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 […]
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 […]