banking

 
 

Bank Negara unveils eCCRIS initiative

ALOR SETAR, Jan 19 — Bank Negara Malaysia (BNM) today introduced a new initiative, eCCRIS, to digitise its financial services and empower society, said its Governor, Tan Sri Muhammad Ibrahim. Muhammad said the bank’s efforts would expand the…


Authorities warn public to beware initial coin offerings

KUALA LUMPUR, Jan 19 — Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have advised the public to be wary of any initial coin offering (ICO) schemes. The public are reminded to exercise caution before participating in…


The SC and Bank Negara Malaysia issue joint statement on ICOs

PETALING JAYA: Securities Commission Malaysia and Bank Negara Malaysia have issued a joint statement cautioning issuers of initial coin offerings that they may be running foul of the law with the offering of digital tokens in exchange for digital currency or any form of payment and incidental activities thereof.

“In addition, no person is permitted to carry out any regulated activities such as fundraising, fund management and dealing in capital market products without obtaining necessary approval or authorisation from the SC,” the statement issued earlier said.

Itadded that ICO operators are prohibited from undertaking regulated activities such as deposit taking and banking business, foreign exchange administration activities and remittances, without the necessary authorisation under financial services laws administered by BNM.

Members of the public are reminded to exercise caution before participating in an ICO and are advised to refer to the list of institutions that are licensed or approved to carry out regulated activities under the laws administered by the SC and BNM.

Both authorities will continue to monitor these developments, and will not hesitate to take action against any person conducting illegal or unauthorised activities.


Most South-east Asia stocks firm, Indonesia slips after hitting record

SINGAPORE, Jan 19 — Most South-east Asian stock markets firmed today and were on track to end the week higher as broader Asian shares climbed to an all-time top on data that showed China’s growth accelerated in 2017 for the first time in seven…


CIMB banks on fintech speed to be a game changer

KUALA LUMPUR, Jan 19 — CIMB Group’s head of consumer banking Samir Gupta said the bank is aiming to use its financial technology (fintech) strategy to reinforce its position as a leading player in the consumer banking sector. The bank became…


Standard Chartered sets up SC Ventures

SINGAPORE: Standard Chartered PLC has established a new business arm named SC Ventures, to drive digital innovation, invest in fintech and start-up companies and promote rapid testing and implementation of new business models.

The new unit will focus on problem solving and spreading innovation best practices and client centric design, managing minority investments in FinTech companies and further investments in promising technologies and sponsor and oversee new disruptive technology ventures that are wholly or partially owned by Standard Chartered.

SC Ventures will be headed by by Alex Manson, who is the Global Head of Transaction Banking.

“Technology is at the heart of Standard Chartered’s strategy – driving efficiencies, increasing automation, introducing global platforms, reducing manual errors and strengthening how it combats financial crime,” the group said in a statement.

In 2015, it announced it was investing about US$3 billion (RM11.9 billion) over three years in technology and systems.


Standard Chartered sets up digital innovation, fintech investment unit

SINGAPORE: Standard Chartered PLC has established a new business arm named SC Ventures, to drive digital innovation, invest in fintech and start-up companies and promote rapid testing and implementation of new business models.

The new unit will focus on problem solving and spreading innovation best practices and client centric design, managing minority investments in FinTech companies and further investments in promising technologies and sponsor and oversee new disruptive technology ventures that are wholly or partially owned by Standard Chartered.

SC Ventures will be headed by by Alex Manson, who is the Global Head of Transaction Banking.

“Technology is at the heart of Standard Chartered’s strategy – driving efficiencies, increasing automation, introducing global platforms, reducing manual errors and strengthening how it combats financial crime,” the group said in a statement.

In 2015, it announced it was investing about US$3 billion (RM11.9 billion) over three years in technology and systems.


Asian currencies skid on US dollar recovery, peso extends fall

SEOUL, Jan 17 — Most Asian currencies slipped today as the US dollar rebounded from a three-year low, with the Philippine peso shedding half a per cent on concerns of widening trade deficit. The US dollar index against a basket of six major…


South-east Asia stocks mostly subdued, Philippines gains

SINGAPORE, Jan 17 — Most South-east Asian stock markets were muted today in line with broader Asia as Wall Street took a breather after its record-setting run, dampening momentum in global equities. Broader Asian stocks came off an all-time…


Citigroup reports US$18b loss on one-time tax items

NEW YORK, Jan 17 — Citigroup Inc posted an US$18-billion (RM71.1 billion) quarterly loss yesterday because of charges related to a new US tax law, but its adjusted earnings beat Wall Street expectations and management signalled that the bank may…