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FINANCE

Cloud Exchange to trade computing capacity

Deutsche Börse, operator of the Frankfurt stock exchange, unveiled Tuesday plans to launch a new market place where companies, public sector bodies and research institutes can buy and sell excess cloud computing capacity.

Cloud Exchange to trade computing capacity
Photo: DPA

The Deutsche Börse Cloud Exchange will be a joint venture between Deutsche

Börse and Berlin-based cloud management specialist Zimory and will be operational from the start of next year, the two partners said in separate statements.

It will “enable IT resources to be traded like securities and energy, electronically, and within seconds. The new company aims to launch initially a cloud computing spot market in the first quarter 2014,” Zimory said.

“Deutsche Börse Cloud Exchange will fundamentally change how cloud computing resources are bought and sold,” said Zimory chief executive Rüdiger Baumann.

“The time when contract negotiations took months will be over for most businesses.”

“With its great expertise in operating markets, Deutsche Börse is making it possible for the first time to standardise and trade fully electronically IT capacity in the same way as securities, energy and commodities,” said board member Michael Osterloh.

AFP/jlb

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FINANCE

German watchdog steps up monitoring of popular N26 online bank

Germany's financial watchdog on Wednesday ordered online bank N26 to step up "internal controls and safeguards" to prevent money laundering and terrorist financing, and said it was appointing a special representative to monitor progress.

German watchdog steps up monitoring of popular N26 online bank
An N26 card. Photo: Wikimedia Commons

Bafin’s announcement marks an escalation of previous warnings to the popular Berlin start-up, which has come under fire in the past for not properly verifying the identities of new customers.

“Bafin ordered N26 Bank GmbH to rectify deficiencies both in IT monitoring and in customer due diligence,” the regulator said in a statement.

N26 “is required to ensure that it has the adequate personnel, technical and organisational resources to comply with its obligations under anti-money laundering law,” it said.

A “special commissioner” would oversee the company’s efforts, Bafin added. Founded in 2013 and known for its transparent debit cards, digital bank N26 is one of Germany’s most high-profile financial technology or “fintech” firms and now has seven million customers in 25 countries.

Its rapid growth has rested in part on fast-track identity procedures for new customers.

READ ALSO: What is the digital German bank N26 that’s about to hit a million users?

In 2019, German business weekly WirtschaftsWoche said it had managed to open accounts using forged IDs.

N26 on Wednesday pledged to “work closely” with Bafin and the special representative.

It said it had already significantly increased measures to prevent money laundering in recent years, “but we recognise that more must be done in this area”.

The coronavirus crisis had contributed to a spike in fraudulent online transactions worldwide, N26 added, “increasing the demands placed on banks in the fight against crime”.

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