News In Brief - October 18, 2021

October 18, 2021
The EU’s banking watchdog has repealed its internet security guidelines for payments, while three technology firms in Singapore have launched a new platform to support environmentally friendly financial services.

EBA Repeals PSD1 Guidelines

The European Banking Authority (EBA) has repealed its guidelines on the security of internet payments.

This guidance had been issued by the Paris-based EU institution before the revised Payments Services Directive (PSD2) came into force in 2016.

Subsequently, they have been superseded by the PSD2 and the related EBA instruments that were developed in support of the PSD2.

These incorporate and go further than the compliance requirements set out by the guidelines, leading to their repeal.

The EBA has now asked national competent authorities to take the corresponding steps that may be necessary at national level.

Singapore Companies Launch New Platform To Support Environmentally Friendly Financial Services

Singapore technology companies have joined forces to provide green financial services and to help local small and medium-sized enterprises (SMEs) track their carbon footprint.

CO2X, a new initiative launched by three Singapore technology companies, will provide a tool for businesses and the financial sector to “navigate the complex regulatory and costly certification frameworks that hinder the adoption and financing of sustainability practices, especially for SMEs”.

The platform will build on the expertise of the founding companies, Ascent Solutions, Evercomm Singapore and fintech Hashstacs, in emerging technologies such as the Internet of Things, data analytics and blockchain.

“Leveraging on the CO2X platform, companies are able to track their carbon footprint to achieve benchmarking and devise data-driven emission reduction strategies that in turn help reduce the fuel and energy costs of doing business,” CO2X says on its website.

It will also provide data and reports that allow businesses to undergo green certification against international standards.

“CO2X also goes one step further to attract green financial services like sustainability-linked loans and insurance products through the issuance of certified carbon avoidance certificates captured on the blockchain,” the company adds.

Last week, CO2X signed a memorandum of understanding (MoU) with key industry and association participants from the finance, transport and logistics sectors.

The testing of the beta platform with the industry partners will start next month.

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