Banking regulations have evolved over time. From the 1930 regulations of “One Holding Bank” in the US to the Basel Committee, we have come a long way
By Sunil Peter
With the emergence of digitisation across sectors and new business models, the entry barriers to traditional banks have been disrupted to the point where the lines between business and technology have been blurred. Fintech is the new buzzword in the business sector. Fintech stalwarts across the globe are challenging the status quo of financial services by highlighting the problems faced by consumers as seen from the point of view of technology.
There are a whole lot of security concerns to be addressed – financial services institutions have been wary of open or ‘permissionless’ Blockchains (like the one used as Bitcoin ledger) simply because the loopholes are still less understood. The very innovation that drives business growth and value also create first order cyber risks. Advanced technologies such as chip-based cards and SMS-based OTP have helped the banks to implement security controls to mitigate traditional cyber risks. However, as the technology has evolved, attack vectors have also become…
