LONDON: Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog said on Tuesday.
But the lack of common regulatory standards across EU states for a growing subsector could pose barriers for wider market adoption of RegTech, the EBA said. "In the longer term, additional actions, such as the creation of a centralised EU database of RegTech solutions or a potential certification of RegTech ... could be further explored and considered at the EU," it said.However, most challenges that hold back RegTech from wider use are located within banks and RegTech firms, and it would be for them to take action, the watchdog added.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Princes William and Harry to reunite for unveiling of Diana statue in LondonThe brothers commissioned the statue four years ago to celebrate their mother's life. She died aged 36 in a 1997 Paris car crash when William was 15 and Harry was 12. What good the princes do for British people except living off taxpayer money. Inter racial marriage woes? That extra baggage that comes with such unions. Parties need to provide the demand in efforts to make things work.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
EU airlines, airports warn digital Covid-19 certificate roll-out risks chaos
Source: TODAYonline - 🏆 1. / 99 Read more »
Mexican billionaire Salinas says his banking business may embrace bitcoinMexican billionaire Ricardo Salinas Pliego said on Sunday his banking business may begin using bitcoin, becoming the country's first bank to start ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Mexico says cryptocurrencies are not money, warns of risksMEXICO CITY (Reuters) -Mexican financial authorities on Monday said that crypto assets are not legal tender in Mexico and are not considered currencies under current laws, warning that financial institutions that operate with them are subject to sanctions. The joint statement by the Bank of Mexico, finance ministry and banking regulator comes after Mexican billionaire Ricardo Salinas Pliego on Sunday said his banking business, Banco Azteca, may begin using bitcoin, which would make it the country's first bank to start accepting the cryptocurrency. Earlier this month, El Salvador made a dramatic move to make bitcoin a legal tender, a world first.
Source: YahooSG - 🏆 3. / 71 Read more »
Financial watchdog orders crypto exchange Binance to stop regulated activities in UKBritain's Financial Conduct Authority (FCA) ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »