The Central Bank of the UAE (CBUAE) has recently introduced the Sandbox Conditions Regulation, aimed at fostering a conducive environment for startups and global fintech companies.

This move is designed to enhance creativity and innovation within the financial sector by providing a structured regulatory and supervisory framework. The regulation is also expected to bolster the financial sector’s competitiveness and contribute to the UAE’s economic expansion.

Regulatory Framework and Participant Conditions

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The regulation sets out specific criteria that participants, including startups, fintech firms, and established businesses offering innovative financial services, must meet. It permits these entities to trial new business models, products, and services for a set period while adhering to ongoing regulatory requirements to safeguard the interests of all parties involved.

Enabling Proactive Supervision and Regulatory Compliance

These stipulations allow the CBUAE to proactively monitor and address innovations through its supervisory activities, assisting participants in aligning their operations with regulatory standards.

Application Requirements

To qualify, applicants must introduce a technologically innovative financial product, service, solution, or business model that could potentially benefit consumers and/or the broader industry. Participants are also expected to show an intention to expand the proposed service across the UAE after completing the sandbox program.

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Promoting Innovation and Protecting Stakeholders

Khaled Mohamed Balama, Governor of the CBUAE, remarked that the release of the Sandbox Conditions Regulation underscores the UAE’s dedication to nurturing innovation and advancing a knowledge-based economy. The framework not only encourages experimentation and positive contributions to the economy but also prioritizes consumer protection and the interests of all stakeholders.

The regulation has been officially published in the Official Gazette and is now in effect.

Source: economymiddleeast.com

The post CBUAE issues Sandbox Conditions Regulation to boost innovation in financial services sector appeared first on HIPTHER Alerts.

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Region sees 108% increase in voice scams as fraudsters continue shift to mobile

MELBOURNE, Australia and MUMBAI, India, June 25, 2024 /PRNewswire/ — A new financial crime report out today details how criminal organizations in the APAC region now outsource the laundering of money stolen via scams to international syndicates specializing in this cleaning. BioCatch identified and helped APAC banks shut down more than 150,000 money mule accounts in 2023 and estimates exponentially more such accounts in use across the region.

“Where there are scams, there are mules,” BioCatch Director of Global Fraud Intelligence Tom Peacock said. “Criminal organizations use these mule accounts as intermediate stops between the victim’s bank account and the final account from which they plan to withdraw their stolen money. The mules we’ve identified almost certainly represent a tiny fraction of those actively laundering money in the region, with more cropping up every day. Financial institutions in APAC and around the world must do more to identify these mules, hamper their ability to open new accounts, and identify those legitimate accounts money launderers succeed in turning from good to bad.”

In this latest edition of its Digital Banking Fraud Trends in APAC report, BioCatch – which identifies and prevents fraud and financial crime in real time by analyzing as many as 3,000 different physical behavior patterns (mouse movements and typing speed, for example) and cognitive signals (hesitation, segmented typing, etc.) in search of anomalies – points to mobile malware as the greatest threat to banks in Southeast Asia in 2024.

“Whether through SMS-mining or illegal loan apps, we’ve seen an explosion in Android-based malware in the region,” Peacock said. “Malware developers continue to innovate, circumventing bank and Google Play Store defenses to harvest what they need from mobile devices to access digital banking accounts and then transfer away the victim’s funds to a money mule.”

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There is reason for hope in fighting fraud in APAC, however. In Australia, the number of reported scam cases grew by 13% in 2023, but scam losses declined by $90 million.

“Nine out of the 10 largest Australian banks employ BioCatch solutions to protect their customers from fraud and financial crime by analyzing the behavior of the user behind every online banking session,” BioCatch APAC Vice President Richard Booth said. “Already in 2024, we see massive progress: Money lost to fraud in the country declined by 48% in the first quarter of this year compared to Q1 of 2023. It’s difficult to reach any conclusion other than that BioCatch has left Australian digital-banking customers far safer from fraud than they were before.”

Other key findings:

• No desktop or laptop needed: BioCatch found as much as 70% of all reported frauds in APAC originated from mobile apps in 2023, an increase of 17% from the year before.
• Scams are everywhere: Across the region, the number of reported voice scams increased by 108% in 2023.
• Australia bucking all trends: In addition to seeing fraud losses actually decline, the nation also saw fewer fraud cases involving malware or Remote Administration Tools (RATs) in 2023 than it did in 2022.

Click here to access BioCatch’s complete 2024 Digital Banking Fraud Trends in APAC report.

About BioCatch:
BioCatch stands at the forefront of digital fraud detection, pioneering behavioral biometric intelligence grounded in advanced cognitive science and machine learning. BioCatch analyzes thousands of user interactions to support a digital banking environment where identity, trust, and ease coexist. Today, more than 30 of the world’s largest 100 banks and 196 total financial institutions rely on BioCatch Connect™ to combat fraud, facilitate digital transformation, and grow customer relationships. BioCatch’s Client Innovation Board – an industry-led initiative featuring American Express, Barclays, Citi Ventures, HSBC, and National Australia Bank – collaborates to pioneer creative and innovative ways to leverage customer relationships for fraud prevention. With more than a decade of data analysis, 92 registered patents, and unmatched expertise, BioCatch continues to lead innovation to address future challenges. For more information, please visit www.biocatch.com.

Media contact:
Jay Jones
[email protected]

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VANCOUVER, BC, June 25, 2024 /PRNewswire/ — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX: WPRT) (Nasdaq: WPRT), a leading supplier of advanced alternative fuel systems and components for the global transportation industry, is pleased to publish its 2023 Environmental, Social and Governance (“ESG”) report (the “2023 ESG Report”). The 2023 ESG Report outlines the Company’s accomplishments within its primary areas of focus that include reduced emissions and energy consumption, operational health and safety, diversity, equity and inclusion, responsible sourcing, human rights, and ESG governance.

“We are committed to shaping a future that is driven by the three pillars of ESG – environmental stewardship, social responsibility, and strong governance,” said Dan Sceli, Chief Executive Officer of Westport. “We have embraced the challenge of achieving sustainable operations, with an unwavering dedication to our core values of integrity, respect, and perseverance. We are focused on decarbonizing transportation to help clean our air and create a more sustainable future for all.”

Highlights of the 2023 ESG Report include:

• >90% of total waste recycled from production sites,
• 20% reduction in Scope 1 CO₂ emissions,
• 7% decrease in Scope 2 emissions,
• disclosure of Scope 3 GHG emissions
• 32% of our global workforce is female, and
• won two prestigious national awards – the Friendly Workplace recognition at the plant in Poland and the Award for Excellence at the facilities in Italy.

Westport, with a significant portion of its business located in Europe, is actively working on the implementation of the Corporate Sustainability Reporting Directive (CSRD). This initiative marks a significant step forward in the Company’s commitment to advancing ESG goals. By adopting the CSRD standards, Westport aims to enhance transparency, accountability, and sustainability in our operations, reinforcing dedication to responsible business practices and long-term value creation for all our stakeholders.

About Westport Fuel Systems

At Westport, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport, we think ahead. For more information, visit www.wfsinc.com.

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Contacts: Westport Media Relations, T: + 1 604-718-1992, E: [email protected]; Westport Investor Relations, T: +1 604-718-2046, E: [email protected]

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