effective regulatory responses.

Qatar: Doha Bank and PayTabs partner to support digital commerce

On 21 October 2025, Doha Bank announced it has joined forces with PayTabs to strengthen Qatar's digital commerce ecosystem, aligning with its National Vision 2030 and the drive towards a cashless society. The collaboration will deliver secure, cost-effective digital payment solutions tailored for SMEs, e‑commerce platforms, and larger enterprises, offering enhanced efficiency and accessibility.

Both organisations aim to foster innovation and financial inclusion, with Doha Bank focused on supporting local entrepreneurship and PayTabs leveraging the partnership to deepen its MENA presence. 

Europe: Nexi and Zucchetti expand integrated payments in DACH region

On 3 November 2025, it was announced that Nexi Group and Zucchetti have expanded their partnership to embed Nexi's payment acceptance technology within Zucchetti's TCPOS point-of-sale system to improve payment services for European merchants. The rollout begins in Switzerland's hospitality and retail sectors and will extend across the DACH region (ie Germany, Austria and Switzerland).

The collaboration aims to simplify merchant operations by integrating payments directly into existing software, reducing complexity and improving checkout experiences. Nexi says the initiative reflects growing demand for unified commerce solutions that combine merchant software with embedded financial services.

Spain: Chift expands operations to support Open Finance adoption

On 31 October 2025, it was reported that Chift, a leading Open Finance integration platform, has expanded into Spain as part of its European growth strategy. The move aims to accelerate the adoption of API-based connectivity for financial institutions and fintechs, enabling seamless integration of banking, accounting, and payment data.

According to the official press release, Spain's fast-growing SMB ecosystem and upcoming Verifactu regulation – expected to mandate real-time e-invoicing by 2026 – are driving demand for locally integrated software products. However, market entry remains complex as stakeholders use different, often non-interoperable tools. Chift's expansion responds to client needs for local integrations to scale. Its platform enables software vendors to integrate once and connect with multiple accounting and finance tools without maintaining individual connectors.

United Kingdom: payabl. rolls out point-of-sale solution to expand merchant services

On 30 October 2025, it was announced by payabl., a global payments provider, that it has launched its point-of-sale solution (POS) in the UK to complement its existing online payment services.

The new offering aims to provide merchants with an integrated platform for both in-store and online transactions, supporting omnichannel commerce and improving operational efficiency. With payabl. in-store, businesses operating in retail, hospitality, and services can accept multiple payment methods including Visa and Mastercard.

The rollout reflects growing demand for unified payment solutions in the UK retail sector and forms part of payabl.'s broader strategy to strengthen its presence in Europe.

United States: HSBC partners with ValidiFI to strengthen payment security

On 27 October 2025, ValidiFI announced that it has been selected by HSBC to enhance its payment security and fraud prevention capabilities. ValidiFI is a provider of predictive bank account and payment intelligence, offering real-time account ownership verification, behavioural analytics, and pre-transaction risk detection to identify synthetic identities, mule accounts, and other fraud threats.

The partnership integrates ValidiFI's Omni Platform into HSBC's payment workflows, enabling validation of new accounts and ongoing monitoring to flag anomalies before they affect customers. HSBC expects the collaboration to bolster security across both consumer and business payment channels while ensuring compliance with evolving regulatory requirements.

Germany: Coinbase and Tink enable Pay by Bank for crypto purchases

On 30 October 2025 Tink, a leading open banking platform in Europe, announced that it has partnered with Coinbase to offer Pay by Bank functionality for crypto purchases in Germany. The integration uses open banking technology to allow customers to buy digital assets directly from their bank accounts, providing instant settlement and reducing reliance on card payments.

The feature aims to improve user experience by offering a secure, frictionless payment option and reflects growing adoption of account-to-account payments in Europe. Coinbase plans to expand the service to other EU markets in line with PSD2 and upcoming PSD3 reforms.

Austria: Swiss AMINA Bank secures MiCA licence

On 3 November 2025, it was reported that the Austrian subsidiary of the Swiss AMINA Bank has received a Crypto-Asset Service Provider licence under MiCA.

The licence allows AMINA to offer regulated services such as trading, custody, portfolio management, and transfer services to professional investors, and provides passporting rights across more than 30 EU markets. In its announcement, AMINA also noted plans to introduce crypto staking at launch, although this service does not appear in the official Austrian Financial Market Authority (FMA) authorisation list.

