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The banking sector in Asia is renowned for its resilience and adaptability, and it must continue to innovate to thrive. As we approach 2025, several key trends are reshaping the financial landscape, particularly affecting the dynamics between CFOs and their banking partners.
The Reserve Bank of India (RBI) warns that climate risks are impacting the financialsystem, posing systemic challenges. These include physical and transition risks, impacting assets, businesses, and loan losses. Data gaps hinder comprehensive risk assessment and access to climate finance.
This “Great Wealth Transfer” will impact millions of people around the world and could potentially open up exciting opportunities to reshape our financialsystems and redistribute wealth to support both people and our planet. Crucially, banks must recognize that younger generations are far more digitally literate than baby boomers.
On March 21, Ethiopia issued its first-ever investment banking licenses, marking a historic shift in the nations financial sector. and Wegagen Capital Investment Bank S.C., both linked to major Ethiopian banks. Ethiopias shift toward a market-driven economy is expected to reshape its financial landscape.
Vista Bank, a digital-first Nigerian lender, has received regulatory approval from Frances Prudential Supervisory Authority (ACPR) to establish operations in France. Granted on January 1, this milestone marks a significant step in the banks expansion strategy to strengthen Africas trade ties with Europe.
Wissam Fattouh, secretary general of the Union of Arab Banks (UAB) and the World Union of Arab Bankers, talks about the issues facing the Arab banking sector and the challenges of rebuilding Syrias bankingsystem. Global Finance: The UAB has been bringing together the Arab worlds banking sector for over 50 years.
House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). However, the banking industry doesn’t like that one bit. “We Specific Concerns .
Since the 2019 financial collapse that brought the war-torn country to its knees, banking sector reform has been a prerequisite for obtaining help from multilateral lending institutions. The new law allows entities, including independent auditors, to directly access banking records from the past decade.
From the establishment of its earliest banks in the mid-19 th century to becoming one of the worlds most advanced financial hubs, Singapore’s banking evolution mirrored the countrys journey from a modest colonial entrept for the trade between Asia, Europe, and then the United States to one of the worlds wealthiest and most developed nations.
The future of real-time payments is tied closely to cloud banking, and as more FIs migrate in that direction, the manifold benefits of real-time payments are propagating beyond the biggest players. Self-regulating financialsystems sound too good to be true – and it’s not quite that simple. Adaptability and Scalability.
The banking sector has been known for its resilience and adaptability and must continue to innovate to thrive. With 2025 just around the corner, several key trends are reshaping the banking and financial services landscape. Banking executives must navigate a complex environment filled with challenges and opportunities.
Thus far, the numbers do not bear out a massive uptake of a business model, that for the stakeholders, is essentially free (There are roughly 38 banks signed on and 5 million users of CoDi, as measured in late 2020). Banks generate more business by enabling payments for merchants. The buyer’s bank validates the transfer.
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). Square Financial Services will originate commercial loans to the retailers that use Square for payments.
Gross negligence – or evidence of a battle waged by banks that requires new, high-tech weaponry? To that end, and as reported by BuzzFeed , documents submitted by banks to the U.S. The headlines blare a chorus: Banks are not doing their jobs. In terms of dollar amounts, Deutsche led the pack at $1.3 billion in fines.
The International Monetary Fund (IMF) cautioned that COVID-19 has made “cracks” in the worldwide financialsystem known and “will likely” have financial institutions encounter market and credit losses that will put their reserves to the test. The IMF also pointed out emerging stress in the U.S.
For the commercial banking sector, continuous innovation, strong product development and customer service, and effective risk management are just some of the critical elements necessary to sustain and grow a franchise. This year’s honorees prove hard work pays off by substantially rising in the ranks.
India’s central bank is considering allowing payment banks and other finance companies to become lenders. A working group within the central bank is also mulling over whether to allow industrial conglomerates to set up banking units, according to Reuters. In a committee report released on Friday (Nov.
The Financial Crimes Enforcement Network (FinCEN) late Friday (Jan. 15) announced that it is assessing a $390 million penalty against Capital One for engaging in what it says are “both willful and negligent violations” of the Bank Secrecy Act (BSA). financialsystem.”.
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Rajnish Kumar, chairman of the State Bank of India , the country’s largest lender, said the resurgence of the coronavirus jeopardizes reform of the financialsystem, the Financial Times (FT) reported. “If If it were not for COVID, a bank like the State Bank of India would be in a very happy situation,” Kumar told FT. “In
Global Finance presents its 31st annual list of best banks worldwide. Banks face an uphill battle as supply chains remain disrupted, regional conflicts continue to build, and the fear of bank failure returns. Industry leadership, advancements in digitalization and corporate citizenship also factored in.
It comes on the heels of an IMF report that raises concerns about growing momentum toward central bank-issued digital currencies (CBDCs). central bank has yet to decide whether to plunge ahead, said that issues need to be vetted, include protecting any new digital currency from cyberattacks, fraud and high-tech counterfeiters.
