Swiss regulators are stepping up efforts to halt an exodus of cryptocurrency projects from the country, after two of only a handful of banks active in the nascent sector shut their doors on it in the last year.

Islamic trade finance is poised for change with the launch of new products and common standards as Islamic banks look to grab market share away from traditional lenders which are retreating from the sector because of regulatory constraints.

International Business Machines Corp is backing a new cryptocurrency pegged to the U.S. dollar, in a partnership with U.S.-based financial services provider Stronghold that adds stability to a sector known for its volatility, the companies said.

Hong Kong's banking regulator and seven banks, including HSBC Holdings PLC and Standard Chartered PLC , on Tuesday said they will jointly launch a trade finance platform in September using blockchain technology.

The New York Department of Financial Services (DFS) said on Monday it had granted a virtual currency license to bitcoin payments processor BitPay.

BlackRock Inc Chief Executive Larry Fink on Monday said the world's largest asset manager has assembled a working group to look at blockchain technology and cryptocurrencies such as bitcoin, but cautioned he does not see massive investor demand.

Global regulators have published a framework for "vigilantly" monitoring risks from crypto assets like bitcoin <BTC=BTSP> and ether, even though they don't pose a major risk to financial stability for now.

Saudi Arabia's securities regulator approved its first two financial technology licenses on Tuesday, part of a drive to develop a fintech sector in the Arab world's biggest economy under reforms designed to reduce reliance on oil exports.

European investment bank Benson Oak said on Sunday it has secured $25 million in investment commitments for a new Israel-dedicated fund and plans to raise $100 million in total.

San Francisco-based payments processor Square Inc. said on Thursday it had withdrawn its regulatory application to open a deposit-taking bank, but that the company plans to refile its paperwork at a later date.