Finance sector – Ludic Pyjamas http://ludicpyjamas.net/ Wed, 29 Jun 2022 08:46:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ludicpyjamas.net/wp-content/uploads/2022/01/icon.png Finance sector – Ludic Pyjamas http://ludicpyjamas.net/ 32 32 Equipment finance industry views economy with ‘cautious optimism’ https://ludicpyjamas.net/equipment-finance-industry-views-economy-with-cautious-optimism/ Wed, 29 Jun 2022 05:08:17 +0000 https://ludicpyjamas.net/equipment-finance-industry-views-economy-with-cautious-optimism/ The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index showed overall new business volume for May was $9.4 billion, up 16% year-on-year. the other relative to the volume of new business in May 2021. ELFA The Equipment Leasing and Finance Association (ELFA) has released its Monthly Leasing and Finance Index for the […]]]>

The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index showed overall new business volume for May was $9.4 billion, up 16% year-on-year. the other relative to the volume of new business in May 2021.

ELFA

The Equipment Leasing and Finance Association (ELFA) has released its Monthly Leasing and Finance Index for the month of May.

The index, which tracks economic activity based on feedback from 25 equipment finance companies, was $9.4 billion, up 16% year-over-year compared to new business volume in May 2021. Volume was down 10% from $10.5 billion in April. Since the beginning of the year, the cumulative volume of new business has increased by almost 8% compared to 2021.

“May activity for participants in MLFI-25 equipment finance companies shows strong origination volume and very stable credit quality metrics,” said Ralph Petta, President and CEO of ELFA. “The economy continues to provide jobs and American businesses, in general, are showing strong balance sheets – all in the face of a waning health pandemic. This good news is offset by high inflation, creating havoc for many consumers, along with continued supply chain disruptions and higher interest rates, which are compressing much of the corporate sector.As a result, many equipment finance providers are heading into the summer months with cautious optimism.

Receivables were 1.6%, compared to 2.1% the previous month and compared to 1.9% in the same period in 2021. Charges were 0.12%, compared to 0.05% the previous month and compared to 0 .30% the previous year.

Credit approvals totaled 76.8%, compared to 77.4% in April. Total headcount at equipment finance companies was down 3% year-over-year.

The Equipment Leasing & Finance Foundation (MCI-EFI) Monthly Confidence Index in June is 50.9, up from 49.6 in May.

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User Experience Requirements Will Drive Cloud-Native Adoption in the Financial Industry, But Data Resilience Still Vital https://ludicpyjamas.net/user-experience-requirements-will-drive-cloud-native-adoption-in-the-financial-industry-but-data-resilience-still-vital/ Wed, 15 Jun 2022 21:55:33 +0000 https://ludicpyjamas.net/user-experience-requirements-will-drive-cloud-native-adoption-in-the-financial-industry-but-data-resilience-still-vital/ By Dan Middleton, Regional Vice President for UK & Ireland at Veeam Over the past decade, two big changes have taken place in the way companies create, deploy and use digital technology. The first is the consumerization of IT. In 2005, Gartner declared consumerization to be “the single most important trend affecting IT over the […]]]>

By Dan Middleton, Regional Vice President for UK & Ireland at Veeam

Over the past decade, two big changes have taken place in the way companies create, deploy and use digital technology. The first is the consumerization of IT. In 2005, Gartner declared consumerization to be “the single most important trend affecting IT over the next 10 years”. After the dot-com collapse, enterprise IT budgets shrunk and vendors instead focused on targeting larger consumer computing markets. The result has been a change in the way technology has entered the market, including that of the financial sector. Instead of innovation starting in the business world and flowing to consumers, the consumer market would embrace new technologies before businesses. Accelerated and affordable improvements in mobile devices, connectivity, web applications and software have helped democratize computing and started this trend.

The other big change has been the arrival of digital natives in the workforce and their expectation that the enterprise technology experience will be more like that of consumers. They were less likely to distinguish between enterprise and personal technology, or to settle for using complex enterprise software when the consumer tools they are used to are more flexible and powerful. Hybrid and remote working has accelerated this trend, with employees away from the physical workplace and free to make more decisions about where and how they work. With around a quarter of UK employees working in a hybrid way according to the ONS, this should remain an important consideration for IT managers. Behaviors this pattern can create include personnel turning to familiar services to do their jobs (such as “shadow IT” and its likely payload of system exposures adding to the burdens of technical teams who often ignore such transgressions until it is too late).

Very high expectations

All of this has led to both customers and employees expecting instant results when using the technology. In a society where we all become impatient even in front of the microwave, there is little tolerance for delays or disruptions. Customers are accustomed to transactions and processes being as seamless as possible and will not hesitate to switch services if they become frustrated. With ever-increasing expectations for the customer experience and availability of services demanded of businesses, agility and rapid deployment of new products and services are now hallmarks of market leadership.

