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Daily Briefing

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Thursday 21st September @ 10:27am

The Agricultural Bank of China (ABC) have debuted facial recognition, enabling customers to withdraw money without the need to use their cards. The news, from XinhuaNet, means that the technology will be available at the bank's ATMs. To avail of the function, customers will scan their face, enter their phone number or ID, tap in the amount they want to withdraw and finish by typing in their PIN — as well as remembering to take...MORE

news, article, story, newspaper
Wednesday 20th September @ 10:27am

Investec are preparing to sever their two-decade relationship with under-fire auditing firm KPMG as the dramatic fallout from the South African scandal involving the Gupta family rolls on — that's according to news from the Financial Times. Several companies have already distanced themselves from KPMG in recent days and it would appear that Investec could be the latest one to join the ever-lengthening list as they get ready to decide later today. The FT have even reported one private...MORE

Business people, meeting, delagation
Tuesday 19th September @ 10:28am

Google's official launch of Tez, a new mobile payments app for India, took place on Monday. Tez (the name means "fast" in Hindi) will look to compete with other well-known mobile services such as Paytm, PhonePe and BHIM. Tez might seem like just another payment app available on the PlayStore, but it is significantly different in lots of ways — for starters, it allows the innovative transfer of money through AudioQR, a new technology that allows smartphone users to send money...MORE

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Monday 18th September @ 10:12am

American Express have introduced "enhanced fraud monitoring on impacted card accounts" in the wake of the massive Equifax data breach which affected 143 million Americans — that's according to a report from Fox Business which details how card companies are ramping up their security measures in the absence of tighter regulation. Along with their Zero Liability policy, American Express offer ID theft alerts as well as partnering with CSID, a leading organisation that offer fraud...MORE

Friday 15th September @ 10:45am

Pressure is mounting on the Financial Conduct Authority (FCA) to publish its full report of its findings surrounding the now-disbanded Global Restructuring Group (GRG), an arm of the Royal Bank of Scotland (RBS) for troubled SMEs. However, a report leaked to the BBC found that "92 percent of 'viable firms' that ended up in GRG were mistreated in some way — for...MORE

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Thursday 14th September @ 11:37am

News emerging from the Financial Times in recent days does not make positive reading for both "Big Four" auditor KPMG and global consultant and strategist to banks, McKinsey. Both are embroiled in a fast-accelerating scandal surrounding their ties in South Africa, particularly with the controversial Gupta family, which bears striking resemblance to the one which left PR firm Bell Pottinger in...MORE

news, article, story, newspaper
Wednesday 13th September @ 11:06am

The launch of Apple's much-anticipated new iPhone X took place with the usual brouhaha on Tuesday — and its updated design and increased functionality is good news for Apple Pay, the company's flagship mobile payment platform. As outlined in a report by Mashable, the device's side button will allow users to access Apple Pay with a double-tap, simplifying the payments process. In a move to add greater...MORE

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Tuesday 12th September @ 10:57am

April 2019 is not as far away as it appears and so Germany's Bafin, the European Central Bank and Irish and French central banks are busily hiring regulators to "prepare for an influx of banks reacting to Brexit". There is fierce competition among the regulators to bring in risk specialists because of dearth of qualified...MORE

news, article, story, newspaper
Monday 11th September @ 12:21pm

According to a report in the Financial Times, Goldman Sachs is moving into the British retail banking market with an expansion of Marcus, the bank's online consumer loan platform, apparently in the works. The new digital lending and deposit unit is expected to launch in mid-2018. Stephen Scherr, the bank's head of strategy, told the FT: "Much like in the US, we're aiming to offer consumers...MORE

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Friday 8th September @ 11:11am

24 August does not seem so long ago, does it? Just over a fortnight ago in fact, but such is the world in which we live — as Ian Narev and John Stumpf can readily testify — that all can change overnight. It was on that penultimate Thursday of last month that Equifax, in its wisdom, revealed plans to be "more than just a credit bureau" and move into digital identity. A pity then that it did not get the basics of its core business right, rather than http:...MORE

Thursday 7th September @ 10:21am

Denmark had been a possibility, but Finland has now been revealed as the home of the Nordic region's largest bank, Nordea. The move from Stockholm to Helsinki could see profits boosted by up to €330m, according to analysis by Berenberg. The goad for such...MORE

news, article, story, newspaper
Wednesday 6th September @ 10:48am

The morning of 3 August brought with it a filing with the federal court in Sydney that turned the world of Commonwealth Bank of Australia (CBA) upside-down. From looking forward to unveiling its latest results the following week, the firm was pitched into a maelstrom, with the regulator alleging that CBA's blithe acceptance of some $500m in cash and cheques through its deposit machines had breached anti-money laundering/counter-terrorism financing laws. The subsequent...MORE

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