2.5.19 Your morning briefing

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The information you need to start your day, from PaymentsSource and around the Web:

Brexit hedge
Starling Bank CEO Anne Boden is in Dublin to lobby for an Irish banking license to support a new account for European expats who live in the U.K., and U.K. citizens who live in the EU, ahead of Brexit.

The account will not have fees and will support payments in Euros, reports CityAm. The bank reports "thousands" of consumers have registered for a waiting list for the account, which will be upgraded to support debit cards later this year.

Digital payment company Revolut is also seeking licenses in different jurisdictions to accommodate Brexit. As the March deadline for Brexit approaches, various initiatives are underway in the financial industry to manage the change, including a group of payment, fintech and academic experts to provide consultation.
Lost money
The New York Federal Reserve will provide "technical" assistance to Bangladesh Bank connected to the recovery of $81 million that was stolen three years ago.

The cooperation includes meeting with agencies and other parties to "strongly encourage" assistance in the recovery, reports EuroNews.

Hackers used the Swift payment system to steal from the Bangladesh Bank and a series of other banks about three years ago, sparking a wider debate over data security and authentication.

Ring to it
Amazon spent $839 million for the digital doorbell company Ring, making it a large part of Amazon's "last mile" push to improve delivery in competition with Walmart. It turns out Ring was also Amazon's largest deal of 2018.

Amazon's Ring deal, and another $753 million for the online pharmacy PillPack, made up almost all of Amazon's M&A investment for the year, reports TechCrunch, which based its analysis on Amazon's 10-K SEC filing. Amazon paid only $57 million on all of its other acquisitions for the year.

Ring's also not Amazon's only investment in home-delivery technology. The e-commerce giant bought Blink, another doorbell technology company, in 2017 for $90 million.

Crypto rules
The Philippines is adding a set of rules to govern the cryptocurrency market, including ICOs, tokens and and assets.

The Asia Blockchain and Crypto Association will be the regulatory authority, and will enforce the new rules, reports Finextra.

The ABACA will also set rules for utility and security tokens, addressing when cryptocurrency sales are regulated as a security — an often controversial issue.

From the Web

Alibaba struggles to follow Amazon beyond e-commerce
Nikkei Asian Review | Tue February 5, 2019 - Alibaba Group Holding built its empire on China's e-commerce market, but the company is laboring to end its reliance on online sales as the economy teeters by following Amazon's lead into cloud services. Looking at results from the October-December quarter, Amazon has an overwhelming lead in sales.

Google and Amazon favor Fed role in real time payments
Forbes | Mon February 4, 2019 - Google thinks that in the U.S., the Fed is best positioned to define and implement a faster payments infrastructure. The Fed can ensure the lowest degree of settlement risk and provide a neutral space for all participants in the industry, added Google, neatly defining itself as part of the financial services industry, something the banks would contest.

Huddle House restaurant chain announces breach of POS system
ZDNet | Mon February 4, 2019 - US-based casual dining and fast food restaurant chain Huddle House announced late Friday last week a security breach that impacted its point of sale (POS) system. "Criminals compromised a third-party point of sale (POS) vendor's data system and utilized the vendor's assistance tools to gain remote access-and the ability to deploy malware-to some Huddle House corporate and franchisee POS systems," Huddle House said in a security alert listed on its front page.

More from PaymentsSource

How U.K. credit unions are gaining long-desired access to payments
U.K. credit unions have traditionally been associated with loan and savings products, but the industry is eyeing a move into the payments markets to offer an alternative to traditional banking.

Singapore banks get a temporary reprieve on e-payment rules
Singapore’s banks have gained a six-month extension to comply with regulations aimed to protect consumers and businesses using P2P and other electronic funds-transfers within the country.

Facebook hires London blockchain payments experts
Facebook is inching closer to threatening traditional processors and financial institutions with its own digital currency by adding staff with expertise in the underlying technology.

Ingenico refreshes executive team with new CFO
Ingenico has hired a new chief financial officer with M&A experience, days before the embattled payments equipment and software provider's plans to announce lower-than-expected 2018 earnings.

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