BPI steps up digital banking

 Bank of the Philippine Islands (BPI) president and CEO Cezar P. Consing said the bank’s digitalization efforts is currently going through an upgrade to a version he calls “2.0” in anticipation of higher online and mobile-based banking services even post-COVID-19 period, and it will cut costs both for the bank and its clients. 

Bank of the Philippine Islands (BPI) president and CEO Cezar P. Consing

“BPI right now is done with digitalization stage ‘1.0’, we’re moving to ‘2.0’. I’m sure we’ll get to ‘3.0’ after that. But we intend to stay in front of this,” Consing said during the virtual 5th AYALA-Finex Finance Summit Part 2.

In a follow up email query, Consing said digitalization for BPI will be a continuing process. “We measure progress by the reduction in our cost-to-income ratio, all other things being equal. Broadly, getting from BPI Digital 1.0 to BPI Digital 2.0 should reduce our

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The financial risks facing China’s banking sector and the Government

In an article entitled “Revisiting China’s Financial Asset Structure and Policy Implications”, Yi Gang, Governor of the People’s Bank of China (PBOC), analyzed the changes in China’s financial asset structure from a risk-taking perspective.According to Yi, diversification, management, and allocation of risk are the basic functions of finance. The essential characteristic of the market economy is that economic entities make decisions dispersedly and bear their own risks. On the one hand, this is conducive to the diversification of risks, on the other hand, it is also a kind of incentive mechanism, whereby economic entities can get a corresponding return by taking risks.The responsibility of the government is to protect property rights and related rights and interests, so that social and economic entities have the initiative to take risks, so as to obtain the corresponding returns. It would be more efficient to give full play to the role of the market,

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Customers lead the digital banking transformation

Mashreq launched its fully digital bank, Neo, in 2017. Its head, Sridhar Iyer says that there were three important reasons behind the decision. Firstly, he points to the fact that the UAE has one of the highest penetrations of smartphone and internet in the world. In addition he says that the country’s residents are very comfortable and familiar with digital .

“If you look at the population of the UAE, more than 80 per cent are expats. They tend to be in regular touch with their friends and families abroad through a range of social media platforms such as Whatsapp and BOTIM .”

The digital infrastructure in this country is advanced and is amongst the best in the world.

– Sridhar Iyer, Head of Mashreq Neo

And finally, Iyer says that the UAE’s advanced infrastructure has created an environment that is very conducive to a digital bank.

“The digital infrastructure

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Goldman Names New Investment Banking Co-Heads in Australia

(Bloomberg) —

a close up of a sign: A patch bearing the Goldman Sachs Group Inc. logo is pictured on a trading jacket on the floor of the New York Stock Exchange in New York, U.S., on Wednesday, May 19, 2010.

© Bloomberg
A patch bearing the Goldman Sachs Group Inc. logo is pictured on a trading jacket on the floor of the New York Stock Exchange in New York, U.S., on Wednesday, May 19, 2010.

Goldman Sachs Group Inc. made a raft of new appointments to its leadership in Australia and New Zealand, including new co-heads for investment banking and a new chairman for the region.


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Zac Fletcher and Nick Sims will become co-heads of corporate advisory in Australia and New Zealand after Christian Johnston is appointed as the bank’s chairman for the region, according to memos seen by Bloomberg News on Tuesday. Marissa Freund will become head of mergers and acquisitions in Australia and New Zealand.

“Christian will have greater scope to focus on further deepening and strengthening investment banking and firm-wide client relationships across the ANZ region,” James Paradise and Todd Leland, co-presidents for

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Open Banking set to transform finance in the GCC

a man looking at the camera

© Motivate Publishing

a close up of a sign: Open Banking

© Motivate Publishing
Open Banking

What is driving the Open Banking trends in the region?

Open Banking is a series of reforms that drive competitiveness in the banking sector. By driving change in how banks handle their customers’ financial information, Open Banking puts control back in the hands of the consumer. Customers can decide whether or not to share their financial information with authorised providers, to gain access to new services and innovations that can help them manage their money better.

The Middle East and the UAE specifically have some of the highest mobile penetration rates in the world. Changing consumer trends, the desire for consumers to have full control of their finances and accounts under one view, and a better range of services tailored to them are the main drivers

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Japan’s Nomura cuts investment banking jobs in Dubai

Tokyo-based brokerage shrinks its Middle East footprint and moves coverage of the region to staff in other offices

Nomura Holdings has cut about a half dozen investment banking jobs in Dubai, as Japan’s biggest brokerage shrinks its Middle East footprint and moves coverage of the region to staff in other offices.

