Nikkei — TOKYO — An experiment to create a low-cost and highly reliable blockchain infrastructure to record financial transactions is gathering steam in Myanmar. Blockchain is a distributed database that maintains a continuously-growing list of data records that are difficult to tamper or revise. The technology serves as the public ledger of transactions using the virtual currency bitcoin.
Enterprise Innovation — Credit Suisse has released an enhanced private banking app available to customers with accounts in Hong Kong. The bank’s initial digital private banking platform was first rolled out in Singapore in March 2015. More than 12 months of client usage analysis and usability testing led to the launch of an enhanced version of the app launched in Hong Kong, with a brand new design and client user interface as well as additional language capabilities.
FT — Banks in Singapore are collaborating on a new service that would allow customers to make payments using Facebook IDs or Twitter username. The system will allow electronic transfers between account holders who have registered their social media identities with their banks, allowing users to make payments by selecting the payee’s Facebook ID instead of typing in an account number and sort code.
Reuters — The central banks of Indonesia and South Korea have been hit by cyber attacks on their public websites since activist hacking group Anonymous pledged last month to target banks across the world, senior officials in the two countries told Reuters. In response to the attempted hacks, Bank Indonesia (BI) has blocked 149 regions that don’t usually access its website, including several small African countries, Deputy Governor Ronald Waas said in an interview late on Monday.
Times of India — The CEO of SWIFT , the interbank messaging system embroiled in a global bank-hacking controversy, says to expect more information about breaches to emerge as fully armouring the network’s defenses is likely to take years. “We don’t think this is going to be solved overnight, so we’ll be looking for a number of quick wins to improve things in the near term,” Gottfried Leibbrandt, SWIFT’s CEO, said on Wednesday.
MIS Asia — Myanmar Oriental Bank (MOB) has teamed up with VMware – a cloud infrastructure and business mobility provider – to better support its growing number of small and medium enterprise (SME) customers. MOB’s employees across its network of 37 branch offices manage large amounts of data from customer information and financial records to provide financial intermediation for SMEs.
Tech in Asia — Apple Pay is finally making its big move towards becoming ubiquitous in Singapore. AsChannel NewsAsia reports: Tech giant Apple announced the expansion of its mobile payment service, Apple Pay, in the Republic on Wednesday (May 25). Before this, only customers with cards issued directly by American Express were able to use the service.
Tech in Asia — KPMG and CB Insights today released the Pulse of Fintech, a quarterly report on the state of fintech across the world. According to the report, 218 deals worth a total of US$4.9 billion were closed across the globe between January and March – more than double the US$1.9 billion that was invested into fintech startups during the previous quarter.
Enterprise Innovation — Vietnam’s Asia Commercial Bank (ACB) is undertaking a legacy infrastructure refresh and updating its workplace collaboration strategy using a private cloud platform. One of the largest private banks in Vietnam by asset, the bank employs 9,000 staff working in of the 350 branches and sub-branches scattered across 47 cities and provinces in the country.
IT News — If you use the term “cloud computing” at your next barbeque, owing to the invention of smartphones, you might find yourself in a conversation about privacy. If you mention the term “big data”, you might also get a flicker of recognition and end up in roughly the same place. However, if you drop the word “blockchain” into the discussion you’re almost guaranteed a blank stare.
BBC — A top cyber-security firm is investigating whether North Korea could be linked to attacks on banks in recent months. Symantec said it had evidence that the same group attempted to steal money from a bank in the Philippines, one in Vietnam and Bangladesh’s central bank. It also said the rare malware deployed was similar to that used in the hacking of Sony Pictures in 2014.
Times of India — LONDON: The SWIFT secure messaging service that underpins international banking said it plans to launch a new security programme as it fights to rebuild its reputation in the wake of the Bangladesh Bank heist. The Society for Worldwide Interbank Financial Telecommunication (SWIFT)’s chief executive, Gottfried Leibbrandt will tell a financial services conference in Brussels that SWIFT will launch a five-point plan later this week.
MIS Asia — Vietnam-based private bank Asia Commercial Bank (ACB) has tapped on Dimension Data to refresh its legacy infrastructure and improve workplace collaboration through a private cloud platform. Dimension Data has migrated ACB’s existing legacy system to a Microsoft platform while ensuring that all solutions are cloud and hybrid ready.
MIS Asia — IBM and Deloitte Financial Crime Strategy and Response Network have teamed on mitigating financial crime in Asia. Deloitte will use the IBM Counter Fraud Management (CFM) platform to deliver advanced financial crime data analytics services across the region. IBM CFM is an integrated set of solutions that are designed to address all phases of enterprise financial crime measures.
Enterprise Innovation — A Forrester study commissioned by Microsoft revealed vastly different levels of maturity in cloud understanding and adoption among financial services institutions (FSIs) in Hong Kong and across Asia Pacific. The report titled ‘Cloud is Critical to Digital Transformation in the Asia Pacific Financial Sector’ analyzed the impact of regulatory compliance, security and privacy, and reliability concerns on current and future cloud initiatives.
