The financial services authority (Otoritas Jasa Keuangan or OJK) of Indonesia has issued a new law affecting all fintech P2P lending firms in the country. The new law, applicable to all such business units operating in or intending to set-up in Indonesia, is aimed at protecting the consumer. The new law stipulates that such business […]
I was recently asked who the biggest winner would be to emerge post-PSD2, the banks or the fintech firms. If we ignore for a moment that the biggest winners are clearly you and I, the end consumer of these services, it did reveal an interesting thought process and dynamic at play.
2017 is tipped to be a big year for regtech, with many predicting the beginning of fundamental, tech-enabled transformation of the middle and back office. While the excitement around what the coming year holds for regtech is clear, it could be useful to cast our minds back to December when regtech entrepreneurs and representatives of […]
Banking Technology explores a less known – but a noteworthy – destination for fintech in Europe, Lithuania, and its capital Vilnius. Whilst it is realistic that it cannot compete with the European Goliaths such as London or Paris, it wants to carve its own niche in the fintech space, and has quite a lot to offer.
Strategic, credit, operational and compliance risks remain “top concerns” for the financial services industry in the US, according to the latest report by the Office of the Comptroller of the Currency (OCC).
Since the Market Abuse Regulation (MAR) came into effect in July 2016, our ongoing conversations with banking organisations indicate that whilst the regulation is aimed at improving market integrity, it has also exposed inefficiencies within some banking monitoring systems.
The UK’s Payment Systems Regulator (PSR) has started a co-ordinated industry-wide effort to tackle payment scams. The regulator today (16 December) published its response to a super-complaint issued by consumer watchdog Which?, about protection for people making authorised “push” payments. In its response the PSR outlines an approach that “will see regulators and industry commit […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Innovation Down Under gets jazzed up. The Australian Securities and Investments Commission (ASIC) has released class waivers to allow eligible fintech firms to test certain specified services without holding an Australian financial services (AFS) or credit licence. ASIC commissioner John Price says its fintech licensing exemption is “unique” and “no other major jurisdiction has implemented […]
At last week’s RegTech Futures summit in Amsterdam, organised by FinTech Futures and supported by Banking Technology, the potential of regtech innovators to re-imagine compliance – reducing the cost, creating more robust systems and creating new opportunities for deeper digitisation – was discussed in depth.
Swedish Export Credit Corporation (SEK) is implementing Wolters Kluwer’s OneSumX regulatory reporting software for International Financial Reporting Standards (IFRS) 9 reporting.
The Office of the Comptroller of the Currency (OCC) in the US intends to grant federal bank charters to fintechs.
Stockholm Fintech Hub – an independent not-for-profit innovation hub – will open its doors in Q1 2017. Its aim is to promote and accelerate the development of fintech, insurtech and regtech start-ups.
The UK’s Financial Conduct Authority (FCA) is calling for the second group of applicants to its regulatory sandbox. As Banking Technology reported last year, the sandbox allows businesses to test out new products and services without “incurring the normal regulatory consequences”. The move is part of the FCA’s Project Innovate, which aims to boost competition […]
Risk management software vendor Wolters Kluwer says its OneSumX system won Bank of Jordan’s tender. OneSumX will support the bank’s liquidity risk and asset and liability management (ALM) operations.
Startupbootcamp FinTech London will host its Demo Day on 1 December for the third year with ten firms lined up for action. The ten companies taking the stage will showcase their fintech, ranging from SME banking, regtech, chatbots, artificial intelligence (AI) and blockchain. Francisco Lorca, MD of Startupbootcamp FinTech London, says the variety of the […]
IBM has completed the acquisition of Promontory Financial Group, a risk management and regulatory compliance consulting firm. As Banking Technology reported in September, IBM planned the purchase to boost IBM Watson’s cognitive technology. IBM adds that the acquisition complements its industry platforms business. These platforms will integrate IBM Cloud, Watson and capabilities from across “digital […]
Dinosaur Merchant Bank, a UK-based investment management, brokerage and advisory firm, has deployed Ancoa’s surveillance platform to monitor its equity trading activity for instances of market abuse and to meet their obligations under Market Abuse Regulation (MAR).
In her new column for Banking Technology, Devie Mohan, a fintech market strategist, looks at how Singapore has created a fintech ecosystem that is a major threat to the ones in London and Berlin.
ClauseMatch and JWG have teamed up at the recent TechSprint event organised by the Financial Conduct Authority (FCA) to develop a new regulatory reporting solution.
Where is India with the adoption of the eXtensible Business Reporting Language (XBRL) so far, and what is the outlook for the future?
