Coronavirus Impact on Banks ‐ The Top Ten List

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Latest updates in the world of FinTech research & news

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  1. Financial Services sector stability & profitability comes under pressure ‐ stock valuations and prices come down. 2. Central banks bring down interest rates ‐ if a significant...

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Colorado National Bank, a U.S. national bank acquired by FinTech entrepreneurs in 2018, has rebranded itself as Transact Bank, National Association (“Transact Bank”). The rebranding represents the banks plan...

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CoinEx, a global and professional cryptocurrency exchange service provider, has partnered with the fiat infrastructure provider Simplex, with the aim to make cryptocurrency buying more convenient on CoinEx. This...

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Self-service data integrity and reconciliation provider Duco has been chosen to join the UK network Tech Nation’s Future Fifty programme for the country’s high-growth late-stage technology companies. The Future...

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After Indian insurance regulator IRDAI instructed insurers in March to come out with policies to cover treatment costs for coronavirus infection, several FinTechs have started launching the same. Leading...

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Paysafe Group’s specialised payments platform, Paysafecash has launched in Latvia in a bid to provide a secure way to pay for online purchases in the retail area. With this...

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Pelican, a provider of payments and financial crime compliance solutions for banks and corporates, has announced that the company has partnered with Banking Labs in Canada. The collaboration will...

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Mobile FinTech app, Zeux has announced the launch of its physical Visa card in a bid to bring together payment functionality, zero-added fee foreign exchange, investment and savings alternative...

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Pravin Jadhav, Managing Director and CEO of SoftBank-backed mutual fund investment app Paytm Money, has called it quits. Entrackr first reported the development on March 31. According to the...

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Swiss financial data expert SIX has announced that the company has partnered with Crux Informatics, a financial service data delivery and operations company, to provide managed market data solution...

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Irish insolvency technology startup Cerebreon has secured £1.5 million in a seed funding round in a bid to increase support for vulnerable UK consumers and help them avoid bankruptcy....

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Programmable payment platform provider Dwolla announced the appointment of Brady Harris as the company’s CEO. Harris is bringing nearly 20 years of leadership and unparalleled expertise in the Payments...

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Standard Chartered Bank today announced its commitment to donate INR 50 million to support the fight against coronavirus (COVID-19) in India. The bank will be working with multiple non-government...

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Global payables automaton provider Tipalti has announced the launch of Tipalti Pi, continuously-adaptive, integrated payables intelligence engine throughout the Tipalti platform that leverages AI and machine learning to make...

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Grab, Southeast Asia’s app which provides transportation, logistics and financial services, announced today the appointment of corporate finance veteran Peter Oey as its Chief Financial Officer (CFO). Oey brings over...

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Wirecard has announced the launch of an initiative in collaboration with Futur/io for supporting businesses amidst the COVID-19 pandemic. The “Innovation for Now” action is a platform that will...

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Muscat-based Bank Nizwa has introduced a number of initiatives to help mitigate the social and economic effects of the current coronavirus (COVID-19) pandemic. The bank pledged OMR 600,000 where...

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The Qatar Mobile Payment System (QMP) has been launched by HE The Governor of Qatar Central Bank (QCB) Sheikh Abdullah bin Saoud Al – Thani, which provides a safe...

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London-based FinTech Mode Banking has announced the release of a new interest- generating product for Bitcoin along with a new app redesign for 2020. Bitcoin Jar, the new release,...

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New York-based Biz2Credit, provider of an online marketplace for small business funding, has announced the launch of Biz2X Accelerate SBA, a platform that enables banks and other financial institutions...

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Contour, an open trade finance network, announced its partnership with Chinsay, a technology company in supply chain data capture and risk management, as an order partner to enhance its...

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Ripple’s open platform for money, Xpring, is launching STREAM to enable developers to insert streaming payments into products and applications, using testnet. STREAM, or the Streaming Transport for the...

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The Depository Trust & Clearing Corporation (DTCC) has elected Deborah Cunningham of Federated Hermes and Craig Messinger of Virtu Financial to its board of directors. The DTCC elected the...

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Delhi-based BuyUcoin, an on-ramps digital asset exchange and blockchain wallet platform, has announced its foray into the global crypto markets, and it has also been granted the Crypto trade...

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London-based start-up Dzing has today launched its digital payment service, an app which allows international students, remote freelancers, overseas workers and travellers to conduct financial services. The new-to-market electronic...

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Standard Chartered has announced that it plans to commit $1 billion of financing for the companies that are assisting in the fight against the COVID-19 pandemic with their provision...

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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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Not many things in life are certain, but in the financial services industry it's obvious to all participants that regulators are continually tightening national and international governance, risk and compliance requirements. The ultimate aim for firms in 2020 is to stay one step ahead of the evolving regulatory regimes. Thomson Reuters 2019 Cost of Compliance survey revealed that the main challenges faced by compliance professionals are the increasing regulatory burden, anti-money laundering, sanctions compliance, financial crime, culture and conduct risk and the availability of sufficiently skilled resources.

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The battle among the providers of India's PoS devices may give consumers more payment options but could also provide a significant boost for merchants in managing their businesses. The Point of Sale (PoS) segment in India is set for a major overhaul as the traditional bulky and ugly looking devices are being replaced with smaller devices laden with more tech features. From players with PoS as a core business to payment companies, everyone's focus is on the evolving PoS segment in the country. .

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One of the primary tasks that the management had to address before launching ZICB was to modernise its technology infrastructure. The core banking system used by the previous bank, Intermarket, was a first generation legacy system with end of day batch processing, that inhibited any digitalisation initiatives at the bank. The IT team was tasked with the selection of a new core system and also a digital channels solution..

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One of the primary tasks that the management had to address before launching ZICB was to modernise its technology infrastructure. The core banking system used by the previous bank, Intermarket, was a first generation legacy system with end of day batch processing, that inhibited any digitalisation initiatives at the bank. The IT team was tasked with the selection of a new core system and also a digital channels solution.

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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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