Trading in New Zealand’s stock market resumes following 4 consecutive days of offshore DDoS cyber attacks

On Friday, trading resumed at New Zealand’s stock exchange following offshore Distributed Denial Of Service (DDoS) offshore cyber attacks for four consecutive days. In a statement, the government said, national security systems had been activated to support the bourse. While the origin of the “offshore” DDoS attack is being investigated, the failure to stop the…

Hackers selling Chinese customer data related to banking & insurance sector: China’s banking and insurance regulator

On Wednesday, China’s banking and insurance regulator stated, it had detected sales of customer data from the insurance and banking sector by overseas criminals. It did not elaborate or specify how many individuals had been affected. During a briefing, Huang Hong, the vice chairman of the China Banking and Insurance Regulatory Commission said, the data…

Singapore liberalizing its banking sector, receives 21 applications for digital bank licenses

On Tuesday, Singapore’s central bank stated, it has received 21 applications for digital bank licenses which includes 7 licenses for retail banking while the balance is for wholesale bank licenses. The development marks Singapore’s biggest liberalization of its banking sector in two decades as it pushes to bring about online-only banks which will have lower…

Atom Bank raises 50 million pounds in latest funding round

Participants in Atom Bank’s latest funding round includes, Woodford Patient Capital Trust, Toscafund, BBVA, and other funds. On Monday, embattled fund manager Neil Woodford stated, along with other investors it has invested an additional $62.42 million into digital lender Atom Bank. One of Britain’s best-known money managers, Woodford has left thousands of investors without access…

All insurance policies should provide clarity on cyber attacks: Lloyds Bank

A coordinated global cyber attack could cause economic damage anywhere between $85 billion and $193 billion. Britain’s retail and commercial banking giant Lloyds Bank Plc stated, all insurance and reinsurance policies should clearly state whether they will cover losses caused by a cyber attack; this would be in the best interest of customers and brokers.…

HSBC Holdings Plc backs Hong Kong-based tech startup Serai

Serai aims to be the LinkedIn for global trade which links manufacturers to component suppliers. In a significant development, HSBC Holdings Plc is backing the launch of Serai, a Hong Kong-based technology startup that aims to “connect small-and-medium-sized manufacturers with component suppliers in different parts of the world as part of its trade banking push”.…

Bank of America completes its shifting from London to Dublin

With Dublin as its new European headquarters, Bank of America will operate through its branches in Amsterdam, Brussels, Frankfurt, London, Madrid, Milan, Paris and Zurich. On Monday, Bank of America stated, having received the necessary court and regulatory approvals, it has completed the shifting of its market and banking operation from London to Dublin. The…

Investment platform brings Britain’s Revolut into established financial services groups territory

Although many app-only banks have sprung up across Britain, Revolut outshines the crowd since it is the digital bank to integrate an investment platform into its app alongside everyday banking services. On Thursday, Britain’s digital-only bank, Revolut, stated as part of an efforts to further bring innovation and competition into the financial services sector, it…

Standard Chartered’s SC Ventures to invest, oversee and manage investments in fintech sector

The move underscores the growing importance of technology in the banking sector. On Wednesday, Standard Chartered disclosed that it has established a business unit which will promote innovation and which will invest in financial technology. While one part of SC Ventures, its business unit which will include internal consultants to help resolve issues with the…