People’s Bank Maintains Digital Banking Leadership
People’s Bank, a pioneer in the Sri Lankan banking and financial services sector, announced a significant milestone in its journey towards the country’s digital banking supremacy. As of 31st August 2023, the Bank has successfully enabled digital banking services through its internet banking, mobile banking app, and Wallet App for more than two million customers, […]
Deutsche Bank Partners with Taurus to Offer Custody Services for Institutional Clients’ Digital Assets
Deutsche Bank has forged a strategic partnership with the Swiss cryptocurrency firm Taurus to offer custody services for institutional clients’ digital assets and tokenized financial instruments. This groundbreaking collaboration marks a significant step for Deutsche Bank, allowing it to securely hold a limited selection of cryptocurrencies and tokenized versions of traditional financial assets on behalf […]
Ensuring Financial Stability: Cleveland Fed President Addresses Risks of Real-Time Payment System
Cleveland Federal Reserve President Loretta Mester addressed concerns about the potential risks associated with the U.S. central bank’s new real-time money moving system, FedNow. She emphasized that the system is being designed to prioritize financial stability, especially in times of bank stress. One worry is that FedNow, which enables real-time, round-the-clock payments, could amplify banking […]
Monzo valuation jumps to $4.5 BLN
British digital bank Monzo has completed a fresh funding round valuing the company at $4.5 billion. This is in a vote of confidence from investors in the loss-making lender. The high-profile neobank was founded in 2015. It has received the funding from investors in a round led by Abu Dhabi Growth Fund. The bank has closed the first $475 […]
Westerra credit union partners with Backbase
Westerra Credit Union is a leading Colorado financial cooperative. They have announced that it has partnered with Engagement Banking technology provider, Backbase. This is to accelerate its digital transformation journey. The collaboration will see Westerra adopt Backbase’s Digital Sales and Digital Banking solutions. So that this can provide omnichannel solutions for retail and business banking […]
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. […]
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 […]
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 […]
ZhongAn, StanChart-backed lenders take early lead in HK digital bank race
Online-only banks in Hong Kong backed by China’s ZhongAn Online P&C Insurance and Britain’s Standard Chartered moved ahead of newly launched rivals as they garnered 70% of deposits last year. The numbers give the first glimpses of the performances of Hong Kong’s eight so-called virtual banks. This is launched last year and it can offer […]
SoftPOS solutions benefits multiple factors
The Global digital payment is set to reach $236.10 billion by the year of 2028. With more of this kind of growth attributed to the arrival of the new techs and those considering to capitalize on the growth sector of the digital may not have an idea of where to start. But it is a […]