Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
Canada-based Equitable Bank is implementing Wolters Kluwer’s OneSumX regulatory reporting solution.
The Dubai Financial Services Authority (DFSA) has issued a consultation paper, “Crowdfunding: SME Financing Through Lending”. The paper proposes a regulatory framework for anyone looking to operate a loan-based crowdfunding platform in the Dubai International Financial Centre (DIFC).
Autoriti Monetari Brunei Darussalam (AMBD), the central bank of Brunei, has partnered with regulatory fintech vendor, Vizor Software. AMBD will use Vizor’s solution to collect financial data from external entities via a single portal, to generate reports and insights. AMBD says this is a key step to building a sound and dynamic financial system. The […]
The UK’s Financial Conduct Authority (FCA) has fined Deutsche Bank £163 million for failing to maintain an adequate anti-money laundering (AML) control framework during the period between 1 January 2012 and 31 December 2015. This is the largest financial penalty for AML controls failings ever imposed by the FCA, or its predecessor the Financial Services […]
BNP Paribas Securities Services has acquired a minority stake in an Fortia Financial Solutions. This deal helps Fortia, a start-up that provides compliance software to the financial services industry, cement the relationship it formed with the bank during the inaugural session of the fintech accelerator by L’Atelier BNP Paribas.
There was an interesting discussion at the recent Finance Disrupted event in London, organised by The Economist, that highlighted the opportunity for regtech to support financial inclusion.
Austria’s Erste Bank und Sparkassen can now verify new customers’ IDs via video. The functionality has been developed with specialist provider IDnow and introduced just a few weeks following the approval by the country’s Financial Market Authority (FMA).
The British Columbia Securities Commission (BCSC) wants to serve the fintech firms in the state better.
Mexico-based CIBanco has signed for a compliance services suite from Swift, which comprises compliance analytics and sanctions screening tools and KYC Registry.
The General Data Protection Regulation (GDPR) comes into full effect in the UK in May 2018. Even if the UK triggers Article 50 of the Treaty of Rome in March 2017, it has to give two years’ notice to leave the European Union (EU), and therefore cannot escape the new data privacy provisions.
Financial services and fintech firms in the US come together to form a new industry group – Consumer Financial Data Rights (CFDR) – “to defend consumers’ access to their data and fuel innovation in fintech”.
AxiomSL, a regulatory reporting and risk management software vendor, has added financial services firm Raymond James to its customer list.
Thesys Technologies, trading technologies and analytics software specialist, has won the contract to build a new system for the Securities and Exchange Commission (SEC) to track and store all stock and options orders and transactions.
No more texting or using messaging apps such as WhatsApp on company issued phones, Deutsche Bank tells its employees. According to a memo issued by COO Kim Hammonds and chief regulatory officer Sylvie Matherat, the functionality will be switched off this quarter.
India’s Yes Bank is inviting fintech start-ups to take part in its Yes Fintech Accelerator Programme. The application process is open until 2nd February 2017.
In November last year, German fintech firm figo completed a financing round that totalled €6.8 million. Figo has developed a banking application programming interface (API) and various products and services related to the Payment Services Directive 2 (PSD2). It is just one of the many fintech firms that are poised to grab the considerable opportunities that PSD2 opens.
In another example of glacial bureaucracy, a committee from the European Parliament has written a report which recommends a meeting about robots and artificial intelligence (AI).
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.