A case in point is the finance industry – a market disrupted by fintech brands that were designed from the start to be data-driven and branchless, and free from the legacy technologies and barriers that established banks had to face. overcome, while striving to innovate rapidly. By leveraging modern application architectures and DevOps practices associated with native cloud technologies, fintech challengers have been able to grow and scale without the associated high IT infrastructure and development costs normally associated with more traditional methods of software development. .

Cloud-native technologies have an important role to play in providing the right conditions for this to happen. A key benefit is accelerating development cycles by maximizing the performance of cloud-based tools. Due to the high degree of abstraction that cloud-native architectures allow – using application services and serverless functions wherever possible, so physical infrastructure is not something a business has to need to sustain – new digital services can be developed and brought to market much faster.

Plan for the worst

These benefits are not only realized when developing new applications. If a company needs to re-engineer an existing application to extend functionality, for example, cloud-native development strategies have an important role to play. Container technology, such as Kubernetes, has allowed organizations to take a modular approach to application management, enabling rapid deployment and updating across clouds.

But the consistent performance that a cloud-native environment can deliver is only possible if the data it all relies on is properly protected. A simple misconfiguration, data breach, or outage can cause huge disruptions if services cannot be restored quickly. The unfortunate example of Travelex is just one of many such incidents, where a ransomware attack brought down its systems globally and disrupted business for many months, leaving customers no way to access foreign currency. The impact of the attack was so severe that it eventually pushed the company into administration. In the rush to adopt cloud-native technologies and modern software development practices, rather than being mainstreamed, practical questions about resiliency, disaster recovery, continuity planning, and data protection can often move into the background. For an industry that was an early adopter of IT, trading room and back-office disaster recovery, and subject to FSA and PRA guidelines, such oversights have no excuse. Moreover, recent findings show little difference these days between “high priority” and “normal” data, with 64% of the former and 58% of the latter having a data unavailability tolerance of no more than one hour ( Source : Veeam Data Protection Trends Report 2022).

Inadequate data protection could be disastrous for the digital transformation initiatives that fintechs are trying to carry out and, in fact, undermine the benefits that cloud-native digital transformation can bring. According to Veeam Data Protection Trends Report 2022. What adds to the complexity of a modern application development methodology is that each of the hundreds of microservices that can make up a cloud-native application often has its own independently managed database instance, which makes applications insufficient traditional safeguards.

With applications and data now residing in physical, virtual, cloud and Kubernetes environments, and given the highly sensitive nature of financial and other information held by fintech organizations, all infrastructure vulnerabilities and single points of failure must be eliminated. The Veeam Data Protection Trends Report 2022 also revealed that 44% of finance and insurance IT managers consider the most important aspect of any enterprise backup solution to be the scope of the workload it protects. No wonder when 50% of respondents had ransomware outages in which 38% of data was unrecoverable, while 28% of servers experienced at least one unexpected outage. Those in need of such expertise or resources are best advised to partner with an expert modern data protection vendor with proven, specialized capabilities around cloud-native platforms and tools. With the rapid pace of development, deployment and change, such support must also be agile, flexible and adaptable. Supplier agnosticism and strategic vision should be sought.

The way computing powers our modern world has changed forever. Exciting microservices and cloud-native applications are reducing software development time and enabling more innovation, faster in their attempt to transform business models as they strive to meet changing customer demand. It is essential to implement a modern data protection solution that can operate in these new environments, and perhaps even anticipate the next evolution. This way, fintechs can remain confident that they can bring applications back online in the event of malicious incidents or human error, protect themselves and their customers from cyber threats, and easily roll back to previous versions if something goes wrong. as simple as an accidental deletion happened.

In order to move forward, no business wants a lack of resilience to hold them back.

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Saudi government-owned tourism fund launches $80m program to finance tourism SMEs https://ludicpyjamas.net/saudi-government-owned-tourism-fund-launches-80m-program-to-finance-tourism-smes/ Sun, 12 Jun 2022 16:15:50 +0000 https://ludicpyjamas.net/saudi-government-owned-tourism-fund-launches-80m-program-to-finance-tourism-smes/ RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling 5.60% to $25,767.27 as of 8:30 a.m. Riyadh time. Ethereum, the second most traded cryptocurrency, was priced at $1,356.23, falling 5.45%, according to data from Coindesk. Crypto Firm Celsius Halts All Transfers As Market Crashes In another indication of the pressure on the crypto […]]]>

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling 5.60% to $25,767.27 as of 8:30 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,356.23, falling 5.45%, according to data from Coindesk.

Crypto Firm Celsius Halts All Transfers As Market Crashes

In another indication of the pressure on the crypto industry, cryptocurrency lending company Celsius Network said on Monday that it would halt withdrawals and transfers between accounts due to “extreme market conditions”, it said. reported Reuters.

After Celsius’ announcement, Bitcoin fell more than 6% to hit a low of $24,888 — an 18-month low. Ethereum, the world’s second largest cryptocurrency, plunged to $1,303, its lowest level since March 2021.

