Category: Finance

The European Central Bank (ECB) has issued a stern warning to banks that do not adequately assess and disclose their exposure to climate-related and environmental risks. The ECB said it could impose financial penalties on banks that lag behind in this area, as part of its supervisory role. ECB sets 2024 deadline for banks to comply with climate risk standards The ECB has set a deadline of 2024 for banks…

The use of biometric technology to enhance the security and convenience of banking services is gaining momentum in Southeast Asia, as two countries in the region have recently introduced new biometric banking options for their customers. Philippines: PNB Digital App reaches one million users The Philippine National Bank (PNB), one of the largest banks in the country, announced a new milestone this week: Registered users of the PNB Digital App…

Banks respond to ASIC’s findings on scam losses The Australian Banking Association (ABA) has announced that its members will implement a new industry-wide standard to block transfers to suspect accounts and improve scam victims’ experiences with their banks. This comes after a report by the Australian Securities and Investments Commission (ASIC) revealed that the big four banks only compensated a tiny fraction of customers who lost money to scams in…

The Indian government has recently notified a 40% tax on the windfall income of oil and gas companies, which is expected to generate Rs 10,000 crore in revenue for the fiscal year 2023-24. The tax, which was introduced in July 2022, is applicable to the profits earned by the companies from the surge in global crude oil prices, which have risen by more than 50% this year. The tax is…

KeyBank, one of the largest regional banks in the U.S., has announced that it has named Angela Mago as its next chief human resources officer, effective January 1, 2024. Mago, who currently serves as the head of commercial banking and co-president of KeyCorp, will succeed Brian Fishel, who is retiring after 35 years with the bank. Mago’s career and achievements at KeyBank Mago joined KeyBank in 1987 as a management…

The financial sector is undergoing a radical transformation, thanks to the emergence of innovative and disruptive players known as fintechs. These are companies that use technology to offer faster, cheaper, and more convenient financial services to customers, often bypassing the intermediation of traditional banks. But what are the main differences between fintechs and banks, and how are they competing or collaborating in the market? Fintechs vs Banks: Business Model and…

The banking industry is undergoing a radical shift, driven by the rapid advancement of financial technology (fintech). Fintech is the term used to describe the application of technology to improve and automate the delivery of financial services. Fintech is not only changing how we handle money, transactions, and investments, but also how banks operate and compete in the global market. Fintech: A Growing and Diverse Sector Fintech is a broad…

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…