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Financial institutions news stories

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BPC
APAC to be the fastest-growing cashless region - report
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.
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VMware
Majority of banks paid ransom for cyberattacks last year
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.
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Open source
DiUS announces sale of global contract testing platform
DiUS has announced it has entered a definitive agreement to sell its global contract-testing collaboration platform, Pactflow, to SmartBear.
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Expansion
Personetics raises $85M, expands operations in Australia
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.
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Cybercrime
Australian FIs are seeking more robust crime management solutions, report finds
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.
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Fintech
The importance of anticipatory design in mobile banking
Applying technology allows banks to anticipate their customer needs, create value and exceed customer expectations.
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Ransomware
Supply chain and ransomware threats drove increase in cyber intelligence sharing
There has been a increase in sophisticated cross-border cyber criminal campaigns against the financial sector and its supply chain.
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Financial institutions
Entrust acquires financial technology company Antelop Solutions
Entrust, a company specialising in trusted identity, payments and data protection, has announced a definitive agreement to acquire Antelop Solutions.
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Digital risk
GBG and SEON strengthen online fraud prevention for financial institutions
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.
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Fraud
FiVerity launches 'revolutionary' Cyber Fraud Network
"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.”
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Financial institutions
Traditional banks invest in apps to keep up with the competition
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.
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Accuity
Manual processes leave financial orgs open to risk, study shows
“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."
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Snowflake
Allvue Systems launches centralised data cloud with Snowflake
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.
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Snowflake
mx51 to use Snowflake for analytics and customer service
Snowflake has been selected by merchant payment platform mx51 to support its analytics and customer service.
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Financial institutions
Automation gives competitive edge to APAC financial services firms
“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."
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Customer experience
Moneythor and Envestnet | Yodlee partner, bring greater CX to finance sector
"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.”
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Compliance
Global spending on financial crime compliance accelerates
Global spending on financial crime compliance at financial institutions is forecast to reach US$213.9 billion in 2021.
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Cryptocurrency
New Bitcoin indicator series from State Street
State Street Corporation has launched its new Bitcoin Indicator series, aiming to measure the popularity of Bitcoin and its impact on traditional markets. 
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Cloud Banking Solutions
APAC financial firms bite down as crime compliance costs rise
The total projected cost of financial crime compliance within Asia Pacific firms reached US$12.06 billion, according to a new report.
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Financial institutions
Asia Pacific FSIs pay $5.1 billion for breaching AML & data privacy
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.
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Cybersecurity
Oracle rolls out anti-money laundering services for banks
Oracle Financial Crime and Compliance Management Cloud Services is an application suite designed for mid-sized banks and smaller financial institutions.
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DDoS
Radware signs on two more clients for DDoS protection
While Radware did not share the names of its two clients, the company did explain more about the partnerships.
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Fraud
Financial institutions in APAC region to invest millions in fraud prevention
"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."
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Digital Transformation
Backbase and Mambu partner to continue to evolve banking industry
“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."