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While Covid-19 may have wreaked havoc across financial services, according to a recent report the pandemic has driven the urgency to prioritise and actively deploy fintech initiatives by regulators.

Source: Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) today announced the successful conclusion of the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing.

HSBC has inked a multi-year deal with Silent Eight, recruiting the regtech startup in its efforts to fight financial crime.

Source: Square

Re: FinCEN Docket No. FINCEN-2020-0020, RIN 1506-AB47. (Proposed Rulemaking on Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.)

A data breach at Desjardins – the largest ever in the Canadian financial services sector – was caused by a series of gaps in administrative and technological safeguards, according to an investigation by the Office of the Privacy Commissioner of Canada (OPC).

The Covid-19 pandemic has proved a challenge for financial industry compliance staffers who have had to adjust monitoring and alert coverage to adapt to the remote work transition during extreme market volatility, according to a Nasdaq survey.

MENLO PARK, Calif., December 15, 2020 – According to a new survey from Protiviti and ISACA, titled “IT Audit Perspectives: Top Technology Risks in 2021,” concerns around security, privacy, cloud and technology resilience are being further fueled by shifting business priorities, the pandemic-induced remote work environment and accelerated deployment of new technologies.

The worldwide move to remote home working has contributed to a massive rise in cybercrime costs which are expected to top $1trn for the very first time this year.

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