lafgrp + 3pw   10346

UOB to launch digital bank in Asean
set to launch a digital bank across Singapore, Indonesia, Malaysia, Thailand and Vietnam — and it plans to accumulate some three to five million customers within five years. The initiative is the bank's attempt to "deepen engagement with our customers", according to Wee Ee Cheong, UOB's chief executive, as the lender attempts to expand across South-east Asia. The bank will be developed by its in-house digital technology development team, and it will also leverage its partnerships with fintech firms.
3PW  TM 
august 2018 by lafgrp
P2P lender Zopa raises £44m to fund new bank
new finance should help boost its plans to ultimately launch a bank. The firm applied for a banking licence back in 2016 and, earlier this year, it restructured its board of management in anticipation of approval. "This further injection of capital takes us a step closer to [offering a wider choice of products] and we are delighted that our investors have supported us on this journey", Jaidev Janardana, Zopa chief executive, told the Financial Times.
3PW  TM 
august 2018 by lafgrp
Ulster Bank reports higher operating profit for H1
operating profit of €100m ($116m) for the first half of the year — an impressive improvement on the €12m reported for the same period in 2017. The good performance was due to reduced operating costs as well as a "net impairment release of €30m".
3PW  TM 
august 2018 by lafgrp
Societe Generale profit up 9.3%, beating forecast
experienced great business in its overseas operations as its second-quarter profits rose year on year from €1.06bn ($1.22bn) to €1.16bn.
3PW  TM 
august 2018 by lafgrp
SocGen's profits rise, French retail bank weakness hits shares
outlook for SocGen's retail banking performance is not great for 2018, with revenues expected to be down almost two percent by the end of the financial year.
3PW  TM 
august 2018 by lafgrp
UK: The secret history of the banking crisis
Honing in on manner in which the Federal Reserve became the global backstop, ready to print unlimited amounts of dollars. "The Fed had ensured that the crisis in global banking did not become a crisis of the dollar. It had signalled that global banks could rely on access to dollar liquidity in virtually unlimited amounts, even in the most extreme circumstances. The central banks had, in other words, staged their Bretton Woods 2.0. But they had omitted to invite the cameras or the public, or indeed to explain what they were doing," writes Adam Tooze. He goes on to touch on the broader implications for the current angst over concentration in the accounting and professional services sector: "The new central bank network created since 2008 is of a piece with the new networks for stress testing and regulating the world's systemically important banks. The international economy they regulate is not one made up of a jigsaw puzzle of national economies, each with its gross national product and national trade flows. Instead they oversee, regulate and act on the interlocking, transnational matrix of bank balance sheets."
3PW  RL 
august 2018 by lafgrp
How Nairobi’s Matatus Defied the Will of Kenya’s Cashless Policy Makers
For visitors to Nairobi, the local private bus networks are one of the gaudier faces of the city, covered in wild artwork and blaring music, but in fact it's a well-oiled system, and ownership of the different busses often rests with informal or formal savings societies. It's a thriving sector, but when "innovators" decided that transport was the way to accelerate cashless payments for the busses, they failed for reasons that are well worth understanding for anyone who wants to do business in Africa. Michael Kimani writes: "I am still puzzled by innovators, policy makers, eager tech entrepreneurs, social impact entrepreneurs, academics, foreign researchers, NGOs, development agencies, and journalists who think they can just walk into the informal sector with an already thriving ecosystem of actors and just insist that everyone adopt their solution."
3PW  RL 
august 2018 by lafgrp
UK fintechs aren't eating the banks' lunch just yet
QUOTE US tech giants moving into the payments sector...somewhat perversely...could end up being the biggest beneficiaries of PSD2.
3PW  FK  999 
august 2018 by lafgrp
Jamie Dimon worried as market deals with something it’s never seen
QUOTE when asked...what the single biggest risk to the economy is, Dimon had two answers.

[1] U.S. trade dispute with China, if it escalates into a full-blown war, would erase much of the progress the Trump administration has made, he said.

[2] unwinding of unprecedented efforts by central banks around the world a decade after the 2008 financial crisis. Dubbed "quantitative easing," the Federal Reserve and other central banks purchased trillions of dollars of government bonds and other securities to help nurse the economy back to health. They are now starting to reverse course. Dimon told CNBC that he is concerned about what happens when that support is pulled back.

