Category: Finance

Open Banking and FinTech are two buzzwords that have been making waves in the financial industry for the past few years. These terms refer to the use of technology and data to create more efficient, transparent, and customer-centric financial services. In this article, we will explore what Open Banking and FinTech are, how they are breaking down barriers in the financial sector, and what benefits they offer to consumers and…

OpenAI, the research organization behind some of the most advanced generative AI models, has recently announced a major shakeup in its leadership and structure. The co-founder and CEO, Sam Altman, will step down and become the chairman of the board, while the chief scientist, Ilya Sutskever, will leave the organization altogether. In their place, a new executive team will be formed, consisting of Greg Brockman, Dario Amodei, and Sandhya Dwarkadas.…

The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have launched a public consultation on the proposed framework for crypto-asset trading platforms (Platforms) in Canada. The consultation aims to gather input from stakeholders on how to best regulate Platforms that facilitate the buying, selling, or transferring of crypto assets, such as Bitcoin, Ethereum, and other digital tokens. Why regulate Platforms? Platforms are currently operating in…

The role of the chief financial officer (CFO) has evolved significantly in the era of digital transformation. CFOs are no longer just responsible for managing the financial operations of their organisations, but also for driving innovation and growth. One of the key areas where CFOs are leading the change is in the adoption of the latest payments technology, such as crypto assets, cloud-based platforms and application programming interfaces (APIs). Crypto…

The European Central Bank (ECB) has urged the European Union (EU) to close a legal loophole that allows some banks to operate in the crypto space without proper oversight. The ECB’s supervisory board chair, Andrea Enria, said that the current EU regulation on crypto assets is insufficient and needs to be fixed. EU regulation on crypto assets The EU regulation on crypto assets, known as the Markets in Crypto-Assets (MiCA)…

The Daily Mail campaign to protect customers from online scams The Daily Mail has launched a campaign to demand that tech giants take more responsibility for the online fraud that affects millions of people every year. The campaign, called Stop the Online Scams, calls for new laws and regulations to make online platforms accountable for the fraudsters who use their services to target innocent victims. The campaign also urges the…

The banking sector is under pressure from regulators and lawmakers who are concerned about the risks and impacts of the industry’s practices on the economy, consumers, and the environment. In recent months, several initiatives have been launched or proposed to address some of the most pressing issues facing banks, such as climate change, financial inclusion, consumer protection, and cybersecurity. Here are some of the main challenges and solutions that banks…

Banks Fear Losing Business to CBDC The digital ruble, a central bank digital currency (CBDC) that is being developed by the Bank of Russia, has faced resistance from some of the country’s commercial banks, who fear losing their business and customers to the new digital currency. According to a report by Comnews, even the banks that are participating in the pilot project of the digital ruble are looking for ways…

The latest financial statements of commercial banks in Vietnam have revealed the top 10 banks in terms of the current account savings account (CASA) ratio as of September 30, 2023. The CASA ratio is an indicator of the proportion of low-cost deposits in a bank’s total deposits, which affects the bank’s net interest margin and profitability. MB maintains the top spot despite decline MB continued to lead the banks by…