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Home » Daily Briefing » Morning Briefing 21 July 2016

Morning Briefing 21 July 2016

Morning Briefing

Standard Chartered is rolling out a video banking service for more than five million customers across nine countries in Asia, Africa and the Middle East.

This launch is part of a $1.5 billion investment plan to change up StanChart's digital banking. The bank hopes the new service will broaden its retail banking reach by allowing people in areas without branches to do business such as buying mortgages by talking to a bank consultant by video.

HSBC's global head of foreign exchange cash trading in London Mark Johnson was arrested in New York this week for his part in an alleged front-running scheme involving the trade of $3.5 billion in 2011. US prosecutors have been more aggressive in going after banking fraud but the global banks have thus far settled many cases with deferred prosecution agreements and large fines. Individuals responsible have largely escaped prosecution — so far.

Jack Dorsey's Square looks set to launch in Europe shortly, according to Reuters. Square, launched in 2011 in the US, aimed to provide principally small businesses and independent traders with a mobile point of sale solution, hooking up a basic card reader to a mobile phone.

With the US lagging Europe on chip-and-PIN, a number of European businesses quickly launched their own mPOS solutions, with Sweden's iZettle taking the lead along with SumUp and PayPal Here. Square Europe may have missed the first wave but will be looking to take a share of the considerably underserved microbusiness sector. In the US, Square is among the POS businesses that have used business data to extend merchant loans to its customers, opening up another stream of revenue.

Also in the US, Morgan Stanley hit its CEO's bond trading target, which came at a surprise to analysts' prediction. The Wall Street bank did report a lower second-quarter profit on Wednesday, but made strides in cutting expenses and had solid bond-trading revenue.

Central banks must realise the last thing we need is nationalisation by the back door
ECB facing gathering storm clouds but will hold fire for now
India: Federal Bank ties up with Reliance Jio Money
Africa: Mobile money giant M-Pesa is getting its own debit card to compete with banks
Australia: Bank dividends 'simply unsustainable': Perpetual's Anthony Aboud
Greece: Governance drive pushes Michalis Sallas to quit Piraeus Bank
US: Hauling cash, replacing cards, fixing ATMs: the stubborn costs banks can't erase

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