"I don't want to scare the public, but we've never had QE," Dimon said. "We've never had the reversal. Regulations are different. Monetary transmission is different. Governments have borrowed too much debt, and people can panic when things change."

Dimon, 62, has also previously warned of the possibility that the Fed will have to hike interest rates faster than expected, slamming the brakes on growth. The recurring theme: policymakers are in uncharted waters.
3PW  FK  999 
august 2018 by lafgrp
US: Kroger Unit Bans Visa Card Payments
QUOTE made due to Visa's interchange rates.
3PW  SN  4LN 
august 2018 by lafgrp
Global business helps BNP Paribas weather investment bank weakness
BNP Paribas beat analysts' expectations with net profits reaching 2.39 billion euros ($2.78bn) for the second quarter compared to the previous quarter's 1.57 billion euros. Strong performance of BNP's international financial services business helped offset domestic weakness and a slump in its fixed income trading. Its group revenue increased by 2.5 percent year-on-year to 11.21 billion euros and BNP Paribas chief executive Jean-Laurent Bonnafe attributed this to economic growth in Europe.
3PW  FK  4LN 
august 2018 by lafgrp
Standard Chartered has reported a jump in profits, but costs rise
Standard Chartered, enjoyed higher revenues for the first six months of the year, reaching $7.7 billion, a six percent rise compared to the same period last year. The bank's underlying profit before tax reached $2.4 billion, up 23 percent year-on-year. However, operating expenses increased by seven percent to $5.1 billion, which the bank attributed to cash investments of $660 million.
3PW  FK  4LN 
august 2018 by lafgrp
StanChart profit jumps 34 pct as restructuring pays off
QUOTE Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $2.35 billion in the first half of the year, from $1.75 billion in the same period last year, the lender said in a regulatory filing on Tuesday.
3PW  FK  4LN 
august 2018 by lafgrp
Huawei Passes Apple in Smartphone Share for the First Time
QUOTE Chinese company trailed only Samsung in the second quarter. China’s brands are steadily eroding Apple-Samsung’s dominance
3PW  RL 
august 2018 by lafgrp
FCA statement on RBS/GRG [PDF]
The UK Financial Conduct Authority is unable to discipline the Royal Bank of Scotland over the "widespread and systematic" mistreatment of small and medium enterprise customers by the bank's global restructuring group (GRG) between 2008 and 2013. Andrew Bailey, the FCA's chief executive, said: "I appreciate that many GRG customers will be frustrated by this decision, but we have explored all the options available to us before arriving at this conclusion... The fact that we can't take action in no way condones the behaviour of RBS. We expect high standards from the firms we regulate and RBS fell well short in its treatment of GRG customers." GRG was outside the jurisdiction of the FCA and it said it cannot apply new powers retrospectively. The chair of the Treasury select committee, Nicky Morgan, said this case "demonstrates the need for a change in how lending for SMEs is regulated".
3PW  RL 
august 2018 by lafgrp
Africa: online explo$ion looms
QUOTE transactions made via the internet or a mobile phone are expected to grow from$200m at the moment to $3bn by 2020
3PW  RL 
august 2018 by lafgrp
5 takeaways from Treasury fintech report: National charter, breaches and more | American Banker
QUOTE: The report makes more than 80 recommendations to regulators and Congress largely encouraging financial innovation within a regulated space. Treasury went so far as to endorse a much-discussed national fintech charter developed by the Office of the Comptroller of the Currency, just hours before the OCC announced it would begin accepting charter applications."
3PW  4LN  CD 
august 2018 by lafgrp
Australia: Bankers release new code of conduct in response to repeated scandals, adding 'stronger commitment to ethical behaviour''
QUOTE key changes the new code introduces include:
- A commitment to look after vulnerable customers
- Limiting the hard-sell of add-on products such as credit insurance
- Greater protection for co-guarantors of loans
- Improved assistance for customers in financial difficulty
- Enhanced dispute resolution
3PW  FK  4LN 
july 2018 by lafgrp
Visa offers Latin American banks rewards built on open tech initiative
QUOTE Visa Loyalty Solutions platform provides Visa LAC member banks with a ready-built digital points redemption scheme that they can white-label to their cardholders.
