Latest News & Media Updates in Singapore

DORA: Upcoming Next Big Deadline

The Digital Operational Resilience Act (DORA) is approaching a critical deadline, requiring financial firms to strengthen their IT risk management and cybersecurity frameworks. This article highlights the key compliance challenges and the urgent actions companies must take to meet regulatory expectations. With the clock ticking, financial institutions need to assess their operational resilience strategies, collaborate with third-party service providers, and implement robust security measures to avoid penalties and ensure seamless compliance.

The Future of Business Banking: Affordability and Digital Innovation

The article predicts significant shifts in business banking by 2025, driven by growing demand for cost-effective and digital-first solutions. According to a NerdWallet survey, UK business leaders prioritize affordability, with 43% preferring accounts without monthly fees and 34% valuing free basic transactions. Digital convenience is also crucial, with 37% of businesses favoring online access over in-branch services and many emphasizing user-friendly apps. Traditional banks must adapt by modernizing offerings to remain competitive, as fintech solutions and challenger banks cater to evolving business needs.

Exploring Fintech Trends: What to Expect in 2025

In 2025, fintech will see a surge in multi-generational banking solutions, ESG integration across products, and compliance modernization driven by DORA. Real-time reporting will become standard, pushing banks to upgrade systems. Additionally, "Core Banking as a Service" (CBaaS) is set to revolutionize the industry, enabling flexible, cloud-based financial solutions. These developments aim to enhance personalization, transparency, and competitiveness while meeting customer and regulatory demands. The evolution underscores the industry's drive toward innovation and sustainability.

Finance Day at COP29: Critics Question Global Climate Summit first-day announcements

Is COP still fit for purpose in addressing climate challenges? Does COP remain effective in uniting global efforts on climate finance? Critics argue the process has become too bureaucratic and disconnected from real solutions, particularly in areas like sustainable finance and investment alignment with climate goals. According to Portfolio Adviser, finance leaders at COP29 stress the importance of actionable commitments, transparency in climate pledges, and accelerating the mobilization of private and public funds. While COP continues to highlight climate challenges, its role in driving tangible, timely outcomes is increasingly questioned amidst growing scrutiny over its structure and impact.

How Global Banking Solutions Are Driving Financial Innovation in 2024

The article discusses how global banking solutions are evolving in 2024, driven by digital transformation, AI, and fintech partnerships. Banks are increasingly adopting digital-first strategies to enhance operational efficiency and deliver personalized customer services. Notable trends include the rise of open banking, which fosters innovation by allowing third-party access to customer data, and the integration of blockchain for enhanced security and transparency. However, traditional banks face challenges in integrating legacy systems and meeting ever-evolving regulatory demands. Embracing fintech collaborations and leveraging advanced technologies are seen as critical for staying competitive