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Financial institutions (FIs) and merchants from other regions have been dipping their toes into the Chinese market, but open banking has compounded the difficulty involved in setting up operations. The country’s government and regulators are keeping pace with those in the European Union and the U.S. he remarked. “I
But that is changing as more consumers in the region are embracing digital methods and purchase channels, and the payments industry is pegged to grow ten-fold to $500 billion by 2020. banking regulators need to pick up the pace in their efforts to confront the risks FinTech companies pose to the banking sector. “We
s impending Synapse rule and Regions Bank's play for an open banking future. Pressing tech items across banking include the Federal Deposit Insurance Corp.'s
With regulations such as PSD2 likely to create both risk and opportunities for banks, being able to work in close collaboration with fintechs will be vital to success. Fintechs are more agile, higher risk tolerant and closer to what consumers want. But not all banks are ready, or even willing, to do this.
Maria Vullo, still stuck in limbo as acting superintendent of the New York State Department of Financial Services, is hindered from putting her mark on the agency until she gets confirmed. So a quiet guessing game is going on about how her supervisory philosophy will compare with her predecessor Benjamin Lawsky.
Regulators need to start paying attention to "denial-of-system" attacks as one of the triggers that could bring down a systemically important institution.
Big banks were seen as winners in the Trans-Pacific Partnership, but their support for the pact is in question as a result of their treatment in a data-related provision.
The payments messaging network Swift has told its client banks that the threat of cyberattacks "is very persistent, adaptive and sophisticated — and it is here to stay.".
Offering a new product or considering a merger may boost returns, but the Office of the Comptroller of the Currency says changes in strategy can be risky.
Comments by JPMorgan Chase's Jamie Dimon have added fuel to the long-discussed idea of a national database that would make it easier for banks to vet customers for anti-money-laundering and other risks.
Comments by JPMorgan Chase's Jamie Dimon have added fuel to the long-discussed idea of a national database that would make it easier for banks to vet customers for anti-money-laundering and other risks.
The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?
Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.
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