The approval positions AMINA among the first crypto banking firms to be awarded a MiCA authorisation licence by the Austrian FMA. 

Canada: General Bank of Canada partners with Thought Machine to modernize core banking

On 28 October 2025, the banking technology company Thought Machine announced that it is partnering with the General Bank of Canada (GBC) to migrate the GBC's core banking operations to Vault Core, a cloud-native platform. The move will enable GBC to accelerate product innovation, improve scalability, and deliver more personalised financial services to customers.

By gradually adopting Vault Core, GBC aims to become a leading financial product manufacturer. The partnership supports GBC's strategy to evolve into a Bank-to-Business-to-Consumer (B2B2C) financial product provider and reflects a broader trend among Canadian banks towards modernising legacy infrastructure to meet rising digital expectations.

Mexico: Revolut granted full banking licence by CNBV

On 20 October 2025, Revolut announced it has received final approval from Mexico's National Banking and Securities Commission (CNBV), with endorsement from the Bank of Mexico, to operate as a multiple banking institution.

The licence allows Revolut to take deposits, offer savings accounts, payments, cards, transfers, and issue loans, in addition to protecting customer deposits through the Instituto para la Protección al Ahorro Bancario insurance (up to ~3.4 million MXN). It marks the first time an independent digital bank has gone through Mexico's full banking licence process.

This milestone is part of Revolut's wider Latin American strategy and follows its recent Colombian banking licence approval and an acquisition in Argentina. 

Latin America: Cobre and TerraPay join forces to streamline cross-border B2B payments

On 27 October 2025, it was announced that Latin America's leading B2B payments platform Cobre has partnered with global cross-border payments specialist TerraPay to enable businesses across the region to send and receive international transactions more efficiently and compliantly.

Connecting Cobre's enterprise-grade payment infrastructure with TerraPay's extensive global network, the alliance aims to deliver real-time, fully compliant cross-border transfers, faster settlement and lower operational complexity and integration with treasury systems and existing workflows. 

Hong Kong: Thunes partners with WeChat Pay HK for instant cross-border transfers

On 3 November 2025, Thunes – a cross-border payments network – announced a partnership with WeChat Pay HK to enable real-time international remittances through its global payment network. The integration allows users in Hong Kong to send money instantly to billions of endpoints worldwide, including Southeast Asia, Europe, and Australia.

This collaboration builds on Thunes' existing relationship with Tencent Financial Technology and responds to growing demand for faster, transparent wallet-to-wallet transfers. Hong Kong's outbound remittance market is projected to reach USD 1.1 billion in 2025.

United Kingdom: PayPal returns with full omnichannel payments suite

On 12 November 2025, PayPal announced its relaunch as a unified payments service provider  in the UK market, unveiling a comprehensive offering of both online and in-store payment services, nearly two years after restructuring its operations following Brexit.

The relaunch includes a new PayPal Debit Card linked to wallet balances, expanded PayPal Credit options including virtual and physical cards for in-store use, and BNPL features integrated with loyalty rewards. Central to the relaunch is PayPal+, a free, tiered loyalty programme that lets customers earn points on PayPal balance transactions, credit, debit, and BNPL purchases.

PayPal has committed £150 million to its UK ecosystem, partnering with major brands to drive deeper engagement and position itself as a leader in omnichannel payments. 

Argentina: WhiteBIT secures VASP licence

On 11 November 2025, it was reported that European crypto exchange WhiteBIT obtained a Virtual Asset Service Provider (VASP) licence in Argentina, enabling it to offer regulated crypto trading and exchange services in the country.

The approval supports WhiteBIT's Latin American expansion, which includes plans to launch in Brazil. The move reflects growing crypto adoption in the region and follows recent licences in Australia, Croatia, and Italy.

Philippines: GoTyme Bank partners with Wise Platform to enhance remittances

On 11 November 2025, it was announced GoTyme Bank – the fastest-growing bank in the Philippines – has partnered with Wise Platform to improve the speed, cost, and transparency of international money transfers for over 7.8 million Filipino customers.

Through the GoTyme app, customers can now receive transfers from over 11,000 institutions in 23 major currencies directly into their accounts, with faster settlement and clearer fee structures compared to traditional methods. Funds can be withdrawn free of charge at more than 1,400 Robinsons Retail outlets nationwide.

The integration marks Wise Platform's first collaboration with a local bank in the Philippines and its first International Receive partner in the Asia-Pacific region.