The COVID pandemic has accelerated the adoption of digital transactions and mobile payments, including the use of digital cards. With enhanced security and ease of use, they have become part of consumers’ daily life. Financial institutions must consider how to enhance their mobile payment offerings to remain relevant to this changing consumer behaviour.
As the West announces sanctions over Russia’s actions in Ukraine, global supply chains, particularly related to energy and commodities from the country, will be further impacted.
Despite widespread media reporting of US and Western sanctions on seven Russian banks, SWIFT has yet to disconnect any of them from its network. It will do so on 12 March after it received legal instruction in pursuant of EU Council Regulation (EU) 2022/345 of 1 March 2022.
The Monetary Authority of Singapore (MAS) has imposed an extra capital requirement of SGD 930 million ($692 million) on DBS after the widespread digital interruptions on 23 and 24 November 2021. This is four times higher than the amount imposed on the bank for a similar disruption in 2010.
EU leaders, Charles Michel and Ursula von der Leyen, jointly condemn Russian aggression against Ukraine, plan further sanctions while global markets plummet in the wake of attack.
The prospect of a ban on Russia from SWIFT becomes ever likely as its attack on Ukraine escalates. However, the impact of such an outcome will not only be felt by the Russian economy and financial system but also banks, mostly European, that have significant exposures to it.
South Korea’s kakaobank is the most recommended retail bank in Asia Pacific in 2022, the second time that the standalone digital bank has topped the BankQuality Consumer Survey and Retail Bank Rankings in the last three year.
Hong Kong's banking industry has remained resilient amid the pandemic, and its retail banking sector is expected to grow slowly but steadily until 2023.
Banks in most Asian markets booked lower provisions to cover potential loan losses as economies recover, which has contributed to the improved profitability in 1H 2021
The financial services industry is undergoing a massive shift to cloud, but the challenging technology transition for incumbents requires a strategic rethink of architecture, data, people and processes.
Central banker and philanthropist Serey Chea shared her motivation behind launching an NGO to support mental health issues in Cambodia. Her personal agony motivated her to offer a voice for vulnerable communities. Capitalising on her position, she has been involved with numerous initiatives in education, health and women empowerment through her organisation.
The UAE has succeeded in luring international crypto exchanges to operate such as Kraken, eToro, Alvexo, Coinbase, Binance, and Coinmama out of the ADGM, and is looking to attract more, especially those from Asia to set up base.
The Middle East financial sector has witnessed a significant growth in the fintech ecosystem. Many countries in the region have robust banking systems and are embracing the adoption of open banking frameworks and Application Programme Interface (APIs) with fintechs.
The continuous expansion of the crypto market and the innovations it promises have been closely watched by the financial services industry, particularly by regulators. While it continues to face an uncertain, future. several factors, including the constant offering of new cryptos, new use cases in DeFi and CeFi application, increasing number of users, and structural changes and innovation in financial markets will determine its long-term growth.
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