A European Commission (EC) Expert Group has called on regulators to respond to the changing nature of fintech by adapting the rule book and legal frameworks to encourage innovation and dampen emerging risks.
Financial services companies in North America could unlock up to US$140 billion in productivity gains and cost savings by 2025 if they employ new technologies that help improve the efficiency and effectiveness of their workforces, according to a recent study by Accenture.
The Office of the Comptroller of the Currency (OCC) today reported operational, credit, and interest rate risks are among the key themes for the federal banking system in its Semiannual Risk Perspective for Fall 2019.
Global banking regulators say the arrival of Big Tech firms like Google, Amazon and Apple in financial services poses a host of stability risks that may require sweeping new laws to level the playing field with smaller tech firms and banks.
Today the PCI Security Standards Council (PCI SSC) published a new data security standard for solutions that enable merchants to accept contactless payments using a commercial off-the-shelf (COTS) mobile device (e.g., smartphone or tablet) with near-field communication (NFC).
US Government agencies have offered a $5 million reward for information leading to the arrest of the leader of the cyber-crime group Evil Corp. Evil Corp's alleged leader Maksim V Yakubets and administrator Igor Turashev have been charged in a 10-count indictment, including bank fraud, conspiracy, computer hacking and wire fraud.
UK regulators have put together a set of requirements designed to strengthen the operational resilience of financial services players.
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have published a shared policy summary and co-ordinated consultation papers designed to help prevent the kind of prolonged technology problems seen recently at TSB and others.
The policy proposals makes it clear that companies and Financial Market Infrastructures (FMIs) "are expected to take ownership of their operational resilience and that they will need to prioritise plans and investment choices based on their impacts on the public interest".
The majority of UK financial firms do not believe they can adequately assess the risks of disruptive technologies, as technology advancements move faster than the skills of their risk managers, according to a new report by Accenture.
