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…

Consortium of companies led by Citigroup, DTCC and Zurich Insurance Group AG to develop cyber security standards for fintechs

The development is to be seen within the context of the SEC calling for improved clarity on cyber risk disclosures and adopt specific policies restricting executive trading in shares especially during an on-going investigation of a hack. On Tuesday, the Financial Times reported that a consortium led by Citigroup Inc, Depository Trust & Clearing Corp…