HSBC plans digital bank to counter online rivals

September 3, 2018 Digital Banking

        HSBC is close to launching a new digital bank known internally as “Project Iceberg” in a move to sink new competition from online upstarts. Europe’s largest lender has recruited more than 100 people to the secret project, based in offices in the Aldwych area of central London. A source close to HSBC said the stand-alone digital bank was...Continue reading

Standard Chartered Hong Kong sets up new entity for its virtual bank

August 31, 2018 Digital Banking

        Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered Hong Kong”) has set up a new entity for its virtual bank and has submitted its application for a virtual banking licence to the Hong Kong Monetary Authority. Deniz Güven has been appointed as the Chief Executive Officer of the new entity and will lead a team to build a...Continue reading

Starling to help RBS develop digital bank

August 29, 2018 Digital Banking

        Royal Bank of Scotland (RBS) has reportedly enlisted the help of challenger bank Starling in its efforts to develop a digital bank of its own. The news, reported by The Times newspaper, came as a result of a letter to shareholders from Starling’s chief executive Anne Boden which stated that it has signed a contract “to provide payment...Continue reading

Samsung Looks to Streamline Banking With Blockchain Tool

August 28, 2018 Blockchain

        Samsung SDS, a subsidiary of South Korea’s tech conglomerate, has developed a blockchain-based certification platform for South Korean banks, it announced Monday. Developed in collaboration with the Korea Federation of Banks, a new platform called BankSign is said to make interactions between different banks’ mobile systems seamless. Users can carry out transactions on different apps, but the system...Continue reading

UOB rolls out fully digital home loan service

August 8, 2018 Digital Banking

        The race among Singapore banks to go digital and capture more of the home loan market is hotting up. United Overseas Bank (UOB) announced yesterday that it has teamed up with four property agencies – ERA Realty, Huttons Asia, OrangeTee & Tie and PropNex Realty – as well as online proptech company, SoReal Prop, to develop a range...Continue reading

UOB to launch digital bank in Key Asean Nations

August 3, 2018 Digital Banking

        United Overseas Bank Limited (UOB) today announced that it is introducing a digital bank for ASEAN’s massive and increasing base of ‘mobile first’ and ‘mobile only’ customers. UOB’s Digital Bank will be deployed in its key Southeast Asian markets as the Group accelerates and broadens the growth of its regional customer franchise. UOB’s Digital Bank customers across the...Continue reading

IBM and FX Giant CLS Team Up to Launch Blockchain App Store for Banks

July 31, 2018 Blockchain

        Even private and permissioned blockchains need to build ecosystems and achieve network effects, just like their permissionless, public counterparts. At least, that’s the thinking behind LedgerConnect, a financial blockchain “app store” that aims to make it easier for banks to access distributed ledger technology (DLT) solutions from fintech and software providers, and for those vendors in turn to...Continue reading

Bank Of England Says New Payments System Will Be Blockchain Friendly

July 24, 2018 Blockchain

        The Bank of England’s updated payments system will be compatible with blockchain-based financial technology forms, Reuters reported Monday. The announcement is the latest in the BoE’s ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around ‎£500 billion annually, or almost a third of...Continue reading

Hong Kong’s Blockchain Trade Finance Platform to Go Live By September

July 18, 2018 Blockchain

        The Hong Kong Monetary Authority (HKMA), the autonomous Chinese territory’s de facto central bank, is poised to launch a live blockchain trade finance platform within two months. “The Trade Finance Platform is a blockchain project initiated by 7 banks in Hong Kong. The project has been facilitated by the HKMA and is targeted for launch by September 2018,”...Continue reading