Gain financial regulation qualification online
Warwick Business School in partnership with the Bank of England are delighted to offer two online specialist Postgraduate Awards, which are perfect for anyone working in financial regulation to evidence their professional development.
You will debate and cover questions such as how do financiers judge ethical questions in financial markets? What are the implications for regulators and for clients?
- Financial Regulation&Supervision – Starting in June 2021
Studied online over a period seventeen weeks, you will gain a detailed knowledge of the subject, learn industry best practice and gain a qualification to evidence your understanding.
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By Ed Lloyd, EVP Global Head of Sales, Encompass
The COVID-19 pandemic is still having a devastating impact on businesses and the economy in the UK, and access to funds, loans and financial schemes remains a top priority for business. In many cases, this kind of support is what has helped businesses to stay afloat so far.
The Coronavirus Bounce Back Loan Scheme (BBLS) is just one example. Announced in April, it was designed to help small firms unable to access other forms of support survive the crisis by providing quicker access to funds, through a number of accredited lenders across the UK, with the government, at the time, providing guarantees around the repaying of agreed loans, provided they were evidenced to be legitimate
Bounce Back Loan Scheme corrupted by fraud
Since the Chancellor extended all connected loans, with businesses now having to pay loans back in January, there have been rising concerns about the potential risks. As mentioned, the scale of fraud has been significant, with criminal gangs exploiting the situation.
And, during this time, we have seen that false applications in the UK have gone almost entirely unreported, with less than 0.5 per cent of the expected cases being flagged to the police. The latest figures from the national Action Fraud 服务显示，今年仅收到176篇基于政府支持的贷款计划的欺诈报告，这令人极为担忧。其中有95份是犯罪报告，详细说明了已发生的犯罪，其余81份是关于未遂犯罪的信息报告。然而，国家审计署报告称，仅“反弹贷款计划”已为超过120万申请人提供了369亿英镑的贷款。
Even the Cabinet Office has warned that fraud losses from these loans were likely to be significantly above the norm–suggesting at least £1.85bn had been claimed dishonestly
The impact this issue is having on businesses and businesspeople alike cannot be underestimated, as the government refuses to pay back any fraudulent loans, and victims are even having to fight to prove they did not make loans applications.
To do this properly, it is likely they would have to conduct Know Your Customer (KYC) activity on loan beneficiaries again, and to a higher standard than before, in order to ensure dirty money is not flowing into their institutions. We know current manually driven KYC processes are not time effective and they would struggle to do this correctly in the timeframe as a result.
How are criminals doing it?
Lenders have been under pressure from the government to approve these loans within 48 hours, which doesn’t give them the time they require to conduct the level of KYC checks and measures needed to identify any risks or fraudulent activity. This problem is exacerbated by the high level of demand for the scheme–and, worryingly, there is just no telling how many of these applications are indeed fraudulent.
Whilst it is true that the entire process needs a head-to-toe structural review, there is one core topic that must be highlighted here, and that is the benefits of RegTech.
Data Unions, fisherfolk and DeFi
By Ruby Short, Streamr
In the fintech world it seems every month there’s a new trend or terminology to get acquainted with. From just learning about cryptocurrency a few years ago, to the crazy boom markets of 2017-18, the market has now moved on to DeFi, or Decentralised Finance to those less in the know.
这一趋势也正在积蓄势头-2019年初，在DeFi经济中投资了2.75亿美元的加密抵押品， February of this year it hit $1 billion, and by the end of July this number had risen to $4 billion.
According to crypto exchange Binance，DeFi指的是“旨在创建一个开放源代码，未经许可和透明的金融服务生态系统的运动，该生态系统所有人都可以使用，并且无需任何中央授权即可运作。”从本质上讲，无论是通过对等模型还是DeFi应用程序，它都能为使用它的人提供完全的资产控制。
These apps, known as DApps, run on a blockchain network meaning they’re not controlled by a single authority. And as they are also Open Source, they are publicly available–characteristics that make transactions quicker, more affordable and more efficient than their centralised counterparts, where data is stored on servers managed by one authority (think traditional banks).
So why is DeFi getting so much attention?
DeFi is exciting for many because it gives more people more control over their money. Where much of the financial sector is traditionally centralised it inherits bias, thus restricting many people from their funds and what they can do with it.
With this approach, anyone can make investments or get into trading much more easily, and, most importantly, keep control in the hands of the user and not large corporations.
One of the preliminary benefits of this control is the improved visibility we gain over our financial data. In fact, any data we produce in general, whether online or through smart devices is predominantly controlled by giant centralised platforms such as Google and Facebook. In many cases users are unaware of where this is being sold on, or at least have been up until now.
