Crypto exchange Bitmart has become the latest DeFi firm to fall victim to a large-sacle security breach, losing an estimated $100 million and suspending all withdrawals.

As regulators hone their focus on Decentralised Finance (DeFi), new data from Elliptic reveals that just over $12 billion in losses have been suffered over the past year by DeFi users and investors.

The rapid shift to digital by established banks in Apac is outpacing their capacity to adequately protect themselves from emergent cyber threats, according to analysis by the Financial Services Information Sharing and Analysis Center (FS-Isac).

BNY Mellon has launched an ISO 20022 Hub to help clients and other financial institutions to manage the transtion to the new payment standard.

Shares in Robinhood have taken a dip after the retail stockbroking platform revealed that five million customer e-mail addresses were lifted from its servers during a social engineering hack.

Source: Fintech Saudi

Over the last 12 months, the fintech industry in Saudi Arabia has continued to grow at a rapid pace as stated in the recent Fintech Saudi Annual Report 2020/2021. The number of Saudi fintech companies operating in the Kingdom rose dramatically by 37% with an investment amount exceeding SAR 1.3bn (USD 347m).

Global investment in fintech bounced back strongly in the first half of 2021, hitting $98 billion with a record number of deals, according to KPMG.