Financial institution – NA Golovu http://nagolovu.com/ Wed, 23 Nov 2022 15:00:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://nagolovu.com/wp-content/uploads/2021/08/cropped-icon-32x32.png Financial institution – NA Golovu http://nagolovu.com/ 32 32 More Japanese companies are using internet banks as their primary financial institution https://nagolovu.com/more-japanese-companies-are-using-internet-banks-as-their-primary-financial-institution/ Wed, 23 Nov 2022 15:00:07 +0000 https://nagolovu.com/more-japanese-companies-are-using-internet-banks-as-their-primary-financial-institution/ Data from Japan Economy November 24, 2022 A growing number of Japanese businesses are turning to online banking for their primary financial needs. A Tokyo Shōkō Research survey found that more businesses are using one of the nine major Internet banks as their primary financial institution. The survey, which examined a database of 1.55 million […]]]>

Data from Japan

Economy

A growing number of Japanese businesses are turning to online banking for their primary financial needs.

A Tokyo Shōkō Research survey found that more businesses are using one of the nine major Internet banks as their primary financial institution. The survey, which examined a database of 1.55 million businesses nationwide, found that 3,446 businesses used Au Jinbun Bank, GMO Aozora Net Bank, PayPay Bank, SBI Sumishin Net Bank, Sony Bank, Daiwa Next Bank, Minna Bank, Rakuten Bank, or UI Bank (based on the larger loan amount, if more than one bank was used). This is a fivefold increase from 665 companies in 2013.

The majority of businesses, however, still rely on conventional banks. The top three megabanks dominate, with 125,837 businesses using Mitsubishi UFJ Bank, 98,778 using Sumitomo Mitsui Bank and 80,620 using Mizuho Bank. Among online banks, Rakuten Bank is the leading financial institution for 1,394 businesses, followed by PayPay Bank with 1,268 businesses, placing the institutions on par with regional second-tier banks, credit unions and other regional lenders . The survey showed that SBI Sumishin Net Bank and GMO Aozora Net Bank are also experiencing steady growth.

(Originally published in Japanese. Banner photo © Pixta.)

finance
bank
internet banking

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Frustrated Fogo Island residents push for new financial institution to set up shop https://nagolovu.com/frustrated-fogo-island-residents-push-for-new-financial-institution-to-set-up-shop/ Thu, 17 Nov 2022 12:32:29 +0000 https://nagolovu.com/frustrated-fogo-island-residents-push-for-new-financial-institution-to-set-up-shop/ Fogo Island has been without a bank since August, and residents are clamoring for another. (Patrick Morell/CBC) Fogo Island has been bankless since August and residents are calling for a new financial institution to be opened to avoid a ferry ride and 130 kilometer journey to Gander for service. Resident Justin Hearn, a chartered professional […]]]>
Fogo Island has been without a bank since August, and residents are clamoring for another. (Patrick Morell/CBC)

Fogo Island has been bankless since August and residents are calling for a new financial institution to be opened to avoid a ferry ride and 130 kilometer journey to Gander for service.

Resident Justin Hearn, a chartered professional accountant, said the lack of an open branch means a full day of travel just to do basic banking.

“It has been difficult for businesses in particular and for our elderly population on the island,” he said. “There is still a cash addiction here on the island. Some businesses only operate with cash.”

Hearn was deputy mayor of Fogo Island when Scotiabank announced it was integrating the branch, along with branches in Arnold’s Cove and Glovertown, into a nearby branch. He has since spearheaded efforts to lure another financial institution to the island.

Hearn, who is targeting the Atlantic Edge Credit Union, circulated a survey among residents to find out if people are willing to transfer their accounts from Scotiabank to a new institution. He said the results of the investigation will be reviewed by the credit union.

“The support has been from everyone on the island,” Hearn said.

“There are many different groups looking to improve services on the island, and without a financial institution, this has had a major impact.”

Secure building for new company

Bill Miller, owner of a small convenience store and grocery store on the island, said he had lost customers due to the lack of a bank.

“When they have to leave the island to go to Gander or the Bank of Nova Scotia in Lewisporte … they go to the various big supermarkets around – Walmart and so on,” Miller said Tuesday.

“When they come back, they come back loaded with provisions and everything they need.”

