Regulation

East West Bankcorp completes UAT on integrated risk and finance solution

SS&C Technologies Holdings, Inc., the Connecticut-based global provider of financial services software, announced earlier this week that East West Bancorp has successfully completed user acceptance testing of EVOLV®, its cloud-based integrated risk and finance solution. EVOLV® will support East West’s Allowance for Loan and Lease Losses process under current US generally accepted accoun... »

Singapore regulator could welcome ICOs to sandbox

Singapore’s financial regulator would consider trialling some initial coin offerings (ICOs) in a regulatory sandbox, if such fundraising efforts are by companies focused on new technology that will improve the efficiency of capital markets. The Monetary Authority of Singapore (MAS) Chief Fintech Officer, Sopnendu Mohanty, said at the Singapore Fintech Festival earlier this week that »

Consultation period on PSD2 closes

Today marks a pivotal moment in banks’ and payment providers’ PSD2 preparations as the European Banking Authority (EBA) closes its consultation period on fraud reporting responsibilities. Increased anti-fraud mechanisms under PSD2 mean that banks and payment providers will need to ensure that high-level fraud reporting is undertaken. The new rules will mean that firms will »

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 »

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 »

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 »

SQS results for H1 hit by banking client loss

SQS results for H1 hit by banking client loss

SQS, the Cologne and London-listed software testing service provider, revealed on September 13 that the loss of a major banking client had contributed to the a decrease in revenues for the first half of 2017. The lost contract was worth €7.0m, SQS said, leading to a like-for-like revenue decrease of 3.9% to €160.1m, compared to »

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Hackers exploited a website application to access names, addresses, Social Security numbers and some driver’s license numbers of potentially 143 million consumers, Equifax said Thursday in a statement. The incident — which drove down shares in after-hours trading — is a stark reminder of the risk of consumers’ personal data being exposed online, security experts »

Singapore regulator creates data analytics group

Singapore regulator creates data analytics group

The Monetary Authority of Singapore (MAS) has created what it is calling its Data Analytics Group (DAG), which it will task with leveraging the power of data to enhance its supervision of financial institutions. MAS says it believes this will decrease the cost of compliance for financial firms through the use of analytics, and increase »

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