Banks take steps to reduce potential cloud computing risks, Google survey
A survey by Harris Poll and Google Cloud stated that the Banks are taking steps to mitigate risks from their increasing use of external cloud computing services. The Bank of England and the Bank of France have expressed concerns about a lack of transparency in how banks rely on a concentrated number of outside cloud computing providers like Google, Microsoft […]
Dutch bank ABN Amro resumes dividend payments as Q2 net profit beats
Dutch bank ABN Amro said that it would resume dividend payments as an economic recovery in the Netherlands had helped a stronger-than-expected bounce in net profit. Amsterdam-based ABN said net profit rose to 393 million euros ($460.48 million) in the second quarter. This is because of the coronavirus restrictions were eased and companies gradually resumed business. […]
AIB becomes first Irish lender to kick off Covid – 19 writebacks
Allied Irish Banks (AIB) became the first Irish bank to unwind provisions on bad loans related to the COVID-19 crisis. This is after its first half return to profit included a net credit impairment writeback of 103 million euros. The bank posted a half-year pretax profit of 291 million euros ($345.62 million). Ireland’s other dominant lender, Bank of Ireland, took a further […]
BoE’s Broadbent sees reasons for inflation tide to ebb
Bank of England Deputy Governor Ben Broadbent said that a current spike in prices is unlikely to create longer-term inflation pressures but central bankers should keep a close eye on job market shortages after the pandemic. Splits have emerged among top policymakers at the British central bank on the need to remove stimulus for the […]
Open banking driving financial innovation
A new force is blasting through the European financial system. Open Banking is forcing traditional banks to share customer data, with permission to third-party service providers. Open Banking is changing the landscape of finance. In this London is at the forefront. Freedom Finance is a search engine for loans. Jake Ranson, Freedom Finance’s chief customer […]
Singapore bank DBS starts trading on London metal exchange
Singapore bank DBS said that it has commenced commodity trading on the London Metal Exchange (LME). This is after it became the first bank in Asia to be issued bourse membership registered outside London, as metals prices surge on global economic recovery. DBS has become one of four current LME Category 4 members. This allows […]
BOJ policymakers saw prospects of quicker recovery in April
The massive stimulus measures deployed by advanced nations may help quicken the pace of recovery in the Japanese and global economies. This was agreed by the Bank of Japan board members in their April policy-setting meeting showed on Wednesday. The central bank in the world’s third-biggest economy will keep monetary settings unchanged for the time […]
Asian bank’s trials with tokenized securities stuck in silos – industry body
Asian financial regulators should do more to support large-scale trials of tokenized securities, said an industry body. This is because banks and technology firm’s current experiments are stuck in different silos and that hinders the pace of change. Tokenized securities are products like shares and bonds. Their ownership proof is recorded on a distributed ledger. […]
Irish government to begin phased exit from Bank of Ireland holding
Finance Minister Paschal Donohoe said that the Ireland’s government will begin to sell down part of its 13.9% shareholding in Bank of Ireland. This is over the next six months, marking the state’s first sale of any bank shares since 2017. Ireland pumped almost 40% of its annual economic output into its banks a decade […]
mPos technology: unlocking possibilities for business
Contactless transactions are on the peak in the UK. Nine out of ten card transactions which were made in 2020 were all contactless. This had accounted for 57 per cent of all debit card and 35 per cent of all credit card transactions. The FCA has made an announcement in response to demand, and the […]