Fintech pushes EU to explore changes to bank software rules

Digital payment units built by Motion Pay allow customers to pay in Chinese yuan renminbi using Chinese online money payment services WeChat Pay, and Alipay, where payments get converted to Canadian dollars at point of sales locations in Canadian stores and businesses.

BRUSSELS: European Union banks facing increasing competition from financial technology firms could find it easier to invest in software under rule changes being discussed with regulators. 

EU banking rules treat software as a cost rather than an investment, forcing lenders to cover expenditure on digital applications with an equal amount of capital.