Nubank acquisition of fintech firm Spin Pay
Brazil-based neobank Nubank announced its acquisition of fintech firm Spin Pay. The deal to acquire Spin Pay will help Nubank to expand its portfolio. It can boost its offerings. In a media report Nubank stated that this acquisition will allow them to offer even more payment solutions for electronic retail. Spin Pay is working in […]
BOJ policymaker warns of uncertain recovery
Bank of Japan board member Toyoaki Nakamura has been warned of risks to the economic outlook because of the recent resurgence in COVID infections. They also gave a hope that consumption will get boosted, after the households feel safe to start spending. Nakamura said that the world’s third-largest economy is expected to recover. Because the […]
Barclay bets on India again with $400 MLN infusion for banking
Barclays said that they are pumping in more than $400 million into its India arm. This major step is to tap rising corporate and investment banking activity in the country that is now recovering from the pandemic. This is Barclays’ single largest capital infusion. This comes after the British lender pulled out of the retail […]
Banks can lead by example to customer centricity
The Covid pandemic created numerous changes for banks across the world. As challenger banks and fintech providers remain ever hungry for the consumer’s attention, it is a pivotal time in traditional banking history. Enormous challenges are now being faced by the banks. Those are such as how to capture market share and then to retain […]
Danske bank defeats appeal in US over money laundering scandal
Danske Bank A/S and former top executives had defeated an appeal in New York. That is by the shareholders, by claiming that they were defrauded because the Danish bank allowed widespread money laundering at its former Estonian branch. In September 2018, the lawsuit began after Danske said that an internal probe had uncovered about 200 […]
New Zealand holds rate at record low as fresh Covid outbreak strokes uncertainty
New Zealand’s central bank left interest rates unchanged at a record low of 0.25%, as policymakers quickly shifted gears after the country was put into a snap lockdown following the detection of new coronavirus cases. The economy is running red-hot and a majority of economists polled by Reuters last week had expected the Reserve Bank […]
Afghan Central Bank chief flees Kabul
The head of Afghanistan’s central bank has fled Kabul, questioned the loyalty of Afghan security forces and blamed President Ashraf Ghani and his inexperienced advisors for the country’s swift and chaotic fall to the Taliban. In a Twitter thread, detailing how he worked at the bank until militants were at the gates of the city, Acting Governor Ajmal Ahmady […]
Italy’s problem bank casts shadow over Draghi’s summer break
When Italian Prime Minister Mario Draghi returns from his brief summer break one of the thorniest items on his to do list will be finally fixing the woes of the world’s oldest bank, Monte dei Paschi di Siena. The Tuscan lender’s decline has tarnished Draghi’s record ever since 2008 when, as Bank of Italy chief, he approved its […]
Top earning bankers move to EU from Britain ahead of Brexit
Nearly a hundred highly paid bankers left Britain ahead of its departure from the European Union. The European Banking Authority (EBA) said in its annual survey of bankers earning a million euros ($1.17 million) or more a year that Britain saw a drop of 95 high earners in 2019. The country still accounted for 71% of the 4,963 bankers […]
Sri Lanka becomes first in Asia to tighten policy in pandemic era
The Central Bank of Sri Lanka (CBSL) became the first in Asia, to raise interest rates since the pandemic began. The central bank increased the standing deposit facility rate and the standing lending facility rate by 50 basis points each to 5% and 6%, respectively. It also increased the statutory reserve ratio by 200 basis points to 4% with […]