European fintech faces regulatory headwinds as JPMorgan prepares Germany launch and system outages highlight operational risks

Regulation1789 words8 min readabout 3 hours ago

August and September mark a pivotal period for European fintech, with increased regulatory scrutiny, strategic expansions by giants like JP Morgan into Germany, and underlining of operational vulnerabilities through payment system outages, signalling a maturing and increasingly challenged landscape.

In September, the European fintech landscape experienced quite a few notable regulatory and market developments, revealing ongoing hurdles as well as strategic moves by key firms.

For instance, Bunq, an online bank based in the Netherlands, was hit with a €2.6 million penalty from the Dutch central bank (DNB). The fine was handed down because of repeated shortcomings in their anti-money laundering (AML) controls. The issues, which the DNB flagged from January 2021 through May 2022, mostly related to poor monitoring of suspicious transactions and incomplete customer oversight. Interestingly enough, this isn’t an isolated incident—Dutch regulators have been increasingly cracking down on both digital and traditional banks. Big names like ING and ABN Amro have also faced tough penalties to push for stricter AML compliance. Bunq has since appealed the fine, claiming that it uses sophisticated tech solutions to keep within the rules. Still, the regulator’s action signals a clear message: fintech innovation can’t come at the expense of financial integrity.

Meanwhile, JP Morgan revealed plans to launch its digital retail bank, Chase, in Germany sometime in the second quarter of 2026. That’s a pretty big move into continental European retail banking, no doubt. The new bank will kick off with a savings account product, designed to resonate with Germany’s strong savings culture and drawing inspiration from its successful UK digital banking operations, which have been running since 2021. Even though those UK efforts have built a deposit base topping £23 billion, profitability in lending remains unproven, which makes you wonder what kind of model Chase Germany will adopt. German banking is fiercely competitive, with well-established state-backed banks and agile digital competitors all vying for a share. However, JP Morgan's solid global financial footing—reporting a $38 billion profit in 2022—gives it room to absorb some early setbacks. It plans to roll out more products from its Berlin hub, which is scheduled to open by the end of 2025.

On the payments side, things weren’t entirely smooth either. The Wero service—used by German Volks- und Raiffeisenbanken for peer-to-peer payments—suffered a temporary outage over a weekend, causing some disruptions in mobile-to-mobile transfers. The glitch was traced back to the processing hub operated by DZ Bank, handling those transactions. Fortunately, the issue was resolved without any faulty postings, but it definitely put a spotlight on vulnerabilities in payment systems—especially important as consumers increasingly depend on seamless digital transfers.

These episodes are just parts of a broader scene in fintech today—one marked by tightening regulations, ambitious expansion plans, and steady evolution driven by customer expectations and new tech collaborations. For example, many fintechs are now forging partnerships or acquiring bank licences to strengthen their market positions—as seen in other cases where firms broaden their services into alternative investments or team up on AI-based security solutions.

Regulatory authorities, especially in the Netherlands, continue to focus sharply on AML oversight, with hefty fines and demands for improvements becoming more common. The Bunq case, in particular, illustrates this heightened vigilance—pinning even digital banks that are tech-forward—sending a pretty clear message that non-compliance won’t be tolerated and can threaten the system’s overall stability.

Meanwhile, JP Morgan’s cautious entry into Germany underscores the ongoing trend of major US banks expanding into European retail markets. Their phased approach—starting with features aligned with local habits—speaks to their pragmatic mindset, emphasizing building trust and relevance in a tough and competitive environment. Success will likely depend on how well they can adapt tech solutions to Germany’s specific regulatory and cultural landscape.

And let’s not forget operational reliability. The Wero incident serves as a reminder that payment interoperability across institutions isn’t always straightforward. It emphasizes the importance of robust risk management frameworks that can handle unexpected disruptions while maintaining compliance and supporting business growth.

All in all, these events highlight a fintech environment that’s rapidly maturing—one where regulators are becoming more vigilant and firms are pushing ahead with strategic expansions and tech innovations. Observers in market infrastructure should keep a close eye on how regulatory pressures and competitive dynamics continue to shape digital banking and payment services across Europe.