“We are taking this necessary step…to stabilize liquidity and operations while taking steps to preserve and protect assets,” the company said in a statement.

The past few months have seen crypto markets come under pressure, as interest rates have risen around the world, driving crypto assets down.

As a result of and partly due to the collapse of some crypto projects, there have also been price drops. Last month, stablecoin TerraUSD crashed after breaking its peg to the dollar.

Decentralized finance market rocked by Luna crash

As the SR150 billion ($40 billion) collapse of cryptocurrency Luna sends shockwaves through a key segment of the digital asset market, traders are moving away from decentralized finance-related investments , reported the Financial Times.

With so-called “DeFi”, projects can operate without centralized intermediaries such as banks using automated systems that distribute control to key stakeholders. It is considered by many crypto enthusiasts to be one of the most promising developments in the digital asset industry.

However, the failure of Luna last month and its related terraUSD stablecoin underscores the risks of investing in DeFi projects and the potential for catastrophic errors in their design, the FT said.

DeFi markets depend on stablecoins for transactions, and the demise of Terra has particularly affected confidence in the sector, he added.

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Learn about top fraud trends in the financial industry https://ludicpyjamas.net/learn-about-top-fraud-trends-in-the-financial-industry/ Fri, 10 Jun 2022 11:55:30 +0000 https://ludicpyjamas.net/learn-about-top-fraud-trends-in-the-financial-industry/ Speaking at Money20/20 Europe, one of the biggest fintech events in the world, is always a privilege. This is an opportunity to reflect together and discuss the most pressing fraud trends in the financial sector and together find the best solutions to counter them Money20/20 Europe 2022 was unlike any other. There were over 4,000 […]]]>

Speaking at Money20/20 Europe, one of the biggest fintech events in the world, is always a privilege. This is an opportunity to reflect together and discuss the most pressing fraud trends in the financial sector and together find the best solutions to counter them

Money20/20 Europe 2022 was unlike any other. There were over 4,000 attendees from banking, fintech, payments and financial institutions and included some of the most influential senior executives and risk analysts leading anti-money laundering strategies ( AML), product management, threat intelligence, etc., sharing their ideas and experiences.

Financial companies are a prime target for attackers

The “wealthy” financial sector is naturally at the top of the bad actors’ attack radar. Our research shows that during the first quarter of 2022, financial companies suffered 2.5 times more attacks than in the previous two years. With the increasing adoption of digital payment methods, new credit options such as Buy now, pay later (BNPL)ease of opening new lines of credit, NFTexplosion in the number of cryptocemergency platformsetc., the attack vectors only increase.

The financial sector offers immense potential for monetization and intelligent robots make it easier – and cheaper – than ever for attackers to escalate attacks. A standard 97% of attacks against fintechs during the first quarter of this year were driven by bots. Even with a tiny success rate, attackers can walk away with big profits.

Consumer financial accounts are prime targets for account takeover attacks because these compromised accounts can be used for money laundering, money mining, loan seeking, and a host of other financial frauds. Not only do attackers infringe on consumers Account Securitythey also assemble synthetic identities to create a legit appearance fake new accounts deceive companies. Even if the fraud attempt is detected, attackers can get away with it as fraud and security teams find themselves chasing a non-existent consumer.

Sit back and take note of the synthetic fraud

The growing challenge of synthetic fraud is something I spoke about at Money20/20 Europe during a panel discussion titled “Synthetic Fraud Movements and What It Means for Consumers and Businesses”. Interest around the topic was overwhelming with great turnout during the session and the conversations that continued afterwards. I am grateful for the opportunity to share my thoughts and insights with my fellow panelists on the future of the metaverse, virtual reality, augmented reality, and security proposition in the advanced digital realm.

Strengthen inclusiveness in leadership

Another highlight of the event was the Rise Up Group Session ‘Women in STEM….The New Sexy’. It’s an open secret that organizations with more women in leadership positions can add exponential value to the overall success of the organization. I am happy that Money20/20 gives the importance it deserves to both gender equality and equal opportunities for women colligues to succeed.

I am proud of our own commitment to promoting gender equality and diversity within our company. The RiseUp session was a reiteration of this commitment, as we discussed ways to encourage more women to move up the corporate ladder.

Smarter detection solution

It was heartening to see participants searching for information about our smarter detection solution which can provide them with the necessary visibility on the evolution of attack tactics for a frauprevention while keeping the user experience intact. They realize that the opponent is highly motivated and well equipped with the latest tools. And that traditional defense mechanisms can no longer provide the level of security they need in the face of increasingly complex and targeted attacks.

The Arkose Labs team managing our stand was also extremely busy. The team memberVisitors interacted with visitors and showed them how our Arkose Detect and Arkose Protect solutions provide smarter and more transparent detection, which ultimately forms the basis of a more robust and advertising solution.active security posture.

Thank you for an interactive event

I’m pretty sure that, like me, Money20/20 Europe attendees came away wiser with in-depth insights into the challenges digital fraud poses to the financial industry and the best practices we can adopt to combat it. . onslaufight. My sincere thanks to the organizers, fellow panelists, attendees, and Arkose Labs team members for putting together an interactive and engaging event. Thanks!

