The battle against financial crime is an ever-evolving challenge requiring expert knowledge, cutting-edge technology, and continuous learning. As white-collar criminals tirelessly innovate their methods to commit financial crimes, the question arises: How can one step ahead in this high-stakes game? The answer might be more intricate than anticipated, but companies like Sumsub are pioneering the movement to outwit these nefarious activities. Fintech’s guardian against financial crime The pressing issue in the war against financial crime is the balance between the cost of compliance and the effectiveness of these measures. It’s startling to consider that banks might spend as much as…
Author: Rebecca Oi
Emerging technologies are critical for wealth management firms as economies faced a dampened investment environment in 2023, with disappointing equity returns and sky-high interest rates. As a result, wealth preservation became the most crucial goal for high-net-worth individual (HNWI) investors last year. So, how will this shape the wealth management trends in Asia in 2024 Expect a renewed focus on emerging technologies, stable returns, and newer customer segments for wealth management firms. Looking back at 2023 Last year, Capgemini’s Wealth Management Top Trends 2023 anticipated that wealth management firms would expand their digital capabilities and offerings to include digital assets;…
Standard Chartered’s innovation and ventures arm, SC Ventures, plans to open an office in the Abu Dhabi Global Market (ADGM) to tap into the United Arab Emirates’s (UAE) technology ecosystem. With 30 years in banking technology, Gautam Jain will lead the Abu Dhabi office. His background includes chairing two SC Ventures portfolio companies and various board memberships. He joined SC Ventures in 2018 after roles at Standard Chartered Bank, Barclays, HSBC, and Citigroup in Singapore, London, and India. This move coincides with SC Ventures partnering with SBI Holdings to initiate a digital asset venture in the UAE. SC Ventures sees…
In the fintech industry, where data flows are as crucial as financial currents, adeptly managing vast volumes of information is beneficial and essential. The sector is witnessing a pivotal shift from traditional database systems to more sophisticated and scalable solutions. This evolution is driven by the necessity to handle complex data efficiently, securely, and reliably, making advanced data management strategies a cornerstone for success in today’s digitally driven financial landscape. A response to modern data management needs OceanBase, developed by Ant Group, emerges as a response to the evolving requirements of contemporary data management. This database system combines the scalability…
The digital banking landscape in Asia is a vibrant and diverse ecosystem, contrasting significantly with its Western counterparts. In the Asia-Pacific (APAC) region, 11 out of the 13 profitable digital banks, including South Korea’s Kakao Bank, India’s Paytm Bank, and China’s AIBank, WeBank, XW Bank, and MyBank, are redefining banking paradigms. These banks are flourishing amidst existing ecosystems, a customer base inclined towards digital adoption, and business models tailored to the unique demands of their markets. Ecosystem-driven digital banks Unlike many Western digital banks that operate as standalone apps focusing primarily on user experience, APAC’s digital banks often leverage existing,…
The battle against fraud and identity theft has taken on new dimensions and complexities in today’s increasingly digital world. 2024 promises to be crucial in the ongoing struggle against financial cybercrime. As the financial industry continues to evolve, so do the tactics fraudsters employ. This article will delve into the key trends shaping the fraud and identity landscape 2024, drawing insights from various sources, including SumSub, LexisNexis Risk Solution, Feedzai and Jumio. Sophisticated scams dominate the fraud landscape BioCatch’s report uncovers a startling surge in financial cybercrime in Asia-Pacific. With scams accounting for 54 percent of all cases, there’s a…
Digital transformation and the proliferation of new technologies have catalysed an expansion in the Chief Financial Officer’s role, evolving CFOs from rearward-facing controllers to forward-looking strategists. Whereas their responsibilities historically centred on financial reporting, regulation, and control, CFOs now harness data and technology to provide insights that shape high-level planning and decision-making. This transition from a reactive to a predictive approach empowers CFOs to provide valuable insights for sustainable growth and strategic direction in an increasingly complex business environment. The impetus for change Due to several converging factors, the CFO’s role has evolved into a strategic one. New technologies like…
In 2024, the banking sector is witnessing a pivotal transformation driven by advanced technologies like AI and cloud computing, evolving customer demands, and changing regulatory landscapes. This evolution reflects the dynamic shift seen a quarter century ago with the Digital Age, challenging the traditional banking model and echoing Bill Gates’ famous words, “The world needs banking, but it does not need banks.” Accenture’s “Top Banking Trends 2024” report for this year highlights this transformative journey. It outlines the top banking trends, such as the adoption of generative AI, offering both challenges and opportunities. To stay relevant, banks must embrace these trends,…
In recent years, the world has witnessed a rapid rise in the popularity and adoption of cryptocurrencies. As this digital revolution continues to reshape the financial landscape, it is crucial to examine the future of the monetary system and address the challenges the crypto industry faces. In an exclusive interview with Fintech News Singapore, Marc Temple, Global Development Director at LexisNexis Risk Solutions, delved into the increasing demands and scrutiny of multi-jurisdictional regulatory requirements for cryptocurrencies, the industry’s fragmented approach to risk and compliance management, the threat of reputational damage, and strategies to identify and neutralise bad actors in the…
A technology revolution is underway that stands to transform the banking industry fundamentally. Generative AI, which burst onto the scene in early 2023, leverages advanced natural language models to automate a vast range of cognitive tasks. As this versatile innovation proliferates across industries, banking leaders are moving swiftly to harness its potential. Two-thirds of senior digital and analytics leaders surveyed at a recent McKinsey forum on generative AI said they expect the technology to reshape their business profoundly. The pressing challenge they now face is not whether but precisely how and where to implement generative AI to maximise value creation…
