HSBC Launches Startup and Tech-Focused Innovation Banking Unit
HSBC rebrands and expands previously acquired SVB UK as the HSBC Innovation Banking unit to provide banking services to the startup, investor, and broader tech community
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Philippines Cuts Banks’ Reserve Ratio
The Central Bank of the Philippines decided to reduce the level of the norm on the availability of mandatory reserves for financial institutions at the end of the month.
Facial Recognition to Work at 20K ATMs in Japan
After about four years in working, facial recognition biometric solution from the Seven Bank is set to be deployed at around 20,000 ATMs nationwide as early as March 2024
NatWest and Edinburgh University Launch New Innovation Centre
NatWest Group and the University of Edinburgh are jointly implementing a project aimed at implementing efforts to create a Center for Purpose-Driven Innovation in Banking.
BIS Successfully Tests Quantum-Safe Financial Communications
The BIS Innovation Hub Eurosystem Centre in partnership with European banks has successfully set up a quantum-safe communication channel that shields financial data
Robinhood Customers Shift to High-Yield Deposits Amid Banking Turmoil
Robinhood Markets reports that its customers are switching to high-yield deposits.
UK Neobank Monzo Records First Monthly Profits
British neobank Monzo said that it managed to achieve profitability.
Wells Fargo Reportedly Works With Borrowers as Office Sector Struggles
The media reports that Wells Fargo management expects that the activities of this financial institution in the field of real estate lending will have a negative result in the form of losses.
Kasisto Introduces Banking-Specific LLM KAI-GPT
The KAI-GPT large language model (LLM) is designed to address the banking industry’s unique needs for accuracy, transparency, trustworthiness and customization
HKMC Pilots Infrastructure Loan-Backed Securities
The Hong Kong Mortgage Corporation Limited (HKMC) successfully completed its first issuance of infrastructure loan-backed securities under the pilot scheme on infrastructure financing securitisation
Amex to Use AI to Improve Customer Experience
After numerous experiments, American Express (Amex) aims to utilize AI technology for approving credit lines as well as providing predictive analytics
Nymbus Lands $70 Million to Help Banks Digitally Transform
Nymbus startup announced the attraction of investment funds in the amount of $70 million following the results of the Series D financing round.
Citigroup Plans IPO for Mexican Banking Unit Banamex
Citigroup announced its decision to take public its retail banking services division Banamex, which is based in Mexico.
Tyme Raises $77.8 Million to Grow South Africa, Philippines Operations
Digital banking group Tyme announced the attraction of investment funds for $77.8 million following the results of the Series C financing round.
Citizens Bank to Pay $9 Million Fine Over Credit Card Billing Errors
The Consumer Financial Protection Bureau (CFPB) and Citizens Financial Group were able to reach an agreement on the CFPB complaint.
JPMorgan On Track to Deliver $1 Billion in Value Through AI
JPMorgan last Monday, May 22, held an investor day, during which the vectors of further activities of the bank holding were outlined, including intentions related to the use of artificial intelligence were announced.
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