*** This is a syndicated blog from the Security Bloggers Network of Arkose Laboratories written by Patrice Boffa. Read the original post at: https://www.arkoselabs.com/blog/uncovering-top-fraud-trends-finance-sector/

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Critical third parties for the financial sector: policy statement https://ludicpyjamas.net/critical-third-parties-for-the-financial-sector-policy-statement/ Wed, 08 Jun 2022 10:11:29 +0000 https://ludicpyjamas.net/critical-third-parties-for-the-financial-sector-policy-statement/ Background 1.1 Financial services firms and financial market infrastructure firms (“firms”) increasingly rely on third parties outside the financial industry for key functions or services (e.g. cloud computing services ) through outsourcing and other arrangements. These arrangements can have many benefits, but can also create risks. In particular, if many businesses rely on the same […]]]>

Background

1.1 Financial services firms and financial market infrastructure firms (“firms”) increasingly rely on third parties outside the financial industry for key functions or services (e.g. cloud computing services ) through outsourcing and other arrangements. These arrangements can have many benefits, but can also create risks. In particular, if many businesses rely on the same third party, failure or disruption of that ‘critical’ third party could threaten stability or confidence in the UK financial system.

1.2 The potential for such disruptions was highlighted in 2019 when the Treasury Select Committee published a report on information technology (IT) failures in the financial services sector. [footnote 1] International bodies, including the International Monetary Fund and the Financial Stability Board, have also noted these potential systemic risks.

1.3 Since then, businesses have become increasingly dependent on the cloud and other third-party providers. This led the Bank of England’s Financial Policy Committee (FPC) to conclude in 2021 that “increasing reliance on a small number of cloud service providers and other critical third parties could increase risks for financial stability without more direct regulatory oversight of service resilience”. They provide”.[footnote 2]

1.4 Following feedback from the 2021 FPC, the UK Treasury has worked with the Bank of England, including the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (“the financial regulators”) to understand what is the “direct regulatory oversight” of critical third-party services might involve; and provide a framework for them to manage risks to financial stability and their statutory objectives.

1.5 HM Treasury has worked with financial regulators to develop a proposal on critical third party risk mitigation for the financial sector. Various industry stakeholders participated in this proposal. Industry feedback has been positive and it has been widely recognized that direct oversight of some key services provided by third parties essential to the financial sector could be useful.

1.6 This policy statement details the UK Treasury’s proposal to reduce the risks of systemic disruption of the objectives of financial regulators, including financial stability and market confidence. Under this proposal, HM Treasury may, in consultation with financial regulators and other bodies, designate certain third parties who provide business services as ‘critical’. Financial regulators will then be able to establish rules, gather information and take enforcement action regarding certain services that critical third parties provide to companies and which are of particular interest to the objectives of the regulators (which the regulators call “material” services).

Objective of the critical third party regime

1.7 If many companies rely on the same third party for material services, the failure or disruption of this “critical” third party could have a systemic impact on the entire financial sector. Additionally, companies’ reliance on a limited number of critical third parties for key services in the financial services industry has increased in recent years and continues to do so. In 2020, for example, over 65% of UK businesses used the same four cloud providers for cloud infrastructure services.[footnote 3]

1.8 Disruptions to third parties and their supply chains also appear to be an increasing risk. The National Cyber ​​Security Center (NCSC) 2021 Annual Review noted that there had been an increasing number of cyber incidents in 2021, which highlighted the viability, effectiveness and global reach of chain operations. as a means of compromising relatively well-defended targets. [footnote 4] This review warned that “further such operations are almost certain within the next twelve months”. In 2022, the NCSC also highlighted the increased risk of cyber threats due to geopolitical issues and issued targeted guidance, including on supply chain risk management. [footnote 5] These guidelines reflect the main objective of limiting the UK’s dependence on individual suppliers or technologies that are developed under regimes that do not share our values, which was highlighted in the foreword. About the UK Government’s National Cyber ​​Strategy 2022. [footnote 6]

1.9 The current powers of financial regulators allow them to impose requirements and expectations on businesses which they have used to develop and implement an operational resilience framework. Companies are required to ensure that their contractual arrangements with third parties allow them to comply with this operational resilience framework, which includes requirements in areas such as data security, business continuity and exit planning. .[footnote 7]

1.10 However, these powers alone are not enough to address the systemic risk that could result from a disruption at a third party providing key services to multiple businesses. In particular, no company alone can manage the risks arising from a concentration of the provision of essential services by a third party to several companies – for example, if these services cannot be easily restored or replaced quickly and without cost and undue risks in the event of the failure or disruption of the third party. There may also be significant information and power asymmetries between certain third parties and companies, which may prevent companies from obtaining adequate assurances that their contractual arrangements achieve an appropriate level of operational resilience. Businesses are responsible for managing the risks to their operational resilience and will remain so under the proposed regime, the objective of which is to manage potential systemic risks arising from concentration in the simultaneous provision of material services to multiple businesses. The framework will therefore complement but not replace individual company responsibilities.

