iS bank selects driverless AI platform from H2O.ai for income prediction, cash forecasting & check default prediction applications
Andrew Morris, Senior Vice President, EMEA, H2O.ai said that the decision by İşbank to use Driverless AI will be its shining example of how a progressive-thinking finance organization in EMEA is embracing innovative AI and ML technologies to improve the accuracy of its business planning predictions. This makes them even more competitive in this increasingly […]
Morgan Stanley hires ex BofA banker Rizzo to drive European client push
Morgan Stanley hired former Bank of America banker Luigi Rizzo for a new client-facing role overseeing a drive to win business from a wide spectrum of companies across Europe, the Middle East and Africa (EMEA). Rizzo was at the helm of Bank of America’s European corporate and investment banking. He quit over there in late […]
BoE says stablecoin payments need same rules as banks
The Bank of England said that payments with ‘stablecoins’, which is a form of cryptocurrency usually pegged to a traditional currency, should be regulated in the same way as payments handled by banks if they start to become widely used. The central bank also said that it had made no decision about whether to issue […]
Singapore Central Bank reprimands insurers AIA, Aviva and Prudential
Singapore’s central bank said that it has reprimanded the local businesses of insurers AIA, Prudential and Aviva for breaching requirements related to risk management and supervisors’ pay. The Monetary Authority of Singapore (MAS) said that its investigations found numerous instances where remuneration was paid to supervisors. And that is over sales of investment products and […]
Global banks in Hong Kong push to get staff back to office
Global banks are moving faster in Hong Kong. This is to get staff back to office versus in other major centers, given fewer daily COVID-19 cases in the Asian city, and are offering incentives such as onsite vaccinations and days off to encourage inoculation. More than 70% of Morgan Stanley’s staffs are back at their […]
Citi CFO Mason warns of mixed year for bank even as recovery continues
Citigroup Inc’s finance chief Mark Mason predicted a strong economic recovery this year. This is as more people get vaccinated, but cautioned that may not translate into better profits for the bank because of a slowdown in institutional businesses and higher expenses. The CFO also stated that it is been a consumer-led recovery, which is […]
Major Australian banks, US airline briefly hit by widespread internet outrages
Websites of dozens of financial institutions and airlines in Australia and the United States were briefly down. This is the second major blackout in just over a week. This is caused by a glitch in an important piece of internet infrastructure. Server-related glitches at content delivery network (CDN) provider Akamai had occurred. This glitch had […]
UBS ramps up Netflix of banking to tap into stream of millionaires
UBS’s new hybrid digital wealth management platform has attracted $3.7 billion in its first year. This boosts the chief executive Ralph Hamer’s strategy of winning more business from the lower echelons of the global rich. The world’s biggest wealth manager is trying to improve its digital services to reach customers outside its super rich core client […]
Mark Cuban-Backed banking app Dave to go public in $4 BLN Spac merger
Billionaire Mark Cuban-backed Dave said it would go public through a merger with a blank-check firm sponsored by investment firm Victory Park Capital, valuing the banking app at $4 billion. Dave is an app launched in 2017. It is used to help Americans avoid billions of dollars in overdraft fees charged by traditional banks. It […]
BNY Mellon’s new solution leads the digital Bill-pay revolution
BNY Mellon has announced that it has launched a first-of-its-kind real-time electronic bill (e-bill) and payment solution. Displacing the inefficient and antiquated process historically used to handle the majority of the 15 billion bills paid in the U.S. annually. This pioneering capability enables U.S. businesses to present digital bills to their consumer clients in real-time […]