Weekly News Roundup 20-24/05/24

World Bank to Launch CHF 200 Million Digital Bond

The 世界银行 is set to launch its first CHF digital bond on June 11, valued at CHF 200 million ($219 million), making it the largest CHF issuance since 2009. Leveraging distributed ledger technology, the bond will be settled using Swiss Franc wholesale central bank digital currency (CBDC) from the Swiss National Bank (SNB). The bond will be listed on both the SIX Digital Exchange and the traditional SIX Swiss Exchange, regulated under Swiss law.

Stripe Introduces Open Banking Payments

Stripe has ushered in a new era of payment solutions in the UK with the launch of its Pay by Bank feature, powered by open banking, and accelerated manual payouts, alongside the expansion of its Stripe Capital service to the region. This groundbreaking move enables UK businesses to facilitate real-time, low-cost payments directly from consumers' bank accounts, offering significant savings in transaction fees. Additionally, businesses can now access earnings within hours, a substantial improvement over the traditional waiting period.?

GB Bank Secures ￡85M Investment to Fuel Expansion Plans

GB Bank , a specialist property finance bank headquartered in Middlesbrough, UK, has secured an ￡85 million investment from Hera Holdings and the Teesside Pension Fund. The investment, with ￡40 million from Hera Holdings and ￡5 million from the Teesside Pension Fund, is set to boost GB Bank's lending capabilities, enabling funding up to ￡10 million and up to 80% Loan To Value. Founded in 2017, GB Bank focuses on financing property developments in underserved UK areas and aims to expand its customer base to include portfolio landlords, expatriates, and foreign nationals.?

Santander and Iberpay Pioneer New Cross-Border Payment Scheme

Spanish banking giant Santander and payment services firm Iberpay have made history as the inaugural participants in the One-Leg Out (OLO) Instant Credit Transfer (OCT Inst) scheme, led by the European Payments Council (EPC). This innovative initiative aims to streamline international account-to-account (A2A) payments across various currencies, bridging the gap between payment service providers within and outside the Single Euro Payments Area (SEPA). Iberpay, designated as the OCT Inst Processor, will facilitate clearing and settlement mechanisms through Santander for OCT Inst transactions, enhancing processing speed and efficiency.

Citigroup Faces ￡61.6m Fine Over Trading Error

花旗 Global Markets Limited (CGML) has been fined a total of ￡61.6 million by UK regulators for lapses in its trading systems and controls, stemming from a significant trading error in 2022. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) imposed fines of ￡33.88 million and ￡27.77 million, respectively. The error occurred when a CGML trader mistakenly attempted to sell equities valued at $444 billion instead of $58 million, triggering a cascade of trades. Despite CGML's efforts to mitigate the error, it resulted in $1.4 billion worth of equities being sold on European markets, prompting a temporary market disruption.?

Coinbase Spearheads Tech Coalition to Combat Online Fraud

Crypto exchange Coinbase has initiated the Tech Against Scams coalition, joining forces with industry giants like Match Group, Meta, Kraken, Ripple, Gemini, and the Global Anti-Scam Organisation (GASO) to tackle online fraud and financial scams. With a focus on disrupting scam tactics, educating consumers, and staying ahead of evolving fraud schemes, the coalition aims to safeguard users across various sectors.?

FIS Unveils Enhanced Mobile Banking App

FIS has introduced FIS Digital One Flex Mobile 6.0, an upgraded version of its mobile banking app tailored for financial institutions. Highlighting a sleek design, bolstered fraud prevention, and enriched functionality, the update responds to the growing reliance on mobile banking among consumers. Notable enhancements include biometric login, expanded money movement features, and a modernised accounts and transactions experience. FIS aims to streamline mobile and online banking services through this unified platform, aligning with the evolving preferences of digitally savvy customers.?