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Home » Daily Briefing » Morning Briefing 30 May 2016

Morning Briefing 30 May 2016

Morning Briefing

RuPay's much-anticipated credit card should be launched by year-end, according to A P Hota, chief executive of the National Payments Corporation of India (NPCI), the Indian central bank-backed body that launched the RuPay debit card in 2012.

Mr Hota said the credit card project has been ready for some time but that the launch has been delayed while waiting for a transition to a new switching system. "First they said it would have been ready by last December, which was pushed to June this year and now they are saying August-September. If they complete the process, then we can launch our maiden credit card by November-December," he said.

RuPay accounts for 35 percent of India's debit cards market.

The chairman of the European Banking Authority (EBA), Andrea Enria, told Reuters on Friday that regulators in EU member states should stress test financial institutions for cyber risk. "I would not run a massive cyber-risk attack scenario for 28 member states at the same time," he said. "But if you ask me would I recommend competent authorities to think more on this and consider running this type of stress test? I would say yes."

His comments follow a number of malware attacks on banks through the SWIFT financial messaging system, including the theft of $81 million from the Bangladesh central bank. Mr Enria also warned that cyber risk may lead to banks having additional capital requirements following an ongoing EBA assessment of IT risk.

Banks in Nigeria may have decided to suspend international transactions on naira- and dollar-denominated ATM cards as a protest against the treatment of bank staff by the Economic and Financial Crimes Commission (EFCC), according to a Vanguard News report.

The report says that an unnamed bank notified customers that all international MasterCard transactions would be temporarily declined due to foreign exchange market volatility; however, it cites an anonymous bank source who said the move was as a result of harassment of bank employees over the exchange rate charged for international transactions on naira-denominated credit cards.

"That is what you get when you have the EFCC arresting banks' staff and the CBN not doing anything to defend the banks," the source is reported to have said. "You will see more of such actions from other banks as time goes on."

In South Africa, Capitec has lodged a response to reckless-lending charges filed by Summit Financial Partners which accuse the bank of breaching the National Credit Act. "We're not payday lenders," CEO Gerrie Fourie said in an interview in Stellenbosch on Friday. "We're confident we can win against Summit, but we're worried about reputational damage."

China's bad loans rise, risk under control: Regulator
Ulster Bank owner RBS to cut 450 UK jobs
Secure Trust plans challenger bank buyout binge
Mizuho readies fintech war chest to escape Japan gloom
Facebook eyes more retail dollars with "shoppable" video ads
HSBC boosts oversight of safety boxes in Hong Kong

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