Gulf News — Hanoi: A foiled hacking attack on a small Vietnamese bank may have been a practice run for an $81 million cyber assault on Bangladesh’s account at the Federal Reserve Bank of New York, and points to vulnerabilities in how banks connect to the Swift interbank messaging system.
Channel News Asia — FRANKFURT: The European Central Bank will set up a database to register incidents of cyber crime at commercial banks, aiming to create an early warning and analysis system for big lenders, it told a German newspaper on Thursday. Attackers earlier this year stole US$81 million from a Bangladesh central bank account at the New York Fed in one of the biggest-ever cyber heists, heightening global concerns over cyber security.
Channel News Asia — REUTERS: In the years before hackers stole US$81 million from a Bangladesh central bank account at the Federal Reserve Bank of New York, senior Fed security officials examined the risk of such an attack: but judged the prospect unlikely, bank sources told Reuters.
Enterprise Innovation — The retail sector experienced almost three times as many attacks as those in the financial sector, new research published in the NTT 2016 Global Threat Intelligence Report reveals. The finance sector topped of the list of cyberattacks on organizations in the 2015 report. This year, cyberattacks on financial industry dropped significantly to fourteenth position.
Asia One — Banks in Singapore are increasingly being targeted by cybercriminals, experts said, given the growing sophistication of the dark web that has developed into a bustling marketplace for malware, complete with money-back guarantees. While other financial centres – and certainly non-financial corporations – are also at risk, Singapore stands out as a significant number of banking customers read Chinese.
Bloomberg — Tata Consultancy Services Ltd.., Asia’s largest software services exporter, reported profit for the fourth quarter that beat analyst estimates as it won new contracts from banks and healthcare providers. Net income rose to 63.4 billion rupees ($952 million) in the three months ended March, the Mumbai-based company said Monday.
ZDNet — The incidence of ATM, credit, debit card and net banking-related fraud has gone up by more than 35 percent between 2012-13 and 2015-16 in India, according to country’s federal bank Reserve Bank of India (RBI). According to RBI data, 8,765 cases were reported by banks in 2012-13 and the corresponding figures for subsequent three years were 9,500 (2013-14), 13,083 (2014-15) and 11,997 (in the first nine months of 2015-16) respectively. India ranked third after Japan and the US as countries most affected by online banking malware in 2014.
MBAI: Reserve Bank Governor Raghuram Rajan today said the country has taken enough preventive measures following a recent $951-million cyber heist scandal involving the Bangladesh central bank. “What happened in Bangladesh is certainly a source of concern for all of us, and we have taken some measures and are continuing to understand better what actually happened so that we can further our measures,” Rajan told reporters.
Enterprise Innovation — Banks based in Hong Kong are very focused on their perimeter security that they overlook to protect their online banking services on the application and user levels. “They are still in the alignment stage and they don’t emphasize protection in the application and user level,” said Juni Yan, managing director for Hong Kong and Taiwan at F5 Networks.
Computer Weekly — Kaspersky Lab has revealed that the Adwind malware-as-a-service platform was at the centre of an attack on a Singapore bank. A bank in Singapore has been targeted by cyber criminals using a malware-as-a-service platform that enables people with low-level computer skills to launch attacks against organisations.
IT News — Treasurer Scott Morrison is considering forcing Australia’s big banks to share more of their data with financial technology start-ups to bolster the country’s comprehensive credit reporting scheme. The announcement was made as part of the government’s new policy vision for growing the fintech sector, launched today.
IT News — Bangladesh’s central bank has hired a lawyer in the US for a potential lawsuit against the New York Federal Reserve after unknown hackers stole US$81 million (A$107 million) from its account. In one of the largest cyber heists in history, the hackers breached the computer systems of Bangladesh Bank (BB) in early February and succeeded in issuing instructions to the New York Fed to transfer US$81 million to accounts in the Philippines.
ZDNet — The head of the Bangladeshi central bank has resigned following a devastating cyberattack which rinsed the country’s federal reserve account of at least $80 million. Atiur Rahman, who served as Governor of the Bangladesh Bank, the central financial institution for the country, submitted his resignation to Prime Minister Sheikh Hasina this week according to the BBC.
GT Review — Bangladesh’s central bank governor Atiur Rahman resigned this week (March 16) after one of the biggest cyber heists in history was inflicted upon his bank. Unidentified hackers used Swift, the financial messaging system, technology to steal US$81mn from Bangladesh’s account at the Federal Reserve Bank of New York. The money is thought to have been transferred to accounts in Sri Lanka and the Philippines.
FT — The governor of the Bangladesh central bank has resigned over a $101m cyber theft from the bank’s accounts with the New York Federal Reserve last month. Atiur Rahman offered his resignation to Sheikh Hasina, Bangladesh’s prime minister, “for the sake of my country” after an audacious electronic raid that constitutes one of the biggest bank robberies in history.