Category: Finance

The Bank for International Settlements (BIS) and the central banks of France, Singapore and Switzerland have successfully completed a novel experiment on cross-border payments using wholesale central bank digital currencies (wCBDCs). The project, dubbed Project Mariana, tested the feasibility and efficiency of using wCBDCs for cross-border trading and settlement between financial institutions, using new decentralized finance (DeFi) technology concepts on a public blockchain. What are wCBDCs and why are they…

India’s banking sector is undergoing a major transformation as new players enter the market and challenge the dominance of the traditional banks. Among them are the small finance banks (SFBs), which are niche institutions that cater to the financial needs of the underserved segments of the society, such as farmers, low-income households, small businesses and unorganised sectors. However, these SFBs are facing a prickly problem of survival and growth amid…

The banking industry is undergoing a major transformation as customers demand more personalised and convenient services. Fintechs, or financial technology companies, are emerging as key players in this changing landscape, offering innovative solutions that cater to the needs and preferences of the digital-savvy consumers. However, fintechs are not only competitors, but also potential partners for banks. According to a recent report by Temenos, a leading banking software provider, banks must…

The financial sector is undergoing a massive change as new technologies and innovations are disrupting the traditional ways of banking and providing financial services. Fintech, or financial technology, is the term used to describe the use of digital platforms, software, and applications to offer faster, cheaper, and more convenient solutions for customers and businesses. Fintech has been growing rapidly in recent years, especially in Asia, where the demand for financial…

The banking sector is undergoing a major transformation with the adoption of digital technologies and innovations. Smart banking is a term that refers to the use of advanced tools and solutions to enhance banking operations and customer experience. In this article, we will explore what makes banking smart and how it is changing the financial landscape. The rise of cloud computing in banking One of the key technologies that enables…

Leatherback, a neo-banking platform for individuals and businesses, has launched its mobile app in the UK, making it easier for migrants and businesses to remit funds and conduct cross-border transactions in over 15 currencies across 21 different countries. The app, which is available for both iOS and Android devices, aims to provide a fast, secure, and low-cost alternative to traditional money transfer services. What is Leatherback and how does it…

India is attracting the attention of global banks as a potential growth market, especially in the wake of the China-Plus-One strategy that many multinational corporations are adopting. Several foreign banks are expanding their presence and offerings in India, hoping to tap into the opportunities in the private banking, investment banking and asset management segments. India’s Financial Sector: A Watershed Year According to a report by finews.com, 2023 is panning out…

Backbase, a leading provider of digital banking solutions, is hosting its annual conference, Backbase ENGAGE, in three different regions: EMEA, Asia, and Americas. The event aims to inspire banks and credit unions to make the “Big Shift” from traditional to engagement banking, by leveraging omnichannel engagement orchestration and journey-led progressive modernization. What is the Big Shift? The Big Shift is the transition from traditional banking, which is product-centric, siloed, and…

Online bank fraud is a serious threat to the security and privacy of customers and financial institutions. According to a report by TechBullion, online bank fraud increased by 159% in 2020, reaching a total value of $1.85 trillion The report also highlighted the various types of online bank fraud, such as phishing, identity theft, account takeover, card cloning, and money laundering. The Challenges of Online Bank Fraud Prevention One of the…

The COVID-19 pandemic has exposed the weaknesses in the recovery plans of many banks in Europe, as they struggle to cope with the financial impact of the lockdowns and the economic slowdown. The European Central Bank (ECB) has urged banks to improve their recovery plans and make them more operational, as they face the risk of losing their liquidity and capital buffers. What are recovery plans and why are they…