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Home » Daily Briefing » Morning Briefing 1 June 2016

Morning Briefing 1 June 2016

Morning Briefing

PayPal is to suspend its operations in Turkey from next week after it failed to get a new licence to provide its services there. "Supporting our customers is very important to PayPal. However, we have no choice but to suspend processing payments in Turkey as our application for a Turkish payments licence has been denied by the local financial regulator and we have been instructed to suspend our Turkish business operations," PayPal said in a statement issued to TechCrunch.

PayPal said its licence was not renewed due to new rules in Turkey that require IT systems to be based in the country whereas PayPal's IT systems are situated in a number of hubs globally. However, the move by the Turkish authorities could also be seen as helping to protect and nurture the country's recently launched payments network: TROY.

Three senior executives at Banco Bradesco in Brazil, including its chief executive Luiz Carlos Trabuco, have been accused by police of attempting to avoid an $828 million tax fine.

According to Reuters, Brazil's prosecutor-general said that police sought formal charges against the three Bradesco executives yesterday. Reuters cited a source saying Bradesco's chief financial officer (Luiz Carlos Angelotti) and senior vice president (Domingos de Abreu) were also named in the police report.

Bradesco said that the police report, which includes allegations of influence peddling, corruption, racketeering and money laundering, had taken "management by surprise" and said in a statement that it would contest the allegations in court. The police report follows an investigation into negotiations between government tax auditors and the bank over an $828 million fine imposed on the bank by Brazil's tax authorities.

One month after launching its Moven-powered MySpend money management tools, TD Bank in Canada has already accumulated 277,000 users for the service. Moven CEO Brett King told Bank Innovation at launch that the app offers "gamification around spending" through such services as spending meters and transaction alerts.

Bank of Italy governor Ignazio Visco has warned that EU authorities may not be able to stop contagion spreading in a banking crisis if they insist on imposing new rules aimed at avoiding taxpayer bailouts of banks.

Mr Visco pointed out that banks are essentially caught between two stools currently as they can't use public money to deal with crises but alternative EU-wide measures are not yet in place. "This, in short, creates a situation of vulnerability. There is the danger not only that national and European authorities will be unable to react adequately to major shocks, but even that they will have trouble avoiding contagion," he said.

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