1.11 The proposed regime will fill this gap in the powers of regulators, allowing them to directly oversee the services that essential third parties provide to businesses. This will allow regulators to ensure that essential services provided by third parties to businesses in the financial sector are resilient, thereby reducing the risk of systemic disruption.

1.12 It is important for the government that the financial sector and its supply chain remain competitive and innovative. This is why the proposed regime aims to be flexible and proportionate, ensuring that the UK is able to reap the benefits of outsourcing, while combating the systemic risk it poses.

The critical third party regime

1.13 Under the proposed regime, HM Treasury will be able – in consultation with financial regulators and other bodies – to designate certain third parties to companies as ‘critical’.

1.14 Prior to appointing a critical third party, HM Treasury should consult with financial regulators and other relevant bodies. Financial regulators could proactively recommend the designation of certain third parties as “critical” to the UK Treasury, based on their analysis of data and company information. HM Treasury will also need to consider representations made by potential critical third parties. Companies in the financial sector could also make representations to HM Treasury in relation to their own third parties.

1.15 Designation will then be made by secondary law taking into account high-level criteria such as the number and type of services that a third party provides to businesses; and the materiality of these services. This designation framework will be defined in the primary legislation.

1.16 Once a third party has been designated as ‘critical’, financial regulators will be able to exercise a range of powers with respect to any material service the third party provides to the financial sector. In particular, financial regulators will be able to establish rules relating to the provision of these material services, collect relevant information from critical third parties and take formal (including coercive) measures if necessary. Financial regulators will be required to coordinate in the exercise of these powers.

1.17 A regulatory power will allow financial regulators to set minimum resilience standards that critical third parties will be directly held to in relation to the material services they provide to the UK financial sector. It will also allow financial regulators to require critical third parties to participate in a series of targeted forms of stress testing, to assess whether these standards were being met.

1.18 Financial regulators will be empowered to assess whether resilience standards have been met. These will include powers for financial regulators to:

  • request information directly from critical third parties about the resiliency of their business hardware services, or their compliance with applicable requirements;
  • appoint an independent “qualified person” to report on certain aspects of the essential third party services;
  • appoint an investigator to investigate potential breaches of legal requirements;
  • question a representative of a critical third party and demand the production of documents;
  • enter the premises of an essential third party under mandate in the context of an investigation.[footnote 8]

1.19 Financial regulators will have a range of statutory powers, including the power to order critical third parties to take or refrain from taking specific action; and enforcement powers, including the power to make breaches public and (as a last resort) to bar a critical third party from providing future services or continuing to provide business services. The powers of financial regulators in relation to CTP will be defined in primary legislation.

1.20 Financial regulators will issue a joint discussion paper, outlining in detail how the powers conferred on them by the legislation could be exercised, and seeking industry input on the most effective and proportionate way to do so . It will also explore the role of financial regulators when designating, including how they might make recommendations to Her Majesty’s Treasury when consulting. The discussion paper will also explore potential specific ways for financial regulators to coordinate the exercise of their powers with overseas financial regulators, UK authorities and regulators outside the financial services sector.

Next steps

1.21 The government intends to legislate for this plan when parliamentary time permits.

1.22 The Joint Financial Regulators Working Paper will be published shortly after the introduction of this legislation. Following Royal Assent, the financial regulators plan to release another consultation paper on their proposed rules, building on comments received in their discussion paper and new statutory powers that they offer.

1.23 Following the finalization of the Regulators Rules, HM Treasury will then expect to begin appointing the first Critical Third Parties under this new regime.

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UK financial sector donates large sum to political parties https://ludicpyjamas.net/uk-financial-sector-donates-large-sum-to-political-parties/ Wed, 08 Jun 2022 05:53:45 +0000 https://ludicpyjamas.net/uk-financial-sector-donates-large-sum-to-political-parties/ People walk along the bank of the River Thames outside the City of London’s financial district in London, Britain, May 18, 2022. [Photo/Agencies] UK banks, insurers and lobbyists have donated 15 million pounds ($18.75 million) to political parties and given more than 2 million pounds to lawmakers during the pandemic, highlighting “the outsized influence” of […]]]>

People walk along the bank of the River Thames outside the City of London’s financial district in London, Britain, May 18, 2022. [Photo/Agencies]

UK banks, insurers and lobbyists have donated 15 million pounds ($18.75 million) to political parties and given more than 2 million pounds to lawmakers during the pandemic, highlighting “the outsized influence” of the financial sector on the British political system, a campaign group has declared.

A study by London-based Positive Money found that financial firms and individuals linked to the sector held a “disproportionate” number of meetings with the UK government’s Treasury Department in 2020 and 2021.

The group’s report says this has led to supportive policies, such as deregulation, and an economy “structurally dependent” on the financial sector.

