The Hong Kong Monetary Authority (HKMA) is to establish a new Fintech Cross-Agency Co-ordination Group to formulate supportive policies for the local fintech ecosystem.

Americans trust traditional banks more than government agencies or fintechs - and far more than Big Tech - to safeguard their personal data, according to a BIS survey.

The Alan Turing Institute is pleased to announce the publication of Facets of Trustworthiness in Digital Identity Systems, a Technical Briefing from the Trustworthy Digital Infrastructure for Identity Systems project. The publication introduces a new framework to be developed as a resource for and in consultation with governments, humanitarian organisations and industry stakeholders that are advancing digital identity systems.

Source: Egress

Research by Egress has revealed that an overwhelming 90% of security leaders are concerned about group legal settlements following a serious data breach, compared to 85% who are worried about regulatory fines. Launched to commemorate three years of GDPR, the research also found that almost half (47%) of consumers would likely join a class-action lawsuit against an organisation that had leaked their data, proving security leaders’ fears to be accurate.

AI-based financial crime detection startup ComplyAdvantage has extended its Series C round to $70 million, with a $20 million top-up from Goldman Sachs.

Source: FCA

The FCA has today set out plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to.

Responding to the recent hack of IT company SolarWinds, the New York State Department of Financial Services says that the next big financial crisis could come from a cyber attack.