FDIC) is considering nixing its quarterly reports of banks in an attempt to modernize the way data is handled. Part of the overhaul could focus on replacing the “call” reports that banks are required to file within 30 days after each quarter, which result in copious 60-page reports with thousands of data fields.
This week SWIFT, the financial messaging service based in Belgium (and where the acronym stands for the Society for Worldwide Interbank Financial Communications) said that it would suspend access for at least some Iranian banks. brought back financial and other sanctions against Iran, which in turn came after the U.S.
Open banking is appealing to financial institutions (FIs) and regulators in many markets, even as the pandemic sweeps across the world. Regulators in other regions, including Latin America, are also shaping and announcing plans to enable open banking and better support digital financialsystems.
RBI Governor Sanjay Malhotra announced a review of bank licensing and insurance product distribution to address mis-selling concerns and strengthen the banking sector. The central bank aims to balance growth and stability, projecting a 6.5% GDP growth while managing inflation and maintaining a robust financialsystem.
The State Bank of Pakistan (SBP) is looking at making corporate supply chains digital, a report from Pakistan Today stated, with an eye toward more financial inclusion. “It It is the overarching aim of the State Bank to ensure a safe and secure financialsystem," said SBP Deputy Governor Sima Kamil at a web conference, per the report.
The Reserve Bank of India is contemplating expanding its role as lender of last resort to include NBFCs, mutual funds, and microfinance institutions during extreme liquidity crunches. This consideration stems from increased interconnectedness within the financialsystem and the potential for contagion.
Robinhood has announced that it giving up on its plans to become a federally insured bank. The stock-trading startup is voluntarily pulling its bank charter application with the Office of the Comptroller of the Currency, which was submitted earlier this year.
Global Finance magazine interviewed Brazil Central Bank President Roberto Campos Neto, who has been at the helm since February 2019. In this interview, Campos Neto shares his insights on the global economy, Brazil’s economic outlook, the resilience of Latin American economies, and the importance of central bank independence.
Banks and FinTech companies have a complicated history. Both types of institutions contend for the same business in the competitive financial services world. But if relationships between banks and FinTechs were once icy, it looks like they are on the verge of thawing thanks, in part, to API solutions. Why the tension?
Indian banks are facing a hidden threat in their unsecured credit portfolios, with banks like IndusInd Bank, Bandhan Bank, and Yes Bank showing signs of stress. However, these loans can be highly profitable if done with proper underwriting, even though deposit growth in Indian banks lags behind credit growth.
Many consumers move to new countries to pursue economic opportunities, but adjusting to these locations also requires learning the ins and outs of new financialsystems — a transition that can be filled with friction. How Rayo Delivers Immigrant-Focused Financial Services. Consumers who move to the U.S.
Treasury functions are no longer isolated; they require seamless communication between ERP systems, banks, and financial data providers. This interconnectedness ensures accurate, real-time financial insights. Connectivity goes beyond data aggregation.
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Danske Bank whistleblower Howard Wilkinson, speaking during a public hearing at the Danish parliament Monday (Nov. 19), contended that a major European bank helped to process as much as $150 billion in suspicious payments, and noted that two U.S.-based based lenders were involved. are investigating $228.5
Banks Oppose Idea Of Possible Big Tech Banking Charters. House committee started to look at the idea of letting firms like Facebook or Amazon get charters to run as banks. The banking industry, however, is against the idea. “We Last week, a U.S. European Commission To Appeal Apple State Aid Decision.
Global payments company MoneyGram announced a new partnership with HD Bank in Vietnam to provide a home delivery service, MoneyGram said in a press release on Thursday (Aug. MoneyGram is committed to enhancing our product offerings in Vietnam and we believe this is a progressive and mutually rewarding step towards that goal.”. local time.
Why this new book, focusing on central banks and their influence? Nomi Prins: Since the financial crisis, one of the themes in my books is money and power. LP: You place the roots of this trouble in 2008, a year which, you point out, increased the power of central banks. economy and Wall Street.
More than 10,000 financial institutions (FIs) around the world are implementing or exploring open banking , an emerging trend in the financial industry that allows banks and FinTechs to freely share their data, encouraging collaboration and the development of new customer-facing services. Open Banking’s Data Benefits.
ICICI Bank in India has announced it will initiate a rescue deal with Yes Bank to the tune of up to 10 billion rupees ($135 million), according to Reuters. Yes Bank is India’s fifth-largest private bank. Yes Bank had been struggling to offload a number of bad loans.
Agustin Carstens, the general manager at the Bank for International Settlements , said that banks shouldn’t issue their own bitcoin-like tokens because it could undermine global financial stability, as well as monetary policy, according to a report by Bloomberg.
The Indian government has seized control of its fourth-largest private bank as it organizes a bailout plan and temporarily limits how much depositors can withdraw, according to reports on Friday (March 6). The RBI has capped the withdrawal limit at Rs 50,000 ($676) for 30 days, sending people into a panic and emptying Yes Bank’s ATMs of cash.
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