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North America: Bank of America’s Cathy Bessant: The Most Powerful Woman in Banking
Bessant has undertaken major initiatives outside the office as well, including starting the Council on the Responsible Use of Artificial Intelligence with Harvard University two years ago and working with the North Tryon Advisory Committee on efforts to achieve economic mobility for disadvantaged people in Charlotte.MORE >>>
North America: American Express taps Open Banking for account-to-account payments
American Express is to move into the account-to-account space, enabling UK consumers to pay for goods and services online and on the go, directly from their bank account.MORE >>>
Africa: Banking Sector Strike to Cripple South African Transactions
As many as 50,000 workers will protest retrenchments in the banking sector in a nationwide strike that will see ATM and card transactions, as well as tax-related payments, affected. The South African Revenue Service (SARS) on Monday urged taxpayers to conduct any tax transactions ahead of the anticipated banking sector strike later this week. The banking sector has indicated the possibility of a strike on Friday, 27 September.MORE >>>
Asia: Singapore banks embark on risky overseas pivot
ASIAN BANKING & FINANCE
Loan exposure to China has grown although loan quality has yet to be tested.
The shift by banks in Singapore away from their home turfs and into more volatile emerging markets is expected to deal a blow to their risk profiles and pose additional challenges to asset quality and operational complexity.MORE >>>
Asia: SWIFT Network Used in $2 Million Heist at Indian Bank
In an attack reminiscent of the one on Bangladesh Bank in 2016, attackers this weekend made $2 million in unauthorized transfers from India’s City Union Bank via the SWIFT financial network, Reuters reports. One of the transfers, for $500,000, was stopped.MORE >>>
South America: Uribe details aggressive Flar expansion plans
The Latin American Reserve Fund, Fondo Latinoamericano de Reservas (Flar), was created in 1978 with the aim of helping member states address their external imbalances and foster regional integration. How would you assess the fund’s efforts? Flar has strongly contributed to the macroeconomic and financial stability of the region. It has been one of the world’s most active regional financing arrangements.MORE >>>
Europe: Commerzbank plans to lay-off thousands in latest restructuring
German lender Commerzbank has announced plans to reduce its workforce by 4,300 people as part of its latest strategic programme.
Apart from 4,300 lay-offs, Commerzbank plans to add around 2,000 full-time positions in strategic areas. Accordingly, its overall workforce will drop by nearly 2,300 full-time positions.The new measures are proposed by the board of managing directors under the new draft strategy dubbed Commerzbank 5.0. The strategy, which is now submitted to the supervisory board for consideration, seeks to improve the lender’s long-term sustainability.MORE >>>
Europe: Lloyds Banking Group Adds New App Features to Help Customers Connect With Their Cash
THE FINTECH TIMES
Lloyds Bank, Halifax and Bank of Scotland customers can now share confirmation of payments made to friends or family through WhatsApp, SMS or email using automatic payment receipts. Whether it’s paying a friend for a pizza or contributing to a taxi fare, the new service allows customers to instantly alert their contacts when a payment has been made.MORE >>>
Oceania: A bank you might like: apps’ unlikely pitch out to disrupt Australian habits
Digital-only neobanks, offering no-fee accounts, high-speed sign-ups and intuitive user interfaces, are hoping to disrupt the way Australians save and spend their money – by making products people actually like.MORE >>>