StanChart says costly compliance upgrades almost done
The stakes are high for bank that is under investigation by regulators from US to HK
Singapore
STANDARD Chartered plc (StanChart) said it has almost completed costly technology upgrades required to cope with stricter banking regulations worldwide, freeing it up to focus more on revenue-generating products such as digital banking.
The London-based bank spent 60 per cent of its US$1 billion technology budget on compliance-related systems last year and plans a similar allocation for 2017, chief information officer Michael Gorriz said in an interview in Singapore.
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