Justin Hearn is leading the effort to bring another financial institution to Fogo Island. (Radio Canada)

Miller said everyone was frustrated that they had to leave the island just to do simple banking. The island’s population is ageing, he said, and not everyone uses online banking.

“A large percentage of the people here on the island even want to see a credit union. They would be very happy,” he said.

Hearn said the town has a building the credit union could use to set up shop.

“When Scotiabank made their announcement clear and their intentions clear, we worked to secure the real estate. The building they are in now, we were able to secure as a donation to the City of Fogo Island,” Hearn said.

“They understood the impact and how they leave us without these services.”

Learn more about CBC Newfoundland and Labrador

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How Commerzbank’s DTC Sofia is transforming the financial institution https://nagolovu.com/how-commerzbanks-dtc-sofia-is-transforming-the-financial-institution/ Wed, 16 Nov 2022 11:51:37 +0000 https://nagolovu.com/how-commerzbanks-dtc-sofia-is-transforming-the-financial-institution/ Known worldwide as a symbol of quality, a product created in Germany is considered highly reliable and respected. However, what about the financial products in the digital age co-created by the Commerzbank team in Germany and the company’s DTC in Bulgaria? To find out how these new instruments are being developed, we headed to the […]]]>

Known worldwide as a symbol of quality, a product created in Germany is considered highly reliable and respected. However, what about the financial products in the digital age co-created by the Commerzbank team in Germany and the company’s DTC in Bulgaria? To find out how these new instruments are being developed, we headed to the Business Park in Sofia where we sat down with Ivan Levterov and Ivanka Stoyanova, Chapter Leads at Commerzbank Digital Technology Center. Together we discussed how banks can innovate and the future of the industry, as well as the transformation of an institution represented on 6 continents with nearly 11 million customers, the technologies they use and the impact of DTC of Commerzbank in Bulgaria and how they managed to build an organization of over 400 people in just two years.

Client-centric approach

Often seen as old-fashioned and slow to innovate, banks have had to take significant steps in going digital in order to meet the needs of their customers. As the world became fully digital, financial institutions had to find a way to provide easy-to-use solutions, while operating in a heavily regulated market. To do this, they focused on the customer and their requirements for a modern bank.

“The way banking is done has changed dramatically over the past few years. Customers these days don’t want to go to an office, stand in line, or commute for a long time to transfer money or apply for a loan. Their smart device is all they need to handle all financial transactions. And we have to take this into account when developing Commerzbank’s digital solutions. By using them, customers should be able to make every operation possible with just a few clicks,” says Ivan Levterov, Chapter Leader at Commerzbank’s DTC in Sofia.

Each device can be restarted. Try with a bank!

Ivan and fellow Chapter Head Ivanka Stoyanova share that one of the main reasons for joining Commerzbank in 2021 was the company motto and what underpins it. “Each device can be restarted. Try with a bank! were the two sentences, and going deeper, they explained that there were two aspects to making this reboot possible – a change in mindset and a change in technologies.

“Changing the mindset is the biggest challenge an organization has to overcome in the process of transformation. Together with our colleagues in Germany, we embraced this transition and continued the process of implementing different agile methodologies that helped us establish this mindset. This approach has allowed us to create successful products very quickly and to build our team to more than 400 people in just two years in Sofia”, Ivanka Stoyanova, Chapter Lead API Banking at the DTC of Commerzbank in Sofia.

After changing the mindset, the next big thing to transform technology at Commerzbank is changing the technology stacks used to build the infrastructure. Breaking the stereotype of legacy technology, the bank now implements a wide variety of modern technologies. A team in Sofia is responsible for implementing Kafka, a powerful event streaming platform capable of handling a high volume of data. This is a pivotal moment in the development of the bank as it is a further step towards decoupling the different systems which can work together seamlessly. The implementation is part of the organization’s transition to a data-driven digital advisory bank.

Commerzbank’s Bulgarian DTC also redefines Commerzbank’s credit risk and credit services products. While these products may seem quite familiar to most developers in the financial industry, what makes them unique is the CI/CD practices used to re-engineer them. By using them, the Sofia team can constantly innovate and submit new code that upgrades different solutions.

