National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
With the arrival of new regulations, there are two main options for banks: they can choose to become either “data donors” or “data seekers”. These two positions imply opposite approaches to the new banking market that is in prospect, and sharply contrasting mentalities.
Financial institutions face unprecedented data management and compliance challenges as they continue to grapple with multiplying CRS and FATCA (AEOI) related global tax transparency regulations. A year on from our first FATCA and CRS survey, Thomson Reuters and Banking Technology joined forces to survey the industry – to assess the challenges faced by financial institutions […]
Anything UAE can do, we can do better. No you can’t, yes we can. The UAE has got some competition as the Central Bank of Bahrain (CBB) has welcomed the first members to its new regulatory sandbox – mobile banking firm Now Money and finserv provider Tramonex. As reported in June, CBB announced new regulations […]
The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong have entered an agreement to establish a framework of co-operation for fintech innovation. Both authorities will share information on developments and the agreement “also intends to encourage both regulators to refer innovative firms to one another’s markets and to […]
Scott McInnes, partner at international law firm Bird & Bird, discusses how the Second Payments Services Directive (PSD2) will affect companies and what requirements industry players need to know.
Corlytics, a regulatory risk intelligence firm, has named Peter Oakes and David Bundi to its global advisory board.
Due to high volume of requests, the deadline to enter Banking Technology Awards is being extended. The final chance to enter the Awards is now Friday, 8 September 2017. Nominate projects, products, services or partnerships for a Judged Award or tell us about inspirational people by nominating them for a Leadership Award. Full details on […]
Mizuho is testing out new ways of risk management and dealing with financial crime by using IBM Watson’s cognitive technology. The plan is to use the Watson-powered software, which runs on the IBM Cloud, to analyse a range of data sources, including retrieving news sources and extracting data using screening technologies, that were previously done […]
The US Department of State recently released a report that identified mobile money services as particularly susceptible to money laundering in Africa. It cites services like M-PESA and M-Shwari as “services [that] remain vulnerable to money laundering activities”.
SimCorp is smiling as it’s secured three sweet wins in the asset and investment management space with C WorldWide Asset Management, Novo Holdings and FIIG Securities. Denmark-based C WorldWide Asset Management (formerly Carnegie Asset Management) has extended its Dimension licence agreement to include Data Warehouse Manager and will be replacing its current reporting solution with SimCorp Coric’s […]
Elizabeth Denham, the UK’s information commissioner, made an astute point when she recently called for senior bank executives to get the same cybersecurity training as front-line staff, following the global WannaCry ransomware attack. But implementing the kind of comprehensive cyber defence strategy which includes such training will require a monumental culture shift at the top.
Plagued by delays, threatened by US Congressional repeal and finally opened to further comment and changes, the Consumer Financial Protection Bureau’s (CFPB) final rule on prepaid accounts now has some consumer groups calling for the bureau to “strengthen” consumer protections with additional changes, while one credit union association wants the rule rescinded. To refresh your […]
It’s a rare ray of sunshine for the under-fire Uber, as it won a key battle as the US Second Court of Appeals ruled its Terms and Conditions (T&C) were legally binding, reports Telecoms.com (Banking Technology‘s sister publication). Uber has proved to be a difficult ally to have in recent months with the firm facing […]
Is fintech to banking what craft ale is to brewing? If so, what can banks learn from the rise and rise of craft ale? Aden Davies, principal consultant at ABZD, looks at ten trends seen in the craft ale industry that have interesting parallels with the rise of fintech.
Quickly following on from the round-up on 16 August, here’s more blockchain and Bitcoin action. Features the Australian government, Blockchain (as in the firm), ShapeShift, Bitstamp and Payza. The Australian government has launched a crackdown on money laundering and terrorism financing – including the digital currency exchange sector being regulated for the first time. The […]
As expected, US Senator Elizabeth Warren (D-Massachusetts) is not going to let the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks – not just their lobbyists – to address the […]
Market players are bullish on the near- and longer-term promise of fintech, according to new research by Opimas, “Fintech Spending and Innovation in Capital Markets”. In 2017, it estimates fintech spending across all capital markets participants to exceed $127 billion.
Since 2012, the top ten US banks (by assets under management) have participated in 72 rounds totaling $3.6 billion to 56 fintech companies, according to CB Insights. While investment activity dropped on a quarterly basis in Q1 2017, four of the last five quarters have seen over $1 billion invested into fintech start-ups in the US backed by venture capital firms.
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.