3PW  FK  4LN 
july 2018 by lafgrp
Amex defends FX policies after report fee hikes left undisclosed
QUOTE Wall Street Journal said the practice had been going on for more than a decade and affected mostly small and midsize businesses. The FX International Payments business accounts for less than half of one percentage point of overall revenue
3PW  SN 
july 2018 by lafgrp
US: Chase links mobile payment app with Samsung Pay
The development expands Chase Pay's presence because, unlike some of the other mobile wallets, Chase's service has until now relied on QR codes for brick-and-mortar transactions (which is one of the main reasons it never quite took off in the US). By linking with Samsung Pay, Chase Pay users will now be able to pay for things in store using NFC (near-field communication) technology and MST (magnetic secure transmission), meaning Chase should realistically see a surge in frequency of use across the board.
3PW  TM 
july 2018 by lafgrp
Apple Pay Predicted to Account for Half of Mobile Wallet Users by 2020
TM: seems obvious that Apple will not be that dominant
3PW  TM 
july 2018 by lafgrp
Deutsche Bank moves euro clearing from London to Frankfurt
QUOTE Germany’s biggest bank said its decision would not affect jobs because it would simply involve pushing a different button to route clearing to Eurex, the clearing division of the German exchange Deutsche Börse. However, the change, confirmed by a spokesman and first reported by the Financial Times, will be seen as a victory in Deutsche Börse’s campaign to grab a larger slice of the euro clearing market.
3PW  RL 
july 2018 by lafgrp
Widespread bank card payment disruptions in Finland | Yle Uutiset | yle.fi
QUOTE: Several chains of banks in Finland reported problems with their bank cards on Sunday, saying that the cards were not working as they should at payment terminals in shops. Problems with several banking firms' online banking services have also been observed.
3PW  CD 
july 2018 by lafgrp
Bank of Ireland reports pre-tax profit of €454m in first half of year
Despite the fact this figure reflected a dip of some €6m when compared with the same period last year. Operating expenses were down by three percent, but total income fell. The Dublin-headquartered firm is in the middle of a restructuring programme which meant it had to take a hit of €46m. Speculation that the bank's planned revamp of its structure and approach could cut 2,200 jobs already looks to be gaining validation as staff numbers dropped by five percent in the first six months of the year, meaning a reduction of around 509 staff. "The economies in which we operate continue to be supportive and have enabled us to grow our loan book by €0.5 billion on a constant currency basis while maintaining our commercial pricing and risk discipline", chief executive Francesca McDonagh said.
3PW  TM 
july 2018 by lafgrp
British banks eye £500m Bank of England rate hike profits boost
The hike, which could be announced this week, is anticipated to be around 0.25 percent, which would bring the rate up to 0.75 percent — the highest it has been since March 2009 and only the second rise in ten years. According to City AM, the move could spell good news for the banks with millions of extra pounds in profits set to line their collective coffers. However, until the Financial Conduct Authority can enforce a basic savings rate, customers may not benefit in kind.
3PW  TM 
july 2018 by lafgrp
Finland: some banks face card payment problems
Problem apparently originated outside payments firm Nets. A spokesperson for Nets said that "the problems affected card transactions and online banking". Although the issue is no longer ongoing, it is a fresh reminder of how vulnerable payments can be to technical disruption — as readers will remember, both Visa and Mastercard experienced outages in June and July respectively, raising concerns surrounding reliability.
3PW  TM 
july 2018 by lafgrp
Israel: Leumi sells credit card unit to Warburg Pincus in $685 million deal
QUOTE Israel's second-largest lender expects after-tax profit of $64 million from sale; Leumi had to sell unit as part of government push to increase competition in financial sector
3PW  SN  4LN 
july 2018 by lafgrp
Hong Kong losing to Singapore in terms of ease of bank account opening
QUOTE A survey by the Hong Kong Institute of Chartered Secretaries finds that 40% of the 431 members it surveyed believe that it’s more difficult to open a bank account in Hong Kong than in other jurisdictions.

“Many respondents mentioned Singapore as the jurisdiction of choice for themselves or their overseas clients,” says the Bank Account Opening Survey report released in July. Other jurisdictions mentioned as better than Hong Kong in bank-account opening include China, Dubai, India, Switzerland, Taiwan and the UK.
