The Asian Banker

New transaction signing token will cost six largest Singapore banks more than $50m
Banks are convinced that commercial risk-reward trade-offs and customer inconvenience do not fully justify the new transaction signing token for e-banking.

Dec 20, 2012 | Research

Online banking platforms of commercial banks handle millions of transactions every month. In mature markets such as Hong Kong and Singapore, more than 50% of all retail transactions are conducted through e-banking. For securities trading, Forex margin trading and IPO subscriptions, this percentage can exceed 80%. Banks in these two markets are able to generate between $10 and $100 per customer annually, mostly on transactional services and trading. Online banking has become more mainstream with active rates now surpassing 60%. As a consequence, regulators frequently update their risk…

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Categories: Internet Banking, Operational Risk & Security, Regulation, Retail Banking, Retail Payments, Risk and Regulation, Technology & Operations
Keywords: Man in the Middle Attack, DDoS, HKMA, MAS, NAF, Assurity, HSBC, 2FA, Standard Chartered Bank, RHB, Assurity
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