APAC Regulators Driving Digital Transformation
The pandemic has made it abundantly clear that digital transformation is no longer optional, says Fenergo’s Rachel Woolley. We often refer to the Global Financial Crisis of 2008 as a turning point for the financial services industry, after which there was a sharp rise in regulatory requirements placed on banks in order to improve transparency. Similarly, the global COVID-19 pandemic will no doubt be remembered as the defining historical moment which forced banks around the wo
“Significant Compliance Failures” - Deutsche Bank fined US$150M in Epstein case
In a July 2020 Consent Order, the Frankfurt based Deutsche Bank agreed to pay a fine of US$150M “for significant compliance failures” leading to “mistakes and sloppiness” in failing to “properly monitor” its relationship with disgraced American financier, socialite, and convicted sex offender Jeffery Epstein. The bank processed “hundreds” of suspicious transactions for Epstein without investigation “despite ample information that was publicly available concerning” Epstein’s p
RegTech, the unsung hero against financial fraud in a pandemic
There is no denying that globally, financial crime is a huge and growing issue, exacerbated by the onset of covid-19. In today’s digital world, more and more corporate systems are shifting away from the traditional pen and paper methods, to digital platforms and the internet. The increasing escalation of the covid-19 pandemic serves to further exemplify the urgent need for this transition to global industry, who for the most part, were caught completely off guard and unprepar
Lack of Access to Capital Hindering Australia’s Potential to Be a Leader in RegTech
Limited access to funding and long sales cycles are hampering Australia’s RegTech industry, preventing the sector from realising its full potential, according to industry trade group the RegTech Association (RTA). The RTA, which conducted qualitative research of 33 RegTech companies between October and November 2019, found that the majority of the industry was self-funded (70%). Angels and high net worth individuals were the next most active capital investors (27%), followed
Open Banking and Regtech Firm Railsbank Gains Hong Kong Fintech Statrys as New Client
UK-based Railsbank, an Open Banking and Regtech solution provider, revealed on June 29, 2020, that it has gained Hong Kong Fintech Statrys as a new client. Statrys offers digital business accounts, advanced payment options, and forex solutions for SMEs based in Asia. It provides convenient digital banking services which don’t require that users visit physical branch locations. Statrys’s management says that the Fintech firm is focused on serving new business owners, startups
The Fall of Hin Leong and the Rise of RegTech
The ongoing Hin Leong scandal highlights the dangers of a lack of oversight and under-reporting necessitating the need for tech solutions that perform these functions in real time. Hin Leong Trading company is one of the largest independent commodities traders and oil suppliers in Singapore and in fact the world. Before April 2020, they were a reputable giant and many were clamouring to be associated with them. However, the dream was to soon end when Hin Leong’s owner, Lim Oo