The UK has unveiled details for its new Data Protection Bill, and while it is largely in line with European Union rules, there is also some substance to it (for once).
Ant Financial, Tencent and 42 other payments and financial services firms in China have agreed to route their payments transactions through a new clearing house, controlled by Chinese government.
The second edition of Regtech Supplier Performance Report, featuring some 50 regtech suppliers, published by Market Fintech Limited and supported by Banking Technology, says that with over 50,000 regulatory documents published across the G20 since 2009, and an average of 45 new documents every week, we must assume that the future of banking will be driven by technological developments.
US-based Network Branded Prepaid Card Association (NBPCA) submitted its comment letter to the Consumer Financial Protection Bureau’s (CFPB) on the bureau’s proposed changes to the final prepaid accounts rule. The trade group is calling for additional revisions to the rule as well as an extended implementation period.
The EU Funds Transfer Regulation 2015 (FTR 2015), which has been in effect since 26 June 2017, aims to deliver full traceability of payments. A lack of regulatory clarity is, however, leading to significant implementation hurdles that require urgent action from all stakeholders.
Liechtenstein’s private bank and asset manager LGT is working on a regtech project with Wolters Kluwer. LGT is implementing the vendor’s OneSumX platform for the regulatory reporting and risk management of its Asian operations – in Singapore and Hong Kong.
UK-based Centre for Finance, Technology and Entrepreneurship (CFTE) is looking to expand to Asia and plans to set up its first international hub in Singapore. The newly launched organisation says it “has been working closely with the Monetary Authority of Singapore (MAS) to formalise plans to expand CFTE’s education initiative to ASEAN”.
Fintech companies will soon be able to test their products in Lithuania by creating customised regulatory sandboxes under the supervision of Bank of Lithuania.
Abu Dhabi Global Market and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge—a five-week program for “innovative and mature startups across the globe,” with a chance to win $15,000 in prize money.
Join the world’s largest banks and cut compliance reporting budgets up to 60%. In this brief, Trifacta takes a closer look at how financial services companies are leveraging data wrangling to accelerate their regulatory reporting.
With less than one month left to nominate for the Banking Technology Awards, now is the time to polish up on your entry. The question we get asked often is how to write a winning entry. Well wonder no more, we have a few tips for you on what to include. The more detail the better! Dates […]
Abu Dhabi Global Market (ADGM) and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge – a five-week programme for “innovative and mature start-ups across the globe”.
Off the back of its involvement in Australia’s New Payments Platform (NPP), Swift has entered the instant payments market in Europe, with plans to launch a gateway solution in November 2018. The solution will enable instant payments to be made over the Swift network using a single gateway to connect to multiple instant payments systems across Europe.
BNG Bank, a public sector bank in the Netherlands, is implementing BearingPoint’s Abacus regtech solution for MiFID II/MiFIR, EMIR II, MMSR and SFTR reporting.
This year’s Banking Technology Awards will be taking place on 13 December in London and once again we will be celebrating people that make things happen! The Leadership Awards will recognise individuals and teams that made a considerable contribution to our industry. What are the categories you can nominate in? Woman in Technology (W.I.T.) Award, in partnership with FemTechGlobal, will […]
The Monetary Authority of Singapore (MAS) says it will establish a Payments Council with the plan to create an “e-payment society” for the city state. The new council will comprise 20 people from banks, payment service providers, businesses, and trade associations. Members are appointed for a two-year term. MAS says the setting up of the […]
The Regulatory Reporting Hub of Deutsche Börse has launched a partnership with Risk Focus and its software subsidiary, RegTek.Solutions, to use its key system components for the hub’s OTC trade reporting solution. The functionality of the components provided by Risk Focus and RegTek.Solutions includes the Validate.Trade product, and interpretation of instrument details of OTC derivatives […]
It’s no secret that increased regulations are a significant pain point for commercial and community banks. According to Thomson Reuters Global Cost of Compliance 2016 Survey, more than one-third of participating financial institutions reported spending at least an entire day each week keeping track of regulatory changes. The good news? Regtech, or regulatory technology, is […]
The UK’s Financial Conduct Authority (FCA) has published the outcome of its review into high-cost credit, which includes its assessment of the effectiveness of the payday loan price cap. With a generous amount of back-slapping, the review provides “clear evidence that FCA regulation of high-cost short-term credit (often known as ‘payday lending’) has delivered substantial […]
Reserve Bank of India (RBI), the country’s central bank and regulator, has asked banks in the country to work towards implementing a system that allows users to port their account from one bank to another, without changing the account number.
