Thomson Reuters has teamed with Oddup to launch a new app that rates fintech start-ups in Asia. The “first of its kind in Asia”, the app is now available on Thomson Reuters’ Eikon App Studio and provides ratings, which Thomson Reuters says enables people to “stay on top” of the growing Asia fintech scene. James […]
The National Savings Bank (NSB) in Sri Lanka is calling for expressions of interest (EOI) as it looks to upgrade its core banking system. It is now inviting bidders to supply, implement, rollout and maintain the new core banking system. EOIs should be submitted on or before 19 September 2016. Once the EOIs have been […]
Standard Chartered is rolling out a suite of fingerprint and voice biometric technologies across Asia, Africa and the Middle East. The bank says the launch reaches more than five million clients, and is the “most extensive rollout of fingerprint biometric technology by any international bank and a first in most markets”. It is on a […]
Today, most banks want to be digital leaders because that is where the customers are! This has brought in a change in the attitude of many traditional banks. Arun S. Padaki, a seasoned corporate banker, credit risk and business process management consultant, explores what it takes to become a digital leader and who is already ahead in […]
Union Bank of India has launched Ucontrol, a solution which lets customers control credit card usage with a mobile application. The solution is powered by payments provider Worldline, and Union Bank cardholders can manage usage of all their Union Bank of India credit cards from a single mobile application. Shri Arun Tiwari, chairman and managing […]
The South Korean government is launching an open platform designed to let firms develop and test apps for personal finance management. According to Korea Joongang Daily, the platform will be available at the end of this month. The Financial Services Commission in South Korea announced today (10 August) that 16 banks and 25 brokerage firms […]
Intellect Design Arena’s lack of profit continues as it has reported a loss after tax of INR 55.2 million ($826,690) for the quarter ended 30 June 2016. This is an improvement on the previous year’s quarter, when loss after tax was INR 111.1 million ($1.6 million). Arun Jain, chairman and managing director, Intellect Design Arena, […]
Payments platform Payza has partnered with New RAMPgreen Technologies (NRGT) in India to launch the “first” global online wallet that can be used by Indians in their local currency. Payza says prior to this local payment service Indians were not permitted to hold any rupees in any online ewallet. It says the “only way” they […]
India’s National Stock Exchange (NSE) has implemented ITRS’s real-time monitoring platform, Geneos. ITRS says the rollout is part of the NSE’s objective to “streamline” operations due to the recent regulatory reform in the Asian securities market. G. Shenoy, CTO operations at NSE, says: “ITRS Geneos gives us an early warning system so that we can […]
Who is leading the digital way among the retail banks in India? We have put together some nifty stats for India’s top ten online banking sites for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller picture of […]
Axis Bank has partnered with OT (Oberthur Technologies) to pilot the “first” open loop EMV contactless smart cards to be used in public transportation in Bengaluru, India. OT, a provider of security software products and services, says the cards allow people to tap and pay instead of buying a ticket each time they use transportation […]
India-based Shubham Housing Development Finance Company has implemented Nucleus Software’s FinnOne Neo, a loan lifecycle management solution in the cloud. Nucleus says Shubham is one of the first dedicated housing finance companies in India to set up their lending platform on cloud infrastructure. Ajay Oak, chief operating officer of Shubham, says Nucleus was chosen “because […]
ICICI Bank and Axis Bank are the first Indian banks to sign up for Swift’s global payments innovation initiative. Swift says both of them will be joining forces with more than 70 other banks globally. The initiative aims to “enhance” cross-border payments by using its messaging platform. In its first phase, the initiative will focus […]
Soumik Roy, Banking Technology’s editorial contributor based in India, explores India’s digital banking landscape, examines innovative players like DBS digibank, and ponders what’s next for the nation’s fast-paced fintech sector. Electronic banking and payments are rapidly picking up pace in India; citizens love the convenience, the government hopes it will drive transparency and reduce the […]
