Tag: Bank

Crypto Asset Manager HashKey Capital Secures Capital Markets Services License From Singapore Central Bank

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Kazakhstan central bank reviews digital tenge pilot successes, next steps

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The digital tenge, Kazakhstan’s central bank digital currency (CBDC), has been declared a success after a month-long pilot project. A host of business, regulatory and technical improvements are lined up for it in 2024. During its pilot run, the digital tenge was used to provide schoolchildren with free lunches in Almaty through the local Onay! card, which was originally designed for use in the transit system. The Kazpost postal system operator served as the intermediary for those transactions. Plastic cards were issued to members of focus groups by four local…

Bank of Ireland UK reprimanded for inaccurate data on customers’ accounts

The Information Commissioner’s Office (ICO) has issued Bank of Ireland UK with a reprimand for mistakes made on more than 3,000 customers’ credit profiles. Bank of Ireland UK sent incorrect outstanding balances on 3,284 customers’ loan accounts to credit reference agencies, organisations that help lenders decide whether to approve financial products. This inaccurate data could have potentially led to these customers being unfairly refused credit for mortgages, credit cards or loans, or granted too much credit on products they were potentially unable to afford. The investigation found that, due to…

Swiss arm of BBVA bank taps Ripple-owned Metaco for crypto custody

BBVA Switzerland has migrated its crypto custody services to Ripple-owned infrastructure provider Metaco. Under the collaboration agreement, BBVA Switzerland will be using Metaco‘s Harmonize platform to connect between multiple blockchain networks, according to a press release published on Dec. 7, 2023. With Metaco, the Swiss branch of the BBVA banking group wants to expand its services beyond Bitcoin and Ethereum networks for fund managers and large companies, that need to “explore new business opportunities and opportunities to exchange value in a digital environment,” BBVA Switzerland says. In addition to custodian…

Taiwan central bank completes wholesale CBDC study, plans next steps

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Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is continuing to consider its introduction. The central bank is seeking feedback from businesses and academics and will continue to work on platform design, Deputy Governor Mei-lie Chu said on Dec. 7.  In a lengthy speech at an event for bankers, Chu outlined what she called Banking 4.0, or “services embedded in customers’ daily lives,” including the integration of artificial intelligence and advanced mobile and digital technology into banking. She devoted about half of…

Saxo Bank Makes Outrageous Predictions for 2024

Saxo Bank expects crude oil to hit $150 per barrel in 2024 while the Japanese economy to grow by a staggering 7%. As the year draws to a close, Wall Street banks are unveiling their forecasts for 2024, and Denmark’s Saxo Bank has once again embraced its annual tradition of presenting outrageous predictions. Termed as “unlikely but underappreciated events,” these forecasts could potentially shake the global economy and elevate volatility in financial markets. Topping the list of Saxo Bank’s eccentric predictions for 2024 is the victory of Robert F. Kennedy…