References:
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Source: Noah Wire Services

Verification / Sources

https://paymentandbanking.com/bunq-wero-klarna-das-sind-die-wichtigsten-fintechs-news-im-september/ - Please view link - unable to able to access data
https://www.reuters.com/sustainability/dutch-online-bank-bunq-fined-failures-money-laundering-controls-2025-08-25/ - Dutch online bank Bunq has been fined €2.6 million by the Dutch central bank (DNB) for significant deficiencies in its money laundering prevention controls. The failures, identified between January 2021 and May 2022 across four cases, involved inadequate investigation and reporting of potential financial crimes. DNB noted that the bank had a history of similar issues that persisted despite previous fines and warnings. Bunq has contested the decision and maintains that it uses advanced technology to enhance its systems and fulfill its responsibilities as a financial gatekeeper. The fine is part of a broader trend in the Netherlands, where banks have ramped up anti-money laundering efforts following substantial fines imposed on major institutions like ING and ABN Amro. (reuters.com)
https://www.reuters.com/commentary/breakingviews/jpmorgan-german-retail-bank-has-weak-uk-launchpad-2025-09-04/ - JPMorgan plans to launch its Chase digital retail bank in Germany in the second quarter of 2026, marking its second European foray after entering the UK market in 2021. While the UK venture has attracted significant deposits—about £23 billion by the end of 2024—it has yet to establish a strong lending business. Most of the funds are parked within the broader JPMorgan group rather than being issued as loans. Despite showing modest earnings of £27 million in 2024, the profitability is unclear due to internal tech cost allocations. Germany poses a more competitive landscape, with entrenched state-backed banks and strong digital rivals like ING. JPMorgan's ability to absorb early losses—thanks to its robust $38 billion group profit in 2022—gives it a unique advantage. However, since Chase UK hasn't demonstrated a successful lending model, Germany’s team can't rely on the UK as a proven playbook. The upcoming launch will start with a savings account, aligning with the cautious, cost-efficient digital banking model. (reuters.com)
https://www.reuters.com/sustainability/dutch-online-bank-bunq-fined-sloppy-money-laundering-controls-2025-08-25/ - Dutch online bank Bunq has been fined €2.6 million by the Dutch central bank (DNB) due to serious deficiencies in its money laundering control systems. The infractions occurred between January 2021 and May 2022. DNB imposed the fine in May 2025, citing Bunq's failure to adequately prevent money laundering during that period. Bunq has since appealed the penalty. (reuters.com)
https://www.reuters.com/business/finance/dutch-lender-volksbank-fined-inadequate-risk-management-2025-01-30/ - Dutch state-owned lender de Volksbank has been fined €20 million by the Dutch central bank for inadequate risk management and failure to prevent money laundering. The bank acknowledged the shortcomings, which were found in the period between 2018 and 2023, and had taken steps last year to structurally improve its risk management. Volksbank incorporates several smaller Dutch banks such as SNS ... . The bank last year said it ... . The Dutch government has repeatedly said ... . The much larger Dutch banks ING and ABN Amro have ... €775 million in 2018, and ... €480 million in 2021. Rabobank is still under investigation. (reuters.com)
https://www.pymnts.com/news/digital-banking/2025/jpmorgan-bringing-digital-retail-bank-to-germany-in-2026/ - J.P. Morgan is set to bring its digital retail bank Chase to Germany next year. As the Financial Times reported Thursday (Sept. 4), America's largest bank plans to launch in Germany in the second quarter of 2026. Chase's first product in that country will be a savings account, 'because of the popularity of savings products in Germany,' Daniel Llano Manibardo, J.P. Morgan's head of German retail banking, told the FT. He added that its operations in the country would be 'gradually expanded.' The announcement follows reports from earlier in the year that the bank was planning to bring the Chase brand to Germany. 'It has always been clear to us that we want to introduce Chase not only in the U.K., but also in Germany and other European countries. (pymnts.com)
https://www.fintechfutures.com/digital-banking/jp-morgan-to-launch-chase-in-germany-in-2026 - According to a statement by the bank, preparations include a new headquarters in Berlin to open 'by the end of 2025', with the service rollout next year to cover 'digital retail banking products', starting with savings accounts. Regional operations are currently being led by Daniel Llano Manibardo, a former ING executive who rejoined JP Morgan Chase in April as head of Germany and international consumer banking. In comments, Manibardo explains that the decision to launch a 'compelling savings account' offering is in response to 'the popularity of savings products in Germany', adding that 'our wider digital banking offer will be gradually expanded step-by-step to help consumers unlock the full potential of their money'. Germany will be the second European market for Chase following the brand's UK debut in 2021, with the UK business attracting over 2.5 million retail customers with its digital banking proposition. JP Morgan, which manages $4.6 trillion in assets, has operated in Germany since 1924, and currently employs more than 900 people across the country, providing commercial, private and investment banking services, alongside asset and wealth management. (fintechfutures.com)

