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Tag: banking

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Advisory Council of UAE Banks Federation Considers Adoption of Blockchain in Banks

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“The Advisory Council of the United Arab Emirates Banks Federation (UBF) discussed applying blockchain in its member banks, according to the Dubai-based English language newspaper Gulf News on Dec. 17” writes Helen Partz for cointelegraph.com. The Advisory Council of UBF, a non-profit organization representing 50 member banks in the country, considered using blockchain to improve Know Your Customer (KYC) processes at entrant banks.At the meeting, participants considered strategies to attract foreign investments and build a necessary infrastructure by using AI and blockchain.The study has outlined a number of blockchain applications…

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Revolut has become a regulated bank

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“UK neobank Revolut has received its European banking license from the Bank of Lithuania” writes Lea Nonninger for businessinsider.com. As a result, Revolut is preparing to apply for a UK banking license separately, according to The Financial Times.It took Revolut a lot longer to apply for and receive a banking license than its competitors. Source: businessinsider.com Share This:

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Cross-Border Payments Need More Than Bank-FinTech Collaboration

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“According to SWIFT and McKinsey & Company research, B2B cross-border payments accounted for $125 trillion in revenues last year alone, significantly higher than the $54 billion initiated by consumer-to-business (C2B) cross-border payments” reports pymnts.com. Even more challenges are ahead for the world’s cross-border payments market, as regulatory pressures continue to cause a decline in the number of correspondent banking relationships.Earlier this year, SWIFT emphasized the success of its ongoing gpi effort, which aims to enable real-time cross-border payments between institutions that have signed on to the initiative.It’s perhaps unsurprising that…

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Open Banking Adds Intelligence To Treasury Management

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“Brett Turner, founder and CEO of corporate financial data management company Trovata, recently explained to PYMNTS why this is next to impossible using traditional financial management tools” reports pymnts.com. The friction associated with manually downloading data across banking and financial platforms, and then having to normalize it to make it usable, presents a significant opportunity for open banking initiatives and APIs in the corporate cash management space.Open banking is not a regulatory requirement in the U.S., however, and banks do not necessarily have to open up their data to third…

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Temenos Preps For Aussie Open Banking With Avoka Takeover

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“Avoka analysts warned that this can place added time pressures on small business owners, with only 24 percent of small business banking products able to be opened online” reports pymnts.com. Earlier this year, Temenos partnered with Greece’s first challenger bank, Praxia Bank, which will focus on small business and consumer lending.Avoka will enable Temenos to add “customer portability” to its offering for banks as it provide support to migrate to the open banking regime, reports said.Temenos has targeted Australia as it prepares to introduce its own open banking initiative next year,…

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Standard Chartered axes over 200 jobs in India: source

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“The bank is working with the affected employees on existing opportunities and fair severance packages, Standard Chartered told Reuters in an email” reports businessinsider.com. Standard Chartered has also been reducing headcount within other sectors of the bank, including corporate and commercial divisions, as part of a global-shake up, sources told Reuters last week.A logo of Standard Chartered is displayed at the financial Central district in Hong Kong Thomson Reuters By Aparajita Saxena and Sangameswaran S (Reuters) – Standard Chartered Plc has laid off over 200 employees in India in its…

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Revolut secures European banking licence and is eyeing Asia and America next

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“Formed just three years ago Revolut already has 3.2 million customers and it looks set to gain more after gaining a European banking license” writes Callum Burroughs for businessinsider.com. The company confirmed it would seek to apply for a UK banking license in the event that it couldn’t passport its European services after Brexit.The challenger bank is aiming for 100 million customers in the next five years and is expanding into Asia Pacific and North America next year.It’s expected to take three to six months for Revolut to passport its…

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SEC settles with the former CEO and COO of AriseBank, which it sued in January for alleged fraud and issuing unregistered securities during an ICO, for $2.7M+

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“Moreover, both are permanently prohibited from violating antifraud and registration provisions of federal securities laws” reports coindesk.com. Rice was arrested late last month by the FBI after being indicted on separate criminal charges of securities and wire fraud.AriseBank’s ICO was halted by the SEC in January of this year, which sued the company and the individuals behind it for allegedly committing fraud.Former AriseBank CEO Jared Rice Sr. and former COO Stanley Ford will pay a combined $2.7 million in disgorgement and penalties, as well as $187,767 each in penalties. Source: coindesk.com…

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UK fintech unicorn Revolut granted European banking license

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“U.K. financial technology firm Revolut secured a big victory on Thursday in its quest to shake up European banking” writes unknown author for cnbc.com. The U.K.’s Monzo and Starling have both secured banking licenses in the U.K., while Germany’s N26 received its European license in 2016.Storonsky said the firm plans to apply for a U.K. banking license as well.This is the first banking license Revolut has secured.Revolut announced it was granted a banking license by the European Central Bank (ECB) that it will start to implement next year across key…

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Germany’s Second-Largest Stock Exchange and SolarisBank Partner to Launch Crypto Exchange

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“SolarisBank and Stuttgart Exchange Group are jointly developing infrastructure for a cryptocurrency exchange, Cointelegraph Germany reports Dec. 12” writes Adrian Zmudzinski for cointelegraph.com. The two companies’ crypto exchange, “which is scheduled to launch in the first half of 2019,” will have SolarisBank acting as the exchange’s banking platform.The Stuttgart Exchange, founded in 1860, is the second-largest stock exchange in Germany and the ninth-largest in Europe.The partnership’s objective is to launch a cryptocurrency trading service for institutional investors.This news goes along with the plans announced by the exchange in May to…

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