The Monetary Authority of Singapore (MAS) today issued a set of legally binding requirements to raise the cyber security standards and strengthen cyber resilience of the financial sector. The Notice on Cyber Hygiene sets out the measures that financial institutions must take to mitigate the growing risk of cyber threats.

The Notice will make compulsory key elements in the existing MAS Technology Risk Management (TRM) Guidelines. Specifically, it is mandatory for financial institutions to comply with the following requirements:

 DriveWealth, LLC, a U.S. based leader in global digital trading technology, today announced that its technology and brokerage execution services are fueling the major new commission-free stock trading service just introduced by fast-growing fintech Revolut.  The DriveWealth platform is the engine for the new offering launched Aug. 1, giving Revolut’s more than 6 million customers throughout Europe the ability to invest in the U.S. equity market.

Banks and financial institutions across the European Union (EU) and United Kingdom (UK) are sprinting to meet the EU’s Second Payment Services Directive (PSD2) Regulatory Technical Standards (RTS) deadline on September 14, 2019. With the newest release of WSO2 Open Banking, WSO2 adds significant new security features aimed at facilitating PSD2 RTS compliance:

Mambu, the leading SaaS banking engine, today announced it has been positioned by Garter, Inc in the Challengers quadrant of the 2019 Magic Quadrant for Global Retail Core Banking. 

The report states: “Core banking market demand keeps surging, underpinned by digital banking transformation, with an increased focus on commercial off-the-shelf packages, public cloud and open banking initiatives. Bank CIOs should evaluate core banking products in the broader context of the open core banking ecosystem.”

The arrival of open banking, first in the UK and then in the European Union, will give the financial services industry a huge boost. By giving customers greater control of their data, the new open-banking APIs will allow them to shop around for a better deal on the widest range of payments and financial-services products. This will increase competition, energise the market, and yield benefits for customers and banks alike.

The London School of Economics and Political Science (LSE) has implemented  TechnologyOne’s enterprise Software as a Service (SaaS) solution, transforming its core financial processes ahead of the new academic year (2019/20).

The go live with TechnologyOne’s Financials software this week is part of an ongoing transformational programme the university is undertaking to streamline, standardise and automate processes, and support a more mobile workforce.

IDnow, a leading provider of Identity Verification-as-a-Service solutions with more than 250 customers including N26, Commerzbank and UBS, brings two top managers to its Executive Board by appointing Andreas Bodczek as CEO and Joseph Lichtenberger as CFO. At the same time, all founders return to the operational business. The aim is to push ahead with the company’s expansion into other industries and new European markets, breaking through a turnover barrier of 100 million euros the next few years.

11:FS, the challenger firm defining and building digitally native financial services through technology, product and design expertise, today announced that Shaun Meadows has joined the firm as Chairman. In the newly created role, Shaun will work with the 11:FS Board to review company objectives, examine performance, and help shape future business activity and strategy.

 Caspian, the full-stack crypto trading, portfolio and risk management platform, today announced the launch of its pairs trading functionality. The new capabilities are paving the way for funds looking to use statistical arbitrage and relative value-based strategies to grow their business – two strategies that have become popular in the crypto market.

Temenos (SIX: TEMN), the banking software company, today announced that specialist trade finance bank, IIG Bank (Malta) Ltd. has successfully gone live with Temenos Infinity, the ground breaking digital front office product, and Temenos T24 Transact, the next generation in core banking. The bank also selected the Financial Crime Mitigation module, which is integrated within Temenos T24 Transact. The successful implementation of Temenos banking software will enhance the quality of customer service, support product agility and help the bank gain operational excellence.