Abu Dhabi Islamic Bank (ADIB) recently launched the region’s first tokenised, contactless payment methods through the options of clasp and ring ‘ADIB PAY’, in partnership with token enablement service provider Tappy Technologies and global digital payments leader, Visa.
Category: Banking
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ADB, India Sign $350mn Loan To Improve Connectivity in Maharashtra
The Asian Development Bank (ADB) and the Government of India have signed a $350 million loan to improve the connectivity of key economic areas in Maharashtra. At least 319 kms of state highways and 149 kms of roads in the 10 districts will be upgraded as part of the agreement.
World Bank Chief Warns of Multi-Year Slow Growth
During his opening remarks at the launch of the International Debt Report 2022, the World Bank Group President said, “We identified the stagflation risk early in the year. The deterioration is continuing. This brings three risks: a global recession in 2023; a multi-year period of slow growth; and widespread asset repricing as higher interest rates are applied, and hedges run out. Many of the impacts will be delayed even into 2024 and 2025 including debt restructurings.”
Bank of Russia Continues Measures to Support National Payment System Entities
The Bank of Russia implemented measures to support National Payment System (NPS) entities in 2022. They were approved in response to changes in the conditions of money transfers in the midst of restrictions imposed by foreign states, and they helped in the timely reduction of the burden on NPS entities. These measures will expire on January 1, 2023.
Lloyds Bank Goals: Legacy Applications Down 15%, Office Footprint Down 30%, and 20% Apps in Cloud
Early this year, Britain’s Lloyds Banking Group announced that it plans to spend £1 billion over the next 3 years on overhauling and enhancing its technology infrastructure and self-service capabilities. The Group’s CEO Charlie Nunn said the strategy is to move 20% of its applications to the cloud by 2024 and decommission over 15% of legacy applications.
BofA Survey: 70% of Gen X and Baby Boomers retiring in the Home They Own
Gen X and Baby Boomers account for 70% of the 84.7 million owner-occupied homes in the United States, so their plans for homeownership in retirement can greatly impact residential home inventory.
New data from Bank of America found that 70% of homeowners aged 45 to 76 plan to or have retired in the home they already own. Among those planning to stay in their homes when they retire, 78% see no reason to move, while 22% say they have put so much work into their home that they don’t want to move. In fact, 61% of Gen X and 69% of Baby Boomer homeowners have renovated or remodeled the home they currently live in, adapting them to fit their lifestyles.
BCBS Issues Standard for Banks’ Crypto-Asset Exposure
The Basel Committee on Banking Supervision (BCBS), the primary global standard setter for the prudential regulation of banks, has endorsed a final standard to help banks mitigate risks associated with their crypto-asset exposure, which includes tokenized traditional assets, stablecoins, and unbacked crypto-assets.
Nordic Digital Bank Lunar Has Unique Value Propositions
Lunar is a Scandinavian digital bank, described as an industry leader in the Nordic region. Unlike many other neobanks, it is a fully-regulated and licensed bank in Sweden, Denmark and Norway with a client base of 500,000 and deposits exceeding Euro 1.3 billion. Among its offerings are checking and deposit accounts, loans and other credit services like buy now, pay later, and stocks, fund and ETF investing.
HSBC Set To Get More Agile and Nimble – A Future Ready Bank
HSBC Holdings has reported that its profit after tax increased by $0.8 billion to $9.2 billion; profit before tax decreased by $1.7 billion to $9.2 billion and revenue decreased marginally to $25.2 billion, mainly due to foreign currency translation impacts and 1H22 losses on planned business disposals.
ABS Unveils Template for Banks on Key Environmental Risk Issues
The Association of Banks in Singapore (ABS) unveils ABS Environmental Risk Questionnaire (ERQ), the first-ever industry-standard template that sets a consistent baseline for banks in Singapore to engage their corporate clients on environmental risk issues, gather data points, and identify opportunities to finance the transition to a low carbon economy.