3PW  FK  4LN 
july 2018 by lafgrp
Malaysia: Homegrown e-wallet app gets international boost
QUOTE “This partnership allows us to create relevance to merchants and customers both inside and outside Malaysia, by leveraging UnionPay’s international presence," [CEO] said at the MoU signing ceremony between Boost and UPI [in] Kuala Lumpur. Boost is a leading e-wallet application with over 2.7 million users with online and offline merchants located at over 30,000 touchpoints nationwide. Its key features include paying utility bills with partners such as Telekom Malaysia, Astro and Syabas, parking payments; instant rewards; donations; buying and gifting digital vouchers for online merchants, food and beverage outlets, entertainment, health and beauty.
3PW  FK  4LN 
july 2018 by lafgrp
NPL ratios of GCC banks likely to increase moderately
Gulf QUOTE banks’ NPL ratios deteriorated only slightly over the past 12-24 months, which according to S&P analysts is somewhat surprising, considering the severity of the economic shocks in their home countries over that period.
3PW  FK  4LN 
july 2018 by lafgrp
Australia: TV investigation reveals links between major banks and Russian mafia
Bill QUOTE Browder’s Hermitage Capital has now filed a crime report with the Australian Federal Police and AUSTRAC, Australia’s money-laundering authority, requesting that a series of suspicious transactions involving Australian banks and companies be investigated. Detailed bank records reveal a total of US$3,472,098 (A$4.7 million) in payments to 11 Australian accounts from foreign accounts suspected to have received the co-mingled proceeds of the US$230 million Russian treasury fraud. All of Australia’s major banks, including ANZ, Commonwealth, Westpac, NAB and HSBC received funds.
3PW  FK  4LN 
july 2018 by lafgrp
Walmart Weighs a Bid From Capital One for Credit Cards - Bloomberg
QUOTE: The world’s largest retailer has narrowed the competition for its credit-card partnership to bids from the two lenders, said the people, who asked not to be identified because no decision has been announced. The negotiations are still ongoing, but the retailer is seeking a partner that can support its aspirations for Walmart Pay"
3PW  4LN  CD 
july 2018 by lafgrp
Zimbabwe still flirting with cryptocurrencies
QUOTE John Mangundya, Governor of the Reserve Bank of Zimbabwe, said this week the institution was 'poised to embrace' blockchain technology, but added that it would adopt a cautious approach.

The Southern African country has initiated a feasibility study on the use of blockchain technology, specifically cryptocurrencies, as it continues to deal with cash shortages.
3PW  FK  4LN 
july 2018 by lafgrp
South Africa: Absa introduces WhatsApp Banking
QUOTE Private lender Kotak Mahindra Bank introduced the service [in India] on a trial basis but Absa is the first bank to launch the service fully anywhere in the world.
3PW  FK  4LN 
july 2018 by lafgrp
Customers hit out at Britain's TSB bank after second IT outage
Problems over the IT calamity at TSB continue after the bank informed customers to update their app to the latest version to avoid disruption. However, lots of customers took to social media to claim that, despite following the bank's instructions, they were still without access. The lender issued apologies, but insisted that it was witnessing "normal levels" of customers logging in, despite some still experiencing issues this morning. Meanwhile, insiders told Wolf Street that IBM estimates the mess will cost north of one billion dollars to fix.
3PW  TM 
july 2018 by lafgrp
Swedish bank Nordnet fires IPSoft's Amelia chatbot
QUOTE Nordnet CEO Peter Dahlgren pointed out that the company wasn't directly displeased with IPSoft, but that they are instead choosing to focus their efforts in other areas going forward.
3PW  TM 
july 2018 by lafgrp
Facebook hit with first fine over Cambridge Analytica data scandal
QUOTE UK levies £500,000 penalty and accuses group of not protecting user information
3PW  TM 
july 2018 by lafgrp
Deep Learning
QUOTE Deep-learning software attempts to mimic the activity in layers of neurons in the neocortex, the wrinkly 80 percent of the brain where thinking occurs. The software learns, in a very real sense, to recognize patterns in digital representations of sounds, images, and other data.
3PW  RB20-AI 
july 2018 by lafgrp
US: Amazon's first Prime Day with Whole Foods marks new retail era
QUOTE Prime members will be able to earn up to $30 in free cash when they shop at Whole Foods this week
3PW  FK  4LN  999 
july 2018 by lafgrp
Google Pay catching up with competitors Venmo and Apple Pay
QUOTE features rolled out today have long been functions in competitor payment platforms like Venmo and Apple Pay. Google loyalists could previously still request and pay each other money, but they could only do it through a separate app called Google Pay Send. The functions of Google Pay Send are now integrated into the Google Pay app, so the update essentially eradicates Google Pay Send.
