Stories tagged “Banking.”
30 stories
Saudi Arabia and the UAE are poised to lead private credit growth in the GCC, driven by economic diversification and infrastructure needs. The market, though small globally, is expanding rapidly.
Rain is seeking a national trust bank charter to bypass third-party banks
Rain, a stablecoin payments company, has applied for an Office of the Comptroller of the Currency (OCC) national trust bank charter to custody digital assets and manage stablecoin reserves for institutional clients. This move aims to reduce reliance on third-party banks, …
The Solana Foundation launched Solana DvP, an open-source escrow program designed to provide financial institutions with a standardized API for delivery-versus-payment settlement, developed with input from J.P. Morgan.
Demand for AI-related roles at major banks like JPMorgan Chase, Citigroup, and Capital One surged 49% this year, with "agent orchestration" skills seeing a 1,721% jump in job postings.
The Reserve Bank of Australia has raised its cash rate to 4.6%, the highest since 2011, citing persistent inflation. Governor Michele Bullock stated further hikes are possible if needed to control rising prices, acknowledging the strain on households and businesses.
An ET Wealth reader's query addresses whether interest on NRE fixed deposits remains tax-exempt in India after their residential status changes from NRI to resident.
The Central Bank of Nigeria (CBN) has urged Nigerians, particularly traders, to handle the naira with care and pride to extend its lifespan and reduce the cost of replacing damaged notes. The CBN is conducting a public awareness campaign in Kano markets.
SoFi is migrating its entire card program, expecting $25 billion in annualized volume, to blockchain-based settlement using its SoFiUSD stablecoin with Mastercard. This shift provides an alternative settlement rail without changing how consumers pay.
IBM has launched beta connectivity for its Digital Asset Haven platform to Swift's blockchain-based ledger, enabling banks to instruct tokenized deposit transfers using existing payment messages and compliance processes.
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A new Android malware-as-a-service (MaaS) called RemControl is targeting users in Europe, Canada, and the Middle East through malvertising campaigns and fake Google Play pages, stealing banking credentials.
We have lost control: Crypto pioneer warns AI could trigger systemic banking and infrastructure shocks
Hut 8 co-founder Marc van der Chijs warns of AI risks, moving profits back into bitcoin as he becomes more of a doomer over rapid AI development.
Why Wall Street giants build tokenization money for institutions, not regular consumers
While Wall Street giants like JPMorgan and Citi process billions in tokenized payments for institutional clients, a UK challenger bank, Monument Bank, plans to tokenize retail deposits for everyday consumers.
Bastion wins conditional OCC approval for US trust bank charter, adding federal supervision to existing state licenses.
A former Hong Kong bank official was sentenced to four years in prison for falsely authenticating $1.6 billion in letters of credit and accepting $470,000 in cryptocurrency bribes.
Robinhood’s Abhishek Fatehpuria discusses how the app is evolving to serve as a financial platform, including AI-powered investing tools and prediction markets.
World Bank Mobilizes More Private Capital for African Continent
The World Bank has significantly increased private capital mobilization for Africa, with a 150% rise in four years to $22 billion, amid a 26% drop in official development aid.
SBI Group backs payments firm dtcpay in $25 million funding round
Stablecoin payments company dtcpay secured $25 million in a Series A funding round, including a strategic investment from Japan's SBI Group. The Singapore-licensed firm plans to use the capital to enhance its enterprise portal, app, and merchant network.
Japan's central bank increased its main interest rate to 1.25%, a 31-year high, continuing its shift from ultra-low borrowing costs amid rising prices and a weak yen. This move aims to curb inflation and align with global central bank tightening efforts.
The Pan-African Payment and Settlement System (PAPSS), established by Afreximbank and the African Union, is expanding its reach beyond Africa to connect with major global economies, starting with Asia's two largest.
Bank Melli Iran celebrates its 98th anniversary, emphasizing its role in Iran's financial system and economic resilience.
Barclays staff demand concessions after plans to increase in-office days
Barclays staff, represented by the Unite union, are protesting a new mandate requiring them to return to the office more frequently. Thousands have signed an open letter demanding compensation for travel costs and exemptions for those living far away.
The UK's economy has been more productive than previously estimated, according to new ONS data, while average mortgage rates have jumped to their highest since late 2023 ahead of the Bank of England's interest rate decision.
The Bank of England is expected to keep its benchmark interest rate at 3.75% for the sixth consecutive meeting, despite accelerating inflation driven by rising global energy prices and the Middle East conflict.
How my decision delayed telcos’ entry into Nigeria’s financial space — Sanusi Lamido
Former Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, admitted that his past decision to delay telecommunications companies' entry into Nigeria's financial services sector limited financial inclusion.
Revolut ID thefts highlight KYC dangers, prompting calls for better verification methods.
Germany's largest bank, Deutsche Bank, is awaiting regulatory approval to launch institutional digital asset custody solutions in Europe, initially supporting Bitcoin, Ether, and select stablecoins.
Eight banking trade groups have urged Senate leaders to tighten stablecoin reward restrictions within the proposed Clarity Act, fearing that current provisions could lead to deposit flight from traditional banks.
The FRED Blog explains M2, a key monetary aggregate that measures readily available money in the economy, detailing its components and a recent recalculation change.
Bitcoin Suisse plans to cut up to half its Swiss jobs, relocating administrative roles to Bratislava or Vietnam, as it shifts from a crypto specialist to a global wealth manager serving wealthy clients and institutions.