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Fintech Insider Podcast by 11:FS
931. News: DORA is here, HSBC shuts down Zing, and is Nubank coming to the UK?
Jan 27, 2025
This podcast features James Dodsworth, Senior Manager of Financial Crime at Thistle Initiatives, and Uri Tintoré, Co-founder and Co-CEO of Belvo, a prominent open finance platform in Latin America. They explore the launch of the EU’s Digital Operational Resilience Act (DORA) and its impact on financial institutions, discuss the challenges facing smaller fintech firms in compliance, and highlight the closure of HSBC’s Zing app after a year. Additionally, they touch on Belvo's partnership with J.P. Morgan to streamline payments in Mexico and Nubank's potential move to the UK.
56:32
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Quick takeaways
- The EU's Digital Operational Resilience Act (DORA) aims to enhance financial resilience and cybersecurity across both financial and ICT services in Europe.
- Belvo's partnership with J.P. Morgan focuses on improving direct debit payment management for Mexican businesses, addressing existing inefficiencies in payment processes.
Deep dives
Overview of the Digital Operational Resilience Act (DORA)
The EU's Digital Operational Resilience Act (DORA) aims to increase financial resilience across the European single market by unifying regulations. It mandates that financial institutions, including banks, payment institutions, and investment firms, must adopt measures that enhance their operational resilience. Key requirements include identifying and reporting risks as well as conducting regular resilience testing against cyber threats. This regulation is not only applicable to traditional financial entities but also extends to non-financial providers of ICT services, ensuring comprehensive coverage.
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