After years of lobbying against potentially being required to hold billions of dollars extra under new capital requirements for market risk rules, banks have won concessions from global regulators. On Thursday, the Basel Committee on Banking Supervision acknowledged that without change, the rule would wind up costing the banking industry much more than the regulator had intended. The revisions proposed will make it easier for lenders to rely on their own internal models to assess risk and reduce the burden on those that can't, Bloomberg predicts. The UK has unveiled its fintech sector strategy at an international fintech conference in London that will also see Australian Treasurer Scott Morrison sign a new 'fintech bridge agreement' between the UK and Australia. The agreement is designed to open up the Australian market for UK fintech firms, as well as harmonise fintech policies in the two countries. Chancellor of the Exchequer Philip Hammond said the agreement with Australia was the UK's "most ambitious to date" and would bring together regulators, policy makers and the fintech private sector - including regular "business to business" summit meetings to support the growth of both markets. The new UK strategy also includes a task force to manage the risks around cryptocurrencies and to harness the potential benefits of blockchain technology. UK digital bank Revolut has launched a "disposable" virtual card for online shopping that can be created in seconds and has card details that automatically regenerate after each transaction, reports Finextra. Revolut says it will take about 800 years to run out of 16-digit card numbers so it views disposable virtual cards as "a sustainable, long-term solution to tacking online card fraud".