Top 25 global banks experience a 3.8 per cent increase indicating market recovery The aggregate market capitalization (MCap) of the top 25 global banks has witnessed a growth of 3.8 per cent to reach $US3.3 trillion during the second quarter (Q2) ended on 30 June 2023, according to GlobalData, a…
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Westpac’s business division CIO discusses challenges of divesting non-core assets Westpac’s BT is embarking on a modernization journey for its Panorama financial planning platform, aiming to migrate it to the cloud. The move not only aims to enhance the platform’s capabilities but also make it easier to separate from the…
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Mastercard Inc has utilized AI to mitigate risks and secure payments Artificial intelligence (AI) has emerged as a prominent topic of discussion across various industries, with the banking and payments sector taking the lead in conversations during the second quarter of 2023, according to the Company Filings Analytics Database of…
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Citi expands role to online merchant acquiring Citi, a leading global financial institution, has been reappointed by the New Zealand Government to its prestigious All-of-Government (AoG) banking panel. In an exciting development, Citi’s role has been expanded to include online merchant acquiring, further strengthening its partnership with the government. Having…
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MAS is is taking significant steps to ensure the safe and efficient development Singapore’s Monetary Authority, in collaboration with the Bank for International Settlements’ Committee on Payments and Market Infrastructure, has released a comprehensive report outlining a framework for the design of open and interoperable networks for digital assets. The…
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Pioneering API prototypes for Central Bank digital currencies In a significant stride towards the future of digital currencies, UST, a leading digital transformation solutions company, has emerged as a key innovation vendor for Project Rosalind. This ground-breaking experiment, initiated by the Bank for International Settlements (BIS) and the Bank of…
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Focused on software and cloud investments The worldwide banking and investment services industry is poised to witness a significant increase in IT spending, with a forecasted total of $US652.1 billion in 2023, marking an 8.1 per cent rise from the previous year, according to Gartner, Inc. Notably, the largest growth…
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The investigation found that CBA had sent more than 61 million marketing emails to customers The Commonwealth Bank of Australia (CBA) has been issued a record penalty of $US3.55 million by the Australian Communications and Media Authority (ACMA) for violating Australia’s spam laws. An ACMA investigation revealed that CBA had…
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CBA announces refreshed CommBank app 5.0 Commonwealth Bank (CBA) has announced a series of ground-breaking innovations aimed at enriching the customer experience and catering to the increasing demand for digital banking services. The highlight of the announcement is the upcoming release of CommBank app 5.0, a highly anticipated update that…
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Increasing investments into data transformation suites shows the new value of banking data According to a recent IDC survey, Role of Technology in the Banking Industry, 83.2 per cent of banks in Asia/Pacific will increase their technology budgets in 2023, with 14.8 per cent signalling they will increase their budgets…
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