As the end of another exciting year for the financial sector comes to a close, FStech takes a look at the site’s most-read stories of 2023.

The top story of the year, published in April, revealed that the European Payments Initiative (EPI) was buying Dutch payment solution iDEAL and Luxembourg-based payments solutions provider Payconiq International as part of plans to launch an instant payments service in Europe scheduled for the end of 2023.

In December, the EPI published an update revealing that it had successfully rolled out its account-to-account instant payment solution after completing the acquisition of the two firms in October.

In second place came the news that Commerzbank was suing EY over the losses it suffered in the collapse of Wirecard.

German payment processor Wirecard imploded in 2020 after announcing that €1.9 billion was missing and that it had €3.2 billion in debt. EY served as Wirecard’s auditor and certified its books, even when investors and journalists began to raise questions over the company's stability.

In March, FStech announced that the Chinese government had revealed plans to set up a new financial regulatory body which would consolidate oversight and close loopholes in the country.

The China Banking and Insurance Regulatory Commission (CBIRC), which brings state supervision of the industry under direct control of the State Council, was officially launched two months later in May.

The fourth most popular story covered the news that Germany’s Bundeskartellamt (Federal Cartel Office) had begun proceedings against PayPay over claims it was restricting price competition.

According to the regulator, merchants are prevented from expressing a preference for other payment methods, even if they are more convenient for customers.

The final story in the top stories list was a feature article exploring whether Buy Now, Pay Later (BNPL) is a genuine financial aid or a new mask for predatory payday loans.

Retailers of all shapes and sizes are implementing BNPL services to give consumers a way to manage bigger purchases, but many have questioned whether it is instead encouraging irresponsible spending habits and driving a nation further into debt.

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