与DeFi和DApps一样，已经引入了分散控制权的方法– in the form of Data Unions。这是一个相对较新的概念，该框架使个人可以将其实时数据与其他人捆绑在一起，以创建可出售的有价值的见解，从而为每个人提供创收的机会。它正在帮助企业和个人实现其产生的信息的价值。
How does it work?
Our data on its own holds little value, but once bundled with multiple data sets from other people and sources and combined in a Data Union, it becomes an attractive set of insights to buyers who can use it to improve their market knowledge, product or service.
然后，这些信息通过Streamr网络经过加密后传递到数据联盟，并与其他人的数据捆绑在一起，以在Marketplace上出售–a process called crowdselling, which has the potential to generate unique data sets by incentivising trade directly from data producers.
What’s more, Data Unions can be set up to capture any form of data. For instance, a music streaming company could commission their own app where users could sell their listening and genre habits paired with their demographic info.
What has this got to do with DeFi?
为了解决这个问题，数据联盟是有好处的，因为它使任何互联网用户都可以为他们的数据付费，这与 data tax that has been proposed by many politicians. And, the advantage of a DeFi solution is that anyone can get paid from it because the finances are no longer dependent on their jurisdiction, but on which products they are using. Putting these together can have endless benefits.
我们已经看到了这种情况的发生，并使用了一个框架来改善处于财务边缘的群体的生活。 Tracey 是与WWF合作的启用区块链的数据联盟。
The application incentivises Filipino fisherfolk to record their catch and trade data digitally through direct data monetisation via the Streamr Marketplace. This data makes the first mile of their seafood products through the supply chain, traceable. With regional fish stocks declining, accurate catch yield data is a desirable insight for third party members such as retailers and final buyers.
The benefits of this model are twofold. Many fisherfolk in the Philippines are unbanked, meaning they don’t have a bank account. Trading this data gives them access to finance and loans previously out of reach, changing them and their family’s livelihoods. It also enables a self-sustaining ecosystem that captures accurate traceability data and helps these areas monitor their overfishing levels for more sustainable fishing.
What does this mean for us for the future?
ECOMMPAY expands Open Banking payments solution to Europe
Open Banking by ECOMMPAY leverages Open Banking technology, which enables third-party providers to access banks’ data to provide payment initiation through API connections. The news comes as research by the Open Banking Implementation Entity recently showed that uptake of Open Banking has doubled 在过去的六个月中，有超过200万的消费者在使用数据共享服务。
Benefits for consumers as well as merchants
For shoppers, Open Banking by ECOMMPAY means confidential information is accessed in a secure manner, compliant with GDPR requirements. Financial data is stored in one place so that credit decisions on loans or other transactions can be made promptly. Purchases can be made easily via smart devices, and consumers simply log in to their online banking via their mobile app to approve payments.
Simplified European expansion
Historically, businesses growing into new markets would require a local banking relationship to facilitate the collection of direct debit payments, and face multiple complications around legal requirements, licenses and compliance. However, Open Banking by ECOMMPAY allows companies to use one efficient, cost-effective and simple payment solution to expand within Europe.
Paul Marcantonio, Executive Director of ECOMMPAY, commented: “Open Banking is revolutionising the way we pay, and the recent growth in its use indicates people are looking for more payments choice. Open Banking for Europe by ECOMMPAY will allow us to cater to the increasing number of people taking advantage of this secure, real-time and simple payment technology. Our solution will let merchants quickly expand into new markets and accept payments directly from customers’ bank accounts.
“With the pandemic shifting businesses online faster than ever before, the need for fast, safe and secure payment methods is growing. There is an urgent need to cater to a variety of payment methods, and at the same time to counter fraud and cyber-crime.”
自2012年成立以来，ECOMMPAY一直保持稳定增长，并在六个主要国际市场（包括亚洲，欧洲，非洲，俄罗斯和英国）设有国际办事处和业务，已建立了全球业务。该公司是Visa和Mastercard的主要成员，也是Visa Direct和MoneySend的成员，并且是PayPal Commerce平台上的第一个付款提供商，也是第一个实施Mastercard Dashboard的收款人。
The company will be hosting a webinar on Open Banking on 10th 十二月。 ECOMMPAY及其主持人将探讨开放银行为企业带来的各种机遇，实施它所面临的挑战以及如何使其从各个业务角度发挥作用。关键主题将包括开放银行将如何影响未来的在线业务，英国退欧和Covid-19的影响以及如何成为早期采用者。
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Data Unions, fisherfolk and DeFi