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Increasing fintech won't displace banks: Moody's

THE rise of financial technology (fintech) firms highlights the shift to digital 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 new entrants, said Moody's Investors Service. In a report released on Thursday, Moody's estimated the number of fintech-related startups at 4,000 globally, with total estimated...


Key executive changes at Great Eastern Holdings

THE wheels of change have been set in motion at Singapore's oldest insurance group, Great Eastern Holdings, following the sudden exit of at least two key executives in recent weeks - which caught industry players and observers by surprise. In a filing with the Singapore Exchange (SGX) on the morning of April 27, the group - the insurance arm of local lender OCBC Bank - said its chief financial of...


Banks must have high levels of IT security, says MAS

Recent cyber attacks on financial institutions around Asia have prompted the Monetary Authority of Singapore (MAS) to stress the need for high levels of IT security. It said in a statement yesterday: MAS expects financial institutions to implement strong controls in their IT systems as set out in the MAS Technology Risk Management Guidelines. Such guidelines require banks to conduct regular int...


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