UK Firms Begin ‘Reaping the Benefits’ of Investment in Fighting Financial Crime, Says LexisNexis

UK financial services firms currently spend over £21,000 per hour fighting financial crime and fraud through onboarding and compliance screening processes, according to the latest True Cost of Compliance report from LexisNexis Risk Solutions. In a study of 254 regulated UK financial services firms, LexisNexis Risk Solutions found compliance costs rose by 12 per cent in 2023, with […]

Lemonade Celebrates Positive Social Impact, as Donations Surpass $10Milllion in Eighth Giveback

Lemonade, the US-based digital insurance company driven by AI and social impact, has marked the eighth consecutive year of giving back to a number of local and global charities selected by customers. As part of its ‘2024 Giveback’, Lemonade donated $2,112,608 to 43 nonprofits globally, supporting causes including healthcare, education, climate, global poverty, and animal […]

‘Painful’ wake-up call: What’s next for CrowdStrike, Microsoft after update causes outage?

It all started with a software update. Microsoft’s “blue screen of death” upended government services and businesses across the country Friday, disrupting emergency call centers, banks, airlines and hospitals. While Microsoft said a faulty software update from U.S. cybersecurity firm CrowdStrike was responsible for the major IT outage, the incident brought attention to just how […]

Toyota Financial Services Italy Explores How Worlds of Finance and Mobility Can Be Combined

Imagine a future where cars, through the integration of embedded finance, could become ‘intelligent digital tokens’. Tokens which can facilitate payments, financial flow management, data collection and more. Looking to make this future a reality, Toyota Financial Services Italy, the financial division of Toyota Group has become a corporate partner of Fintech District, the international […]

US Department of the Treasury and FSSCC Lay Groundwork for Greater Cloud Adoption

As fintechs and financial services firms turn their attention to cloud technology, many are coming across challenges. These range from information sharing to best practices and beyond. Looking to simplify the cloud adoption journey for firms, the US Department of the Treasury and the Financial Services Sector Coordinating Council (FSSCC) has published a suite of resources. The report seeks […]

Asian foreign reserves decline in 2024 first half

Asia’s foreign reserves have dropped this year as central banks have intervened to support their currencies, with Japan, Indonesia and South Korea leading the declines. Foreign reserves across 12 countries, from Japan to India, fell about $50 billion to $7.5 trillion by the end of June. They had risen 2.2% in the same period last […]

Singapore Invests S$100million to Boost Quantum and AI in Financial Sector

The Monetary Authority of Singapore (MAS) has committed an additional S$100million to support the development of quantum and artificial intelligence (AI) technologies in the financial sector. This investment is part of the Financial Sector Technology and Innovation Grant Scheme (FSTI 3.0) and aims to foster innovation and enhance technological capabilities in finance. Quantum technology is poised to […]