Foreign News: Calls for post-Brexit FTA, spend bitcoin where Visa is accepted, US banks band togethe
JPMorgan has called for a free-trade agreement between the UK and the EU covering financial services, saying a long-term FTA would allow it to "continue to use London as a hub" after Brexit, reports the FT. JPMorgan's head of regulatory affairs told a House of Lords committee that the company had been liaising with the UK Treasury on the possibility of a financial services FTA. A UK startup is launching a cryptocurrency exchange and debit card that will allow cryptocurrencies to be spent at any store that accepts Visa cards. The London Block Exchange app will be linked to a Visa "Dragoncard" and will enable users to convert Bitcoin, Ethereum, Litecoin or Ripple to sterling at the point of sale and make purchases anywhere Visa can be used, reports Finextra. Some of the biggest financial institutions in the US, including American Express, Bank of America, JPMorgan and Well Fargo, have banded together to set up a new company to carry out risk assessments on suppliers and partners, reports Finextra. Driven by the increasing reliance on third parties for critical services, the TruSight company will gather intel on service providers' information security, technology, hiring practices and governance. Singapore is offering nearly US$20 million in grants to Singapore-based financial institutions, researchers and banks to fund the development of artificial intelligence and data analytics projects for the financial services market. The move is part of the city state's ambitions to be a major international fintech hub, reports Finextra.