Standard Chartered Bank is bringing its video banking service to Asia, Africa and the Middle East, the “biggest roll-out of its kind by any international bank”. The bank says more than five million clients in nine markets across the continents will get access. The service is already live in Malaysia and Singapore, and will launch […]
Yes Bank has deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its customers under India’s recently implemented Unified Payments Interface (UPI). UPI was launched in April by the National Payments Corporation of India (NPCI), and will go live by the end of this month with 15 participating banks. It offers instant, online […]
Financial systems vendor Infosys has reported a fall in profit for Q1 2016 due to slower than expected project ramp-ups on deals it had won in previous quarters. For the quarter ended 30 June 2016, net profit was $511 million – a quarter-on-quarter (QoQ) decline of 4.1%, but a year-on-year (YoY) growth of 7.4%. Operating […]
Unified Payments Interface (UPI), launched in April by the National Payments Corporation of India (NPCI), will go live by the end of this month with 15 participating banks. UPI offers instant, online bank payments, and is seen as a major change to the Indian financial sector. It enables banks to provide real-time payments through QR […]
The Reserve Bank of India (RBI) has put together an inter-regulatory working group (WG) to study the entire gamut of regulatory issues relating to fintech and digital banking in India. The move is designed to help facilitate their development and is the latest in a long list of technological advances in the country. Aside from […]
Standard Chartered says it plans to invest $3 billion in strengthening it technology, retail and private banking and wealth management operations. As part of this, $30 million will be invested over the next three years in Scope International, the bank’s global shared services centre in Malaysia. Scope International’s CEO Matthew Norris says that the subsidiary […]
Japan-based software development firm Infoteria says it has “successfully” used blockchain for microfinance transactions in Myanmar – the “first time in the world”. The test was carried out on the computer system of Yangon-based BC Finance, Myanmar’s largest microfinance company. Infoteria says the data in question comprises spreadsheet software rather than specialty systems; and transactions […]
Pakistan’s Bank Alfalah will implement Australia-based Rubik Financial’s collections platform, CWX. Rubik is joining forces with long-time banking partner Temenos on the project to integrate CWX with Temenos’ core banking system T24. Iain Dunstan, Rubik’s CEO, says CWX will enable its clients to “better evaluate, manage and review their collections strategy, as well as greater […]
Maybank Indonesia has gone live with Intellect’s integrated treasury management system, One Treasury, for its Indian operations. Intellect says the solution has enabled the overseas branch to “eliminate dependence on intensive manual operations”. The firm says the deployment, user acceptance testing (UAT) and data migration were completed in seven months. Intellect says One Treasury is […]
India’s third largest private sector bank, Axis Bank, has launched a new innovation lab, becoming the first domestic bank to do so in India. Dubbed “Thought Factory”, the lab is aimed at accelerating the development of innovative technology solutions for the banking sector and is expected to work closely with the start-up community. Thought Factory […]
Fujitsu has built an accounting system that complies with International Financial Reporting Standards (IFRS) for the Central Bank of Myanmar. The Japanese firm says it has systemised journal entry, including functions for automatically generating accounting entries, and all sorts of forms. These were previously done manually by bank employees. This accounting system was built by […]
India’s government has given the green light to the State Bank of India (SBI) to merge with its five associate banks. SBI is already among the largest an India and a sizeable international player, with the total assets of $400 billion and a network of 16,500+ branches (including over 190 international locations across 36 countries). […]
PT Indopay Merchant Services, a subsidiary of Indonesia’s banking solutions provider PT Abhimata Persada, has teamed up with ACI Worldwide for the latter’s UP eCommerce Payments solution. Indopay is keen to grow its share of the domestic market and also expand across Asia – and ACI’s platform will underpin the strategy. The Indonesian eCommerce marketplace […]