3PW  FK  4LN  999 
july 2018 by lafgrp
Deposits at Italian banks rise in May despite political turmoil
QUOTE rose 5.7 percent in May on an annual basis, accelerating from a 4.3 percent increase in April
3PW  FK  4LN 
july 2018 by lafgrp
ICICI Bank first bank in country to tie-up with Australian bank
QUOTE India's largest private sector bank by consolidated assets, on Tuesday announced its partnership with ...Westpac, one of the top banks in Australia, to offer Indian students a completely online payment solution through its 'Money2World' (M2W) platform for outward remittances.
3PW  FK  4LN 
july 2018 by lafgrp
Accounting standards in biggest shake-up since 2005 [2JUL18]
QUOTE International Financial Reporting Standard 15 (IFRS 15), a rule that modernises the way financial accounts deal with the subscription economy, sees financial statements more accurately reflect the timing of revenue, and raises the bar to recording future revenue before it is received by introducing a "highly probable" rule. Simply, revenue is recognised when a customer obtains control of a good or service, and has the ability to direct the use of, or obtain benefit from it.
3PW  FK 
july 2018 by lafgrp
Ant Financial sees huge growth for cashless in S America, Africa
Ant Financial is eyeing up both South America and Africa as regions it could seriously expand into in the future — according to its head of international investment. Kenny Man said that the e-commerce and digital payment giant is looking to continue its growth on a global scale, singling out Brazil and Mexico as places where mobile wallet adoption will grow in the next five years. "China has leapfrogged over traditional credit cards to the mobile wallet. That same change will be even more radical and faster in different parts of the world, whereby people will embrace mobile payments", said Mr Man. He also added that Ant's cybersecurity expertise would put it in a good position to manage risks posed by bad actors in these regions. Alipay has already started building partnerships in Mexico through Openpay, and increasingly Alipay looks like the retail counterpart to China's industrial Belt and Road Initiative.
3PW  TM 
july 2018 by lafgrp
Bank of Cyprus to sell UK subsidiary for £103m
Bank of Cyprus is to complete the sale of its UK subsidiary before the end of the year as it looks to stay on the road to recovery it has navigated since it was rescued five years ago. The lender will offload its UK arm for around £103 million ($136.5m) to Cynergy Capital, a consortium of UK-based investors. According to the Financial Times, John Hourican, the bank's chief executive, described the move as "another positive step in our journey back to strength".
3PW  TM 
july 2018 by lafgrp
Google Pay web app for online payments gets a fresh new look
QUOTE new look and features simplify the interface significantly
3PW  TM  999 
july 2018 by lafgrp
French government looking at capping bank fees on poor
QUOTE The plan was originally intended to be presented this week but the government decided to postpone it after the summer break to make further tweaks, [Finance Minister Bruno] Le Maire said. “I still need a little time to discuss with the banks and associations,” Le Maire told an economic conference in Aix-en-Provence, southern France.
3PW  FK  4LN 
july 2018 by lafgrp
Paytm run rate at five billion transactions per annum
Payment app Paytm is growing in India, and announced that $50 billion worth of transactions come through the payment platform annually, with around five billion transactions in a year. Since January this year, the firm says it has processed 400 million transactions and has witnessed a 500 percent growth in P2P transactions between quarters. "We have been the largest contributor towards all form of digital payments, including UPI. We will continue to invest further till we digitise payments for the majority of the small and large retailers in our country", Kiran Vasireddy, chief operating officer at Paytm told the Economic Times.
3PW  TM 
july 2018 by lafgrp
UK: Mastercard in talks with banks on biometrics
to get fingerprint-ready before PSD2-related anti-fraud measures come into play. The card giant has been trialing its biometric cards in South Africa, where users authenticate their identities to complete an in-store transaction through a combination of chip and fingerprint.
3PW  TM 
july 2018 by lafgrp
Paypal to spend $3 billion a year on M&A: CEO
PayPal is considering more mergers and acquisitions, with a reported $3 billion per year set aside to fund its ambitions. The firm's president and chief executive Dan Schulman has said that if the right opportunity comes along, it would be willing to invest elsewhere. "We have a healthy balance sheet and we are ready to put it to work to buy more companies... I wouldn't rule out that we take on a bigger deal if there's a good fit for us", Mr Schulman told Handelsblatt.
