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Home » Daily Briefing » Daily briefing - 28 November 2018

Daily briefing - 28 November 2018

NAB chairman Ken Henry has a very, very short memory. Asked by counsel at the royal banking commission to reflect on "serious misconduct" around the world by financial institutions, and specifically manipulation of interbank interest rates and foreign exchange", Mr Henry failed to recall that his own bank admitted just such misconduct only last year: "So far as I know, nobody has yet established that there has been any manipulation of those rates in Australia." As Banking Day points out, "last year NAB volunteered that it made attempts on each of 20 December 2010, 17 January 2011, 7 February 2011, 7 February 2011, 30 June 2011, 12 July 2011, 5 October 2011 and 25 October 2011 'to engage in conduct in the prime bank bill market, in trade or commerce, in connection with the supply or acquisition of financial services that was, in all the circumstances, unconscionable'". Banking Day called wrongdoing in foreign exchange "dodgy behaviour" — something that academic Bill Black has labelled "defining deviancy down", or illogically excusing criminal wrongdoing because of its white-collar nature.

A Bank of Indonesia source said the central bank is preparing cross-border regulation for regulating QR code transactions in rupiah made by foreign players, according to kontan.co.id on Sunday. "The unnamed source said the regulation would facilitate domestic financial institutions to cooperate easily with foreign platforms like WeChat and Alipay that offer QR code payment options.... Meanwhile, business director Anthoni Morris of switching company Artajasa Pembayaran Electrinic (ATM Bersama) expressed the hope that the planned regulation would provide clear rules on cross-border payments. Cross-border transactions are still new among switching companies, particularly non-card based payment services like QR code transactions that also involved merchants."

Russian online bank Tinkoff left its competitors in the dust with a 44 percent year-on-year increase in net income in the second quarter. "Tinkoff, originally founded as a Russian answer to Capital One, is attempting to diversify from banking to create a 'financial and lifestyle ecosystem' including new products like home equity loans, car loans, and loans to small businesses," reports the FT. "The bank also now offers cinema, concert, and theatre tickets in its app and recently relaunched a popular app for retail investors."

Migrant workers in the UK send home eight billion pounds annually
PayU India keen to ramp up cross-border payments

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