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Archive · March 28, 2026

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The Lead

Story 01

Saudi Arabia Grants First Major Payment Institution Licence to Lean Technologies

The Saudi Central Bank has issued its inaugural Major Payment Institution licence to Lean Technologies, opening the door for regulated open banking in the Kingdom. This move positions Lean as a foundational player in Saudi fintech, likely accelerating both domestic and cross-border innovation. For operators, the regulatory bar is now set higher for new entrants, and incumbents must adapt to a more competitive, API-driven landscape. Expect a wave of fintech partnerships and regulatory recalibration as the market heats up.

Source: Finextra
Also Worth Knowing
№02

Lloyds App Glitch Exposes Data of 500,000 Customers, Raising Regulatory Stakes

A technical failure in Lloyds Banking Group’s app exposed personal data of nearly half a million customers, triggering immediate reputational and regulatory risk. This incident puts data security and operational resilience back at the top of the agenda for all retail banks. Operators should expect intensified scrutiny and potentially higher compliance costs as regulators respond. Those who can demonstrate robust controls and rapid incident response will gain trust as the standards for data protection and incident management rise.

Source: Finextra
№03

Visa Direct Partners With Moonrise to Challenge Nordic Payment Providers

Visa Direct has teamed up with Moonrise by Lunar to expand cross-border payment capabilities across the Nordics. This partnership gives Visa a stronger foothold in a region dominated by local providers, raising the stakes for incumbents reliant on domestic rails. Nordic banks and PSPs now face direct competition from global networks offering faster, more integrated solutions. Operators should reassess their cross-border strategies as global players intensify regional competition.

Source: Finextra
№04

PSR Prioritizes Card Fees and Fraud Protections in Current Regulatory Agenda

The UK Payment Systems Regulator has announced that tackling high card fees and strengthening fraud protections are top priorities in its current regulatory agenda, with a focus on the coming years. This signals likely pricing pressure on card issuers and could accelerate the shift toward alternative payment methods. Operators should prepare for margin compression and increased compliance requirements as regulatory scrutiny intensifies. Those investing early in alternative rails and fraud tooling will be best positioned to adapt.

Source: Finextra
№05

Solaris to Cut 20% of Staff as It Transforms Into an AI-Native Bank

German fintech Solaris will reduce its workforce by 20% as it pivots to an AI-native operating model. This move aims to boost efficiency and set a new standard for lean, tech-driven banking operations. For operators, the message is clear: AI-driven transformation is no longer optional, and workforce models are being rewritten. Expect more fintechs and banks to follow suit, with regulatory attention likely to focus on both operational resilience and employment impacts.

Source: Finextra
The Long Memory
“Surprisingly, e-money institutions in the EU are not allowed to pay interest on customer balances—a rule designed to distinguish them from banks and limit systemic risk. This restriction shapes how digital wallets and prepaid cards compete with traditional accounts, and is a key reason why many e-money providers focus on payments and value-added services rather than savings products.

Filed under: Payments History · The Long Memory

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