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is based on a recent press release from De Nederlandsche Bank (DNB) dated 25 August 2025, reporting a €2.6 million fine imposed on Bunq for anti-money laundering deficiencies. (dnb.nl) This indicates high freshness.

Quotes check

Score: 10

Notes: The narrative does not contain any direct quotes, suggesting it is original or exclusive content.

Source reliability

Score: 10

Notes: The narrative originates from a press release by De Nederlandsche Bank (DNB), the Dutch central bank, which is a reputable and authoritative source.

Plausability check

Score: 10

Notes: The claims are consistent with the press release from DNB, which details the €2.6 million fine imposed on Bunq for serious deficiencies in its anti-money laundering controls. (dnb.nl) The narrative aligns with the reported facts and does not present any implausible or unverifiable information.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is based on a recent press release from De Nederlandsche Bank (DNB), reporting a €2.6 million fine imposed on Bunq for anti-money laundering deficiencies. The content is original, sourced from a reputable organisation, and aligns with the reported facts, indicating high credibility.

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Digital1408 words7 min read4 minutes ago

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Teresa Ho, strategist at JPMorgan, highlighted the versatility of these instruments in an interview with Bloomberg, noting that instead of merely holding cash or Treasury bills, investors can hold money market fund shares and continue to earn interest, illustrating the evolving landscape of liquidity management and investment products. Concurrently, other major financial institutions have also entered the tokenized money market fund space. Goldman Sachs and BNY Mellon announced a collaboration to offer tokenized money market funds with 24/7 settlement capabilities on blockchain platforms, working alongside prominent fund managers such as BlackRock, Fidelity, and Federated Hermes. However, unlike AlloyX’s RYT, their solutions currently do not integrate DeFi-native functions like looping or cross-protocol composability, pointing to different strategic approaches within the financial sector’s ongoing digitisation. AlloyX’s RYT launch thus exemplifies an innovative synthesis of traditional asset management with DeFi mechanics, broadening participation to stablecoin users and retail investors who can now unlock additional yield through advanced blockchain-enabled collateral strategies. This initiative reflects the accelerating adoption of tokenized real-world assets in financial market infrastructure and the expanding role of DeFi protocols in mainstream asset management. 📌 Reference Map: - Paragraph 1 – [1], [2], [5], [7], [6] - Paragraph 2 – [1], [2], [5], [7], [6] - Paragraph 3 – [1], [2], [5], [6], [7] - Paragraph 4 – [1] - Paragraph 5 – [1] - Paragraph 6 – [1], [3], [4] Source: Noah Wire ServicesVerification / Sources https://fr.cointelegraph.com/news/alloyx-tokenized-money-market-fund-polygon?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound - Please view link - unable to able to access data https://www.alloyx.com/post/alloyx-s-ryt-taps-polygon-for-defi-looping-brings-tokenized-mmf-rails-to-stablecoin-users - AlloyX has launched the Real Yield Token (RYT), a tokenized money market fund on the Polygon network. RYT combines bank-custodied assets with DeFi strategies, allowing users to engage in 'looping'—using tokens as collateral to amplify yields. Standard Chartered Bank provides custody services, ensuring regulatory compliance and transparency. Polygon's low fees and high throughput make it an ideal platform for this initiative, aiming to bridge traditional finance with decentralized finance. https://www.goldmansachs.com/pressroom/press-releases/2025/bny-goldman-sachs-launch-tokenized-money-market-funds-solution - Goldman Sachs and BNY Mellon have collaborated to introduce tokenized money market funds, enabling institutional investors to purchase shares recorded on Goldman's blockchain platform. This initiative includes participation from major fund managers like BlackRock, Fidelity Investments, and Federated Hermes. The move aims to enhance the