Financial institutions news stories

BPC and Kapronasia's new report finds cashless transactions in APAC will rise by 109% from 2020 to 2025, while global cashless payments will triple by 2030.

VMware's most recent report finds 74% of businesses experienced one or more ransomware attacks in the last year, with 63% deciding to pay the ransom.

DiUS has announced it has entered a definitive agreement to sell its global contract-testing collaboration platform, Pactflow, to SmartBear.

Personetics has raised $85 million in growth funding from Thoma Bravo, a software investment firm, doubling the company's valuation and securing a total funding of more than $160 million in 2021.

FIs across APAC are continuing to grapple with financial crime management strategy and investment to take full ownership and build in-house systems, buy a solution, or utilise managed services from a solution provider.

Applying technology allows banks to anticipate their customer needs, create value and exceed customer expectations.

There has been a increase in sophisticated cross-border cyber criminal campaigns against the financial sector and its supply chain.

Entrust, a company specialising in trusted identity, payments and data protection, has announced a definitive agreement to acquire Antelop Solutions.

SEON’s technology is fully integrated into the GBG Intelligence Center to effectively use email, IP, phone, and social media as alternative data for fraud detection, while meeting compliance and data privacy needs.

"FiVerity's Cyber Fraud Network was created to solve problems and give financial institutions the tools they need to share information without violating their customers' privacy.”

Financial institutions across the APAC region are working to become more ingrained in the financial decisions of their customers, primarily through the development of digital financial wellness and money management apps.

“Trade compliance is a critical function where mistakes can cost businesses millions. An area where the smallest omission can throw off the entire strategy of a business is no place to take a chance."

Allvue Systems has chosen Snowflake to offer a centralised data cloud, with the overarching aim of enhancing and simplifying client's data storage and processing capabilities across business lines and asset classes.

Snowflake has been selected by merchant payment platform mx51 to support its analytics and customer service.

“Leveraging automation to build apps more cost-effectively and more quickly helps accelerate business processes, improves the customer experience, and makes the entire organisation much more efficient."

"The demand for these types of solutions is continuously growing, and we are delighted to add Envestnet | Yodlee to our list of partners and to bring these solutions to life across Australia and New Zealand.”

Global spending on financial crime compliance at financial institutions is forecast to reach US$213.9 billion in 2021.

State Street Corporation has launched its new Bitcoin Indicator series, aiming to measure the popularity of Bitcoin and its impact on traditional markets. 

The total projected cost of financial crime compliance within Asia Pacific firms reached US$12.06 billion, according to a new report.

Financial institutions in Asia Pacific are paying a heavy price for not complying with some of the most common and widespread regulations designed to protect them and their customers.

Oracle Financial Crime and Compliance Management Cloud Services is an application suite designed for mid-sized banks and smaller financial institutions.

While Radware did not share the names of its two clients, the company did explain more about the partnerships.

"The pandemic is creating a lot of uncertainty, but the majority of FIs in APAC recognise that an end to end fraud management platform is strategic to differentiating themselves from the highly disruptive landscape they are playing in."

“Mambu and Backbase are united in our goal to transform the banking industry. We enable banks to break free from legacy applications and successfully compete in a digital-first world."