In a world where headlines can be dominated by new technology like artificial intelligence, quantum computing, application programming interfaces (APIs) and more, it can be easy to overlook the long-time workhorse of the financial services sector. In a digitising world the core remains the heart of banking The core banking system...
Mastercard has invested an undisclosed amount in Polish fintech Verestro, formerly called uPaid. The start-up is headquartered in Warsaw with offices in Sofia, NewYork and Sao Paulo. The fintech has worked with Mastercard since 2011, providing payment solutions to banks, merchants and payment providers in 20 markets. Verestro’s CEO Krzysztof Drzyzga says the fintech “owe a lot...
Ant Group, the fintech arm of Chinese ecommerce giant Alibaba, is planning on a Hong Kong float as soon as this year, according to Reuters. Ant is targeting a valuation of more than $200 billion, according to two Reuters sources with knowledge of the matter. Ant is targeting a valuation of...
With a world that is becoming increasingly complex, both consumers and businesses are actively seeking out financial service providers that can achieve their financial goals in a manner that’s relevant and seamless. The fewer steps it takes to achieve any objective, the better. Open banking provides a unique opportunity for...
JP Morgan Chase & Co is eliminating terms like “blacklist,” “master” and “slave” from its internal technology materials and code as it seeks to address racism within the company, according to Reuters sources with knowledge of the move. The terms had appeared in some of the bank’s technology policies, standards...
Commerzbank is planning a wholesale shakeup of its internal structure cutting 10,000 of its 40,000-strong workforce. Shareholders are now calling for calm at the bank The news follows CEO Martin Zielke and chairman Stefan Schmittmann stepping down from their roles at the top of the German bank earlier this week. The pair...
Paytm, India’s $16 billion digital payments platform, has reached an agreement to buy Mumbai-based insurance firm Raheja QBE. The deal, worth $76 million, is all-cash, according to TechCrunch. Paytm intends to “democratise general insurance services” across India Co-founder and CEO of Paytm, Vijay Shekhar Sharma, will acquire the firm through his...
South Korea’s financial regulator has reported that 20 million people are using its open banking services. 70% of South Koreans are using open banking services Open banking services launched in the country back in December 2019. So far, 72 companies currently offer open banking related services in South Korea, including commercial...
National Bank of Pakistan (NBP) has upgraded its pool management system with ten-year-long partner Codebase Technologies (CBT). NBP is a Pakistani government-owned commercial bank and a subsidiary of State Bank of Pakistan (SBP). It holds roughly $17.2 billion in assets. “ will help our Islamic banking division to be more transparent...
HSBC France is seeking to cut 255 of 678 jobs in its French global banking and markets unit by end-2021, according to French news daily, Les Echos. HSBC France is seeking to cut 255 of 678 jobs. This measure forms part of a broader plan to reduce costs. It comes at...