Category: Finance

Singapore’s banking sector is undergoing a major revamp after a S$2.4 billion (US$1.8 billion) money laundering scandal involving several banks and individuals with foreign passports. The scandal has exposed the loopholes in the city-state’s anti-money laundering policies and prompted the authorities to step up their oversight and scrutiny of the financial institutions and their clients. The scandal that rocked the financial hub The money laundering scandal came to light in…

Switzerland is known for its banking sector, which attracts clients from all over the world with its reputation for stability, security and secrecy. However, not all Swiss banks are created equal. According to a recent report by finews.com, a leading news site for the financial sector, small Swiss banks are generally the most successful in terms of profitability, efficiency and growth. Small Banks Have Higher Profit Margins The report, which…

The Hong Kong Monetary Authority (HKMA) has issued a warning to crypto firms that are using banking terms to describe their services or products, saying that they may be breaking the law and misleading the public. Crypto firms are not banks in Hong Kong The HKMA said that it has noticed some crypto firms using terms such as “crypto bank”, “crypto asset bank”, “digital asset bank”, “digital bank” or “digital…

The National Federation of Independent Business (NFIB) reported a decline in small business optimism in August, as rising inflation and labor shortages dampened the outlook of entrepreneurs. The NFIB Small Business Optimism Index, a quarterly survey of U.S. small businesses, fell 0.6 points to 91.3, the lowest level since March 2021. The index has been below its historical average of 98 for 20 consecutive months. Inflation Concerns Top the List…

According to a recent study by Forrester, a global research and advisory firm, the customer experience (CX) quality of multichannel banks in Singapore declined slightly in 2023, resulting in mixed results and a reshuffle of the rankings. The study, based on a survey of over 1,800 customers in Singapore, revealed that only two major banks in Singapore– Citibank and DBS– improved their CX scores, whilst three other banks– OCBC, UOB,…

Online lending is a booming industry that is transforming the world of finance. However, to succeed in this competitive market, online lenders need to leverage the power of loan software that can automate and optimize their processes, reduce costs, and enhance customer experience. Here are some of the benefits of using loan software for online lending. Faster and Easier Loan Origination One of the key challenges for online lenders is…

The National Telecommunication and Information Security Board (NTISB) has warned the public about the surge in banking and financial fraud in Pakistan. The board has issued an advisory on how to avoid falling prey to such scams, which are mainly due to a lack of cybersecurity awareness at users’ end. Scammers Use Social Engineering and Malicious Apps to Steal Money According to the NTISB, scammers are equipped with the latest…

Lower margins and profits The economic outlook of China, the world’s second-largest economy, has been affected by the recent surge of COVID-19 cases, the regulatory crackdown on some sectors, and the ongoing trade tensions with the US. This has also impacted the performance of Chinese joint-stock banks (JSBs), which are commercial banks that are partly owned by the public. According to a report by CreditSights, a credit research firm, JSBs…

BlinkPay is a new fintech startup that aims to emulate the success of open banking in the UK with its innovative platform that connects consumers, businesses and banks in New Zealand. The company, which was founded in 2022, has recently launched its beta version and is looking for early adopters to test its features and provide feedback. What is Open Banking and Why is it Important? Open banking is a…