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OCBC testing fintech solutions in vetting money laundering

Singapore OCBC Bank is trying out two financial technology (fintech) solutions to augment its competency in combatting money laundering and terrorism financing. The fintech companies involved are BlackSwan Technologies and Silent Eight. Both these companies were involved in the second fintech accelerator programme run by OCBC Bank's fintech unit, The Open Vault at OCBC. The companies leverage artificial intelligence to research on individuals and...


Fintech adoption in Singapore still lags global rate, says EY

SINGAPORE'S fintech adoption rate continues to be below the global average of 33 per cent, despite the increase from 15 per cent in 2015 to 23 per cent in 2017, according to the latest Ernst & Young (EY) FinTech Adoption Index. This comes as Singapore draws more fintech companies and services, such as Lufax's first overseas online wealth management platform, as announced on Monday. EY draws a comparison of Singapore and the UK, which are...


Why banks need new operating models

MANY banks have recognised that they need a truly differentiated strategy as the industry's economics have come under pressure from new technology and entrants with disruptive business models. For example, large technology firms such as Alibaba, the Internet giant in China, and Kakao, the messaging giant in South Korea, have been moving into markets such as payments, raising customers' expectations for better digital tools and simple, convenient...


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