In a global financial landscape where efficiency and accuracy are paramount, the challenge of failed payments is a significant hurdle for small and medium-sized enterprises (SMEs) and financial institutions (FIs), particularly in a vibrant market like Singapore. This issue transcends mere financial loss, encompassing operational disruptions, customer dissatisfaction, and potential damage to reputation. Tackling this challenge requires a multifaceted approach focusing on data accuracy, technology integration, fraud prevention, and balancing customer experience with regulatory compliance. Understanding the complexity of payments At first glance, payment processes may seem straightforward but can be deceptively intricate. Whether you are a small business owner…
The Asia Pacific region is grappling with an alarming escalation in scams and financial fraud. These increasingly sophisticated and diverse deceptive practices undermine the financial stability of consumers and institutions and erode the trust and reputation upon which these entities stand. From phishing scams and identity theft to complex financial fraud schemes, the methods employed by scammers are evolving rapidly. This evolution in tactics targets individuals and institutions, leading to substantial financial losses and undermining the confidence in these systems. This trend, if left unchecked, poses a grave threat to the economic and social fabric of the region. The scam…
Fraud prevention has become an increasingly crucial concern in Singapore’s ever-evolving financial technology and banking landscape. As the country continues establishing itself as a leading hub for financial innovation, the need for robust security measures has never been greater. In a landscape where security is paramount, Sumsub is becoming the go-to solution for fraud prevention. With a holistic approach that extends beyond the Know Your Customer (KYC) stage, Sumsub is setting new standards in safeguarding financial institutions. The importance of fraud prevention beyond KYC Fraud in the financial sector is a critical issue with far-reaching implications, necessitating vigilance beyond the…
In an era marked by rapid and unrelenting technological advancements, the financial services industry finds itself at the forefront of a complex battle against financial fraud. The increasing availability of sophisticated AI tools has significantly transformed the cybersecurity landscape, arming security experts and fraudsters with potent new capabilities. This development has amplified the challenges of combating financial fraud, rendering it more intricate and multifaceted than ever. The growing challenge of online identity fraud During an interview with Fintech News Singapore, Anna Convery, Chief Marketing Officer of Jumio, underscores the vital role of AI in countering digital fraud. She stressed that…
The financial sector is experiencing a transformative era where Environmental, Social, and Governance (ESG) principles are emerging as fundamental components of business strategy. This shift reflects a broader societal movement towards sustainability and ethical governance, fundamentally altering the landscape of banking and investment. Banks and financial institutions are now tasked with a dual mandate: achieving financial success while actively contributing to environmental conservation and social welfare. At the Singapore Fintech Festival 2023, Fintech News Singapore had the opportunity to speak to Ramki Ramakrishnan, Managing Director of Temenos APAC. During this discussion, he provided valuable insights into the ongoing evolution of…
The rise of Generative AI has been nothing short of remarkable. Many envisioned it as a powerful force for good from its inception, while others harboured concerns about its potential negative implications. Generative AI, with its ability to create content autonomously, has found its place in the financial industry, offering innovative solutions to age-old challenges. A panel of experts, comprising Ali Dalloul, Vice President at Microsoft; Coen Jonker, Co-founder and Chairman of Tyme Group; Akio Isowa, Senior Managing Executive Officer and Group Chief Digital Innovation Officer at Sumitomo Mitsui Banking Corporation (SMBC) provided insights into the transformative impact of Generative…
At the Singapore Fintech Festival 2023, Ravi Menon, Managing Director of the Monetary Authority of Singapore, delivered an insightful address on fintech’s current and future direction. His speech thoughtfully reflected Singapore’s advancements in fintech since the previous year and a balanced perspective on the challenges and opportunities ahead. Ravi articulated the nation’s approach to developing a financial ecosystem that is not only technologically advanced but also globally integrated and tuned to sustainable practices. Instant payments revolution Ravi initiated his address by celebrating Singapore’s extraordinary progress in electronic payments. The journey in e-payments embarked on by Singapore has been nothing short…
The world of financial services is undergoing a profound transformation driven by the convergence of data and emerging technologies. During the “Digital Assets: Connecting the Dots” keynote session at the London Stock Exchange Group’s Open Day as part of the Singapore Fintech Festival Innovation Crawl, Dr Peter T. Golder, Managing Director and Head of Group Digital Assets at LSEG, delved into the transformative impact of digital assets on the financial sector. In a time when the financial industry is facing unprecedented challenges and opportunities, Peter’s insights shed light on the pivotal role that digital assets play in connecting the dots and…
Singapore, often called the “Lion City,” is well-known for its thriving economy. Yet, beneath this successful exterior lies a significant demographic shift that brings challenges and opportunities. The country is witnessing a rapid rise in its ageing population, with a projected 27 percent of residents aged 65 and above by 2030. This demographic transformation is reshaping the city-state’s landscape. In this context, the Capgemini Life Insurance Industry Report 2023 gains significance, offers insights into Singapore’s ageing population’s distinct challenges and opportunities and underscores the growing preference for digital tools, including AI-driven wealth management advice and platforms. The Singaporean context Singapore’s…
Earned Wage Access (EWA) is a transformative service addressing a fundamental need in the fast-evolving landscape of financial solutions: timely access to earned wages. EWA, also referred to as on-demand pay or instant pay, presents an innovative way for employees to obtain a portion of their earnings before the customary payday. Unlike traditional payday loans or cash advances, EWA offers a seamless, fair, and responsible approach without high-interest rates or burdensome fees. The mechanism of Earned Wage Access EWA operates through a digital platform, typically a mobile app or website, connecting employees, employers, and EWA service providers. Employees can initiate…