Earthport, a cross-border payments service provider, has inked a deal with Commercial Bank of Ceylon to provide local payment capability into Sri Lanka. The deal is part of Earthport’s Asian expansion strategy, with similar money transfer partnerships already secured in Pakistan and India. Sajeev Viswanathan, president, global strategy at Earthport, says the tie-up with Commercial […]
Torstone Technology says an unnamed Myanmar-based broker has started using Inferno, its post-trade securities and derivatives processing system. Inferno will process the broker’s post-trade flow of its equities execution business. The system covers the “whole” trade life-cycle from trade capture through to settlement, accounting and reconciliation. Brian Collings, CEO of Torstone Technology, says Asia is […]
PayPal is suspending business in Turkey from 6 June as it has failed to get a new licence for its services. The US company says the decision will affect “tens of thousands of businesses and hundreds of thousands of consumers”. PayPal did issue two separate statements to TechCrunch. The first was very similar to the […]
CIMB Bank, in partnership with MasterCard, has launched its Corporate Card Solutions in Malaysia, a new addition to its suite of cash management products. The solutions include the corporate card and purchasing card which offer automated processes and real-time reporting; and a new virtual card solution for supply chain requirements. Tengku Dato’ Sri Zafrul Aziz, […]
The Reserve Bank of India (RBI) plans an overhaul of the country’s ATMs to enable the processing of EMV chip and PIN cards by 2017. The RBI says while India’s POS infrastructure accepts and processes EMV chip and PIN cards, the ATM infrastructure, “on the whole”, continues to process card transactions based on data from […]
HSBC India is closing 24 branches across the country due to the rise in digital banking. Following a “strategic review” of its retail banking and wealth management business in India, it says it will move from 50 branches across 29 cities to 26 branches across 14 cities. HSBC India says: “This change reflects changes in […]
Vietnam’s mid-tier banking player, Vietnam Prosperity Bank (VPBank), has implemented a new digital solution, SAP’s Omnichannel Digital Platform. Omnichannel Digital Platform stems from the Sybase 360 product that came SAP’s way with the acquisition of Sybase in 2010. The new solution was deployed in one year at VPBank, with online and mobile components for retail […]
Two Philippines-based credit union networks, National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO) will build a common banking and payments platform based on Temenos’ software. The new platform will underpin the service known as the ACCU Payment Platform (APP). ACCU stands for “Asian Confederation of Credit Unions” – both NATCCO and […]
IDBI Capital, a subsidiary of India-based IDBI Bank, has gone live on a new securities trading and processing system, Bancs. The system is supplied by TCS Financial Solutions. Bancs supports online brokerage operations at IDBI Capital. It provides front-to-back office functionality and replaced IDBI Capital’s multiple trading and trade processing platforms. According to TCS, IDBI […]
Vietnam’s TienPhongBank (TPBank) says it has stopped an attempted wire fraud that involved the use of “fraudulent” Swift messages. The bank said in a statement late on Sunday (15 May), in response to inquiries from Reuters, that in Q4 2015 it “identified suspicious requests through fraudulent” Swift messages to transfer more than €1 million in […]
Vietnam-based subsidiary of France’s major financial group, BPCE, is implementing a new core banking system, Sopra Banking Amplitude. The new solution will cover front-to-back office operations of the bank, including digital banking functionality. The system is supplied by Sopra Banking Software. The project follows the reorganisation of BPCE’s operations in Vietnam, with the business moved […]
Swift has rejected the allegations made by Bangladesh Bank and Bangladesh Police’s Criminal Investigation Department (CID) officials to Reuters about the cyber fraud scandal in February. A few months ago, hackers stole more than $100 million from the country’s foreign currency reserves. In the ensuing furore, the head of Bangladesh’s central bank, Atiur Rahman, resigned; […]
IDBI Bank (formerly Industrial Development Bank of India), a state-owned bank in India, is going through a major core banking platform refresh. The bank is currently running on an old version of Infosys’ Finacle, version 7.x. Furthermore, the system was deployed in separate installations for domestic operations (retail and corporate), commercial lending (corporate finance), Dubai […]
