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StanChart says costly compliance upgrades almost done
The stakes are high for bank that is under investigation by regulators from US to HK
Add BT as a preferred sourcePublished Fri, Mar 24, 2017 · 09:50 PM
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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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