The Tokyo-based firm made the cuts in recent weeks, and will now serve Middle Eastern clients from cities where it has bigger operations, such as London, people with knowledge of the matter said.

Its asset management and global markets divisions will keep their on-the-ground presence, the people said, asking not to be identified because the information is private.

Nomura has been overhauling its global wholesale business since April last year in a bid to save $1 billion in costs and sustain profitability abroad. New CEO Kentaro Okuda has persisted with those efforts by cutting dozens of investment banking jobs

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FTI Capital Advisors Strengthens Investment Banking Practice and Telecom, Media & Technology Expertise

Colin McCafferty Appointed as a Senior Managing Director

WASHINGTON, Sept. 14, 2020 (GLOBE NEWSWIRE) — FTI Consulting, Inc. (NYSE: FCN) today announced the continued expansion of FTI Capital Advisors (member FINRA/SIPC), the firm’s wholly owned investment banking subsidiary, with the addition Colin McCafferty as a Senior Managing Director and his investment banking team from McCafferty & Company.

Mr. McCafferty, who is based in Los Angeles, joins FTI Capital Advisors from McCafferty & Company, an independent financial advisory firm focused on media and technology that he founded in 2006. He and his team further enhance FTI Capital Advisors’ telecommunications, media and technology experience with expertise in television and film production, digital media, advertising technology, augmented reality and virtual reality, and broadcasting.

“It is my pleasure to welcome Colin and his team to the firm. Colin has significant capital markets experience and will greatly enhance our ability to advise

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Riel demand driving banking, financial servicesPhnom Penh Post

National Bank of Cambodia (NBC) governor Chea Chanto said growing demand for the riel has steadily increased with the public and investors over the past two decades.

Chanto said it has helped boost the development of the banking and financial sector and strengthen the economy.

He made his remarks on the 40th anniversary of the re-establishment of the riel on Monday in Phnom Penh.

He said the government decided to reissue the riel on March 20, 1980, to demonstrate Cambodia’s independence and national sovereignty and rehabilitate the economy after the Khmer Rouge.

He said the Pol Pot regime destroyed the foundations of the economic and financial infrastructure in Cambodia as well as the NBC and the riel was abandoned.

However, in the last 20 years, demand for the riel has increased by an average of 16 per cent per year.

With the Cambodian economy growing at an average rate of

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Banking and finance giants issue support for circular economy investment

More than 30 chief executives from some of the world’s largest banks and asset managers, including BlackRock, Barclays, Lloyds, ING and the European Investment Bank, have backed new research from the Ellen MacArthur Foundation (EMF) highlighting how green finance can spur the circular economy.

The report is supported by companies representing more than $18trn in assets under management

The report is supported by companies representing more than $18trn in assets under management

The new EMF report shows the growth in green investing in closed-loop initiatives and the assistance that is providing to the global low-carbon trajectory. The report has been backed by the likes of Citi, Credit Suisse, the international business of Federated Hermes, Goldman Sachs, HSBC, LGIM, Intesa Sanpaolo, JPMorgan Chase, Morgan Stanley, Rabobank, Standard Chartered, and UBS, among others.

The report notes that no circular economy funding mechanisms existed three years ago, but now 10 public equity funds focus partially or fully on closed-loop

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BisB Wins 2020 Asian Banking & Finance Wholesale Banking Award “Bahrain Domestic Initiative of the Year for Open Banking”

Bahrain Islamic Bank (BisB) recently emerged as the winner of the “Bahrain Domestic Initiative of the Year for Open Banking” category from the Asian Banking and Finance Wholesale Banking Awards 2020, which honour the most outstanding banks in Asia with successful and innovative wholesale banking initiatives. The award stands testament to the success of BisB’s strategy which focuses on simplifying customers’ money matters through launching simple and innovative banking solutions and services.

The Chief Executive Officer of Bahrain Islamic Bank, Mr. Hassan Amin Jarrar, said, “We are delighted to be receiving this award in recognition of our efforts to launch innovative digital solutions such as Open Banking, which has contributed towards driving the industry’s digital evolution with the adoption of advanced and innovative technologies to enhance the customer experience by simplifying their money matters.

The Bank announced its readiness to launch Open Banking starting from July 1st 2019 following the

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