The Finance Industry encompasses services pertaining to banking, accounting and taxation, wealth management and investment and insurance. Regarded as the core of the economy, the finance industry serves as a gateway through which parties make payments, organisations can take up loans and invest funds for long and short term, and individuals manage personal savings accounts whilst planning for their financial futures.
Trading and stockbroking forms an integral component of the industry. With improvements in the sophistication of technology giving rise to online trading platforms, real-time performance assessment of foreign and domestic markets is now a
Globally, financial institutions also extensively employ the use of ICT in Anti-Money Laundering (AML) software to counter the illegal gains of organised crime, where machine-processing of copious customer data enables efficient and consistent detection of suspicious transactions. Fraud prevention, another cornerstone of the financial industry, relies on identity verification software like one-time password generation as one of its key measures.