He noted that the main recipient of donations during this period was the Conservative Party, which recorded more than £11million, or 76% of these funds.

“Once the extent of big finance’s influence over government is laid bare, it becomes clear that the banks are getting bailouts and tax cuts, while the rest of us are benefiting from austerity and tax increases,” said David Barmes, senior economist at Positive Money.

The Guardian newspaper reported that the group’s study found that 47 Members of Parliament had received £2.3million in financial sector fees between January 2020 and December 2021, and that more than half of that sum had gone to only five Conservative politicians.

Former Prime Minister Theresa May was reportedly paid £200,000 for speeches at events organized by JP Morgan and Amundi Asset Management.

Health Secretary Sajid Javid was paid £175,000 for speeches and for his role as senior adviser to JP Morgan.

Positive Money has raised concerns about possible conflicts of interest between UK politics and the financial sector.

“Access to public institutions is not just the exceptional case of a few bad apples bending the rules – like the lobbying of (former Prime Minister) David Cameron on behalf of…Greensill Capital – but represents a systemic problem much more wide,” the band said. .

Political parties in the UK are required to report their quarterly donations and loans to the country’s Electoral Commission, giving voters important information about how parties are funded.

The Electoral Commission is an independent body that oversees elections and regulates political funding in the UK, which it said it does by “taking proactive steps to increase transparency, ensure compliance and prosecute breaches”.

The Guardian quoted a statement from the Treasury, which is the department responsible for the financial services sector, which said it was “just right for ministers and civil servants to meet regularly with industry representatives, as is the standard with political engagement,” adding “there is a clear policy in place on the declaration and management of interests for those working in government, with measures taken to avoid any conflict of interest.”

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Yuanta, CTBC and IBF pay highest salaries in finance industry https://ludicpyjamas.net/yuanta-ctbc-and-ibf-pay-highest-salaries-in-finance-industry/ Fri, 03 Jun 2022 07:00:00 +0000 https://ludicpyjamas.net/yuanta-ctbc-and-ibf-pay-highest-salaries-in-finance-industry/ By Kao Shih-ching / Staff Reporter Yuanta Financial Holding Co (元大金控), CTBC Financial Holding Co (中信金控), and IBF Financial Holdings Co (國票金控) topped their local financial conglomerate peers in terms of employee paychecks in the year latest, according to data released by the companies showed yesterday. Yuanta Financial reported a 25.6% annual increase in average […]]]>
  • By Kao Shih-ching / Staff Reporter

Yuanta Financial Holding Co (元大金控), CTBC Financial Holding Co (中信金控), and IBF Financial Holdings Co (國票金控) topped their local financial conglomerate peers in terms of employee paychecks in the year latest, according to data released by the companies showed yesterday.

Yuanta Financial reported a 25.6% annual increase in average employee salary to NT$2.04 million ($69,416) last year, making it Taiwan’s only financial conglomerate with a average salary over NT$2 million, according to company data.

CTBC Financial was second, paying its employees NT$1.9 million on average, up 21% from a year earlier, according to company data.

Photo: Chang Hui-wen, Taipei Times

IBF Financial ranked third with an average of NT$1.84 million, up 21%, according to its data.

Salaries for financial sector employees averaged NT$1.3 million, up 9.24% from a year earlier, helped by their employers’ average earnings per share (EPS) of 2.79 NT dollars last year, compared to NT$1.92 in 2020.

In terms of employee compensation, which includes salaries and benefits, Yuanta Financial and CTBC Financial topped the charts with averages of NT$2.31 million and NT$2.1 million respectively, while that state-owned Mega Financial Holding Co (兆豐金控) beat IBF Financial. with an average of NT$2.09 million.

Cathay Financial Holding Co (國泰金控) and Fubon Financial Holding Co (富邦金控), the country’s largest financial companies by assets and earnings respectively, reported the lowest average compensation among their peers.

Cathay Financial’s average employee salary increased slightly by 0.8% to NT$1.01 million, with an average compensation of NT$1.16 million, while Fubon Financial’s salaries increased by 8 .4% to reach NT$1.03 million on average, with an average earnings of NT$1.22 million, according to the published data. by companies have shown.

The two companies have 57,568 and 44,993 employees respectively, compared to Yuanta Financial’s 14,390 employees, CTBC Financial’s 21,087 employees and IBF Financial’s 1,530 employees.

Cathay Financial’s EPS was NT$10.34 last year, while Fubon Financial posted EPS of NT$12.49, well above the industry average of NT$2.79.

President Securities Corp (統一證券), China Bills Finance Corp (中華票券) and Central Reinsurance Corp (中央再保) topped the ranking of independent financial companies.

President Securities paid its employees an average of NT$2.16 million, 28.6% more than in 2020 and NT$790,000 more than the average salary of its listed counterpart Capital Securities Corp (群益證券) .

China Bills paid NT$1.88 million, up 7.4% year-on-year, and Central Reinsurance paid NT$1.83 million, up 21% from 2020.

