Category: financial market

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Open Source and Cloud: A Power Couple in Financial Services

Open-source technologies are increasingly attractive to financial services firms. They are in broader usage across the sector as they are more widely available and are easy to adopt, lowering the barriers for usage in new projects. As well as helping clients reduce software and infrastructure costs, the increasing adoption of open source is fuelling innovation…
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25th March 2020 0

More than four out of five anti-money laundering and customer onboarding professionals simply use Google

While the growing number of money laundering scandals have confirmed the need to protect businesses against fraud, many analysts simply rely on Google. Having surveyed 156 anti-money laundering (AML) and know your customer (KYC) professionals, RegTech company Arachnys has revealed that 85% used Google for their due diligence or risk investigations. Moreover, 16% even stated…
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24th March 2020 0

ESMA Issues Statement of De-Facto Postponement of SFTR Go-Live

As the world deals with the Covid-19 virus, SFTR is set to go live with its first phase on April 13th in the EU. However, due to shutdowns across Europe and difficulties preparing for the regulation, banks and industry associations have approached ESMA about postponing the start of SFTR. Today, ESMA has a public statement…
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20th March 2020 0

Financial regulators address the economic & operational effects of COVID-19

Financial regulators across the globe have issued statements announcing precautionary measures to address the economic impact of the coronavirus (COVID-19), signalling a growing willingness to intervene. The Bank of Japan (BoJ), European Central Bank (ECB), UK’s Financial Conduct Authority (FCA) and the US Federal Reserve have all announced a range of measures that target the…
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12th March 2020 0

Bain & Co: Banks are Losing Customers to Fintech and Tech Giants

Traditional banks are losing customers to nonbank competitors because they still lag the digital experience offered by leading fintechs, established specialist companies and major technology companies. In order to stay in the game, retail banks must improve their digital channels’ interface and functionality, according to research by Bain & Company. In a report titled As…
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11th March 2020 0

SIX Group Selects Know Your Customer’s Solutions for Supplier Due Diligence

IX Group has selected Ireland and Hong Kong-based RegTech provider Know Your Customer to strengthen its procurement process and better assess the risk associated with its international suppliers. By utilising Know Your Customer’s due diligence platform, SIX Group is looking to increase the accuracy of its risk calculations on suppliers that provide services and products to…
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9th March 2020 0

Estonian e-Residency MD: No deal Brexit is no problem thanks to digital identity

Digital residency could nullify the worst-case scenario of a no-deal Brexit for small companies and entrepreneurs, according to Ott Vatter, managing director of Estonia’s e-Residency programme. “E-residency can be a solution for some companies due to the uncertainty,” he tells Finextra Research. While much of the uncertainty around Brexit has lifted in recent months since…
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6th March 2020 0

Sweden is now testing its digital version of cash, the e-krona

The Riksbank, Sweden’s central bank, has announced the launch of a year-long pilot project of its proposed e-krona. The project will use distributed ledger technology inspired by the blockchains that run cryptocurrencies. Cashless in Sweden: Physical cash is headed toward obsolescence in Sweden. Nearly everyone uses a mobile payment application called Swish, and it’s been…
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28th February 2020 0

Lithuania’s fintech sector now fastest growing in EU

Lithuania is home to the fastest-growing fintech sector in the European Union, and the second-fastest growing in Europe, behind only the UK. A study carried out by Invest Lithuania and Rockit Vilnius, which looked at the state of fintech in 2019, reveals an impressive 24 per cent increase in the number of Lithuanian companies operating in…
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20th February 2020 0

Apple Pay is on pace to account for 10% of all global card transactions

Apple’s mobile wallet is gobbling up a growing chunk of card payments around the world. As the service grows, it’s becoming a greater challenge to rivals like PayPal and attracting the attention of competition watchdogs. Apple Pay accounts for about 5% of global card transactions and is on pace to handle 1-in-10 such payments by…
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19th February 2020 0