We take a look at the new EU reporting requirements for managing exposure to shadow banking. There are plenty of challenges ahead, not least for the systems that will need to be updated to ensure that firms are able to adequately cope with the new guidelines.
Your bank faces more competitive pressures than ever before. Regulations nowadays regularly cost financial institutions billions. You know this. What may be unclear is how IT can help, not hinder, your competitive position. As data becomes the roadblock for compliance, so too it can become your competitive advantage. The latest techniques for handling compliance processes […]
Wolters Kluwer has implemented its flagship OneSumX solution at Mizuho Bank’s subsidiary in the Netherlands. The solution supports risk calculations and multi-country regulatory reporting.
Redmayne-Bentley, a private client investment management firm in the UK, is implementing new client reporting software, supplied by specialist vendor Vermilion Software.
The UK’s regulator, Financial Conduct Authority (FCA), will focus on “unlocking regulatory reporting” in its second TechSprint event. Over 100 developers and 30 organisations are expected to participate and “experts from the Bank of England will be observing”, says the FCA.
Amsterdam-based ABN Amro Bank has chosen MarkLogic Corporation’s database for its trade store – and to integrate trade data across asset-classes and several trading systems. It will provide a consolidated view of data to provide a “single source of truth” for reporting purposes as well as providing alerts when behaviour is outside normal parameters. Jaap […]
Eight start-ups and scale-ups in wealth management, regtech, artificial intelligence (AI), payments, big data, blockchain and cybersecurity are to take part in SuperCharger FinTech Accelerator 2.0.
Amidst tightening regulations, the latest hack of the Bitfinex Bitcoin exchange has highlighted ongoing difficulties for the sector. Bourn Collier, associate, and Oliver Yaros, senior associate at Mayer Brown International LLP, explore. A few years ago media reports in Britain drew attention to the unfortunate plight of James Howells, a Welsh IT worker who had […]
Regulatory technology (regtech) is winning the race to combat regulatory compliance exposure and mitigate conduct risk – especially in digital business environments. Join us for a webinar to debate this hot topic.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Weatherbys Bank live with new core banking system EXCLUSIVE. Oracle FSS’s Flexcube flexes its muscles. Mobile payments and European millennials Vocalink reveals millennials’ habits and perceptions. Japan rises to blockchain challenge with new consortium Launches with 42 member […]
Eight central banks in Latin America have adopted Swift’s financial crime compliance solutions to combat financial crime. The central banks of Belize, Bolivia, Costa Rica, Curacao, Dominican Republic, Ecuador, Haiti and Paraguay, have implemented the solutions, including Swift’s KYC registry and sanctions screening. Some of the banks have also endorsed the adoption of the KYC […]
If you reduce it, they will come. Swiss ministry officials want to entice fintech firms and boost competition with new, lighter regulations. The nation’s finance ministry says the plan is to remove barriers to market entry and offer more legal certainty for the fintech space. Ministry officials say draft legislation could be sent to Switzerland’s […]
Deutsche Bank, Morgan Stanley, Nomura International and Societe Generale have teamed up to produce documentation for use in listed and unlisted repackaging transactions. According to the banks, repackaged products provide the investor exposure to the underlying credit of an issuer and are specifically designed for the investor’s risk-return needs. In addition, cash flows can be […]
Abu Dhabi Global Market (ADGM) has launched its Regulatory Laboratory (RegLab) as it looks to boost innovation in the region. As Banking Technology reported in August, the Financial Services Regulatory Authority (FSRA) of ADGM was looking for public feedback and comments for its proposed RegLab. Richard Teng, chief executive officer, FSRA of ADGM, says it […]
The UK’s Financial Conduct Authority (FCA) wants more access to financial services and for fintech to show a greater understanding of the nation’s ageing population. In its 160-page “FCA Occasional Paper”, published today (1 November), the FCA looks at “barriers to bank accounts”, digital transformation and the growing grey brigade. Christopher Woolard, director of strategy […]
The US Department of the Treasury has unveiled an “Office of Innovation” as it looks to assert its control on regulations in this fintech space. The Office of the Comptroller of the Currency (OCC), an independent bureau within the Treasury, says it is “making certain that institutions with federal charters have a regulatory framework that […]
Financial crises are not new, but the global financial crisis of 2008 exposed the over-leveraged interconnectedness of our modern digital age. It reflected the failure of a laissez-faire economic and regulatory philosophy that had increasingly influenced policy circles during the past three decades; that banks could and should manage their own risk with little outside […]
ABLV Bank, a Latvia-based private bank, has selected Wolters Kluwer’s OneSumX to provide regulatory reporting software. The solution will be used for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations. The bank is also using the firm’s Regulatory Update Service. This service is maintained by Wolters Kluwer experts who […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