Spotify Corporate Structure

At first, Commerzbank’s corporate structure may seem a bit confusing with chapters, clusters, and cells. However, this model is known as the Spotify model. A people-oriented model centered on simplicity with the main objective of fostering a culture of collaboration between different teams in an agile environment. This fits perfectly with the bank’s values. Knowledge sharing at Commerzbank starts with the onboarding process for every new employee. Each time a new developer joins Commerzbank, their main responsibilities for the first week are listed on a page. Then they have to attend meetings and meet their colleagues or learn about certain technologies or processes.

“Participating in joint team events (even cross-site) is a big part of our team collaboration, and it goes both ways. Our colleagues also visit different conferences, and after that, we give them the opportunity to share what they have learned with their teammates. By organizing events, we present Commerzbank’s approach to different challenges and how we solve certain problems in the sector”, underlines Ivanka.

“We have this initiative called cluster day when a member of a certain cluster prepares training and other activities to share with colleagues and people from other departments,” shares Ivan.

Similar values ​​between people and the company

For Ivan and Ivanka, the reason for the company’s growth and success lies in the similar values ​​of the organization and its employees. Both were impressed with the different aspects that made them join Commerzbank, and they evaluate candidates according to values ​​criteria when deciding to hire them.

Ivanka shares that certain soft skills and values ​​are highly valued at Commerzbank. The most important is integrity. This means that a candidate must be honest, responsible and trustworthy. Ivan highlights soft skills as the main factor in evaluating a potential addition to his team. He would prefer to have a person with the right mindset, even if the person lacks technical skills, because technique is easier to learn than techniques.

The two chapter leaders greatly appreciate the flexibility that Commerzbank offers its employees, as people are allowed to decide which will be their place of work for the day – at home or in the office. MTA (Mandatory Time Away) is a regulatory requirement for all German financial institutions. During this period, banks must stop their operations for 10 days to undergo various inspections. In complying with the law, Commerzbank has also used the MTA to provide employees with an additional opportunity to maintain a good work-life balance. During this period, they are not allowed to log on to their computer or work phone. By implementing this practice, they ensure that employees can spend meaningful time away from work.

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Musk wants Twitter to become “the people’s financial institution” https://nagolovu.com/musk-wants-twitter-to-become-the-peoples-financial-institution/ Mon, 14 Nov 2022 14:10:03 +0000 https://nagolovu.com/musk-wants-twitter-to-become-the-peoples-financial-institution/ One of the latest suggested changes to Twitter Elon Musk is tweaking social media platform to enable instant digital payments. This is when the social media platform faces bankruptcy as Musk continues to implement major changes underway following its acquisition last month. Read more: New Twitter rules and platform changes starting this week In a […]]]>

One of the latest suggested changes to Twitter Elon Musk is tweaking social media platform to enable instant digital payments. This is when the social media platform faces bankruptcy as Musk continues to implement major changes underway following its acquisition last month.


Read more: New Twitter rules and platform changes starting this week


In a transcript published by The edgeAt his first staff meeting since the takeover, Musk suggested tweaking Twitter to enable the ability to send money around the world.

“Payments are really just an exchange of information. Informationally, there’s not a huge difference between, say, just sending a direct message and sending a payment. They are basically the same thing. Musk told other Twitter staffers following the recent layoffs.

Musk says that in principle, one should be able to use a direct messaging stack for payments and meet people’s needs from a financial perspective. “We just want to make it as useful as possible,” Musk told staffers.

Details of Musk’s social media platform turned digital banking plans include offering competitors a better interest rate and sending people a Twitter account debit card even before they don’t ask for one.

“So if they have more than a certain balance, you automatically send people a debit card. You want backwards compatibility with existing financial infrastructure,” Musk says.


Read more: Twitter has officially brought back its new “verification” system (for now)


Musk wants more money

Musk has made it clear that his priority is to make money as he continues to squeeze the bird from all angles.

“We absolutely have to bring in more money than we spend. If we don’t and there’s massive negative cash flow, bankruptcy isn’t out of the question,” Musk told Twitter staffers about bankruptcy.

He went on to explain to staff how they couldn’t jump to 1 billion users and suffer “massive losses along the way” because that wouldn’t be feasible.


Read more: Is Twitter’s “blue tick” a status symbol or an ID badge? And what if someone can buy one?


Twitter Blue could return this week

On Sunday, Musk said Twitter Blue would likely return “end of next week.” This was in response to questions about when the platform’s $8 subscription version would be available again after going on hiatus last week.

