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As the landscape of digital finance continues to evolve, non-custodial banks are emerging as a revolutionary solution, especially within the Web3 ecosystem. These banks allow users to maintain full control of their funds, unlike traditional banks that hold or manage their clients’ assets.
The European Central Bank (ECB) and Norges Bank signed an agreement for Norway to join the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. Norway is the first non-European Union country of the European Economic Area to join one of the Eurosystem’s TARGET Services.
The bank, listed in Ho Chi Minh City, intends to offer the shares at 34,500-36,000 dong (US$1.36-US$1.40) This move values the bank at approximately 53.5 The sale faces significant hurdles due to regulatory limits on foreign ownership in Vietnamese banks, capped at 30%. trillion dong (US$2.1
Challenger processors outperforming incumbents According to the report, new card processing models, driven by technological innovation and the growing influence of non-bank entities like retailers and gig economy platforms, are gaining significant momentum. in 2021 to 4.0%
The growth of Non-Performing Assets (NPAs) continues to be a top concern for digital lenders, today. According to reports, Indian banks continue to face challenges in recovering debt. India’s 39 Debt Recovery Tribunals (DRTs) and five Debt Recovery Appellate Tribunals (DRATs) struggle to cope with the volume of cases.
Lee Wai Fai This strategic move aims to maintain the bank’s cost-to-income ratio at 40% by 2026, according to Group Chief Financial Officer Lee Wai Fai. The bank anticipates non-interest income contributing 37% of overall income by 2026, driven by growth in wealth management, trade finance, and customer treasury services.
Singaporean multinational technology company Grab Holdings released its unaudited financial results for the first quarter ended 31 March 2024, revealing a significant increase in customer deposits in its digital bank business. As of 31 March 2024, around 80% of GXS Bank’s FlexiLoan customers were also Grab users.
This suspension, now extended until 30 September 2024, pertains to the use of non-approved channels by remittance companies for transferring funds to the People’s Republic of China (PRC). MAS said that it will continue to closely monitor the situation and practices of remittance companies.
Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology , backed by Standard Chartered, have announced a strategic partnership to modernise Saudi Arabia’s banking sector. It also offers adaptability for non-bank entities, extending the benefits of digital transformation beyond traditional banking.
Embedded finance is transforming industries by incorporating financial services directly into non-financial platforms. This integration allows businesses to offer banking-like services, enhancing customer experience and simplifying transactions. This shift is redefining traditional banking structures. What is Embedded Finance?
Datuk Yee was appointed as a Non-Independent Non-Executive Director of Maybank in November 2023, and then to the Maybank Singapore board in August 2024. His career spans audit, equity research, and investment banking. Maybank Singapore Limited has named Datuk Yee Yang Chien as its new Chairman, effective 1 October 2024.
The lending business has become much more competitive over the last few years, with banks, Non-Banking Financial Companies (NBFCs), neo-banks, and even newer players, such as payment apps, vying to expand their customer base.
Thai regulators approved the first cross-border payment solution using stablecoins in October, while the Philippine central bank launched a peso stablecoin pilot earlier this year. During the event, participants, including non-Thai attendees, were able to convert dollar stablecoins to baht stablecoins without foreign exchange fees.
As digital technologies continue to transform the financial landscape, central banks worldwide are exploring the potential of Central Bank Digital Currencies (CBDCs). The pilot results showed that RCBDC could support access and integration for bank and non-bank FSPs, addressing existing pain points in the payment infrastructure.
This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. Banking-as-a-Service (BaaS) describes the concept that enables non-bank platforms to access banking capabilities traditionally only offered by licensed banks.
In the last five years, the lending industry has grown increasingly competitive, with banks, lending platforms, payment apps, and non-banking financial companies (NBFCs) competing for a piece of the pie.
The Financial Stability Board (FSB) published today, for public consultation, its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.
PT Bank BTPN’s flagship digital bank, Jenius , has teamed up with Perx Technologies , a SaaS lifestyle marketing platform provider, to enhance its customer engagement strategy. This partnership is looking to maximise customer lifetime value through continuous and non-transactional engagement.
Non-members should email billie.pursey@thepaymentsassociation.org to register (subject to approval). Helen Child Founder and CEO at Open Banking Excellence The post PA Edinburgh appeared first on Open Banking Excellence. For venue accessibility information please visit: [link] I want to Attend!
According to a recent Business Standard report, non-banking financial companies (NBFCs) focusing on microfinance may face higher credit costs due to increasing loan delinquencies. Did you know that rising loan delinquency rates can lead to significant opportunity costs and damage the reputation of Microfinance Institutions (MFIs)?
Following this announcement, the Konsentus Q1 2024 TPP tracker has revealed an overall growth in the European third parties that are regulated to provide Open Banking services around their domestic market, as well as an overall increase in TPPs authorised to initiate payments and transactions on an account holder’s behalf.
Non-Banking Financial Companies (NBFCs) are making a behind-the-scene yet significant impact on the Indian economy. Despite not having a traditional banking license, they promote financial inclusion, support economic development, enhance innovation, and deepen financial markets.
Most non-bank entities typically hold Type 2 licenses limiting transactions to 1 million JPY. We look forward to empowering banks and businesses worldwide to do more commerce with Japan by providing the speed, efficiency, and transparency of payments that has long been missing from this important global market.”