3PW  TM 
july 2018 by lafgrp
Silicon Valley and the Soviet Union
QUOTE On the evening of 5 July, a Twitter thread by user Anton Troynikov went viral listing things that happened under the Soviet Union that also currently happen in Silicon Valley. We went through every single point to find examples that back up his point
3PW  FK  zed 
july 2018 by lafgrp
Citigroup, with limited options, hopes to lure deposits digitally
QUOTE Executives hope it can lure deposits without opening new branches, acquiring a rival or beating competitors’ rates – three ways to collect deposits with their own costs and risks. “People are willing to switch to a bank that is able to provide this kind of mobile-first experience,” David Chubak, head of global retail banking and mortgage, said in a statement, citing customer research Citigroup conducted. The app, which does not have a name, will augment the bank’s push to expand its wealth management business, he said.
3PW  FK  TLR-DB 
july 2018 by lafgrp
Hong Kong: Digital Bank Neat Secures $2m Investment
Dymon Asia Ventures and Portag3 Ventures were the two investors that poured the finance into the challenger bank which was co-founded in 2015 by David Rosa and Igor Wos. Neat's main aim is to get rid of the "paperwork, bureaucracy and long waiting times" which it sees as an obstacle to its target audience — young personal and business customers. Reports suggest that the new injection of money will enable Neat to introduce some new services and features which could include virtual debit cards, subaccounts and international payments.
3PW  TM 
july 2018 by lafgrp
UK banks told to show their backup plans for tech shutdowns
UK regulators want banks to show what procedures they have in place to resolve technological failures, with the fallout from the TSB IT meltdown still rumbling on and Visa's recent downtime not long forgotten. Banks and other financial service providers in the UK now have an October 5 deadline by which they need to have adequate plans outlined for dealing with IT and payment service disruptions. The requirements have been outlined by both the Bank of England (BoE) and the Financial Conduct Authority (FCA). "Operational disruption can impact financial stability, threaten the viability of individual firms and financial market infrastructures, or cause harm to consumers and other market participants in the financial system", said a statement from FCA chief executive Andrew Bailey and BoE deputy governor Jon Cunliffe.
3PW  TM 
july 2018 by lafgrp
Ivorian govt signs MoU with Visa to digitise payments
The Ivory Coast government is set to begin working with Visa after the parties signed a Memorandum of Understanding to digitise the payments system in the country. The idea is that the partnership will increase the amount of financially included people and boost transparency in the financial system. It will see Visa introduce six different commitments, including rolling out mobile push payments for rural farmers, digitising post offices to make the elderly more financially included, and introducing digital payments to transport schemes. The scheme will also involve the "evaluation of enabling cardholder authentication via mobile app or SMS".
3PW  TM 
july 2018 by lafgrp
Switzerland: SIX launching cryptocurrency exchange
Swiss stock exchange operator SIX is launching a cryptocurrency exchange as Switzerland looks to cement its position as Europe's most crypto-friendly country. "SIX, the company that owns and operates the Swiss stock exchange, on Friday announced plans to launch a fully regulated cryptocurrency exchange, showing continued institutional interest in the space despite declining prices," writes UK Business Insider. "The new SIX Digital Exchange will be overseen by the Swiss national bank and Swiss regulator FINMA, the company said." The Swiss town of Zug has become the country's 'Crypto-Valley' and with its banks pushing custodial services, Switzerland is aiming to replicate its reputation as a safe place to hold traditional financial assets.
3PW  TM 
july 2018 by lafgrp
EBA on fintech risks/opportunities and impact on incumbents
QUOTE The report concurs that currently the predominant type of relationship between incumbents and FinTech is partnership with FinTech firms, which is considered a "win-win" situation.
3PW  TM 
july 2018 by lafgrp
Spring 2017 Retail Banking Branch Design Showcase
QUOTE 75 photos of 14 different branch projects from across the globe
3PW  FK  TLR-BD 
july 2018 by lafgrp
HSBC looks for digital engineers
QUOTE seeks 1,000 engineers to boost its digital banking efforts
3PW  TM 
july 2018 by lafgrp
Licence for Bank Of China To Set Up Branch In India
Bank of China is to set up its first branch in India after it was issued a banking licence by the Reserve Bank (RBI) — this follows on from an agreement made between India's Prime Minister Narendra Modi and China's President Xi Jinping. Some are viewing the move as a way for the two powers to ease some of the political tension that emerged over a border standoff last year. It also follows on from the major commercial lender's decision to set up shop in Pakistan last year. An exact date for the opening of the new branch has not yet been confirmed.