Until last week, Twitter Blue was restricted to verified accounts belonging to famous people, journalists, public figures and politicians. Musk opened it up to anyone willing to pay $8, make more money, and parody accounts popped up from every corner with little, resulting in a mess that forced Twitter to implement new rules on parody accounts to separate them from official accounts.

As the week progresses, it seems only Musk really knows what’s in store for us on Twitter for the week.

Sources): The edge, SRA technique, Reuters

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Elon Musk wants to make Twitter ‘the people’s financial institution’ https://nagolovu.com/elon-musk-wants-to-make-twitter-the-peoples-financial-institution/ Fri, 11 Nov 2022 16:40:13 +0000 https://nagolovu.com/elon-musk-wants-to-make-twitter-the-peoples-financial-institution/ Billionaire businessman Elon Musk outlined his plans to offer banking and payments services on Twitter during a nearly hour-long Q&A session with staff at the social media platform on Thursday. During the call, a recording of which was obtained by the RodMusk shared his plans to allow Twitter users to maintain a cash balance on […]]]>

Billionaire businessman Elon Musk outlined his plans to offer banking and payments services on Twitter during a nearly hour-long Q&A session with staff at the social media platform on Thursday.

During the call, a recording of which was obtained by the RodMusk shared his plans to allow Twitter users to maintain a cash balance on the platform, in a move that would turn the site into “the people’s financial institution”.

The entrepreneur, who co-founded online bank X.com in 1999 before it merged with another company to become PayPal, detailed his plans to “fill a balance for every verified Twitter user”.

“Give them a sum of money, like ten dollars or something, that they can send anywhere in the system,” he said, according to a transcript published by the Verge. “We need money transfer licenses for this, which we have applied for.”

Twitter on Friday filed documents with the Treasury Department to become a payments processor, according to the FinancialTimes.

Musk talked about creating a high-yield money market account “so that having a Twitter balance is the most profitable thing you can do.”

“It’s very complex and expensive. If you can just have a balance on Twitter that can just go positive or negative, and when it goes positive, the interest rate is better than what you might get elsewhere, and when it goes negative, the interest rate is interest is lower than what you see elsewhere, now you have a much simpler system,” he said.

During the call, a Twitter employee noted that the services Musk described resembled those of a bank and asked if Musk planned to offer loans on the platform.

“Well, if you want to provide a full service to people, you can’t miss key elements,” he replied.

Musk, which bought the platform October 27, talked about his financial services ambitions for social media site. The SpaceX and Tesla CEO spoke on Thursday about the “payments transformation opportunity” and told employees he didn’t see a huge difference between sending a direct message and sending a payment.

“They’re basically the same thing,” he said. “In principle, you can use a direct messaging stack for payments. And so that’s definitely a direction we’re going to go in, enabling people on Twitter to be able to send money anywhere in the world instantly and in real time. We just want to make it as useful as possible.

Twitter and other social media networks have already tried to make payments, said Daniela Hawkins, chief executive of consulting firm Capco.

“While these initiatives have not won over consumers, there are still huge opportunities for businesses to explore,” she said.

In the United States, consumers still need to log into individual apps to use different payment rails, such as with Venmo, Zelle and Cash App, Hawkins said.

“It’s not the best banking experience,” she says.

But Musk’s vision of turning Twitter into a financial services platform will likely face an uphill battle as consumers, especially in the United States, don’t associate social media apps with payments, Hawkins said.

Consumers, in general, are also increasingly wary of social media apps due to misinformation on these platforms, she said.

“People are concerned about the number of bots that are constantly pushing misinformation,” she said. “That, in turn, would make it difficult for Twitter or any other social media platform to gain enough trust with consumers to make payments on these apps.”

There are also the regulatory hurdles that Twitter is likely to face as it aims to introduce banking-like products. For example, wWill the company partner with a bank or pursue its own charter to offer some of the products Musk teased?

“Money movements and banking operations are highly regulated. Elon Musk mentioned a high yield savings account. That would suggest some sort of banking partnership,” Hawkins said. “But maybe Twitter is pursuing an industry lending charter. Or a bank charter. There are still questions about how this will materialize.

Industrial Lending Charters (ILCs), the charter of choice for several fintechs and non-banking companies seeking to offer banking services, are not without controversy.

