Woodcore Weekly #2: Why Move Towards Cloud-Native Core Banking?
Woodcore Inc ? Cloud Banking OS
Modern Infrastructure for building financial products and services.
Welcome to Woodcore Weekly, your go-to newsletter for the latest in banking and financial services. Every week, we bring you:
?? Insights: Why Consider a Cloud-Native Core Banking Platform?
Cloud-native core banking applications are transforming the financial services industry.
Designed to leverage the full potential of cloud computing, these applications enable financial institutions to streamline processes, innovate faster, improve customer experience, and unlock new revenue streams.
Read our blog to learn more about the benefits of cloud-native core banking applications for your financial institution.
?? What’s Happening in Banking?
Kenyan government plans to legalize crypto
Kenya’s Treasury Cabinet Secretary, John Mbadi, has announced that the government is preparing legislation to govern cryptocurrency adoption, marking a departure from its previously cautious stance towards the industry.
As part of this effort, Kenya introduced a draft policy on virtual assets (VAs) and virtual asset service providers (VASPs) in December. The policy seeks to create a legal and regulatory framework that balances leveraging the opportunities offered by VAs and VASPs while mitigating associated risks.
Nigeria’s Central Bank fines 9 banks for flouting cash circulation guidelines
The Central Bank of Nigeria has sanctioned 9 Deposit Money Banks (DMBs) for failing to make naira notes available to customers via ATMs during the festive season.?
The affected banks include First Bank Plc, Keystone Bank Plc, Fidelity Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc.
Each bank was fined N150 million for non-compliance.
America’s largest bank eyes commercial banking expansion in Germany
JP Morgan plans to launch its digital-only bank, Chase, in Germany, the Wall Street Journal reported on Tuesday, January 14.
Sources told the WSJ that the launch is set for the latter part of this year or in early 2026.
Saudi Central Bank grants licence to Seulah Alawla for consumer microfinance services
The Saudi Central Bank (SAMA) has issued a licence to Seulah Alawla to provide consumer microfinance solutions.
This addition brings the total number of licenced consumer microfinance providers in Saudi Arabia to seven, contributing to the overall count of 63 finance companies regulated by SAMA.
领英推荐
Big US banks report soaring profits
Four of America’s largest banks reported earnings from the last quarter of 2024 on Wednesday, January 15, recording significant profits.?
JPMorgan Chase's fourth-quarter profits jumped 50 percent to $14 billion, while Goldman Sachs' more than doubled to $3.9 billion.
Citi reported profits of $2.9 billion, while Wells Fargo's profits rose 47 percent to $5.1 billion.
According to BNN Bloomberg, “This surge marks the highest quarterly earnings for these institutions in three years, driven by heightened trading activity, strong market rallies, and a resurgence in corporate dealmaking.”
Indonesia’s Central Bank unexpectedly cuts key interest rates?
Bank Indonesia (BI) lowered its benchmark interest rate by 25 basis points to 5.75 percent during its January policy meeting, marking its first cut in four months.?
The central bank also reduced its deposit facility rate and lending facility rate to 5 percent and 6.5 percent respectively.
The move aims to increase economic growth and control inflation.
?? Featured Read: World Cloud Report — Financial Services 2025 (Capgemini)
Leading research institute 凯捷咨询 has published its World Cloud Report on Financial Services for 2025, showcasing insights from global banking and insurance leaders, FinTech and InsurTech executives, and cloud technology experts.
The report highlights a growing shift toward cloud adoption among banks and insurers. However, only a few qualify as true cloud innovators — organizations with a clear vision, scalable platforms, mature ecosystem partnerships, and advanced technology capabilities.
For institutions looking to accelerate their cloud transformation, the report outlines a roadmap with the following key milestones:
Access the report here.
Thanks for Reading!
We hope you found this edition useful and actionable. Please share it with your network so we can reach more readers ??
?? Ready to transform your financial institution with a next-generation core banking system? Reach out to us today at [email protected] to learn more about our solutions or schedule a demo.
See you next week!