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North America: Are states gaining upper hand in fintech charter battle?
The past year was another series of fits and starts for financial companies trying to streamline a licensing process that now requires them to apply to multiple state regimes. More fintechs sought a banking charter, but none succeeded in obtaining one.MORE >>>
North America: North American Banking Company CEO Named to Federal Reserve Governance Framework Formation Team
NORTH AMERICAN BANKING COMPANY
Earlier this month, North American Banking Company CEO Michael Bilski was named to the Federal Reserve’s Governance Framework Formation Team. The group, consisting of 27 banking leaders throughout the United States, will focus on the structure, decision-making and processes of a governance framework.MORE >>>
Africa: Somalia: Central Bank of Somalia Has Ordered the Immediate Closure of Forex Trading Companies’ Bank Accounts Countrywide
There have been fears that the forex bureaus have been used to cleanse and dispatch illegal money and also encourage money laundering.
In a letter addressed to the commercial banks on 23rd December, CBS said meeting by its board of Directors had agreed that banks to close the accounts with immediate effect.MORE >>>
Asia: India: Banks’ Exposure to Sensitive Sectors Up at 23.5 Percent
Banks’ exposure to sensitive sectors that comprise the capital market, real estate and commodities edged up at 23.5 percent of total loans and advances during 2018-19, a Reserve Bank of India (RBI) report on the country’s banking sector said.MORE >>>
Asia: BSP to require real-time liquidity reports from big banks
Large banks will soon be required by the Bangko Sentral ng Pilipinas to provide the regulator with real-time updates on their liquidity levels within the banking day — a scheme which is hoped will give policy makers a clearer picture of the financial system at any given point in time.MORE >>>
South America: How Latin American Entrepreneurs Are Changing The Region, One Business At A Time
Latin America’s growing startup ecosystem stands out because of how the region is using the combination of technology and business to build a foundation for a future that is better than what countries in this region have historically seen. International VCs like Sequoia Capital, Capria Network, Naspers and Didi Chuxing are heavily investing in the region — a testament to the potential this region now holds.MORE >>>
Europe: Lloyds, Halifax and Bank of Scotland online banking systems crash
The new year got off to a bad start for millions of Lloyds, Halifax and Bank of Scotland customers, who were unable to gain access to their accounts through the banks’ websites and mobile apps for almost nine hours because of an outage.
The three brands, which are part of Lloyds Banking Group, apologised repeatedly to customers after the problem started at about 4am on New Year’s Day, a bank holiday when branches are shut.
Europe: Dutch corporate sector is key source of current account surplus
The record-high Dutch current account surplus is being boosted by the corporate sector, but the saving patterns of large firms and small and mid-sized enterprises (SMEs) differ, says the Dutch National Bank. Last year, the Netherlands recorded a current account surplus of 11% of GDP. The savings behind this development are boosted by companies’ savings.MORE >>>
Oceania: Higher retail consumption lifts GDP in New Zealand
Gross domestic product increased 0.7 percent in the September 2019 quarter, boosted by retail spending, Stats NZ said today.
This follows a revised rise of 0.1 percent in the June 2019 quarter.
“Retail industry growth of 2.4 percent in the quarter was boosted by robust spending on electronics such as appliances, mobile phones, and computers after a quieter period in the June quarter,” national accounts senior manager Gary Dunnet said.