Some lawmakers and banking trade groups have pushed back against the companies’ attempts to obtain ILCs, arguing that the structure exploits a regulatory loophole because ILC holding companies are not subject to the Bank Holding Company Act and Federal Reserve oversight. .

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If a financial institution is a borrower, it cannot invoke SARFAESI U/Sec 11 arbitration: Delhi HC https://nagolovu.com/if-a-financial-institution-is-a-borrower-it-cannot-invoke-sarfaesi-u-sec-11-arbitration-delhi-hc/ Wed, 09 Nov 2022 03:54:29 +0000 https://nagolovu.com/if-a-financial-institution-is-a-borrower-it-cannot-invoke-sarfaesi-u-sec-11-arbitration-delhi-hc/ The Delhi High Court has ruled that a borrower who is also a financial institution cannot resort to arbitration as provided for in Section 11 of the SARFAESI Act. According to Bench of Justice Anup Jairam Bhambhani, Article 11 provides for recourse to arbitration only in cases of inter se disputes between financial lenders and […]]]>

On the other hand, the Respondent argued that, simply because the Borrower is also a financial institution, it has the right to invoke arbitration us 11 of the Act.

Regarding the question of territorial jurisdiction, the court held that since the current arbitration does not arise from an agreement, the concept of seat would therefore have no application and jurisdiction would be decided on the basis of the Section 2(1)(e) of the A&C Act read with Section 20 CPC.

The court further observed that since the agreement was signed and stamped in Delhi, therefore jurisdiction would be in New Delhi.

On the question of the applicability of article 11 of the SARFAESI law, the court observed that it only provides for recourse to arbitration in the event of a dispute between financial institutions but does not cover simple disputes between borrowers. and lender even if the borrower is a financial institution. institution.

Observing thus, the bench rejected the instant plea.

Title: Bell Finvest India Ltd v AU Small Finance Bank Ltd

Case no.: Arb. Petition 453/2021

Get instant legal updates on mobile – Download the Law Trend app now

The Delhi High Court has ruled that a borrower who is also a financial institution cannot resort to arbitration as provided for in Section 11 of the SARFAESI Act.

According to Bench of Justice Anup Jairam Bhambhani, Article 11 provides for recourse to arbitration only in cases of inter se disputes between financial lenders and does not cover borrower-lender disputes, even in cases where the borrower is a financial institution.

In this case, the parties entered into a rupee facility agreement whereby the defendant bank granted the claimant (an NBFC) a loan of Rs 10 cr.

However, disputes arose between the parties and the petitioner’s account was declared NPA. The Respondent began suing us under 13 of the SARFAESI law before the DRT.

The applicant, for his part, issued a notice of arbitration and asked the respondent to choose an arbitrator from a panel of three members.

As the parties did not mutually appoint an arbitrator, the petitioner filed this plea requesting the appointment of an arbitrator.

In court, the claimant argued that the DRT would not have jurisdiction over the case and that it is an NBFC and is considered a financial institution under the SARFAESI Act, it may invoke Arbitration 11 of the SARFAESI Act.

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On the other hand, the Respondent argued that, simply because the Borrower is also a financial institution, it has the right to invoke arbitration us 11 of the Act.

Regarding the question of territorial jurisdiction, the court held that since the current arbitration does not arise from an agreement, the concept of seat would therefore have no application and jurisdiction would be decided on the basis of the Section 2(1)(e) of the A&C Act read with Section 20 CPC.

The court further observed that since the agreement was signed and stamped in Delhi, therefore jurisdiction would be in New Delhi.

On the question of the applicability of article 11 of the SARFAESI law, the court observed that it only provides for recourse to arbitration in the event of a dispute between financial institutions but does not cover simple disputes between borrowers. and lender even if the borrower is a financial institution. institution.

Observing thus, the bench rejected the instant plea.