efficiency and transferability of money market fund shares, marking a significant step towards integrating blockchain technology into traditional finance. https://www.cnbc.com/2025/07/23/goldman-sachs-bny-money-market-fund-digital-tokens.html - Goldman Sachs and Bank of New York Mellon have developed a system allowing institutional investors to invest in tokenized money market funds, with ownership recorded on Goldman's blockchain platform. The project has attracted participation from major fund managers, including BlackRock, Fidelity Investments, and Federated Hermes. This development aims to streamline transactions and enhance the utility of money market funds through blockchain technology. https://cointelegraph.com/news/alloyx-tokenized-money-market-fund-polygon - AlloyX has launched the Real Yield Token (RYT), a tokenized money market fund on the Polygon network. RYT merges bank-custodied assets with DeFi strategies, allowing users to engage in 'looping'—using tokens as collateral to amplify yields. Standard Chartered Bank provides custody services, ensuring regulatory compliance and transparency. Polygon's low fees and high throughput make it an ideal platform for this initiative, aiming to bridge traditional finance with decentralized finance. https://www.mexc.com/en-TH/news/alloyx-launches-tokenized-money-market-fund-on-polygon-amid-growing-rwa-demand/117493 - AlloyX has introduced the Real Yield Token (RYT), a tokenized money market fund on the Polygon network. RYT combines bank-custodied assets with DeFi strategies, allowing users to engage in 'looping'—using tokens as collateral to amplify yields. Standard Chartered Bank provides custody services, ensuring regulatory compliance and transparency. Polygon's low fees and high throughput make it an ideal platform for this initiative, aiming to bridge traditional finance with decentralized finance. https://cointelegraph.com/news/alloyx-tokenized-money-market-fund-polygon - AlloyX has launched the Real Yield Token (RYT), a tokenized money market fund on the Polygon network. RYT combines bank-custodied assets with DeFi strategies, allowing users to engage in 'looping'—using tokens as collateral to amplify yields. Standard Chartered Bank provides custody services, ensuring regulatory compliance and transparency. Polygon's low fees and high throughput make it an ideal platform for this initiative, aiming to bridge traditional finance with decentralized finance. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative was published on October 3, 2025, with the earliest known publication date of similar content being September 3, 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks. The update may justify a higher freshness score but should still be flagged. (cointelegraph.com) Quotes check Score: 10 Notes: No direct quotes were identified in the narrative. Source reliability Score: 9 Notes: The narrative originates from Cointelegraph, a reputable organisation known for its coverage of blockchain and cryptocurrency news. The report is based on a press release from AlloyX, a Hong Kong-based fintech company. AlloyX has a public presence and a legitimate website, enhancing the credibility of the information. (cointelegraph.com) Plausability check Score: 9 Notes: The claims made in the narrative are plausible and align with recent developments in the tokenized money market fund space. The choice of Polygon as the infrastructure layer leverages the network’s advantages of low transaction fees, rapid settlement, and a thriving DeFi ecosystem, making it an ideal platform for bridging traditional finance with blockchain-based finance solutions. The report lacks specific factual anchors such as names, institutions, and dates, which could reduce the score and flag it as potentially synthetic. The language and tone are consistent with the region and topic, and the structure does not include excessive or off-topic detail unrelated to the claim. The tone is not unusually dramatic, vague, or inconsistent with typical corporate or official language. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is fresh, originating from a reputable source, and presents plausible claims. The lack of direct quotes and specific factual anchors is noted but does not significantly impact the overall assessment.