Regulation & Compliance

Regulatory testing project of the year — HCL and Deutsche Bank

Regulatory testing project of the year — HCL and Deutsche Bank

European banks have to implement FATCA tax rules for each national market in which they operate. So Deutsche Bank’s FATCA compliance app was necessarily going to be a sophisticated build. In partnership with HCL, Deutsche designed a pioneering DevOps solution. Compliance is increasingly driving software development and testing, and the complexity for software developers arises »

Software vendor platform of the year — Calypso Technology’s CATT

The San Francisco-based trading and risk systems became the first capital markets software vendor to offer an automated testing platform for its product. Standard Bank of South Africa was the first major customer. Testing software and apps has become progressively more difficult and time-consuming for banks. Aside from the growing number of legacy systems that »

DevOps advisory provider of the year — Tata Consultancy Services

ING is recognised as a leader in Agile and DevOps delivery among European banks. The partnership of ING’s Belgian subsidiary with Tata Consultancy Services (TCS) has been an important part of its success in its move toward continuous app delivery. Netherlands-based ING started its transition to full automation of software development two years ago, driven »

R3 and ACORD create centre of excellence

R3, a consortium of more than 80 financial firms and regulators that have pooled resources to develop Blockchain technology, has partnered with the Association for Cooperative Operations Research and Development (ACORD) to create a virtual centre of excellence for distributed ledger technology in the insurance sector. The R3 consortium counts a number of insurance companies »

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 »

BoE governor highlights cloud as source of operational risk

The Bank of England’s governor, Mark Carney, identified Cloud services, as well as “common hosts of online banking”, as potential sources of operational risk in a speech he gave in Germany on Wednesday. Carney said that regulators have to be aware of new single point of failure risks. In the speech, the governor of the »

CFTC fines Société Générale $450,000 over software bug

CFTC fines Société Générale $450,000 over software bug

The US Commodity Futures Trading Commission (CFTC) has issued a $450,000 fine to French financial firm Société Générale for improper regulatory reporting caused by bug in the code of Société Générale’s FX trading platform. The  reporting error led to the French investment bank falling foul of the Commodity Exchange Act (CEA) and CFTC Regulations. The »

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 »

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