Title: Bell Finvest India Ltd v AU Small Finance Bank Ltd

Case no.: Arb. Petition 453/2021

Get instant legal updates on mobile – Download the Law Trend app now

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Philippine Financial Institution Unionbank Now Provides Crypto Custody and Trading Services https://nagolovu.com/philippine-financial-institution-unionbank-now-provides-crypto-custody-and-trading-services/ Wed, 02 Nov 2022 20:59:35 +0000 https://nagolovu.com/philippine-financial-institution-unionbank-now-provides-crypto-custody-and-trading-services/ Union Bank of the Philippines, Inc., better known as Unionbank, announced that the financial institution has launched bitcoin and ethereum custody and trading services. The nation’s ninth-largest bank by assets, Unionbank, will leverage Metaco’s Harmonize platform to drive crypto services for customers. Unionbank will provide Bitcoin and Ethereum custody and trading services through Metaco On […]]]>

Union Bank of the Philippines, Inc., better known as Unionbank, announced that the financial institution has launched bitcoin and ethereum custody and trading services. The nation’s ninth-largest bank by assets, Unionbank, will leverage Metaco’s Harmonize platform to drive crypto services for customers.

Unionbank will provide Bitcoin and Ethereum custody and trading services through Metaco

On November 2, 2022, the Philippines-based financial institution founded in 1981, Unionbank, revealed that it now offers bitcoin (BTC) and Ethereum (ETH) customer service. According to announcement released on Wednesday, Unionbank is one of several selected financial institutions approved by Bangko Sentral ng Pilipinas (BSP) to operate as a Virtual Asset Service Provider (VASP).

Unionbank launched the pilot with bitcoin and ethereum custody and trading services. In 2019, Unionbank launched a stablecoin pegged to the value of the Philippine peso. End of April 2022, Unionbank Between the economy of the metaverse as well. Philippines-based universal bank Unionbank uses Metaco’s platform Harmonize, which is dubbed a “digital asset curation and orchestration platform, as a fully managed service deployed in the cloud.” Metaco’s Harmonize “will manage governance and operations for [Unionbank] pilot.

“Unionbank’s collaboration with its strategic partner Metaco has been critical in the bank’s pursuit of realizing its vision of providing superior, customer-centric services in the Philippine market,” remarked Henry Aguda, Director of Technology and Operations and Chief Transformation Officer at Unionbank. . “We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country to enable digital currency exchange functionality for customers.”

Unionbank aims to expand the service in the future as it wants to create a “safe and compliant environment for millions of Filipinos to hold and trade digital currencies such as bitcoin.” The Philippines-based financial institution said it was preparing for “a broader rollout of its digital asset services” while “protecting its business model for the future”.

Keywords in this story

Bitcoin, Bitcoin and Ethereum, BTC, Clients, Clients, ETH, Ethereum, Filipinos, Metaverse, peso, Philippines, Bank based in the Philippines, Financial institution based in the Philippines, Stablecoin, Union Bank of the Philippines, union bank philippines, unionbank

What do you think of Unionbank’s Bitcoin and Ethereum service offering? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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Disclosure: Financial Institution Advertising Banned by UK Regulator | Cadwalader, Wickersham & Taft LLP https://nagolovu.com/disclosure-financial-institution-advertising-banned-by-uk-regulator-cadwalader-wickersham-taft-llp/ Fri, 28 Oct 2022 22:06:52 +0000 https://nagolovu.com/disclosure-financial-institution-advertising-banned-by-uk-regulator-cadwalader-wickersham-taft-llp/ The UK’s Advertising Standards Authority (ASA) has ruled that two UK retail banking adverts, which claimed the financial institution’s green credentials, were “misleading” and “omitting important information”. The billboards, which showed how HSBC was planting trees and going to net zero, were displayed at bus stops in Bristol and London in October 2021 just before […]]]>

The UK’s Advertising Standards Authority (ASA) has ruled that two UK retail banking adverts, which claimed the financial institution’s green credentials, were “misleading” and “omitting important information”. The billboards, which showed how HSBC was planting trees and going to net zero, were displayed at bus stops in Bristol and London in October 2021 just before the COP26 climate change summit. The ASA received 45 complaints, including from campaign group Adfree Cities. The ASA determined that the two advertisements should no longer be used and that HSBC should ensure that future marketing communications making environmental claims were “sufficiently qualified and did not omit material information about its contribution to carbon dioxide emissions. carbon and greenhouse gases”. This is the first example of action by the ASA against a bank for “greenwashing”. Notably, it doesn’t appear that anything depicted in the ads is fake. On the contrary, ASA’s action seems to have been based on the fact that HSBC finances, among many companies and industries, fossil fuel companies.

