Western Union resumed services to Afghanistan
Western Union Co and MoneyGram International Inc resumed money-transfer services to Afghanistan. This moves in line with a U.S. push to allow humanitarian activity to continue after the Taliban’s takeover. They had suspended more than two weeks ago, after the Islamist militia captured Kabul at lightning speed. There are many eases regarding the security concerns […]
CMC markets sounds profit
Online trading platform CMC Markets cut its annual earnings outlook by up to 80 million pounds ($110.24 million). This is because of the reduced market volatility resulted in lower transaction volumes across new and existing clients. CMC had raised its outlook multiple times this year as a retail trading boom and market volatility fueled volumes […]
London Stock Exchange launches financial innovation lab in Singapore
A dedicated Sustainable Financial Innovation Unit has been launched by the London Stock Exchange Group (LSEG) in Singapore. This is as per its part of their new LSEG Lab Network to drive innovation in the country’s fintech sector. LSEG has great support from the Monetary Authority of Singapore (MAS). They will work with the company […]
Metal cards are the future of finance
In 2019, Apple launched its credit card, made of titanium and weighing 15 grams. The payment industry is in a period of fierce competition. Amidst the battle, metal payment cards have become the hottest ticket in town. Metal cards are now an indicator of luxury status for high-value accounts such as the American Express Centurion. […]
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 […]
DeFi crime hits record high in first 7 months of 2021
Losses from theft, hacks, and fraud in decentralized finance or DeFi, a thriving segment in the cryptocurrency sector, hit an all-time high in the first seven months of the year is shown by a report from crypto intelligence company CipherTrace. But losses from crime in the overall cryptocurrency market dropped sharply to $681 million at […]
How financial institutions can protect against the cyberattacks
As banks were predominately where the money was, in our digital age, the modern criminal can steal vast quantities of money armed with little more than a laptop and an internet connection. The cybertheft market is now believed to be worth in excess of a trillion dollars globally. These types of crimes are safer, more lucrative, and thanks to the challenges with attribution, apprehension […]
UK’s financial watchdog goes real time to catch online criminals
Britain’s financial regulator has to make daily sweeps of the internet. This sweep is to warn about online scams in real time and keep pace with fraudsters who are often based outside the country. Mark Steward, the Financial Conduct Authority’s (FCA) director for enforcement, said that the warnings have become a cornerstone of the watchdog’s […]
Stanchart unit to launch cryptocurrency trading platform
A Standard Chartered PLC unit intends to establish a cryptocurrency brokerage and exchange platform in Britain and Europe. The bank said that this targets the institutional clients. The new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group. This operates Hong Kong-licensed cryptocurrency exchange OSL. StanChart […]
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 […]