Banking Monthly

Kuwait's central bank is launching a regulatory sandbox for startups, joining a crowded regional field jostling to become the Middle East's top fintech spot. The central bank has put together a regulatory sandbox framework document designed to promote innovation by letting firms test products and services in a secure environment. Typically, participants will have one year to go through four stages in the sandbox before being evaluated by a taskforce on readiness to enter the market. [ 87 more words ] https://www.bankingmonthly.com/…/kuwait -joins-fintech-sand…/

IndusInbank has launched an interactive credit card with push button controls for customers to choose their preferred mode of payment at the checkout. Created in partnership with US-based Dynamics, the battery-powerd payment card enables customers to choose between charging a purchase to their credit card account, taking out a loan or paying for the item with their reward points balance. [ 62 more words ] https://www.bankingmonthly.com/…/indusi ndbank-introduces-p…/

Several banks, including BBVA, have been invited to join a new European Union platform to promote the use of blockchain technology. On Tuesday, BBVA was one of a host of representatives from the public and private sectors to take part in a Brussels-based roundtable on "uniting EU industries to lead blockchain technologies". EC commissioner for digital economy and society, Mariya Gabriel and the director-general for communications networks, content and technology, Roberto Viola attended the event, which was designed to rally industry leaders around a strategy to boost innovation and exploitation of blockchain technology in the EU. [ 200 more words ] https://www.bankingmonthly.com/…/eu-tap s-banks-for-new-blo…/

Ensight™ Intelligent Quote to transform industry case design operations with integrated 'single-entry quoting' and advanced product benchmarking on one single platform Assurance, a leading InsurTech technology platform provider of cloud-based sales acceleration tools for Life Insurance and Annuity products, announced today the launch of Ensight Intelligent Quote™, the first intuitive illustration quote platform to integrate a "single-entry" case design workflow and advanced product benchmarking into one seamless platform experience. [ 372 more words ] https://www.bankingmonthly.com/…/assura nce-unveils-revolut…/

Between €750-800bn in assets will move from London to Frankfurt as a result of a Brexit-led exodus of banks from the UK. The claim has been made by the banking lobby group Frankfurt Main Exchange. According to its managing director Hubertus Vath, an estimated 30 lenders will shift their operations to Germany in the first quarter of 2019 having applied to the European Central Bank for a new licence and selected Frankfurt as their new location. [ 170 more words ] https://www.bankingmonthly.com/…/frankf urt-claims-800bn-in…/

UK cloud-based capital markets technology outfit Options is opening a new headquarters in Belfast, doubling its workforce in the city to 200 staffers. Options, which began life in 1993 as a hedge fund technology services provider, has experienced a growth surge since repositioning to provide managed IT and outsourcing services across the full spectrum of capital markets activities. With over 200 firms using its services globally, since the pivot Options has doubled staff numbers to more than 250 in London, New York and Belfast. [ 122 more words ] https://www.bankingmonthly.com/…/capita l-markets-tech-firm…/

Even if you have not been trading for long enough, you are probably already aware of the fact that one of the most important steps to achieving forex success is maximizing profits while minimizing losses as much as possible. Even (or especially) if you are a forex veteran, you have probably experienced your fair share of losses. However, launching successful forex trades is one thing, but recovering from a nasty streak of losses is an entirely different animal, as the latter requires a different mentality and set of skills. [ 1,047 more word ] https://www.bankingmonthly.com/…/how-to -offset-forex-losses/

The Depository Trust & Clearing Corporation (DTCC) is ploughing ahead with its project to re-platform its credit derivatives Trade Information Warehouse (TIW) on distributed ledger technology and cloud, enlisting 15 of the world's largest banks for a testing phase. The TIW service automates the record keeping, lifecycle events, and payment management for more than $11 trillion of cleared and bilateral credit derivatives. [ 211 more words ] https://www.bankingmonthly.com/…/dtcc-b egins-testing-dlt-p…/

Spanish bank BBVA is promoting its US operations head to the chief executive role as part of a management reshuffle designed to further its digital ambitions. Onur Genç, country manager for BBVA US, will assume his new role at the end of December. Current chief executive Carlos Torres Villa will replace the outgoing Francisco Gonzalez as executive chairman before the year-end. [ 112 more words ] https://www.bankingmonthly.com/…/…/29 /bbva-appoints-new-ceo/