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Why RBI is wary of big tech companies entering the financial sector https://ludicpyjamas.net/why-rbi-is-wary-of-big-tech-companies-entering-the-financial-sector/ Tue, 31 May 2022 07:00:00 +0000 https://ludicpyjamas.net/why-rbi-is-wary-of-big-tech-companies-entering-the-financial-sector/ How big is BigTech in financial services? In India, fintech has entered ventures that go beyond the scope of a single regulator. The most popular are in the payment space through the National Unified Payments System. Others deal with stock markets, mutual funds and insurance. At first, fintechs were seen as a competitor to the […]]]>

How big is BigTech in financial services?

In India, fintech has entered ventures that go beyond the scope of a single regulator. The most popular are in the payment space through the National Unified Payments System. Others deal with stock markets, mutual funds and insurance. At first, fintechs were seen as a competitor to the banking industry, but later evolved as a partner to several traditional banks and non-bank lenders. We are now in a phase where banks are increasing their investments in technology and some of the big lenders think they will leave behind the more nimble fintechs in the race for customers.

Have RBI and these companies locked horns?

RBI is reportedly looking into a deal between Google Pay and Equitas Small Finance Bank, announced last September. It was intended to allow customers to use Google Pay to open fixed deposits with Equitas. RBI’s concerns could have stemmed from the involvement of a major tech company in collecting deposits from customers, but Google’s payment app is believed to be for product distribution only. RBI Deputy Governor Mr. Rajeshwar Rao had said last October that the entry of BigTechs into the financial sector was a global phenomenon, attracting the attention of central banks around the world.

What is RBI’s position on data storage by foreign companies?

In April 2018, RBI had mandated all payment companies to store data exclusively in India. A delay in compliance by WhatsApp led to a restricted rollout of its payment functionality. Diners Club, American Express and Mastercard have been told to stop issuing cards in 2021 after failing to store data exclusively in India. RBI then authorized Diners Club to issue cards.

What has RBI done so far to verify BigTech?

The regulator is taking small steps toward regulating the presence of big tech companies in financial services. In June 2018, she created a fintech unit within the regulatory department as a central point of contact for fintech-related activities. In January, this was separated as a separate department. RBI believes that regulations are needed to mitigate risk. He believes that the size of large technology companies in the financial sector poses systemic and concentration risk to the economy; they also enjoy an unfair competitive advantage over regulated entities.

How do regulations affect consumers?

Regulation of the fintech industry and big tech companies in finance should protect consumer rights. The issue of privacy and data security is equally critical, given that India does not yet have strong data protection legislation. Last November, the RBI committee pointed out that large technology companies typically enter financial services by sharing the data they have collected with existing financial services companies and gradually providing financial services in partnership or directly to their clients.

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DeFi platform Marhaba taps $3 trillion in Islamic finance sector with Halal-compliant NFTs https://ludicpyjamas.net/defi-platform-marhaba-taps-3-trillion-in-islamic-finance-sector-with-halal-compliant-nfts/ Sat, 28 May 2022 07:00:00 +0000 https://ludicpyjamas.net/defi-platform-marhaba-taps-3-trillion-in-islamic-finance-sector-with-halal-compliant-nfts/ Marhaba DeFi Network (MRHB), an ethical Muslim-focused decentralized finance platform, has started providing non-fungible token (NFT) minting for what it calls the “world’s first halal compliance certifications.” Hosted on the MRHB’s SouqNFT marketplace, the certifications could help bring transparency to companies and businesses, allowing them to show “definitive proof to their customers that their business […]]]>

Marhaba DeFi Network (MRHB), an ethical Muslim-focused decentralized finance platform, has started providing non-fungible token (NFT) minting for what it calls the “world’s first halal compliance certifications.”

Hosted on the MRHB’s SouqNFT marketplace, the certifications could help bring transparency to companies and businesses, allowing them to show “definitive proof to their customers that their business practices are halal and acceptable to Muslims.”

“The trustless nature of NFT-based halal compliance certifications addresses a pressing need in the halal economy sector, where certificate forgery is common or difficult to validate,” said MRHB Founder and CEO Naquib Mohammad at BeInCrypto.

“NFTs are unique and not replaceable or interchangeable – this makes them a perfect technology for immutable certificates,” he added. He said the “first” entity to receive such certification of halal compliance is Cache Gold, a crypto gold platform from Singapore.

How does the certification process work?

As part of the system, companies wishing to comply with Shariah can now do so by getting certified by Shariah Experts Ltd., a London-based halal consultancy specializing in Web3 projects.

The company relies on the SouqNFT platform to issue and mint halal certificates on the blockchain, in a new use case for NFTs. Until now, halal certification was mostly done on paper or digitally, but this tended to expose users to “slow tampering and verification processes”.

Mohammed said every project within the MRHB ecosystem is screened for modesty and morality in accordance with halal, an Arabic concept describing what is permitted under Islamic law.