HSBC responded to the announcement saying “the financial industry has a responsibility to communicate its role in the low carbon transition to raise awareness and engage customers” and that it “will consider how best to do this as we deliver our net zero goal”. commitments. »

Taking the temperature: The ASA’s decision is somewhat surprising. Nothing in the advertisement itself was allegedly false. And the fact that HSBC, like its peers, has not gone out of business with the fossil fuel segment of the energy industry is well known. Many participants on all sides of the green transition discussion recognize that the transition to a green economy is not possible without the power provided by coal, oil and gas. HSBC also said it will “phase out” its funding of the fossil fuel industry and will provide further details of the plan by the end of this year. Nevertheless, the ASA’s action is a necessary reminder to participants in the financial services and other sectors that significant regulatory attention is paid to green claims, and that such claims must be based on a solid factual.

(This article originally appeared in “Cadwalader Climate», a new bi-weekly newsletter on the ESG market.)

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EFG Hermes becomes the first Egyptian financial institution to comply with the ISO 31000:2018 Enterprise Risk Management standard https://nagolovu.com/efg-hermes-becomes-the-first-egyptian-financial-institution-to-comply-with-the-iso-310002018-enterprise-risk-management-standard/ Tue, 25 Oct 2022 10:53:05 +0000 https://nagolovu.com/efg-hermes-becomes-the-first-egyptian-financial-institution-to-comply-with-the-iso-310002018-enterprise-risk-management-standard/ The international certification is positive proof of the company’s commitment to ERM compliance as part of its goals of maintaining resiliency and maximizing growth prospects through an ever-growing portfolio of products and services and an extensive geographic footprint. Cairo: EFG Hermes Holding, an impact-focused universal bank in Egypt and the leading investment banking franchise in […]]]>
  • The international certification is positive proof of the company’s commitment to ERM compliance as part of its goals of maintaining resiliency and maximizing growth prospects through an ever-growing portfolio of products and services and an extensive geographic footprint.

Cairo: EFG Hermes Holding, an impact-focused universal bank in Egypt and the leading investment banking franchise in frontier emerging markets (EMFs), today announced that its investment bank has become the first financial institution in Egypt to achieve ISO 31000:2018 Enterprise Risk Management Compliance (ERM) certification by the British Standards Institution (BSI), the world’s leading national standards body and the world’s leading manufacturer of standards.

The certification complements many successful ISO accreditations for the financial services powerhouse, with ISO 31000:2018 being a globally recognized risk management standard that gives practitioners a set of accepted best practices, principles and methods to adhere to. The ERM framework emphasizes senior management compliance with a commitment to continuous improvement of a risk management system.

By verifying that EFG Hermes operates an ISO 31000:2018 compliant ERM system, the certification reflects the company’s success in expanding access to its financial services and growing the business in a stable manner. , sustainable and responsible, adhering to strict ethical and governance guidelines.

“We are proud to be the first financial institution in Egypt to receive BSI certification, which demonstrates our commitment to continuously streamlining operational efficiency, strengthening the enterprise’s risk management culture and, in turn, to create value for our customers and our shareholders. Adherence to international standards is also part of our strategy to lead the way in deepening market risk management as we work together to drive sustainable growth for the industry as a whole,” said the Group Chief Risk & Compliance Officer of EFG Hermes Holding. Abdelwahab Gadayel.

In addition to its growing sales and purchase operations in 14 markets, the company actively developed its Non-Banking Financial Institutions (NBFI) platform in Egypt, which accounted for 28% of revenue and 23% of net profit in 1H2022. , while its recent acquisition of a majority stake in a commercial bank in Egypt, aiBANK, has enabled the company to offer a fully-fledged universal offering of financial solutions today, incentivizing the adoption of commercial principles and management of internationally recognized risks to ensure the integrity, sustainability and operational health of the Group.

Dr. Mohannad Abdel Qader, Managing Director Middle East and Africa Operations, BSI, said: “Risk management is an essential component of the strategic, tactical and operational management of organisations. ISO 31000:2018 provides guidelines for managing all forms of risk in a systematic, transparent and credible manner in different areas and contexts. It applies to all business activities and functions. On behalf of BSI, I would like to congratulate the EFG Hermes Holding team on this achievement.

More recently, EFG Hermes also renewed its ISO 22301 for the sixth consecutive year, which is an integral part of the company’s business continuity management system which complies with the standards updated in 2019.

