Banks will focus on fintech innovation

While regulations continue to be top of mind for financial institutions, banks have another main concern: the innovations and progress being made by fintechs, according to a survey released by EY.

Financial institutions need to be more aware of the effect fintechs-which provide “simpler, more convenient, more transparent” services, are having on the industry, EY stated in its Global Banking Outlook survey for 2018. In its Global Banking Outlook 2018 survey, EY assessed 221 financial institutions across 29 markets. According to the results, banks argue that innovation, not just regulation, is behind the wheel of progress.

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Singapore Central Bank hopes crypto tech could will survive crash

Ravi Menon, who is the chief of the Singapore’s de facto central bank, expressed hope on Monday that technologies underpinning cryptocurrencies and the blockchain would survive a crash in the former, news agency Reuters reported.

The Managing Director of the Monetary Authority of Singapore (MAS) said at a UBS Wealth Insights event that he hoped an eventual crash in cryptocurrencies will not undermine the much deeper, and more meaningful technology associated with them.

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Ripple teams up with MoneyGram for faster payments

Ripple, a blockchain company and rival to bitcoin, on Thursday announced a tie-up with Dallas-based money transfer giant MoneyGram.

The move is significant because the arrangement involves the use of XRP, Ripple’s digital currency, which has recently soared in value but also faced questions about its practical uses.

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