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MAS Revises Tech Risk Guidelines Amidst Heightened Cyber Attack Threats

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The Monetary Authority of Singapore (MAS) has issued a revised Technology Risk Management guidelines in light of the recent spate of cyber attacks dominating the headlines.

The revised guidelines focuses on addressing technology and cyber risks in financial institutions (FIs) deploying cloud technologies, application programming interfaces, and rapid software development.

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The guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies.

The revised guidelines set out enhanced risk mitigation strategies for FIs which includes establishing a robust process for the timely analysis and sharing of cyber threat intelligence within the financial ecosystem.

It also outlines the importance of conducting cyber exercises to allow FIs to stress test their cyber defenses by simulating the attack tactics, techniques, and procedures used by real-world attackers.

In light of FIs’ growing reliance on third party service providers, the revised guidelines set out the expectation for FIs to exercise strong oversight of arrangements with third party service providers, to ensure system resilience as well as maintain data confidentiality and integrity.

The guidelines also provides additional guidance on the roles and responsibilities of the board of directors and senior management to ensure that a Chief Information Officer and a Chief Information Security Officer, with the requisite experience and expertise, are appointed and accountable for managing technology and cyber risks;

The board should also include members with the relevant knowledge to provide effective oversight of technology and cyber risks.

The revised guidelines have incorporated feedback received from the public consultation conducted in 2019, MAS’ engagement with the industry, and MAS’ Cyber Security Advisory Panel (CSAP).

Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said,

Tan Yeow Seng, Chief Cyber Security Officer, MAS

Tan Yeow Seng

“Technology now underpins most aspects of financial services. Not only are financial institutions adopting new technologies, they are also increasingly reliant on third party service providers.

The revised guidelines set out MAS’ higher expectations in the areas of technology risk governance and security controls in financial institutions.”

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Source: https://fintechnews.sg/47256/fintech/mas-revises-tech-risk-guidelines-amidst-heightened-cyber-attack-threats/

Blockchain

How XRP Ledger Can Help Central Banks Create and Manage Digital Currencies

FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […]

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FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […] Checkout PrimeXBT
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Source: https://www.cryptoglobe.com/latest/2021/03/how-xrp-ledger-can-help-central-banks-create-and-manage-digital-currencies/

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Blockchain

Indonesian Fintech Firm Payfazz Invests $30 Million in Xfers

Payfazz made a strategic investment in the Singapore-based firm to establish Fazz Financial Group.

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Blockchain

Revolut Expands Banking Services to 10 More European Countries

These are already available in Lithuania and Poland.

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Blockchain

Apple Pay Users Can Now Buy COTI Via Simplex

Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply. With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for […]

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply.

With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for goods and services straight from a user’s phone.

This integration will not only facilitate the purchasing of COTI and other cryptocurrencies in the SImplex platform but also improve security by not requiring users to provide their credit card information over the internet.

COTI also announced that it has continued its partnership with Simplex to launch the COTI debit cards and bank accounts in the future, with the design development being scheduled to start in the near future.

Facilitating Payment Trough Crypto

Coti announced back in December of 2020 that it would be launching its COTI Pay debit card and bank accounts in January of 2021.

However, the issuance of the products was delayed and no specific date has been set while the company continues to work in partnership with Simplex.

The team behind the project expects that the issuance of the physical and virtual debit card will significantly increase the adoption of the network by facilitating crypto payments both for users and merchants alike.

COTI debit cards will be available globally but originally launched in Europe, followed by the United States, Asia, Oceania, and other regions.

The bank account, on the other hand, will be immediately available globally and work as a gateway between fiat and cryptocurrencies not only by allowing users to store them in the COTI Pay app but also by facilitating the conversion between both types of currency.

COTI aims to provide features such as no maximum purchase limits, 1-click transactions with various partners, 1-time know your customer (KYC) process, and a variety of payment and transfer options.

COTI and Simplex: A Long Time Partnership

COTI and Simplex originally announced their partnership on June 18 of 2019, with the aim to optimize crypto payment processing by using state-of-the-art fraud prevention solutions, AI technology, and Cryptocurrencies.

At the time, Simplex was already working with both Binance and Kucoin, some of the biggest cryptocurrency exchanges in the world, to increase digital currency adoption.

Nimrod Lehavi, co-founder and CEO of Simplex, referred to the importance of this partnership by stating:

“Easy and fast credit card payments for mainstream users is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with COTI and together enable a much better, fast and easy payment experience.”

Cryptocurrencies have gained increasing popularity as payment methods as exchanges like Binance, Crypto.com, and Coinbase have started launching their debit and credit cards, but there is still a long road ahead before they are available o the general public.

Partnerships such as the one between Simplex and COTI could pave the way for enterprises to take advantage of the benefits of crypto on their daily operations, increasing trust in crypto and incentivizing merchants to facilitate the transition from fiat.

COTI: Facilitating Global Payments

COTI is an enterprise-grade fintech platform built using distributed ledger technology that aims to meet the challenges of traditional finance by making use of new technologies and infrastructure.

The acronym COTI stands for “Currency of the Internet”, which summarizes the vision behind the project.

The company has partnerships with companies like Ernst & Young, Blackedge Capita, Lacanstar Group, Wave financial, and Base 15, which operate as both investors and advisors on the development of the platform.

The platform makes use of a Directed Acrylic Graph (DAG) instead of a blockchain-based storage solution, as well as a trust scoring system, meditation system, and currency exchange to achieve scalability, simplicity, cost-effectiveness, security, instantaneity, and price stability.

The platform uses the native token COTI, which has rapidly increase its value during the first 3 months of 2021 reaching an all-time high of $0.22 after starting the year at $0.04.

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Source: https://blockonomi.com/apple-pay-coti-simplex/

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