General News

AI-based Banking Tech Provider Neocova Secures $9.5 Million in Investments from US-based Community Banks

Several US-based community banks have reportedly invested $9.5 million into artificial intelligence (AI)-enhanced, API-driven banking technology provider, called Neocova. Developed specifically for community banks, Neocova’s cloud-powered core platform handles the management of customers, their deposits, and any loan products they might be using. The latest… Read More

Competition Chief Christopher Woolard Selected as Interim Chief Executive of Financial Conduct Authority

The Financial Conduct Authority’s Executive Director of Strategy and Competition, Christopher Woolard, has been selected as the Interim Chief Executive of the FCA. HM Treasury announced the appointment today as current FCA Chief Executive Andrew Bailey has been tapped to take over the role of… Read More

MoneyGram Partners with Suez Canal Bank to Help Egyptian Expats Conduct Remittance Payments

MoneyGram International, Inc. (NASDAQ: MGI), a leading international peer-to-peer (P2P) payments and money transfer service provider, revealed on January 23 that it has teamed up with the Suez Canal Bank, an established financial institution that will allow MoneyGram clients to send funds directly to the… Read More

Bank of England and FCA to Introduce Artificial Intelligence and Machine Learning Forum

The UK’s Financial Conduct Authority (FCA) and the Bank of England (BoE) will reportedly be running a public/private forum that will go into the relevant technical and public policy issues related to bank adoption of artificial intelligence (AI) and machine learning (ML) technologies and software…. Read More

Western Union Partners with India’s Airtel Payments Bank to Process Remittance Services

Leading multinational payments firm Western Union (NYSE: WU) has teamed up with established India-based Airtel Payments Bank, in order to process remittance services. The partnership will allow Airtel Payments Bank clients to direct Western Union transactions into their individual bank accounts via the banking section… Read More

Cashless Society? Not in New York as City Votes to Ban No Cash Stores as 12% of New Yorkers are Under-Banked

While we read all of the time as to how cash – dollars, pounds, euros, whatever, are becoming less and less popular, New York City, the financial center of the universe is banning stores from becoming no-cash operations. To quote the approved local law: “This… Read More

Scott Purcell Slams the SECs Proposed Update to the Accredited Investor Rule: “it still remains policy that only rich people are permitted to get rich”

Outspoken entrepreneur and CEO of Prime Trust Scott Purcell has shared his thoughts on the Securities and Exchange Commission’s (SEC) proposal to modernize the current definition of an accredited investor. At the moment, an accredited investor in the US is measured by a wealth metric…. Read More

Up in Smoke. SEC Charges Guy Griffithe and Robert Russell for Selling Fictitious Investments in Cannabis Company

The Securities and Exchange Commission (SEC) has leveled charges against Guy S. Griffithe and Robert W. Russell, and their affiliated companies for an alleged scheme that defrauded investors who thought they were purchasing interests in a Washington-licensed recreational cannabis company. According to the SEC, investors… Read More

TD Bank’s Latest Survey Reveals Finance Professionals Are Split on Potential Economic Recession

U.S. banking group TD Bank announced on Tuesday its recent survey revealed that half of corporate treasury and finance professionals do not believe an economic recession is a threat in 2020. According to the survey, payments fraud and cyber security risk are high on the… Read More

British Bank Awards 2020 Finalists Include Some Well Known Names as Well as a Few New Rising Stars

Now in its sixth year, the British Bank Awards has recently published its list of finalists. Voting continues until February 9th with winners revealed on March 12th. This year’s finalists include a good number of well-known names from both old and new financial services firms…. Read More

Number of Automated Deposit Terminals Installed Globally Increased By 4%, Exceeds 1.4 Million: Report

Research company RBR’s latest study has found that the number of automated deposit terminals (ADTs) installed globally have increased by around 4% and had reached 1.4 million in 2018. Banking institutions say that deposit ATMs will become a widely-used tool for assisting clients in migrating… Read More

Sweden-based Payment Institution P.F.C. Introduces Buy-Now, Pay-Later Option for Customers

P.F.C., a Sweden-based payment institution, is reportedly launching a retroactive “buy-now, pay-later” option for customers, in order to easily convert their purchases to a part-payment or installment plan after the transaction. P.F.C. is a personal finance application and a free-of-cost Mastercard introduced in 2018 and… Read More

After UK’s Exit from EU, Vilnius Set to Become Largest Center in the Bloc for Regulated Fintech Firms: Report

The Baltic region’s finance industry has been struggling and some of the area’s countries including Estonia, Latvia, and Lithuania have reportedly been indirectly involved in money-laundering scandals that were allegedly orchestrated by large Nordic banks. However, Lithuania’s capital has been able to develop its local… Read More

India’s Amazon Pay Receives $19.3 Million Capital Injection from Singapore and Mauritius-based Parent Entities

Amazon Pay in India has received a capital injection of INR 13.5 billion (appr. $19.3 million) from its Singapore and Mauritius-headquartered parent entities, according to a filing with the registrar of companies (RoC). As noted in the financial documents available on business intelligence and information… Read More

Australia: Birchal Takes the Lead in Investment Crowdfunding as Industry Expands

Australia enacted investment crowdfunding laws some time ago but the initial iteration was a bit of a no starter due to some glaring omissions by the Australian government. In late 2018, this changed when the parliament fixed the most pressing issue – the fact that“proprietary… Read More

Ant Financial Announces Inaugural INCLUSION Fintech Conference to Take Place in Shanghai

Ant Financial Services Group (Ant Financial), a China-based tech company and the operator of Alipay, is set to host its upcoming fintech conference in Shanghai. Ant Financial reported that the INCLUSION Fintech Conference is an event that aims to bring together the global financial and… Read More

Goldman Sachs Disappoints On Q4 Bottom Line, Consumer & Wealth Management Generates “Record Revenues”

Goldman Sachs (NYSE:GS) is out with Q4 earnings reporting good topline numbers with a miss on the bottom line. Shares are trading marginally lower in pre-market activity. Goldman’s net revenues for the year ending December 31st came in at $36.55 billion with net earnings of… Read More

Netherlands-based Backbase Introduces New Managed Cloud Platform for Financial Insitutions

Netherlands-based Backbase has introduced its new managed cloud platform Backbase-as-a-Service (BaaS). It provides financial institutions access to the firm’s entire portfolio, which consists of various banking products and innovation tools. The online banking software developer officially launched the product at Backbase Connect, the firm’s annual… Read More

Financial Giant HSBC Voted Leading Trade Finance Bank in Bahrain in EuroMoney’s 2020 Survey

HSBC, a British multinational investment bank and financial services holding company with over $2.5 trillion in total assets, has reportedly been voted as the leading trade finance bank in the Middle Eastern country of Bahrain in the Euromoney trade finance survey for 2020. This is… Read More

JP Morgan Keeps Opening Bank Branches While Investing in Tech Including AI and Digital Payments

JP Morgan (NYSE:JPM) is out with Q4 2020 results and the numbers are a clear beat on both the top and bottom line. JPM shares are up about 1% in pre-market trading. JPM is one of the most successful banks in the world benefiting from… Read More

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