3PW  TM 
july 2018 by lafgrp
Ireland: Fire.com authorised as PISP
Fintech Fire is to become the first Irish payments firm to provide new services under PSD2. Set up by Realex founder Colm Lyon, Fire will become a payment initiation service provider, meaning it will now be able to give business and personal customer accounts and debit cards. More importantly, the firm will hope to provide new and innovative ways for businesses to accept payments, through QR codes, for example. Fire's new identity as a service provider means that it will be easier to pay funds directly from account to account "Businesses can sell online; when someone checks out, they are directed to their bank to authorise the payment — straight from their account to the online retailer", said Mr Lyon.
3PW  TM 
july 2018 by lafgrp
Lloyds agrees to give MPs report into what it knew about HBOS Reading fraud
The consequences of the HBOS fraud of 2002-07 continue to rumble on as a retired high court judge in London prepares to examine precisely what the major lender knew about the criminal activity at its Reading branch. Lloyds has asked Dame Linda Dobbs to investigate the scam in the said branch whereby companies were stripped of their assets for gain: six people have already been handed down jail sentences. There have previously been claims that Lloyds failed to act on evidence of fraud that came to light after it completed its takeover of HBOS a decade ago — and revealing that will surely be a priority. Once the initial investigation is complete, the findings can then be passed on to a committee of lawmakers, which could make it public late next year. "Lloyds Banking Group remains determined to get to the bottom of what happened in HBOS Reading and we share the Treasury committee's desire for transparency", a spokesperson for the bank said.
3PW  TM 
july 2018 by lafgrp
UK: Visa and Mastercard Lose Debit and Credit Card Charges Legal Battle
QUOTE Today, the Court of Appeal ruled in favour of Argos, Sainsbury’s, Asda, and Morrisons. It discovered that [interchange] fees were too high and violated the competition law of the European Union.
3PW  FK  4LN 
july 2018 by lafgrp
Standard Chartered appoints group head of retail banking
Vishu Ramachandran will take up the position having been global chief risk officer for retail banking for the past three years. Mr Ramachandran is set to begin his new duties on 16 July and is tasked with intensifying the bank's efforts to implement digital capabilities, including video banking and biometric technology. "I am delighted and honoured to have the opportunity to lead the retail bank...We're also investing significantly in our future — in digital, wealth management and infrastructure", said Mr Ramachandran.
3PW  TM 
july 2018 by lafgrp
50 of 72 HBOS Reading Branch fraud claimants set to accept compensation
In 2002-07 QUOTE Dozens of struggling small businesses were referred to a turnround consultancy, Quayside Corporate Services, and then loaded with unmanageable amounts of debt before being taken over and asset-stripped. Lloyds initially set aside £100m to compensate victims, but some estimates put the total losses at £1bn. 
3PW  TM 
july 2018 by lafgrp
Danske: Money Laundering Tops $8 Billion, campaigner says
Danske Bank's Estonian operations were apparently used to launder 53 billion kroner ($8.3bn) between 2007 and 2015 from countries including Russia, Moldova and Azerbaijan — that's according to claims from Danish newspaper, Berlingske. Although allegations had previously been levelled at the major lender, the new amount — which came to light after more documents were examined — is more than double the previous figure.
3PW  TM 
july 2018 by lafgrp
US Supreme Court just dealt Antitrust a blow
QUOTE In practice, the Court has shielded from effective antitrust scrutiny a huge swath of firms that provide services on more than one side of a transaction — and, in today’s digital economy, there are many (as Justice Stephen Breyer noted in a dissent he read from the bench to emphasize his concerns).

Worse yet, the Court left unclear what kinds of businesses actually qualify for this new rule. As the Open Markets Institute, for which I work, explained in an amicus brief, deciding an antitrust case using the amorphous concept of a “two-sided” market will incentivize all sorts of companies [eg, Google or Amazon] to seek protection under this bad new theory.
3PW  FK  999 
july 2018 by lafgrp
Australia; Regulator warns banks on credit card debt
QUOTE "We are concerned about the amount of problematic debt we found," ASIC said in the report to be released on Wednesday. Its deputy chairman, Peter Kell, wants banks to "respond swiftly to our findings". ASIC's Michael Saadat [said]: "We don't think it's good enough to allow consumers to continue to struggle when the bank knows they would be better off with a lower rate card."
