Foreign news: Insider trading UK, ING collaborating with 45 fintechs all at once, Bangladesh Bank's
Martyn Dodgson, a former managing director at Deutsche Bank, and an accountant, Andrew Hind, have been convicted of insider dealing by majority verdict in London in what is considered the UK's biggest insider trading case, reports ThomsonReuters. Three other men were cleared at Southwark Crown Court following nine days of deliberations. The UK Financial Conduct Authority, which brought the case, said Dodgson and another corporate broker gave information about deals to Hind, who passed it on to two day traders. The men were accused of making £7.4 million. Dutch bank ING has taken to collaboration with fintechs in a big way, disclosing in its latest financial report that it is working with 45 fintech companies on various digital transformation programs. Finextra reports that the collaborative work is on customer-friendly technology, robo-advice, a digital business banking platform, mobile onboarding and more. ING operates a Fintech Village in Belgium and an Innovation Studio in the Netherlands. US investigators suspect the theft by computer hackers of US$81 million from Bangladesh's central bank was partly an inside job. The Wall Street Journal notes that, if so, it's the first hint of culpability in a case that has exposed new vulnerabilities in the international banking system. Agents with the Federal Bureau of Investigation have found evidence pointing to at least one bank employee acting as an accomplice, people familiar with the matter told the WSJ. A "handful of others" may also have assisted hackers in navigating Bangladesh Bank's computer system, the WSJ added. 1Malaysia Development Berhad's missed bond coupon payment in April highlights ongoing uncertainty around the finances and governance of the state-owned fund. The situation is unlikely to lead to an immediate crystallisation of the existing guarantee obligations of the Malaysian sovereign for 1MDB securities affected by cross-defaults, Fitch Ratings says. "The risk to the sovereign credit profile lies more in the potential for the affair to weaken policy focus or contribute to political instability. However, there is little sign of these risks materialising as yet," the ratings agency added.