Fintech
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
Manpower a key tool in fending off cyber threats – RBI’s Gandhi
Skillset for security is evolving, says RBI deputy governor Gandhi, as he draws attention to new cyber security framework now in place for banks
Experts question CPMI-Iosco cyber guidance
Speedy settlement and resumption of services after cyber attack could be counterproductive
Bank of Russia centre records over 20 ‘major’ attacks on payment systems
Attackers attempted to steal 2.87 billion rubles from Russian bank payment systems, cyber-security report reveals; central bank seeks to amend legislation to allow the suspension of suspicious transactions
Indian central bank sets up fintech working group
Inter-agency working group will report on financial technology within six months of first meeting to enable Indian authorities to review regulation of sector
MAS official stresses role of technology in combating ML/TF risks
Chua Kim Leng singles out four areas of focus for insurers looking to combat illicit financing activities; one is leveraging technology, such as automated name screening and data analytics
BoE launches fintech collaboration
Bank of England is working with fintech firms on innovations to support central banking, including its own distributed ledger; non-bank payment providers to gain direct access to RTGS system
Promoting Chinese growth through technology
Ma Weihua, executive vice-president of the IFF and president of the National Fund for Technology Transfer and Commercialization, explains why the time is ripe for innovation
MAS prepares ‘sandbox’ for fintech testing
Aim is to test potentially unstable innovations in an environment where consumers and financial stability will largely be shielded from the consequences of failure
Central bankers recognise technology as both friend and foe
Speakers at BIS conference see technology reshaping markets and regulation for better and worse, as Andrew Lo argues solution is to make the technology cope better with human “foibles”
Cyber security tops agenda as Bangladesh heist report completed
Asian FSB members focus on improved cyber security, as committee investigating Bangladesh Bank heist submits its final report, with hints insiders at the central bank could be implicated
Swift details plan to toughen cyber defences
Five “strategic initiatives” designed to help global financial community better prepare for future attacks, as Swift says it is "clear" the global community will be targeted again
Bahrain central bank establishes cyber-security emergency response team
Executive director says procedures and responsibilities of the team are being set up; it forms part of a wider approach to addressing threats and incidents in the financial sector
Threats and opportunities for money and payments in the digital age
Supervisors will need to adapt their frameworks to protect trust in new protocols associated with cryptocurrencies and distributed ledgers, not merely guard against new risks
Embracing digital tech could reduce systemic importance of banks – RBNZ article
Bulletin discusses risks surrounding digital disruption in the banking sector; if unregulated entities provide "significant portion" of banking services, new risks may emerge
HKMA prepares cyber security ‘fortification’
Monetary authority seeks to build a framework for assessing cyber risks as well as providing training and building infrastructure for sharing “threat intelligence”
MAS official sets sight on expanding cyber insurance
Bernard Wee considers how demand- and supply-side challenges hindering the cyber insurance market are being addressed
Riksbank urges FMIs to work against cyber threats on strategic level
Survey reveals not all FMIs have strategy to counteract cyber threats; Riksbank suggests work needs to be done at a “strategic level”
Researchers uncover details of ‘sophisticated’ Bangladesh Bank hack
Hackers showed deep understanding of Swift systems, going to great lengths to hamper Bangladesh Bank’s response, research by BAE finds
French governor calls for ‘gradualism’ in fintech regulation
François Villeroy de Galhau sees merits in “proportionate adaptation” of regulations for fintech companies; other contributors to latest FSR argue in favour of same rules for same risks
Iosco considers response to ‘growing threat’ of cyber risk
Securities firms and regulators are at an early stage in responding to cyber threats, report finds, but examples of good practice are starting to emerge
MAS and BoJ announce fintech push
Singaporean and Japanese central banks establish centres aimed at developing hyped sector; describe monetary authorities as ideal "catalysts" for technological development
FSB intrigued by potential uses of distributed ledgers
Mark Carney says FSB members see ‘exciting opportunities’ in financial technology, including the potential for distributed ledgers to bring security and efficiency