News & Features

Nordea Bank cuts 6,000 jobs in digital bet

One week after Nordea Bank AB said it will cut 6,000 jobs in a digital bet, a key investor says the rest of the industry would do well to watch and learn. Sampo Oyj, Nordea’s biggest owner with about one-fifth of its stock, says digital adequacy is overtaking capital adequacy as a top consideration for »

Robots in finance bring new risks to stability, regulators warn

A study published by the Financial Stability Board (FSB), a panel of regulators that includes the U.S. Federal Reserve and European Central Bank, has revealed that the financial industry’s rush to adopt AI threatens to inject risks into the financial system and “amplify financial shocks”. The FSB, headed by Bank of England Governor Mark Carney, »

New rules to enhance Australia’s regulatory sandbox

Under proposed changes to Australian legislation, businesses will be able to test new and innovative financial technology products and services in an “enhanced regulatory sandbox”, the Australian Treasury announced last week. Consultation on the draft legislation is now open, and will remain so until 3 November 2017. Plans for the legislative reforms were announced in »

Infosys reduces sales outlook, but says open source is area of future growth

In second quarter results released this week, leading systems integration firm Infosys has cut its annual revenue forecast to a range of between 6.5% and 7.5%, compared to analysts’ expectations of around 7.6%. However, the results suggest that client engagements continue to evolve, as new models and go-to market approaches are explored. Earlier this year, »

Cryptocurrency remains unregulated in Singapore

Cryptocurrency remains unregulated in Singapore

Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said. “As of now I see no basis for wanting to regulate cryptocurrencies,” Monetary Authority of Singapore Managing Director Ravi Menon has said. Rather, »

One year on: the FCA’s regulatory sandbox

A year on from launching its regulatory sandbox, which was established to support the FCA’s objective of promoting effective competition in the interests of consumers, the FCA has released a report of its progress. The sandbox, which enables firms to test innovative products, services or business models in a live user environment, while ensuring that »

UL and Abrantix team up for automated testing of payment terminals

UL, the Illinois-based provider of IT product development services has announced a collaboration with Zurich-based Abrantix, an independent company founded in 2001 which specialises in payment software engineering, to launch UL Brand Test Robot. The robot will be used to physically test payment terminals; typically a manual and repetitive process involving test operators pressing buttons, »

RenovITe acquires UK consulting firm Q-ATM

RenovITe Technologies, a California-based payments solutions provider that specialises in the “refreshment” of  legacy platforms to enable them to more effectively compete with new fintech players, has acquired a UK-based payments consulting company, Q-ATM. Jim Tomaney, formerly Managing Director at Q-ATM, will join the RenovITe executive team as chief operating officer. Tomaney’... »

World Quality Report shows IT spending on QA falling, TCoEs in decline

World Quality Report shows IT spending on QA falling, TCoEs in decline

After years of steady growth, the proportion of IT budgets spent on quality assurance has fallen from 31% to 26% over the past year, according to the annual survey of QA trends produced by consultancy Capgemini. Spending on IT hardware has meanwhile risen. The other key finding of the survey, which compiled responses from 1,660 »

Ex-Barclays CEO Jenkins Bags $46 Million for His Fintech Startup

Now Jenkins has the opportunity to practice what he preaches. Today his fintech startup, 10X Future Technologies Ltd., announced it has raised 34 million pounds ($46 million) in a Series A round led by Ping An Insurance (Group) Company of China Ltd., a financial services firm in Shenzhen, and Oliver Wyman, a consulting firm owned »

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