Banking & Payments DECODED
Latest edition: 13 May 2024
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Latest news
Economy and cybersecurity top concerns for the banking sector—just ask JPMorgan Chase
GlobalData polling of banking industry insiders suggests that only economic challenges surpass cybersecurity as the sector’s most important issue in 2024. Recent cyberattacks, including on UK government institutions and JPMorgan Chase (JPM), illustrate the severity of the challenge in combatting cyberattacks and bad actors.
US credit card late fees: round 1 to the US Chamber of Commerce
A Trump-appointed judge has blocked CFPB plans to prohibit credit card companies from charging customers late fees higher than $8.
MAS grants major payment institution licence to XREX Singapore
The Monetary Authority of Singapore has granted a major payment institution licence to XREX Singapore. CEO Christopher Chye said: "Our engagements with the MAS have repeatedly shown us why they are internationally revered as a leading central bank and financial regulator. With this licence in hand, XREX Singapore will endeavour to bring blockchain-enabled digital payment currencies to ubiquity."
Temenos launches first responsible Generative AI solutions for core banking
Temenos has launched Responsible Generative AI solutions as part of its AI infused banking platform. The secure solutions seamlessly integrate with Temenos Core and Financial Crime Mitigation. According to Temenos, it will revolutionise the way banks interact with their data, boost productivity and profitability.
Chinese banks maintain dominance in 2023 despite economic headwinds
Chinese banks maintain their dominance in the global largest lender rankings of 2023. This is despite a downturn in the property sector, according to the Global Bank Ranking published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world by total assets.
OCBC makes S$1.4bn offer for Great Eastern stake
OCBC has made an offer of S$1.4bn ($1.03bn) to acquire the 11.56% stake in Great Eastern that it does not currently own. The proposed deal aims to strengthen OCBC’s business pillars of banking, wealth management and insurance. Moreover, the move will optimise its capital to enhance shareholder returns. opportunities in one of the world’s fastest-growing regions. The offer is therefore in line with OCBC’s strategy to solidify its wealth management leadership position to drive growth by capturing rising Asian wealth.
Standard Chartered increases its carbon reduction initiatives
Standard Chartered has strengthened its commitment to reducing greenhouse gas emissions by announcing a focus on methane emissions reduction.
Coinbase dominates Reddit discussions amongst top crypto trading platforms during Q1 2024, reveals GlobalData
As the cryptocurrency market once again experiences volatility post a strong Q1 2024 surge, investors face fresh uncertainty. The recent price dip raises doubts about the sustainability of the rebound, emphasising the persistent volatility of digital assets. Consequently, market participants navigate uncertain terrain, recognising the inherent risks at play.
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