The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q2 of 2018 from 21 IFSB member jurisdictions. This eleventh dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2018, as part of the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project, which currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kuwait, Lebanon, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom. [ 331 more words ] https://www.bankingmonthly.com/…/the-if sb-disseminates-dat…/

Sberbank has completed a deal to acquire Intercomp, Russia’s leading business process outsourcing (BPO) company. The bank purchased a 100% stake in the company from a group of investors headed by Elbrus Capital. Financial details were not disclosed. Intercomp's current client base consists of 800 large and medium companies operating in 30 different industries as well as Russian state agencies. The firm's principle focus is in payroll, financial and HR outsourcing. [ 133 more words ] https://www.bankingmonthly.com/…/sberba nk-acquires-russian…/

Blockchain-based cross border business payments startup Veem has raised $25 million in a strategic funding round led by Goldman Sachs and joined by Google Ventures. Silicon Valley Bank, Extol Capital, Trend Forward Capital, Kleiner Perkins, and Pantera Capital all contributed to the round to help Veem take on the multi-trillion dollar SMB cross-border payments market. Veem argues that small businesses are currently forced to deal with a slow, outdated, and expensive wire transfer system to send and receive international payments. [ 124 more words ] https://www.bankingmonthly.com/…/goldma n-invests-in-blockc…/

Source: JPMorgan Chase With a new lock/unlock feature launching today, Chase is giving customers peace of mind with the power to temporarily turn off their Chase credit cards immediately, stopping them from being used when left behind or misplaced. The lock/unlock feature will allow customers to quickly lock or unlock their credit card right from their phones through the Chase Mobile app or by computer via chase.com to instantly block new purchases, cash advances and balance transfers. [ 98 more words ] https://www.bankingmonthly.com/…/chase- lets-customers-lock…/

Moves to reimburse consumers who fall victim to push payment fraud has come a step closer with the publication of a draft voluntary code drawn up by a steering group of UK banks and consumer rights campaigners. Open for consultation until 15 November, the draft code is intended to protect consumers from authorised push payment (APP) fraud, which happens when businesses or individuals are conned into sending money to a fraudulent account to pay for goods or services. [ 412 more words ] https://www.bankingmonthly.com/…/new-le gislation-may-be-ne…/

Source: AxiomSL AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that CNH Industrial Financial Services, a global financial services player in the Capital Goods financing business, has selected AxiomSL’s strategic platform to implement AnaCredit and local statistical (Schema-A) reporting in Belgium. By selecting AxiomSL, CNH Industrial Financial Services will meet its objective to automate their reporting process, from data sourcing to submission of the reports, to the National Bank of Belgium (NBB). [ 351 more words ] https://www.bankingmonthly.com/…/cnh-se lects-axiomsls-plat…/

Both World Bank and World Economic Forum reports state that UAE’s economy is resilient to shock The new study from the World Bank Group and the World Economic Forum has declared the UAE as the most competitive economy in the Middle East and North Africa (Mena). The Arab World Competitiveness Report 2018, launched Tuesday in Dubai, ranked the UAE as the 17th most competitive country in the world. [ 286 more words ] https://www.bankingmonthly.com/…/uae-mo st-competitive-econ…/

This growth comes in a bit lower than the 7.1% projected in April, according to the forecast of the Asian Development Bank (ADB) in its Asian Development Outlook 2018 update The ADB report stated: “With growth moderation likely in the second half of the year for exports, agriculture, and construction, and with continued contraction in mining, GDP growth for the whole year is now seen slightly lower than earlier forecast.” [ 226 more words ] https://www.bankingmonthly.com/…/adb-lo wers-vietnams-econo…/

Forex trading can be exciting as well as educational. It offers traders many opportunities to earn good profits. However, many traders still fail to survive, or “make it big” in this market. In fact, a large percentage of Forex traders regularly lose money. Learning to trade successfully, especially Forex trading, can prove to be very difficult at times. The first thing in elite Forex trading is to be realistic and be clear about what you desire to achieve. [ 704 more words ] https://www.bankingmonthly.com/…/top-5- essentials-to-becom…/