Weekly Analysis and Opinion Highlights - 11 October 2021

Weekly Analysis and Opinion Highlights – 11 October 2021

Find out the latest analyses and opinions from fintech! Topics of interest for this week include: data, cybersecurity, social media and fintech, botnet, financial sanctions and more. Dive into the insights and discover the most credible voices from the industry. Happy reading!

Digital transformation in asset management – obstacles for fund administrators (Fintech Futures)
Maureen Fitzpatrick, VP of business development, DataArt, highlights on the fact that the asset management industry is making a record number of investments into digital transformation – not just money, but time, energy and talent. The digitisation process, however, doesn’t just affect asset managers; many fund administrators need to adhere to industry standards in order to keep pace with their rapidly changing requirements, but are struggling to do so. Read more.

Finding out about finfluencers (Fintech Futures)
Dave Wallace, writer at Fintehc Futures, explores the importance of social media influencers in advertising fintech company’s reputation. To stamp out mis-selling, regulators have put increasingly stringent rails around how a consumer can be given advice or guidance. Institutions have invested heavily in risk and compliance teams. If a customer wants advice, they generally have to pay for it—many people don’t want to or can’t do that. The result is an advice vacuum, leading to a drop in financial literacy with a knock-on impact on consumer confidence, just at a time when new asset classes and self-directed platforms have exploded onto the scene. Read more.

Lots and Lots of Bots: Looking at Botnet Activity in 2021 (Security Week)
Derek Manky, expert at Security Week, points out a thought that a botnet today can be used as a foundation for bad actors to carry out other attacks later. Botnets continue to be a major problem for cybersecurity teams. With the growth in sophisticated threats, botnets are becoming more malicious, sometimes able to create hundreds of thousands of drones that can attack a variety of machines, including Mac systems, Linux, Windows systems, edge devices, IoT devices, and so on.  Read more.

UK sanctions enforcement: fintech in the spotlight (Fintech Futures)
Jason Hungerford, Partner, Paul Whitfield-Jones, Senior Associate and James Ford, Senior Associate at Mayer Brown, discuss the fact that HM Treasury’s Office of Financial Sanctions Implementation (OFSI) is responsible for administering the UK’s financial sanctions and has the power to impose civil monetary penalties for violations. The enforcement action is interesting given the apparent recent focus of the US sanctions authorities on non-traditional financial services companies. Read more.

HKMA’s Digital Currency Whitepaper Discusses Ground Work for e-HKD (Fintech Times)
Francis Bignell, analyst at Fintech Times, analyses a technical whitepaper, that the Hong Kong Monetary Authority (HKMA) has released on retail central bank digital currency (CBDC), titled “e-HKD: A technical perspective”. The HKMA announced the “Fintech 2025” strategy in June this year, one strategic direction under which is to strengthen research work on CBDC with a view to future-proofing Hong Kong in terms of CBDC readiness. Read more.

If I had a penny… (Fintech Futures)
Leda Glyptis, analyst at Fintech Futures, presents a discussion analysis titled “If I had a penny..”, discussing money transactions. If I had a penny for every time someone heralded a momentous financial inclusion conversation and then talked about getting the unbanked onto the system by giving them a current account, I would be one rich woman and the financially excluded would be as excluded as ever. Only this time with bank accounts. Empty ones. Read more.

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