Regulation & Compliance

With Fintech, Hong Kong-Singapore Rivalry Gets a New Twist

“We are quite impressed by government agencies here,” said Cho, whose Marvelstone Group is developing a mobile payments platform and invests in other fintech firms. Singapore authorities introduced him to tax advantages and connected his firm to potential partners. Many fintech companies are making similar choices, adding a new dimension to the decades-old tussle between »

Singapore’s MAS to open cyber defense centre for finance

The Monetary Authority of Singapore (MAS) has announced it will establish an Asia Pacific Regional Intelligence Centre to encourage the sharing of cybersecurity information among financial firms in the region. MAS is partnering with FS-ISAC, a US-based industry body for cyber and physical threat intelligence analysis, on the project. The intelligence centre, which will be based »

Fintech Firms Get Chance to Grow Up, as U.S. Offers Charters

Fintech Firms Get Chance to Grow Up, as U.S. Offers Charters

The Office of the Comptroller of the Currency said Friday it plans to start accepting applications from fintech companies for a special charter that would formally subject them to federal banking rules. Companies that become chartered will get the benefits of being an established company in the eyes of the government. But they will also »

Singapore to Test Digital Currency in Latest Fintech Initiative

MAS

The “proof-of-concept” project, which also involves the city’s stock exchange and eight banks, is aimed at simplifying the payments process and reducing transaction costs, Managing Director Ravi Menon said in a speech Wednesday. It may include cross-border transactions with the participation of another central bank in the future, he said. “Today, banks have to go »

FCA gives green-light for sandbox testing

The UK’s Financial Conduct Authority has released the names of 24 companies whose projects have been approved for its regulatory sandbox scheme launched last May. Companies that have been given the go-ahead include: BitX, a provider of distributed ledger technology that allows the international transfer of funds, the charity Citizens Advice, with an app that »

Flash Boys Might Keep Trade Code Secret as CFTC Mulls Tweaks

The requirement, which is part of a broad package of new rules unveiled last November, is one of the measures the Commodity Futures Trading Commission may tweak, Chairman Timothy Massad said during an interview Tuesday with Bloomberg News in Washington. He said the regulator is planning to propose those modifications before the end of the »

IBM moves into regtech with acquisition of Promontory Financial Group

IBM is planning to acquire Promontory Financial Group, a regulatory compliance consulting firm headquartered in Washington DC. The technology supplier will combine Promontory’s regulatory expertise with the power of Watson, its data analytics and machine learning platform. No financial details of the deal, which is set to close in late 2016, were revealed. The compliance »

Russia Weighs Replacing IBM, Microsoft With Open-Source Software

The State Duma, Russia’s lower house of parliament, is drafting a bill to restrict government agencies from buying licensed software, giving preference to open-source software. This would complement legislation that curbed state purchases of foreign programs last year, restricting the choice to about 2,000 local software makers. “Many local software firms are offering products based »

FCA says cyber attacks on the rise

UK Financial firms have been hit by cyber criminal 75 times this year, a marked increase from the five reports filed in 2014, said the FCA’s director of specialist supervision Nausicaa Delfas at a recent conference on cyber security. This might be partly attributable to greater transparency in the financial sector: “Whilst this significant increase »

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