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Financial institutions news from around the web: May 16 – 20, 2022

Written on May 19, 2022

App risk management strategies 
App risk management is a process of identifying and mitigating risks associated with mobile apps. It is essential for app developers to be aware of the risks that their apps might pose to the end-user and to have a plan in place to mitigate these risks. 

Cyberattacks on financial firms are more damaging, target sensitive data 
Two-thirds (66%) of financial service institutions experienced attacks targeting their “market strategies ... [in a way that] aligns with economic espionage and can be used to digitize insider trading and front-run the market,” according to a release on VMware’s fifth annual Modern Bank Heists report. 

Most financial institutions in Asia need until 2023 to scrap Libor benchmark 
Most financial institutions operating in Asia will take until next year to remove references to the Libor benchmark in loan agreements, an industry survey found, though most iterations of the benchmark were discontinued at the end of 2021. 

Chinese financial institutions' NFT guidelines prevent them from any major role in digital collectibles 
Chinese financial institutions have been asked to stay clear of non-fungible tokens (NFTs) following guidelines issued by major industry associations to curb risks associated with digital assets, pre-empting any backlash from the government given its cautious approach to the technology.