Singapore

Open banking is emerging as a key trend and the next ‘wave’ of digital transformation in global financial markets. At its core, it is focused on data sharing, which is enabled through application programming interfaces (APIs) which make it possible for two different systems to ‘share’ information with each other. Simply put, this means that consumers will have greater control over their financial data and who to share it with. An example of this in practice would be a mobile banking application that enables users to see all of their financial information and spending habits (across different bank accounts) on one interface.

The bank also launched relief measures to support its clients.

And Goldman Sachs, Morgan Stanley OK’d for majority stakes in China ventures.

Local fintech companies raised more than $9.2b across 389 deals during this period.

Announced regulatory policies aren’t enough to shield the sector from the pandemic’s punches.

Citi has recruited Kartik Mani as the Asian head of cards and unsecured lending, according to an announcement. He will be responsible for lending and partnerships in Asia.

It aims to support more stable USD funding conditions in Singapore.

Businesses will be able to establish an online presence within three business days.

And some US lenders hand out bonuses to staff amidst the pandemic.

Online platforms and employee distancing should be implemented.

Banks can cope with disruption through Red Hat's cost effective solutions.

Market profitability and credit demand are likely to be affected.

Proceeds will be used for general corporate funding purposes.

Advisory fees for M&A deals plunged 80.4% YoY to $11m.

It partnered with lender Singapura Finance and other fintechs for its bid.

Users can add their cards to Apple Pay using the Revolut app.