A summary of the main blogs of the week …
I recently was hauled up over saying that Western Union (WU) was being disrupted by FinTech. The words that a reader took issue with are: The high fees of Western Union and other remittance providers were fairly punishing … until FinTech came along Western Union …
I’ve been working closely with BKM, the Turkish retail payments clearing company, for a few years now. They manage the Fintech Istanbul program, and are the powerhouse behind many of the innovations we’ve seen in Turkey from mobile wallets to contactless payments. Their CEO, Soner …
I blogged a year ago about TechFin, the incumbents’ view of applying technology to existing banking services, versus FinTech which seeks to transform the financial system. That has become one of the top search terms to find my blog, as it turns out, mainly because my …
I blogged recently that there is around $1.6 trillion of money laundering globally and less than 2% is caught by the financial system. That’s a stunning amount and makes you wonder why our system is so awful. Much of it is down to the fact …
There was an interesting article in The Independent last week about the big banks becoming bigger since the financial crisis hit. The article notes that the big American banks control 70% of all US assets, and that this figure has increased 40% since 2008. In …
The key headlines of the past week include …
Deutsche Bank commits to London by securing new HQ – The Telegraph
Hopes fade for Co-op Bank turnaround plan – BBC
The Bank of England has placed the Co-op Bank under “intensive supervision” as survival options for the ethically-based lender dwindle. The BBC understands contingency plans to ensure the “orderly failure” of the 150 year old bank are well advanced.
Bank that lent $300m to Trump linked to Russian money laundering scam – The Guardian
Deutsche Bank among western institutions that processed billions of dollars in cash of ‘criminal origin’ through Latvia
Brexit: What the biggest banks are planning once Theresa May begins EU departure – The Independent
Frankfurt and Dublin are emerging as the biggest winners as finance firms shore up their plans to move operations from the UK
Bill Gates tops Forbes’ rich list but Trump’s wealth slips – BBC
Microsoft co-founder Bill Gates again tops Forbes’ annual billionaire rich list, while Donald Trump’s fortune slips.
Challenger bank Secure Trust enters mortgage market – The Telegraph
Frankfurt takes lead in Brexit race for City jobs – Financial Times
As UK triggers EU divorce, other financial centres jostle to take business from London
UK bank Tandem loses licence after funding blow – Financial Times
Digital lender misses out on investment from China’s Sanpower due to capital control fears
Mountain man: The bank boss who reached the top aged 33 – BBC
Joe Gordon likes to climb mountains. It is perhaps just as well that he has a head for heights because, just 24 months after getting his first job in banking, he is now the boss of telephone and online bank First Direct.
Officials draw up rescue plan for Co-op Bank – The Telegraph
Regulators at the Bank of England are growing increasingly concerned about the future of Co-operative Bank as the beleaguered lender struggles to find a rescue buyer.
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