BoE says stablecoin payments need same rules as banks
The Bank of England said that payments with āstablecoinsā, 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
Singaporeās central bank said that it has reprimanded the local businesses of insurers AIA, Prudential and Aviva for breaching requirements related to risk management and supervisorsā 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 Stanleyās staffs are back at their […]
Citi CFO Mason warns of mixed year for bank even as recovery continues
Citigroup Incās 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
UBSās new hybrid digital wealth management platform has attracted $3.7 billion in its first year. This boosts the chief executive Ralph Hamerās strategy of winning more business from the lower echelons of the global rich. The worldās 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 Mellonās 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 […]
ECB to keep policy loose this year despite high inflation risks
The European Central Bank will not change the total size of its asset purchase program at its June 10 meeting. But it will start tapering its pandemic purchases later this year. They also showed inflation risks to the upside, according to a recent poll data. In recent weeks, with an economic recovery underway and price […]
SNB Chairman sees only modest inflation risk in Switzerland-Schweiz am Wochenende
Swiss National Bank (SNB) Chairman Thomas Jordan sees only modest inflation risk in Switzerland. This is because the central bank maintains cautious optimism for global economic recovery. This was derived from a newspaper interview. Jordan said in the interview with Swiss newspaper Schweiz am Wochenende that in Switzerland, they believe the inflation risk is modest. […]