3PW  FK  4LN 
july 2018 by lafgrp
Oracle decides on Brussels for European fintech innovation centre
QUOTE due to its proximity to European financial institutions and to the European Commission
3PW  TM 
july 2018 by lafgrp
UK banks could face new multibillion-pound claims after PPI ruling
a new court ruling could allow previously rejected PPI cases to be reconsidered. Already, some £30bn has been shelled out by the likes of Lloyds Bank, RBS and Barclays — but this development could open them up to even more, despite a June 2019 deadline for claims already in place. "I've seen a figure of £18bn as the extra amount that could be paid out as a result of this ruling...But that might be too conservative. It could be as high as £30bn", said Simon Evans, the chief executive of the Alliance of Claims Companies.
3PW  TM 
july 2018 by lafgrp
Deutsche Bank Targets India Credit Vacuum Left by Bad Loans
Is a credit bonanza on the cards in the world's second-most populous country? Deutsche Bank certainly hopes so, as it seeks to capitalise on the bad loan situation in India by repackaging much of the debt — according to Amit Khattar, the bank's Asia-Pacific co-head of global credit trading. The troubled lender is experiencing crises in both the United States (where it recently failed the Fed's stress test) and in Europe (with thousands of job cuts being the latest remedy applied). Deutsche's plan is to refinance and trade debt. "Company owners...want to retain their business and see long-standing debt issues resolved. All these need structuring and capital", said Mr Khattar.
3PW  SN 
july 2018 by lafgrp
HSBC completes separation of £200bn ringfenced bank HSBC UK
The separate entity, HSBC UK, has £200bn ($264bn) in assets.
3PW  TM 
july 2018 by lafgrp
Leaner and keener: the resurgence of Spain's banking sector
QUOTE Spain’s banks are looking much more stable, having cut non-performing assets in response to European Central Bank pressure. A reduction in overall bank numbers through mergers has streamlined the industry, though observers say increasing profitability remains challenging.
3PW  FK  4LN 
july 2018 by lafgrp
Monzo losses widen but the digital bank's user numbers surge
Saw its pre-tax losses increase to just over £33 million ($43.5m) for the financial year to the end of February — an increase of £7.9m from the previous year. It continues the trend of new players on the financial service provider circuit finding difficulty in making profit. Despite the negative outlook in terms of profitability, Monzo did increase its user base to 750,000 and it has plans to see that figure balloon even further to "several million" by the end of 2019.
3PW  TM 
july 2018 by lafgrp
Revolut to take processing in-house
third-party payment service provider, Global Processing Services, experienced issues which resulted in card payments timing out and failing. Although Revolut didn't want to single out anyone for blame and took full responsibility for the outage, chief executive Nikolay Storonsky wrote a letter to customers outlining his plan for avoiding such delays in processing. The idea is to introduce an in-house payment processor that would "reduce downtime" and enable Revolut to have more control over any similar problems in the future. Mr Storonsky also said that he is expecting to have it ready for launch "by the end of the year and proceed to roll it out across Europe".
3PW  TM  999 
july 2018 by lafgrp
Citigroup to refund $335 million to credit card customers 
QUOTE who may have been overpaying interest on their credit cards.Earlier this year, Citi disclosed that it had used a flawed methodology in determining whether credit card customers were eligible for an interest rate reduction on their cards, as required by the CARD Act.
3PW  TM 
july 2018 by lafgrp
South Africa: Absa cuts number of executives at banking unit
QUOTE cutting the leadership team in half and handing out voluntary severance packages, as the bank undergoes its most critical strategic shift since its formation in 1991. Reviving the retail and business bank, which has chronically underperformed, will be essential to improving Absa’s fortunes. The unit, which accounts for more than half of the banking group’s earnings, grew profit just 1% in 2017.
3PW  TM 
july 2018 by lafgrp
US: JPMorgan Chase takes smartphone account 'Finn' nationwide
QUOTE The account, known as Finn by Chase, is geared especially to young adults who want to do their transactions on their phones, have no wish to go to branches and say they would like help saving money.
3PW  TM 
july 2018 by lafgrp
« earlier      
per page:    204080120160

Copy this bookmark:



description:


tags: