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MAS inks fintech agreement with Indian state
The Monetary Authority of Singapore (MAS) and the Government of Andhra Pradesh (GoAP), a southeastern state in India, have inked an agreement to promote innovation in the financial technologies...
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MAS and Korea’s KFSC join hands on fintech
The Monetary Authority of Singapore (MAS) has signed yet another fintech-focused agreement, this time with the Korean Financial Services Commission (KFSC). In line with the Singaporean regulator’s...
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HSBC PB goes live with Avaloq in Switzerland, but Asia will have to wait
HSBC Private Bank will go live with Avaloq including in Asia over the next 2-3 years, Asian Private Banker has learned. Having signed an agreement with the core operating provider in December 2013 to...
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IAM goes live in Singapore with Julius Baer-backed digital advisory platform
Singapore-based independent asset manager (IAM), Crossbridge Capital, has gone live with what it says is Singapore’s first digital advisory platform for accredited investors residing in the city. The...
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AML solutions provider sees influx of requests post-Panama Papers
The primary catalyst behind an influx of inquires from private banks about how to enhance due diligence processes via technology was the Panama Papers leak, according Sean Norris, managing director...
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What use is blockchain to a private bank?
Blockchain is yet to enter the everyday vernacular of private banking COOs but few would argue that it has no place in a rapidly changing industry. Asian Private Banker speaks to experts in the field...
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BDO Private Bank outsources IT services to tech provider
Philippines bank, BDO Unibank – including its private banking arm – is outsourcing a number of IT initiatives to technology services provider, Fiserv, according to a statement from the tech firm....
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R3 partners with MAS for blockchain lab
R3, the blockchain consortium of 70 global banks, has teamed up with the Monetary Authority of Singapore (MAS) to open a blockchain-dedicated lab, according to a release. The lab will serve as a...
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Citi rolls out global API portal to expedite tech solutions development
Citi has launched a new global application programme interface (API) developer portal enabling developers to connect to Citi and build solutions “faster than ever before”, according to an...
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New data points to client onboarding pains at private banks
Private banking COOs and heads of technology, partaking in a roundtable discussion hosted by Asian Private Banker and Appway this week, expressed scepticism over the deployment of a digitalised client...
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OCBC conducts blockchain ‘first’ in SE Asia
Singaporean lender OCBC has become the first bank in Southeast Asia to successfully conducted a cross-border payment transaction using blockchain technology. The pilot transaction between OCBC...
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Private banking COOs see potential in shared client blacklist
Private banking chief operating officers and technology heads attending Asian Private Banker’s COO Leaders Conversation in Singapore say that they are open to the idea of a shared KYC repository for...
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Goldman Sachs backs out of blockchain consortium
Goldman Sachs has stepped away from the blockchain consortium it helped found, according to media reports. The Wall Street major was one of nine original members of R3, a consortium formed to leverage...
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Private banks unprepared for “API economy”
Before private banks can successfully engage with what MAS refers to as the “API economy”, they face a number of challenges, including doing away with legacy systems and rewiring platforms, COOs tell...
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Private banks’ AML budgets unchanged despite Panama Papers, 1MDB shocks
Private banking COOs tell Asian Private Banker that their anti-money laundering (AML) and compliance tech spend has seen little-to-no change over the past six months, despite the industry witnessing a...
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Tech vendor enters China JV
Privé Financial, the tech solutions provider for private banks and independent asset managers (IAMs), has joined a consortium of securities companies in China and is targeting mass affluent and high...
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China leapfrogs West as new fintech epicentre
China is the ‘new’ global hub for fintechs, due to the speed, sophistication and scale of development in the country, say DBS and EY, whose new report ranks the Middle Kingdom ahead of the US and UK....
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Platform pains: structured products slump ups pressure on multi dealer platforms
A drop in the demand for structured products at Asia’s private banks has left multi-dealer platforms scratching for business, just two years after sales reached record highs. According to Asian...
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HK, UK ink fintech cooperation agreement
The Hong Kong Monetary Authority (HKMA) and the UK’s Financial Conduct Authority (FCA) have entered into an agreement to “foster collaboration” and promote innovation between the two authorities. The...
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Innovative private banks must pay more attention to cybercrime threat: expert
Asia’s private banks will need to strengthen their cybercrime toolsets, so long as they continue to develop new technology initiatives, due to the rising number of cyber attacks in the region, Divya...
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