The company’s Mastercard Move service, connecting nearly 10 billion endpoints globally, including bank accounts and digital wallets, is part of this effort. The post Mastercard Partnership with Alipay Offers Faster, Secure Remittances to China appeared first on Fintech Singapore. billion account holders.
The imposition of restrictions four months prior stemmed from alleged non-compliance with OJK’s supervisory obligations , which include stringent requirements on risk management and good corporate governance. Established in 2014, Akulaku has a presence that extends beyond Indonesia to Malaysia, the Philippines, and Vietnam.
GXS Bank, a digital bank supported by Grab Holdings and Singtel, reported a substantial increase in losses for the financial year ending 31 December 2023, as reported by DealStreetAsia. Despite this, the bank experienced a remarkable sixfold increase in net interest income, according to recent regulatory filings. million.
A key part of open banking is regulated third-party providers (TPP). They act as intermediaries between the bank and the customer. Open banking’s growth has got to a point now that more TPPs are able to offer their services outside of their domestic markets. A similar trend is reported for payment services growth.
This collaboration comes as a solution for consumers affected by a recent ban on fund transfers to China through non-bank and non-card channels. Post-promotion, a S$300 minimum will be enforced. The post Singapore’s AXS, Aleta Planet Offer UnionPay-Powered China Remittances appeared first on Fintech Singapore.
The Monetary Authority of Singapore (MAS) has intensified its oversight of DBS Bank following repeated disruptions to its online banking and payment services. MAS continues to closely monitor the bank’s implementation of these measures. billion on DBS.
These trends include ecosystem banking, generative artificial intelligence (GenAI), and embedded finance, a new report by PwC India and ASSOCHAM says. Generative AI driving banking and fintech trends in India Generative is one of India’s biggest fintech trends highlighted in the report.
The bank reported a pre-tax profit of VND 27.5 These initiatives helped drive a 27% increase in the bank’s CASA (Current Account Savings Account) balance, reaching an all-time high of nearly VND 231 trillion, with a CASA ratio of 40.9%. E-banking transaction volumes surged by 51.1% trillion, representing a 20.3%
Mastercard and Jeel a subsidiary of Riyad Bank are joining forces to enable digital and cutting-edge solutions such as AI to drive innovation in Saudi Arabia. Introducing the novel offering to the Kingdom, the collaboration will see the two entities work together to serve all non-banking financial institutions (NBFI) market segments.
Sibstar , the UK’s leading debit card and app for people living with dementia, has today announced the appointment of GoHenry co-founder and CEO, Louise Hill, as a Non-Executive Director. The post Sibstar Appoints GoHenry Co-Founder and CEO Louise Hill as Non-Executive Director appeared first on FF News | Fintech Finance.
Deputy Prime Minister and Minister for Finance, Lawrence Wong, discussed the potential expansion of the Monetary Authority of Singapore’s (MAS) anti-money laundering platform, COSMIC, to non-banking sectors in a recent response to a parliamentary question.
More than 61,000 Singaporean bank accounts have utilised the “Money Lock” feature since its launch in November 2023, with over S$5.4 DBS Bank now allows customers to apply Money Lock to their existing accounts, avoiding the need for multiple accounts. billion set aside for protection against digital theft.
A mix of Thai and regional business groups, including SeaMoney Thailand, SCB X, CP Group, Gulf Energy, and VGI, are preparing to apply for virtual bank licences from the Bank of Thailand, according to the Bangkok Post. The application deadline is 19 September.
Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, today announced it has signed a five-year deal with Varo Bank , N.A., Varo is the first bank to receive a de novo national bank charter as a consumer techbank in the U.S.
Central bank digital currencies (CBDCs) have largely existed in the virtual realm, with transactions initiated primarily through web and mobile interfaces. It was a contactless payment on POS using a card issued by Eurasian Bank JSC on the Way4 digital payments software system. The country stands out in this regard.
The dialogue focused on various pivotal areas including sustainable finance, fintech innovation, non-bank financial intermediation, and cross-border payment connectivity. The post UK and Singapore Discuss Green Finance Gaps, Digital Asset Regulation appeared first on Fintech Singapore.
Digital banking software provider Backbase has expanded its Engagement Banking Platform with the introduction of the Intelligence Fabric. A key feature is Agentic AI, which enables banks to deploy AI agents that autonomously manage customer journeys and workflows.
The CaaS model will provide banks, non-financial institutions, universities and fintechs with a comprehensive suite of digital payments services. Meanwhile, consumers will enjoy easy access to tailored digital financial products, such as youth and family banking.
Singapore’s digital bank Trust has rolled out AutoPay, a feature aimed at simplifying the process of credit card repayments for its users. This development allows Trust Bank ‘s users to set up automatic repayments for their credit cards with just a few clicks, provided they have a savings account.
This report outlines mitigation measures for government agencies, financial institutions, and Designated Non-Financial Businesses and Professionals (DNFBPs) to address these risks. Environmental crimes, such as illegal wildlife trafficking and illegal logging, generate an estimated US$110 billion to US$281 billion in criminal gains annually.
Payments giant Mastercard and cloud-native banking technology firm Thought Machine are deepening their partnership to offer improved payments and core banking solutions to financial institutions aiming to modernise their technology infrastructure. said Paul Taylor, CEO and founder, Thought Machine.
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