The Monetary Authority of Singapore (MAS) and the Australian Securities and Investments Commission have signed an agreement to facilitate the development of cross-border financial technology (fintech) businesses.
The southeast Asian capital Singapore is busy building a infrastructure, but Hong Kong serving as a base for Chinese fintech companies, according to law firm Baker & McKenzie.
The rise of fintech firms has highlighted a digital shift in financial services, but banks will retain a place at the centre of the industry and continue to work, both alongside and in competition, with their new challengers, according to Moody’s Investors Service.
Singapore’s monetary authority and the UK’s Financial Conduct Authority have agreed to cooperate to promote cross-border financial technology development.
Abu Dhabi’s Financial Services Regulatory Authority (FSRA) has proposed creating a framework that will allow financial technology (fintech) firms to conduct their activities in a controlled and cost-effective environment.
No longer the preserve of payment solutions developers, fintech startups are gaining ground and increasingly disrupting the investment management industry.
The Securities and Futures Commission has established a fintech contact point and set up an advisory group as fintech momentum builds.
Despite only 30% of global asset management chief executives expecting the global economy to improve over the next 12 months; 90% are confident or very confident about revenue growth in 2016, rising to 95% when looking at the next three years.
Asset managers across the UK are cautiously optimistic and expect business volumes, fee income, commissions, and investments to rise. They remain, however, acutely aware that their future is very much dependant on global equity markets and global economic conditions, according to PwC.
International business consultancy Orbium outlines how automation, offshoring and outsourcing are key to cutting costs when testing core banking platforms.
Italian digital wealth management firm MoneyFarm has appointed David Jeffrey chief technology officer ahead of its 2016 UK launch.
Two-fifths of UK wealth managers believe robo-advice offers the potential for greater efficiency and to attract new clients in the next five years, according to a survey from Vanguard.
