Featured Artificial Intelligence

Malta: 10,000 companies taken off registry

Around 10,000 defunct companies have been stricken off the Malta Business Registry, in another move intended to improve the island’s reputation. Companies were taken off the list when they failed to file annual reports or accounts or did not give official ownership information. Malta now has 96,000 companies on the… Read More

How fintech can save us from Covid-19

At the start of the pandemic, banks scrambled to increase remote capacity to allow employees to work safely from home. Transaction bankers have had to grapple with an extra layer of complexity: helping large multinational corporations and their vendors within the supply chain adapt to the huge disruption caused by… Read More

How Banks Are Using Behavioral Science to Prevent Scandals

Efforts to deal with corporate malfeasance, employee misconduct, and ethical failings are falling short. Nowhere is this more visible than in the financial sector. More than $400 billion has been paid in fines since the 2008 financial crisis. But one corner of the industry offers hope: It is using behavioral… Read More
8th April 2020
The HKMA (Hong Kong Monetary Authority) has issued circulars to authorised institutions and SVF (stored value facility) licensees encouraging the use of technology to enable remote onboarding and account opening services. “We believe the use of FinTech will provide significant opportunities to manage some of the challenges presented by the… Read More
25th December 2019
Chinese scientists have been working on a system to use artificial intelligence that would make it almost impossible to cheat on taxes, according to researchers involved in the project. Over the last three years, about 300,000 government tax inspectors have been helping to train an AI system that draws… Read More
17th December 2019
BNM (Bank Negara Malaysia) has issued an exposure draft setting out proposed requirements and standards for financial institutions looking to implement e-KYC in customer onboarding. The requirements are aimed at enabling the safe and secure application of e-KYC technology in the financial sector, and at facilitating BNM’s continued ability to… Read More
8th October 2019
The Trump administration placed eight Chinese technology giants on a U.S. blacklist on Monday, accusing them of being implicated in human rights violations against Muslim minorities in the country’s far-western region of Xinjiang. The companies include two video surveillance companies — Hangzhou Hikvision Digital Technology Co. and Zhejiang… Read More
19th September 2019
Automation and artificial intelligence are transforming the payments industry into one of the most dynamic sectors of transaction banking. But there are still many teething problems in an industry that has been catapulted onto centre stage. Doing business in Sudan isn’t easy, but back in 2011, it should have been… Read More
30th August 2019
Advances in analytical tools for financial supervisors tasked with fighting money laundering could prove particularly helpful to jurisdictions struggling with de-risking, according to a new report. The findings, published by the Bank for International Settlements (BIS), outline how anti-money laundering (AML) authorities are adopting machine learning, natural language processing and… Read More
23rd August 2019
When HSBC Holdings Plc thwarted a $500 million central-bank heist, sophisticated computer software didn’t raise the alarm. The funds flowed undetected from Angola’s reserves to a dormant company’s account in London. It was a teller at a suburban bank branch who became suspicious, declined a request to transfer $2 million,… Read More
20th August 2019
Today, it’s not just humans competing for work in banking. Machines are becoming a threat to warm-blooded number crunchers worldwide. Indeed, almost one-third of financial-services jobs could be displaced by automation by the mid-2030s, according to a report by PricewaterhouseCoopers LLP last year. Despite those stark forecasts, some optimists… Read More
7th August 2019
For decades, increasing reliance on technology and automation has meant one thing for workers: fewer jobs. In a fast-growing corner of the finance industry, it’s doing the opposite as banks across Europe struggle to fill positions in units employing tech to combat money laundering. Reeling from a litany of scandals… Read More
16th July 2019
Banks must evolve or risk being “left behind” as big tech companies shake up the financial system, according to new research from the International Monetary Fund (IMF). In a paper published Monday titled “The Rise of Digital Money,” IMF authors… Read More