FinTech News for Tech Leaders - 01/07/2024

The European Central Bank (ECB) is scheduled to conduct a rigorous stress testing process on 109 banks in order to evaluate their ability to withstand and respond to cyberattacks, as well as their capacity to recover. The tests are slated to begin on January 6, 2024. In 2024, the ECB intends to perform cyber resilience stress tests on the 109 banks under its supervision. These tests will assess the banks’ capabilities in dealing with the fallout of cyberattacks, as opposed to previous tests which looked at prevention measures. Findings from the tests will inform the ECB’s Supervisory Review and Evaluation Process, allowing a close examination of each bank’s individual risk profile. Results of the tests are expected to be made available in the summer of 2024. HSBC is rolling out Zing, their new international payments app, on January 4, 2024. The article examines HSBC's new FX payments app, Zing, which has been developed to rival fintechs such as Revolut and Wise. Initially appearing on Apple's App Store and Google Pay in the UK, the app will be available in other countries further down the line. As it is open to everyone and not just HSBC customers, Zing symbolizes a strategic move by the bank to tackle digital banking services and neobanks by providing international payment options. On January 6, 2024, a regulation called DORA will be introduced in the finance sector. As of January 6, 2024, the finance sector will have a new regulation known as DORA in place.. This blog post discusses the Digital Operational Resilience Act (DORA), an EU financial regulation focusing on maintaining the operational strength of the financial sector. It outlines the implementation, components, and enforcement of the Act. The main aim of DORA is to manage IT-related incidents in financial institutions, requiring organizations to develop IT risk management frameworks, incident response systems, resilience evaluations, and third-party threat management. The article implores financial institutions to understand and observe DORA in order to ensure a secure financial system. By the end of 2023, European Union regulations regarding cryptocurrency had been approved, but the United States was still the leading authority in this sector. This article focuses on the part the U.S. has been playing in prosecuting crypto companies in 2023, citing landmark court cases and settlements, mostly concentrating on Binance's. The European Union has also gone ahead and formulated sweeping cryptocurrency regulations that have set an example for other countries around the world. The article takes a deep look at the changing face of crypto regulations and enforcement, particularly the U.S.'s rigorous approach and the EU's progress in legislation. We trust that you found our newsletter informative. We'd appreciate it if you would like, comment, and share it., We hope to be hearing from you soon regarding the most recent project. We want to ensure that the project moves forward in a timely manner. We eagerly await your response regarding the project, and we trust that you can help make sure it progresses expediently. The Bluebird team, we hope to get word from you soon about the recent project. We wish to ensure that it is being taken care of efficiently. We look forward to hearing back from you about the project and we trust you will be able to help ensure its speedy completion.

Source: https://medium.com/@balazs.refi/top-fintech-news-for-tech-leaders-01-07-2024-cd5b09cbc8c7?source=rss------fintech-5