FINTECH / REGTECH

Enforcement

Former TSB Executive Fines Over 2018 IT Migration Failure

By Editors | 14/04/2023

TSB Bank’s chief information officer was fined for his management of a key outsourcing relationship fell below expected standards.

Fintech / Regtech

Tiger Brokers Tests ‘TigerGPT’ Chatbot as Investment Assistant

By Editors | 14/04/2023

The OpenAI-powered chatbot is said to be the “first deployment of an AI investment assistant in the brokerage industry”.

Crypto / Digital Assets

Hong Kong Doubles Down on Pledge to Develop Web3

By Editors | 13/04/2023

Financial Secretary Paul Chan said crypto market volatility provides an opportunity for Web3 development. SFC official said DeFi platforms require licensing.

ESG / Sustainability

GFIN Set to Open Applications for ‘Greenwashing TechSprint’

By Editors | 12/04/2023

The TechSprint, hosted on the FCA’s digital sandbox, will seek to develop a tool or solution to help tackle greenwashing risks in financial services.

Fintech / Regtech

RBI Finalises Rules for Outsourcing of IT Services by Banks

By Editors | 12/04/2023

RBI approval is not required for IT outsourcing arrangements, but they should be subject to on-site or off-site monitoring and inspection by regulators.

Fintech / Regtech

Italy ChatGPT Ban Prompts Broader Scrutiny of AI Tools

By Manesh Samtani | 12/04/2023

Taiwan is exploring the use of AI tools by banks. China has issued draft rules for AI development. The US is exploring accountability mechanisms for AI systems.

Fintech / Regtech

Philippine Banks Undergo Major Change in Regulatory Reporting

By Manesh Samtani | 11/04/2023

BSP deputy governor Chuchi Fonacier says 18 reporting templates and Excel files totalling 300-plus schedules are being reduced to a single XML file.

Crypto / Digital Assets

SEB, Crédit Agricole Launch Digital Bond Issuance Platform

By Editors | 11/04/2023

The platform uses a blockchain validation protocol called “Proof of Climate awaReness”, which incentivises participating nodes to improve their environmental impact.

Enforcement

US State Regulators Fine Robinhood for Causing Investor Harm

By Editors | 11/04/2023

Robinhood disseminated inaccurate information to customers and did not have a reasonably designed customer identification programme, among other failures.