The Monday Roundup: what we are watching this week | July 14th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Crypto enters the chat

OKX, a crypto exchange and on-chain technology, has partnered with PayPal, bringing a new level of convenience and trust to crypto purchases and deposits for users across the European Economic Area (EEA).

This strategic collaboration underscores OKX’s commitment to driving secure, innovative, and customer-centric digital payment solutions within Europe’s evolving regulatory landscape.

Effective immediately, OKX users can seamlessly fund their accounts using a wide range of PayPal-supported payment methods, including PayPal balances, linked bank accounts, debit cards, and credit cards. The integration eliminates unnecessary barriers by enabling users to connect their PayPal and OKX accounts with just a few clicks — creating a frictionless gateway to digital asset ownership.

ComplyControl, a rising player in AI-driven compliance technology, has joined UK Finance as an Associate Member, marking a major step in its UK expansion since entering the market in 2024. UK Finance, which represents over 300 financial firms, plays a key role in promoting innovation, trust, and security in the sector.

Through this membership, ComplyControl aims to enhance regulatory compliance using automation and artificial intelligence. The company has already gained recognition, being listed in the UK Startups 2025, AITech35, and FinTech50 rankings. Founder Roman Eloshvili emphasised the importance of this partnership in shaping a safer financial ecosystem. ComplyControl plans to actively engage in UK Finance’s events and working groups to contribute to industry-wide improvements. Its platform simplifies compliance processes and helps financial institutions manage regulatory risks, from onboarding to transaction monitoring. This collaboration underscores a shared commitment to innovation and smarter compliance solutions in the evolving financial landscape.

The evolving digital channels

ICS Financial Systems Ltd. (ICSFS), a provider of universal banking software, has partnered with Summit Bank Limited, Nigeria’s non-interest financial institution, to expand access to Shariah-compliant digital banking in Nigeria.

The deployment will enable Summit Bank to offer a comprehensive range of non-interest financing products delivered through multiple digital channels. Customers will be able to access services via mobile and tablet banking, internet banking, SMS notifications, and the integrated ICS BANKS® ERP Suite.

In addition to its core banking and digital channels, Summit Bank will implement key modules including Credit Facilities and Risk Groups, Management Information Systems, Remittances, Trade Finance, Islamic Treasury, IFRS9 ECL, e-KYC with full customer profiling, and Risk Rating and Credit Scoring tools. These components are designed to strengthen operations, support compliance and enhance customer onboarding.

UK-based digital money app Ziglu has entered special administration, a legal process designed to protect customer funds while the company’s financial issues are addressed. The move follows ongoing financial challenges and comes despite Ziglu’s earlier acquisition by Robinhood, which had aimed to expand its crypto services in the UK. Special administrators have now been appointed to oversee the process, ensuring that customer assets are safeguarded and that regulatory obligations are met. During this period, customers may face limited access to their funds while administrators assess the company’s financial position and work toward a resolution. The administration process is governed by the UK’s Payment and Electronic Money Institution Insolvency Regulations, which prioritise returning safeguarded funds to users. Ziglu’s situation highlights the growing pressures on FinTech firms operating in the volatile digital asset space, especially amid tightening regulations and market instability.

What is the buzz

JPMorgan Chase has announced that FinTech companies must now pay to access customer banking data, a move that could reshape the financial technology landscape. Previously, many FinTechs accessed this data for free through aggregators, enabling services like budgeting tools and payment apps. However, JPMorgan is introducing a tiered fee structure based on how the data is used, with payment-focused firms facing the highest charges. In some cases, the fees could exceed the revenue FinTechs earn per transaction, raising concerns about the sustainability of their business models. This shift reflects JPMorgan’s strategy to assert greater control over its data and monetise access, challenging the open-data ethos that has fueled FinTech innovation. The decision could prompt other major banks to follow suit, potentially leading to broader industry changes in how financial data is shared and monetised.