Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

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  Fill in the form to download the IBSView on Covid-19 impact on banks, and fixes. The black swan opportunity.

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Toronto based Cinchy, a data collaboration company has announced that it has raised $10 million in Series A financing, led by Information Venture Partners (IVP). The funding round saw...

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Edinburgh-based startup Blockchain Technology Partners (BTP) announced today the appointment of Paul Forrest as its inaugural non-executive chairman. The company recently held its angel funding round led by Aberdeen...

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Hong Kong-based Blockpass has launched the WebID version of its identity verification protocol – KYC Connect. The company has mentioned that it has responded to market demand and an...

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Ola Financial Services (OFS), the financial arm of taxi-hailing app Ola, has raised INR 2.05 billion in funding from Matrix Partners and others, according to its regulatory filings. The...

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Investing can now definitely become a child’s play with India’s leading wealth-management app Cube Wealth. The Mumbai-based FinTech has launched some fun games to cultivate smart investing habits and...

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National Payment Corporation of India (NPCI), an umbrella body for all kind of digital payments in the country, said that it has launched an artificial intelligence (AI) based chatbot...

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India’s leading InsureTech Digit Insurance has recently launched a health insurance product ‘Arogya Sanjeevani, Go Digit’, a standard product that provides basic health insurance cover of between INR 100,000...

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Indian first payments bank (PB) to go live Airtel Payments Bank (APBL) has partnered with global payments player Mastercard to develop customized products catering to customers across the underbanked...

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In its bid to provide end-to-end value-based services to the mutual fund industry, India’s stock exchange BSE will soon start onboarding investors through e-KYC and Video-KYC on its Star...

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Open banking API provider Yolt Technology Services claims it has reached over 80% API coverage across Italy, France, and Spain. This growth forms part of the company’s European expansion...

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Turkish bank, DenizBank, is using Chicago-based OneSpan’s Mobile Security Suite to protect 2.6 million mobile customers across the bank’s mobile banking app MobilDeniz, mobile wallet fastPay and card management...

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Denmark based Paiblock, has announced that the FinTech has extended its in-app banking coverage to customer accounts across the Canadian banks, as a Fintech response to COVID-19 outbreak. Paiblock,...

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XTM, a Toronto-based FinTech company providing mobile banking and payment solutions has announced that the company is leveraging the Interac Bulk eTransfer solution offered by RBC to help its...

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Europe-based blockchain bank, Bank Frick has announced the addition of a stablecoin, USD Coin (USDC), to its range of tradable and custodial cryptocurrencies. The Bank states that it will...

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Singapore-based Global eTrade Services (GeTS) announced the onboarding of GEODIS Regional HQ — Asia Pacific (GEODIS), a global supply chain operator, on the platform – CALISTA. The platform enables...

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The Financial Services Commission (FSC) of South Korea announced that switching automatic transfer accounts using ‘Payinfo’ will be possible between banks and non-banks beginning May 26, 2020, which will...

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UK-based payments solution provider, SumUp announced the launch of its online payment tool for helping businesses to cope up with social distancing measures. The new solution will enable merchants...

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California based PayCertify, a leading online payment processor for the e-commerce, healthcare and hospitality sectors has announced that the company has partnered with Florida based dispute management specialist, Chargebacks911....

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Equifax, an American multinational consumer credit reporting agency has announced that the company has entered into a strategic partnership with London based HooYu, identity confirmation and fraud investigation reg-tech...

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12CM (One-two-cee-em), a smart stamp software platform provider and a member company of the Born2Global Centre, has partnered with the Naver Business Platform (NBP). NBP is a fully independent...

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A global survey conducted by Finastra has revealed that 86% of the global banks are ready to utilise open APIs for enabling Open Banking capabilities within the next year....

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Velotrade, a web-based invoice financing service provider, has selected Dun & Bradstreet, a commercial data and analytics company, to use its global database to enable comprehensive, real-time analysis of...

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The Reserve Bank of Australia announced the discussions undertaken by the Payments System Board in light of the COVID-19 pandemic implications for risk management by financial market infrastructures (FMIs)....

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Alice McCall has partnered with AirPay FinTech, where the collaboration has enabled Alipay and WeChat Pay on the Shopify e-commerce website. Over a million Australian Chinese individuals can now...

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Avaloq and Infosys announced a collaboration today for facilitating end-to-end wealth management capabilities through digital platforms. The collaboration will see Infosys act as a strategic implementation partner for Avaloq’s...

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Crowdfunder.co.uk was founded in 2014 and claims to be the UK's number one rewards-based crowdfunding platform, also working with corporates to help them leverage their philanthropic investments. In just under six years, Crowdfunder.co.uk has helped raise more than £100 million for charities, businesses and community projects across the UK as well as working with several corporates including Santander and RBS NatWest to distribute grants.

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The FinTech sector has risen to the challenge of the Covid-19 pandemic, responding to customer needs and filling gaps in services that may not otherwise have been addressed in the short and medium term. The impact of Covid-19 and of lockdowns around the world has forced many businesses to rethink their strategies and the FinTech sector, in particular, has received a lot of attention in recent weeks, with some actors seeing a significant rise in business activity even though whole economies have been shut down. Sub-segments such as lending, digital banks, wealth management and digital payments have witnessed massive traction globally.

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Governments around the world are offering aid businesses in distress but are government-backed Covid-19 lending schemes being hobbled by old tech? Governments across the world are offering financial aid and loans through different schemes to companies large and small but getting access to the schemes has proven a struggle due to the volume of applications. In the UK, data from the British Chambers of Commerce (BCC) suggested that in mid-April, only 1.4% of businesses enquiring about the government’s Coronavirus Business Interruption Loan Scheme (CBILS) for SMEs had been successful in receiving a grant while figures from UK Finance suggested that the figure is even lower at 0.65%.

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More resources are being set aside by banks as the Fundamental Review of the Trading Book (FRTB) looms large. large part of banks’ preparation involves them balancing their capital between the standardised approach (SA) and the internal model approach (IMA). For smaller banks, the costs of infrastructure requirements for the IMA in terms of systems, data and processes wouldn’t be justified compared to the lower capital requirements they could achieve with IMA compared to SA. The SA calculations also have some synergies with risk calculations for other regulations, such as the upcoming Initial Margin (IM) requirements.

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More resources are being set aside by banks as the Fundamental Review of the Trading Book (FRTB) looms large. large part of banks’ preparation involves them balancing their capital between the standardised approach (SA) and the internal model approach (IMA). For smaller banks, the costs of infrastructure requirements for the IMA in terms of systems, data and processes wouldn’t be justified compared to the lower capital requirements they could achieve with IMA compared to SA. The SA calculations also have some synergies with risk calculations for other regulations, such as the upcoming Initial Margin (IM) requirements.

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IBS Intelligence held its second FinTech Roundtable at the CedarIBSI FinTech Lab in Dubai Media City on 28 November 2019. Representatives from FinTech Lab members including i-Xceed Solutions, Fournxt, Clayfin, Expleo (formerly Thinksoft) and Clari5 came together with a clutch of banks based in United Arab Emirates (UAE); among them National Bank of Fujairah, Mashreq, Emirates NBD and Dubai Islamic Bank. The roundtable event was staged to discuss the need for innovation in treasury management systems and regulatory technologies in the banking ecosystem.

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This section is a monthly snapshot of activity in the banking technology system space. This is useful for anyone who wants to track banking system sales on a regular basis. The Who’s Bought What provides all the key details of the deal such as the bank that bought the system, the type of system, the supplier and the system name, and the country of sale.

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