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India's current account deficit widens sequentially on higher trade deficit

CFO News

India's current account deficit (CAD) widened to $9.2 India's foreign exchange reserves increased by $24.4 billion, and net foreign direct investment decreased to $5.1 billion in Q1FY24, equivalent to 1.1% of GDP on a sequential basis. Yet it narrowed on a YoY basis, compared to $17.9 billion in Q1FY23.

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Investigation Leads Wells Fargo To Fire Four Foreign Exchange Bankers

PYMNTS

More bad news for Wells Fargo : The financial institution has fired four foreign exchange (Forex) bankers following an investigation into that business by both the bank and regulators. million fake accounts were opened without customers’ permission. million fake accounts were opened without customers’ permission.

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Forex reserves down by USD 4.531 bn to USD 629.755 bn

CFO News Room

The country’s foreign exchange reserves declined by USD 4.531 billion to stand at USD 629.755 billion in the week ended January 28, RBI data showed on Friday. In the previous week ended January 21, the reserves had decreased by USD 678 million to USD 634.287 billion.

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PodChats for FutureCFO: Why intercompany accounting is crucial for post-merger success

Future CFO

According to Victor Ng , regional vice president for Asia, BlackLine , intercompany accounting involves the recording of financial transactions between different legal entities within the same private company. To Ng, the most common red flag is unreconciled intercompany accounts. The intercompany complexity.

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ClearBank Introduces Multi-Currency Bank Accounts

PYMNTS

Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release. Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts.

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Hong Kong Digital Payment Platform Statrys Lands $5M

PYMNTS

This new financing will help us to accelerate the development of the company both in terms of products, with the addition of local currency accounts, payment card, integration with accounting software, and geographically, as we will target new markets in South-East Asia,” Statrys Founder and CEO Bertrand Theaud said in the announcement.

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Accounting Platform Clear Books Connects With Stripe For Payments

PYMNTS

In a move that lets small businesses take card payments and monitor income, accounting platform Clear Books has integrated with Stripe. The connection enables small businesses with a Clear Books account to take invoice payments by credit and debit card, according to an announcement.