Category: banks
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4 Philippine Banks Aim To Revolutionize Digital Payments
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Cryptocurrency is gaining a foothold in a Southeast Asian country after several local banks teamed up to launch a new stablecoin for their citizens to invest in digital assets. Four Philippine banks are preparing to offer a Multi-bank stablecoin To allow Filipinos to become a part of the cryptocurrency scene,…
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California Man Sues Three Asian Banks Over $1 Million Crypto Fraud Loss – Who’s to Blame?
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A California man, Ken Lim, has taken legal action against three prominent banks in Asia — Fubon Bank, Chung Hing Bank, and DBS Bank — for allegedly facilitating a $1 million cryptocurrency scam. the lawsuitfiled in a California District Court on December 31, 2024, alleges that these banks failed to…
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Office property meltdown is starting to surface at regional banks
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(Bloomberg) — The decline in the value of office properties is rippling across U.S. banks, with smaller lenders in particular ramping up the use of loan modifications on their commercial real estate books. Most read from Bloomberg A Moody’s report found that the typical bank with less than $100 billion…
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Community lenders unlock £1bn to support small firms rejected by banks
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Small businesses in some of Britain’s most deprived areas are expected to benefit from £1bn in loans, thanks to a government-backed initiative by community finance organisations. The British Business Bank (BBB) has launched a £150 million, two-year plan to support community development finance institutions (CDFIs), which lend to businesses turned…
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Global banks invest $20m in Israeli fintech co Capitolis
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Israeli fintech company Capitolis Today it announced a $20 million strategic investment from four leading global banks. The new round is led by Citi and includes State Street, both existing investors in Capitolis, as well as new investors Morgan Stanley and UBS. Each bank will invest $5 million and will…
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Trump’s victory could make life harder for Hong Kong—and that may be good news for Singapore’s banks
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Just minutes after the Associated Press declared Donald Trump the winner of the US presidential election, Singapore Prime Minister Lawrence Wong took to social media platform X to offer congratulations. “I look forward to taking our partnership to greater heights,” said Wong Post the official account. “We hope to welcome…
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How banks are taking CBK loans to invest in Treasury bills
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Commercial banks borrowed from the Central Bank of Kenya’s emergency discount window to finance purchases of government securities as they saw a profit opportunity from the lower interest rate on the facilities compared to treasury bonds. The discount window was supposed to be used to provide temporary liquidity to banks…
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Are Crypto Banks In Danger? FDIC ‘Pause Letters’ Spark Fears Of Operation Chokepoint 2.0
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A cryptocurrency exchange has accused the US government of undermining the cryptocurrency sector by organizing an anti-crypto campaign. Coinbase revealed that the US Federal Deposit Insurance Corporation (FDIC) is using tactics to discourage financial institutions from engaging in cryptocurrency-related activities. FDIC: Stay away from cryptocurrencies Coinbase claimed that the Federal…
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Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks
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This article is also available in Spanish. Bitcoin, the world’s first cryptocurrency, was designed to serve as a cash or payment option outside anyone’s control. The use of cryptocurrencies, which are decentralized and peer-to-peer, removes the involvement of third parties, such as central banks. This promise of Bitcoin has redefined…
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Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks
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This article is also available in Spanish. Bitcoin, the world’s first cryptocurrency, was designed to serve as a cash or payment option outside anyone’s control. The use of cryptocurrencies, which are decentralized and peer-to-peer, removes the involvement of third parties, such as central banks. This promise of Bitcoin has redefined…
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China Stimulus Sets Tone for Major Banks, HSBC Is All About Overhaul
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Breadcrumb links BMN Business China’s recent stimulus measures to revive the economy will set the tone for third-quarter earnings from major Chinese lenders including Industrial and Commercial Bank of China Limited, China Construction Bank, Agricultural Bank of China Limited and Bank of China Limited. Article writer: Bloomberg News Rachel Yu,…
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Nine commercial banks minted Sh110.39bn from government securities
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Kenya’s nine top-tier banks have generated a total of Sh110.39 billion in interest income from their investments in government securities in six months. Disclosures from the lenders’ unaudited financial statements show that the interest income they earned from their investments in government securities increased by 17.87 percent to Sh110. 37…
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Analysts see more drops in base interest rates amid pressure on banks
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Analysts see the Central Bank of Kenya cutting key interest rates by at least 25 basis points before the end of the year due to low inflation rates and the need to stimulate flagging economic activity. The Monetary Policy Committee, the highest decision-making body at the Central Bank of Kuwait,…
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NCBA cuts lending rates as pressure mounts on banks
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NCBA Kenya has cut lending rates as lenders respond to the Central Bank of Kenya’s (CBK) move to cut its benchmark interest rate by the biggest margin since 2020. The bank said on Friday it would cut interest rates on new shilling-denominated loans to 16.91 percent from 17.5 percent. However,…
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NSE-listed banks employ three women for every man hired
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Major banks listed on the Nairobi Stock Exchange (NSE) have appointed three women for every man they appointed in the year ending December 2023, adding momentum to the race for gender equality. Data on nine listed banks, classified as large, show that lenders have intensified the pace of hiring women.…
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Saccos outpace banks in loan disbursements for eight months
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Savings and Credit Cooperatives (SACOs) issued more loans than commercial banks in the first eight months of this year, reflecting the choice of customers who were put off by the high interest rates charged by commercial banks. New data from the Central Bank of Kenya (CBK) shows that credit disbursed…
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Saccos outpace banks in loan disbursements for eight months
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Savings and Credit Cooperatives (SACOs) issued more loans than commercial banks in the first eight months of this year, reflecting the choice of customers who were put off by the high interest rates charged by commercial banks. New data from the Central Bank of Kenya (CBK) shows that credit disbursed…
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Banks’ eight-month profit up 12pc to Sh181bn amid defaults
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Commercial banks recorded an 11.58 per cent increase in pre-tax profits to Sh181.1 billion in the first eight months of the year, defying an environment of rising loan defaults and low willingness to borrow. Central Bank of Kenya (CBK) data shows that January-August profits rose from Sh162.3 billion in the…
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Banks’ eight-month profit up 12pc to Sh181bn amid defaults
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Commercial banks recorded an 11.58 per cent increase in pre-tax profits to Sh181.1 billion in the first eight months of the year, defying an environment of rising loan defaults and low willingness to borrow. Central Bank of Kenya (CBK) data shows that January-August profits rose from Sh162.3 billion in the…
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Banks cut loans to parastatals by 15pc, defaults up
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Commercial banks reduced their lending to semi-governmental institutions by 14.7% in July compared to the same period last year, the largest decline in four years. This comes as state-owned companies struggle to service debts owed to their largest lender, the government. Overall, commercial banks, microfinance banks and savings and credit…