Keen to attract businesses and workers with fintech expertise from overseas, the UK has launched a £2.5 billion fund to support fintech startups and set up a new visa path ("Startup Visa") to streamline fastrack visa applications for entrepreneurs and tech experts. "We want to do more to attract businesses to the UK and our migration system plays a key part in that," said home secretary Sajid Javid. Sixteen out of 39 of the world's biggest banks have officially slipped into a bear market, reports the FT. The "sifis" (rated by the Basel-based FSB as globally systemically important) that are down more than 20 per cent from their recent peaks in dollar terms are Deutsche, Nordea, ICBC, Unicredit, Crédit Agricole, ING, Santander, Société Générale, BNP Paribas, UBS, Agricultural Bank of China, AXA, Mitsubishi UFJ Financial Group, Bank of China, Credit Suisse and Prudential Financial. Foreign banks in the US are pushing the Federal Reserve to relax tough capital controls that were slapped on their US holding companies during the Obama administration, reports the FT. The want the rules around ringfencing (which requires non-US banks operating there to set up standalone subsidiaries with their own capital and liquidity) relaxed, saying the Fed has set the capital requirements too high. The UK's banking regulator is formulating new rules around the resilience of financial service companies and their ability to survive cyber-attacks or a major IT failure, reports Finextra. In the wake of the TSB debacle, which saw hundreds of thousands of customers locked out of their accounts after an IT outage, the Bank of England is to publish a discussion paper as the first step in setting new "minimum level of service" provisions for banks hit by tech disasters or hacking attacks. The rules will set out the minimum level of service the BoE expects for the delivery of key economic functions in the event of a "severe but plausible operational disruption". Dutch payments company Adyen, which pushed aside PayPal to win a contract with eBay earlier this year, listed on the Euronext exchange and saw its share more than double on their trading debut. The fintech group's shares rose 93 per cent on their initial pricing, giving the company a market value of more than €13 billion, eclipsing established financial groups including Commerzbank.