Latest global banking news

While the European Commission recently set standards for crypto assets across the European Union, regulators are still trying to prevent individual national regulations from creating inconsistencies. The ECB is preparing a warning to individual central banks to share information over the next 18 months to make sure cryptocurrency rules are interoperable between nations and with the larger EU, reports the Financial Times. The EU standards, called Markets in Crypto Assets, are scheduled to go into effect in early 2023. The EU is concerned that differences in standards for other nations lead to venue shopping for cryptocurrency companies seeking a lower regulatory burden. —John Adams 

While BNPL fintechs are hitting a rough stretch in terms of falling valuations and increasing regulatory scrutiny, the model is still expanding. Amazon is partnering with buy now/pay later fintech valU to offer point-of-sale credit for Amazon Egypt. Consumers select a payment option that is based on a credit limit provided by valU with a minimum spend of about $26. Payments can be spread over 6 to 60 months without a down payment. Amazon's BNPL partnerships also include Affirm, which appears as a payment option alongside cards and mobile wallets in the U.S. and other markets. —John Adams

Qatar National Bank has added support for WeChatPay and AliPay+, allowing the two China-based digital wallets to gain a foothold in the country. Qatar National Bank is the first bank in the nation to support WeChatPay and AliPay+, covering 31 countries in the region. WeChatPay and AliPay+ have both partnered with fintechs and banks in numerous markets over the years, building a base of consumers from China who wish to make own-currency payments in-person or online; and merchants seeking to reach Chinese consumers. The models for both companies have helped boost other mobile payment options as well. —John Adams