Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals

Cambridge Analytica has filed for Chapter 7 bankruptcy in the United States after announcing that it had lost most of its clients for using data from 87 million Facebook users to influence the 2016 US election.  It is facing lawsuits in the United States over Facebook data collection and in the filing, listed assets of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.

” Cambridge Analytica Files for Chapter 7 Bankruptcy after Facebook and US Election Scandals “

Cambridge Analytica was founded in 2013, and uses data to help commercial and political divisions change audience behavior.  The board includes Rebekah Mercer and Jennifer Mercer, daughters of billionaire Robert Mercer and co-CEO of Renaissance Technologies, one of the world’s largest hedge fund.

In the United States, Chapter 7 bankruptcy filing means the debtor’s assets are sold to pay the lenders (creditors) while in Chapter 11, the debtor will restructure with creditors to ensure the orderly regroup or disposal of assets.

Source: SCMP, ReutersCambridge Analytica

 

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UK Banks Close Down 1000 Branches

UK Banks Close Down 1000 Branches

More than 1000 bank branches have closed down over the past 2 years as more customers have turned to mobile banking. HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches.

“HSBC has shut most outlets since 2015 reducing almost 30% of its network by closing down 321 branches. “

~ Financial Times

Royal Bank of Scotland and Lloyds Banking Group shut 191 & 180 branches respectively. Banks have been cutting costs at a time when profits are being squeezed by record low interest rates. HSBC has seen the number of branch visits drop by 40% in the past five years and it intends to grow its mobile and online banking.

Related Reports: Financial Times, BBC

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

MAS Maps Out a Plan Towards Open API Architecture to Bolster Fintech Push

The Monetary Authority of Singapore (MAS) mapped out a plan to show the central bank moving towards an open Application Programming Interface (API) architecture. APIs are defined as sets of requirements that specify how one application interacts with another . They will enable financial institutions to integrate their systems and open the way for interaction with third parties for the development of better products.  “APIs reduce the time to market, lower the cost of implementing projects and changing business rules,” said Mr Lawrence Ang, Executive Director and Head of MAS’ IT Department.

“APIs reduce the time to market, lower the cost of implementing projects and changing business rules”

~ Mr Lawrence Ang, Executive Director and Head of MAS IT Department

MAS also raised the example of how APIs can increase the efficiency of certain regulatory processes, such as banks’ submissions of applications and transactions. This will be key in promoting regulatory technology  and help the central bank to ensure a safe and secure financial sector, Mr Ang said.

Related Reports: Channel NewsAsia, FinTech News Singapore

 

About Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore — banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

 

Visit: Monetary Authority of Singapore


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Singapore to be First Southeast Asian Country to Have Samsung Pay

Singapore to be First Southeast Asian Country to Have Samsung Pay

Singapore will be the first country in Southeast Asia to receive Samsung’s mobile payment system, Samsung Pay.  Samsung said the service will launch this quarter, without giving a specific date. Once available, the city-state will join the likes of South Korea, the U.S. and China. Samsung Pay is a secure and easy to use mobile payment service that can be used to make purchases almost anywhere.

The service has confirmed its partnership with major payment networks – American Express, MasterCard and Visa and major banks such as DBS/POSB, OCBC and Standard Chartered.

“Singapore will be the first country in Southeast Asia to receive Samsung’s mobile payment system, Samsung Pay”

-Samsung Newsroom

Related Reports: CNBC, Bloomberg, Official Press Release,

About Samsung

Samsung was founded by Lee Byung-chul in 1938 as a trading company. Over the next three decades, the group diversified into areas including food processing, textiles, insurance, securities and retail. Samsung entered the electronics industry in the late 1960s and the construction and shipbuilding industries in the mid-1970s; these areas would drive its subsequent growth. Following Lee’s death in 1987, Samsung was separated into four business groups – Samsung Group, Shinsegae Group, CJ Group and Hansol Group. Since 1990s, Samsung has increasingly globalized its activities and electronics, particularly mobile phones and semiconductors, have become its most important source of income.

Visit: Samsung


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