The central bank in Hong Kong has launched a Cybersecurity Fortification Initiative to help lenders protect their key technology systems following the recent cyberattacks on some banks connected to the SWIFT interbank financial messaging system.
Authorities in Dhaka and the United States are continuing to investigate the cyber heist in February in which thieves using malware stole $81 million from the Bangladesh central bank's account at the Federal Reserve Bank of New York. A similar attempt to steal money from a commercial bank in Vietnam using fraudulent SWIFT messages was not successful.
Alipay's plans to increase its overseas presence could be hindered by new rules in its home market of China that compel users to provide more personal data and set limits on the amount of money they can transfer and deposit, according to Bloomberg.
Alipay recently said that it plans to launch in Europe this summer with a view to offering Chinese consumers travelling abroad the same payment service that they experience at home. But, under the new regulation, Chinese consumers who do not have a mainland China bank card won't be able to hold money in Alipay accounts. Alipay has warned customers without mainland China bank cards to clear their balances in case their accounts are frozen.
A United Nations-backed study has found that digital payments to emergency workers saved lives, time and over $10 million in costs during Sierra Leone's Ebola epidemic. The Better Than Cash Alliance (BTCA), study revealed that the cost savings came about as false payments to workers who were not actually involved in the Ebola response were eliminated through using digital wallets. "Ebola response workers put their lives at risk every day. It was vitally important they received all the money they earned, with no skimming or theft. They got it immediately, as their families had no other income; and only legitimate workers got paid — no one else. Paying Ebola response workers directly into a digital wallet instead of cash met these goals, saved lives and over $10 million," Dr Ruth Goodwin-Groen, managing director of the Better Than Cash Alliance said.
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