While SouqNFT also hosts non-fungible tokens that are halal but uncertified, its screening process generally checks for issues such as nudity, hate speech, racism, and authenticity for all NFTs, whether under the form of an image, a video or a sound, he explained.

“The blockchain’s complete transparency also means that anyone can easily cross-check a certificate with Shariah Expert’s public key to verify beyond a shadow of a doubt that it was that specific Shariah consulting firm that struck. the NFT and issued the certificate. By default, NFTs embed proof of ownership,” Mohammed said.

$2.7 trillion Islamic finance industry frowns on bitcoin

Shariah compliance is an important customer need and regulatory requirement in several Muslim markets. But the legitimacy of crypto assets such as bitcoin (BTC) remains a subject of great controversy.

Prominent Islamic leaders have tagged bitcoin as “haram” – meaning it is prohibited by Sharia on the grounds that the asset can be used for illegal activities such as money laundering, gambling and fraud, which are prohibited by the Quran .

There are also concerns about the lack of central authority and how digital currencies rob governments and central banks of their power over national monetary systems. In November, a prominent Islamic scholar from Indonesia, Asrorun Niam Sholeh, issued a religious statement, or fatwa, Attention supporters against crypto investing saying “it’s like gambling”.

Against this backdrop, Naquib Mohammed’s MRHB is entering the NFT space, and elsewhere in DeFi, in hopes of enticing conservative Muslim worshipers with its alternative halal financial products. The network aims to operate an Islamic finance industry estimated at over $2.7 trillion and serving one billion people, according to the British Muslim financial platform Qardus. Explaining, Mohammed said:

“MRHB functions effectively as a gateway for Islamic liquidity to flow into the crypto market. When Islamic liquidity flows in, interest in NFTs will also increase. We are creating a new market.

Sharia Compliance Threatens DeFi’s Autonomy?

Although the MRHB considers itself to be decentralized, its processes for controlling the application of halal compliance can amount to access control. This is anathema to the philosophy of DeFi, which thrives on autonomy, challenging the status quo. But Muhammad said:

“We definitely control certain aspects, such as listing and operations, under a select set of protocols, but once audited by the Shariah team, the decentralized aspects are not compromised.”

He explained that besides religious considerations, the basics of halal-compliant NFTs are acceptable even to those who do not follow Islam, as the standard expectations align with what is generally considered ethical web practices.

The MRHB says it is building an ecosystem of DeFi products and services “specifically designed for ethically conscious people such as Muslims.” In 2021, the outfit raised $5.5 million in an initial dex offering (IDO). Since then, he launched a halal crypto wallet called Sahal and partnered with 14 companies, including Polygon.

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“History of stability”: the financial sector has helped absorb global crises https://ludicpyjamas.net/history-of-stability-the-financial-sector-has-helped-absorb-global-crises/ Fri, 27 May 2022 07:00:00 +0000 https://ludicpyjamas.net/history-of-stability-the-financial-sector-has-helped-absorb-global-crises/ The financial services industry is a “story of stability” as there has not been a major financial crisis since 2008, according to a report by US consultancy Oliver Wyman. He published The State of the Financial Services Industry 2022 which explores how the financial sector has changed over the past decade and found that the […]]]>

The financial services industry is a “story of stability” as there has not been a major financial crisis since 2008, according to a report by US consultancy Oliver Wyman.

He published The State of the Financial Services Industry 2022 which explores how the financial sector has changed over the past decade and found that the financial system has been a “shock absorber” for major global issues.

“First and foremost, there has been no major financial crisis since 2008,” the report said. “This is a far cry from the experience of the previous 20 years, when a reasonably large crisis hit the financial system every four to five years.”

However, the report said it was “by no means” calling for an end to the financial crises.

“The buildup of leverage in the economy after a decade of cheap money is concerning, and as most banks look to future scenarios, stagflation – weak economic growth combined with underlying inflation – is a very difficult possibility for economies and could trigger credit deterioration.”

However, the report says the evidence is that the financial system is in better shape than “at any time in recent memory” to manage and continue to support economic growth.

He noted actions taken during the Covid-19 pandemic, sanctions against Russia due to the war in Ukraine, and action on climate change via net zero policies as actions taken that demonstrated the resilience of the economic growth.

“Covid-19 was found to create credit losses well below expectations,” the report said. “The financial system has played an important role as an economic shock absorber, with excess capital capable of absorbing an expected high level of economic losses that did not occur, allowing financial services companies to rewrite much of what ‘they had written.

Oliver Wyman, global head of financial services, Ted Moynihan, said the financial services sector had enjoyed a good decade without major crises, while playing an important societal role in Covid-19 and on the climate.

“The decade has also seen a sea change in the financial services landscape, towards a broader industry with more companies acting in coopetition with each other, and overall a shift in relative value from incumbents to new players” , he said in a media. press release on the report.

However, with rising interest rates and market volatility, Moynihan anticipates different conditions over the next few years “with the benefits for companies that can anticipate and pivot to new sources of value growth.”

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