China’s ‘Big Four’ banks include the Industrial & Commercial Bank of China, the China Construction Bank, the Bank of China and the Agricultural Bank of China. Together they have a reported combined asset value of $17.321 trillion.
Standard Chartered or StanChart is not a bank that is shy about it’s aspirations when it comes to China. Many of the speakers at this year’s Sibos have talked about China as well. Apart from CBDCs, digital transformation and the generous plethora of leaders involved in this years’ event, the Regulator and the Customer were also talking points.
CLS Group work with many of the central banks around the world though. Kenneth Harvey joined CLS Group as Chairman from his role as Group Managing Director for HSBC Holdings, in October 2014. His ‘View from the Top’ kicked off proceedings at the second day of #Sibos 2021.
For the challenger banks, winning customers from entrenched incumbents will not be easy. New entrants such as Bank Zero and Discovery Bank have been targeting millennials with mobile banking offers but to date have failed to really take off, Mokgabudi says.
Moderated by Carline Emch, Director of Government Affairs at American Express, the discussion focused on ‘How should CBDCs be designed and what function should they perform to become a trusted medium for payments’:
There are 73m active bank users, creating a huge amount of customer data which remains underexploited. Nigeria’s national target is for 95% of the adult population to have access to formal or informal financial services by 2024.
The findings of UBS' Banking and Financial Services Division are interesting. They reflect the major concerns of their clients as global economies emerge tentatively from the disruption of the pandemic.
Today’s news by Amundi shows a strong result so far in 2021. Some of the takeaways of the financial statements for the second quarter of 2021 were summarized by their CEO, Valérie Baudson, who spoke about their Medium-Long-Term (MLT) Assets amongst other things:
This is the Bankers for Net Zero initiative, set up by All Party Parliamentary Group (APPG) on Fair Business Banking and transformation-focused business advisory firms Volans and Re:Pattern. In particular, they aim to demonstrate how banks and capital can be leveraged to help finance the path to a net-zero future.
Fraser shared her policy regarding cryptocurrency before the U.S. Senate Banking Committee last month. She shared how her company was taking a ‘measured approach’ to cryptocurrency as the bank sought “to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements.”
The Consumer Price Index (CPI) measure of inflation was released today, showing that the rate of inflation in the UK has jumped to 2.1% in the year to May. This was above market forecasts of around 1.8% and is slightly above the Bank of England’s target of 2%.
In the United Kingdom, there appears to be strong political momentum behind a digital pound: earlier this year, Chancellor of the Exchequer Rishi Sunak announced that the Bank of England was to look at developing a central bank-backed digital currency - “Britcoin.”
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