-Ends-

About EFG Hermes Holding

With a current footprint spanning 14 countries on four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 38 successful years from a pure-play investment bank in the MENA region to a universal bank in Egypt with the leading investment banking franchise in frontier emerging markets (FEM). With our proven track record and a diverse team of talented employees, we provide a wide range of financial services that include advisory, asset management, securities brokerage, research and private equity in the entire GEF region. In our home country, we have the fastest growing Non-Banking Financial Institutions (NBFI) platform with operations spanning Microfinance, Leasing, Factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage financing and insurance.

And with its latest acquisition of a majority stake in aiBANK, the company has been able to provide commercial banking products and services.

Through its three verticals, Investment Banking, Non-Banking Financial Institutions (NBFIs) and Commercial Banking, the group is uniquely positioned to consistently bring disruptive financial products and services to market, delivering a holistic portfolio that serves its growing base of individual and business customers of all sizes.

Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Omani | Jordan | pakistan | United Kingdom | Kenya | United States | Bangladesh | Vietnam | Nigeria | Singapore

Learn more about us at www.efghermes.com and stay connected with us:

For more information, please contact:
The EFG Hermes Holding Public Relations Team
PublicRelations@EFG-Hermes.com
May El Gammal
Group Chief Marketing & Communications Officer of EFG Hermes Holding
melgammal@efg-hermes.com

Note on forward-looking statements

In this press release, EFG Hermes Holding may make forward-looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts, but represent only EFG Hermes Holding’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and beyond management’s control and include, among other things, the financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future laws, regulations and regulatory actions. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made.

About BSI

BSI is the business improvement and standards company that enables organizations to turn standards of best practice into habits of excellence, “inspiring trust for a more resilient world”. For more than a century, BSI has encouraged best practice in organizations around the world. Working with over 84,000 customers in 193 countries, it is a truly global company with skills and experience in all sectors including automotive, aerospace, built environment, food and retail and healthcare. Through its expertise in standards and knowledge, assurance services, regulatory services and advisory services, BSI helps clients improve performance, grow sustainably, manage risk and ultimately to become more resilient.

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Eatonville Celebrates Grand Opening of City’s First-Ever Financial Institution https://nagolovu.com/eatonville-celebrates-grand-opening-of-citys-first-ever-financial-institution/ Sat, 22 Oct 2022 16:26:42 +0000 https://nagolovu.com/eatonville-celebrates-grand-opening-of-citys-first-ever-financial-institution/ EATONVILLE, Florida. – Dozens of people came to historic Eatonville Saturday morning to witness more history in the nation’s oldest black incorporated municipality. It was a community festival with live music, food and face painting as people celebrated the grand opening of the city’s first-ever financial institution. It’s called Unit of Eatonville Federal Credit Union, […]]]>

EATONVILLE, Florida. – Dozens of people came to historic Eatonville Saturday morning to witness more history in the nation’s oldest black incorporated municipality.

It was a community festival with live music, food and face painting as people celebrated the grand opening of the city’s first-ever financial institution.

It’s called Unit of Eatonville Federal Credit Union, located at 323 W Kennedy Blvd. in the heart of Eatonville.

“We never had a credit union here, never had a financial institution, so it’s been 135 years,” said bank board member Kimberly Stewart.

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“This is a community that has often been overlooked and underserved by banking institutions, so this is really important because it will be a catalyst for change,” said George Williams, founding board member and chairman of the board. administration.

Bank executives said that while their goal is to expand eventually, they are now taking the time to invest in the community and teach its residents basic skills.

“Teach them financial literacy, teach them financial empowerment and just increase their overall (insight) so we can hopefully close this wealth gap between the black community and other communities,” Stewart said. .

Willie C. Barnes is a pastor at the nearby Macedonian Missionary Baptist Church and one of the visionaries for opening this bank.

“It’s an opportunity for people to invest in their own community and they own it, and that’s why it’s important,” Barnes said.

Bank executives said they would start opening accounts as early as Monday morning. They will be open six days a week, every day except Tuesday. Leaders said the goal was also to attract church members from the Missionary Baptist Church of Macedonia on Sunday.

Learn more about Unity of Eatonville FCU in by visiting its website.


Black Men’s Sundays talks about creating generational wealth. Check out each episode in the media player below:

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