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Banking & Payments DECODED

Latest edition: 08 May 2024
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Latest news

The secret to success in emerging markets

Emerging markets comprise more than 85% of the world’s population, and this accounts for 50.1% of global GDP in 2023 – and 66% of global GDP growth in the past 10 years. So, why is there so much reluctance to expand into such potentially lucrative markets?

Arbuthnot Latham bolsters international banking team

Private and commercial bank Arbuthnot Latham has named Amit Modha as head of the Middle East and a director in the international banking division.

AI needed to tackle AI fraud - cybersecurity expert

Artificial intelligence (AI) has huge potential for improving financial services operations – such as writing code and learning customer preferences – but it is also increasingly being used to perpetrate fraud.

The AmeriFlex Group acquires The W Source

The AmeriFlex Group, a developing, adviser-owned hybrid RIA that focuses on financial planning, has bought The W Source.

CFPB takes action against Chime Financial for illegally delaying consumer refunds

The Consumer Financial Protection Bureau (CFPB) has taken enforcement against Chime Financial. The CFPB held that Chime failed to give consumers timely refunds when their accounts were closed. Thousands of consumers waited for weeks or months for balance refunds after closing their accounts. This failure inflicted significant financial harm on consumers who did not have access to critical funds to subsist. In some cases, consumers had to seek expensive forms of credit to cover bills that were due.

MENA region leads global growth in luxury travel reports Mastercard

The Middle East and North Africa is one of the main regions driving growth in affluent travel, recording high spends. It is also displaying an appetite for sustainable eco-luxury and meaningful cultural experiences. Mastercard’s ‘Affluent Travel: A Middle East Perspective’ report reveals an appetite for new experiences in unexplored destinations. The global luxury travel market is expected to grow by 7.9% (CAGR) between 2024 and 2030. Mastercard reports that high-net-worth travellers contribute approximately 36% of the global spend on travel.

A1 Bank completes digital transformation journey with Synpulse and Avaloq

Management consultancy, Synpulse, has successfully implemented the Avaloq Core Platform at Vienna-based A1 Bank (formerly paybox Bank).

Indonesia e-commerce payments to surge by 15.5% in 2024, reveals GlobalData

The Indonesia e-commerce market is growing at a fast pace and is expected to surge by 15.5% in 2024, driven by the ongoing shift of consumer preferences from offline to online shopping, finds GlobalData, publishers of EPI.