AI, Technology & Data

Cybersecurity

Cost Not A Factor in Ensuring Cyber Security – RBI

By Garima Chitkara | 20/08/2018

Market participants should not consider cost savings when formulating cyber security measures, said RBI governor Urjit Patel while launching digital payments platform UPI 2.0.

Fraud, Scams & Cybercrime

India’s Cosmos Bank Suffers $13mn Theft

By Manesh Samtani | 16/08/2018

Attackers used cloned cards to simultaneously withdraw cash from ATMs in 28 countries, along with a fraudulent SWIFT transfer two days later.

Payments & Settlements

Banks Need Regulatory Defence Against Tech Firms

By Peter Guy | 16/08/2018

The Facebook controversy around user data hasn’t discouraged it from advancing its ambitions in financial services like payment and remittance processing.

Data Privacy

Data Challenges Continue as Top Regulatory Concern in APAC – AxiomSL

By Manesh Samtani | 14/08/2018

Risk and regulatory executives surveyed have identified data challenges, regulatory change and compliance resources as top pain points in financial services sector.

Cloud & Infrastructure

Financial Regulators Consult on ‘Global Sandbox’ Approach

By Manesh Samtani | 09/08/2018

HKMA, MAS, ASIC among 12 regulators seeking views from interested parties on new Global Financial Innovation Network initiative, including its role, tools and where it should prioritise activity.

Cybersecurity

Two Thirds of Cyber Incidents Caused by Staff – Willis Towers Watson

By Manesh Samtani | 08/08/2018

Companies and their staff need cyber training and education to ensure they are aware of the need to protect customer information at all times, and in particular, of the reputational and business interruption risks of having cyber incidents, says Willis Towers Watson’s Jessica Wright.

Cloud & Infrastructure

APRA to Replace Outdated Financial Data Collection Platform

By Garima Chitkara | 07/08/2018

Australia’s prudential regulator says its current data collection system requires a significant overhaul to match current flows of digitised data and regulatory requirements, plans to release tender for new solution by end of month and implement new system by end of 2019.

Cybersecurity

Thailand Banks Hit by Cyber Attack Resulting in Data Leak

By Garima Chitkara | 02/08/2018

Hackers have stolen non-financial data of over 120,000 customers from Kasikornbank and Krungthai Bank in the first such data leak in the Thai banking sector.

Payments & Settlements

PBOC Announces Licence Application by Foreign Payment Firm

By Editors | 02/08/2018

World First Asia subsidiary Yuefan Business Consulting would become the first foreign-funded third-party payment institution in China if its licence is approved.