Innovation

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Regtech zooms in on the severe penalties of 6AMLD

/regulation

Regtech zooms in on the severe penalties of 6AMLD

The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) is due to take effect on 3rd December 2020 and brings with it a suite of substantial penalties for non-compliance. Here’s what you need to be aware of in the run up to the fast-approaching deadline.

/startups

JPMorgan's Financial Solutions Lab to run accelerator with Financial health Network

The Financial Solutions Lab, an initiative from the Financial Health Network and founding partner JPMorgan Chase & Co., announced today the launch of its sixth accelerator challenge, focused on advancing the financial health of workers and students who are developing in-demand skills to prepare them for the future of work.

/regulation

US financial regulators join Global Financial Innovation Network

The Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) today announced joining the Global Financial Innovation Network (GFIN).

BNY Mellon director: US has more B2B open banking activity than Eurozone

/payments

BNY Mellon director: US has more B2B open banking activity than Eurozone

Laura McGortey, director of strategic partnership solutions at BNY Mellon, claims that there is more open banking activity in the US B2B payments space in comparison to the Eurozone, on the final day of AFP 2019 in Boston.

/Innovation

Consortium formed to push machine-readable trade language

A new consortium with a focus on General-purpose Legal Mark-up Language (GLML) has been created to facilitate automation in financial markets.

/startups

ADGM publishes Mena fintech venture report

MAGNiTT, in collaboration with ADGM, launches first-of-its-kind ‘2019 MENA FinTech Venture Report

/Innovation

AMF/Finance Montreal donate $2 million to set up University fintech chair

The École des sciences de la gestion of Université du Québec à Montréal (ESG UQAM), the Autorité des marchés financiers (AMF) and Finance Montréal are announcing the creation of the AMF‐Finance Montréal Research Chair, an interuniversity research unit aimed at developing foundational and practical knowledge about the issues and impacts of financial technological innovation (fintech).

/Innovation

ClauseMatch and Aberdeen Standard Investments join Imas Singapore accelerator

ClauseMatch, the regulatory technology company that helps financial institutions automate governance, risk and compliance processes across jurisdictions, collaborated with Aberdeen Standard Investments (ASI) in Singapore for the Investment Management Association of Singapore’s (IMAS) Digital Acceleration Program (DAP) and have piloted a solution for the industry.

ING applies digital notary to blockchain transactions

/Innovation

ING applies digital notary to blockchain transactions

ING says it has solved the privacy versus security trade-offs on R3's Corda network through the application of a 'zero knowledge proof notary'.

Could Big Tech disrupt the investment funds industry?

/Innovation

Could Big Tech disrupt the investment funds industry?

Big Tech companies such as Google, Apple and Microsoft have yet to encroach on the investment funds industry, but new research from distribution network Calastone suggests they would have a ready market from young millennials.

If you can’t beat them, join them: Fintech partnerships are here to stay

/Innovation

If you can’t beat them, join them: Fintech partnerships are here to stay

With commercial models, value chains and M&A activity emerging as a leading theme of Money 20/20’s upcoming conference in Las Vegas, we explore how financial institutions are leveraging the opportunity to collaborate with incumbents and disruptors across the space.

AI will drive productivity in the payments industry

/payments

AI will drive productivity in the payments industry

The payments industry is increasingly being exposed to the technological transformation that is occurring outside of the financial services sector. But is the space ready to drive productivity in payments with artificial intelligence?

McKinsey: Banks in the last pit-stop to revamp business models

/Innovation

McKinsey: Banks in the last pit-stop to revamp business models

Up to a third of the world's banks are not equipped to survive an economic downturn and must re-invent their business models to compete in a digital age, according to a report by consultancy McKinsey.

A treasurer’s best practice guide to global payment integration

/payments

A treasurer’s best practice guide to global payment integration

Corporate business success stories can only be achieved if treasury professionals are keenly aware of the payment options, innovations and regulatory changes that are, can and will impact financial operations.

AI, cloud, blockchain and beyond: Changing the financial world individually and in tandem

/Innovation

AI, cloud, blockchain and beyond: Changing the financial world individually and in tandem

AI, cloud, blockchain and quantum computing form some of the pillars the much-discussed Fourth Industrial Revolution, with financial services watching on in anticipation of the disruption they promise in the years ahead.

FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

/Sibos

FinextraTV @ Sibos2019 – The Big Themes #3: Regulation

FinextraTV reports from Sibos 2019 in London on the impact of Regulation on the industry. In this, final episode, we learn about how Banks are adapting to the changing regulatory landscape, whether the cost of compliance outweighs the value of innovation, what success in this space demands and whether regulation will be able to keep up with the pace set by the tech giants. Standard Chartered, Deutsche Bank, Nordea, LHV, KPMG and Crown Agents Bank are among the many leading institutions to share their views exclusively with Finextra Research.

IoT and blockchain to the fore in CIMB trade finance transaction

/Innovation

IoT and blockchain to the fore in CIMB trade finance transaction

The Singapore branch of CIMB Bank Berhad has completed a trade financing transaction for the import of dairy products into China using IoT cargo sensors and a distributed ledger platform from blockchain firm iTrust.

/Innovation

Mastercard joins Asean Financial Innovation Network

ASEAN Financial Innovation Network (AFIN) is delighted to welcome Mastercard as a corporate founding member to promote the broader adoption of financial technology innovations within Asia.

Insights from The Temenos Value Benchmark Program

/Innovation

Insights from The Temenos Value Benchmark Program

Kanika Hope, Strategic Business Development Director, Temenos, speaks at Sibos 2019 about the launch of The Temenos Value Benchmark Program, some of the key insights that the benchmark has revealed about the trends in the industry and examples of how the Benchmark has helped participating banks.

/startups

Ashurst opens Fintech Legal Labs for applications

International law firm Ashurst announces the launch of FinTech Legal Labs, an intense fintech accelerator programme aimed at enabling FinTech businesses to gain insight into legal issues affecting their business, as well as accessing the firm's network of corporate clients, leading financial institutions, investors and potential JV partners.

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