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Home » Retail Banking 2020 Insights » Morning Briefing

Morning Briefing

Morning Briefing

Police in China have arrested 21 people involved in peer-to-peer lender Ezubao over an online Ponzi scheme scam which took in around 50 billion yuan ($7.6 billion) from about 900,000 investors, according to the state-run Xinhua news agency. The report says the company made up most of the projects listed on its website and used funds received from new investors to pay old debts.

HSBC is imposing a global hiring and pay freeze for 2016, according to Reuters. Staff received details of the cost-cutting measures in an email on Friday.

It will be fascinating to see how a new 'disrupting the disruptors' venture from Visa works out in the year ahead. The company has launched Visa Commerce Network which connects transactions between two merchants; allowing a hotel, for example, to provide its guests with offers from local businesses and to track engagement and issue rewards to cardholder accounts. Qualifying purchases are recognized at the point of sale and rewards can be seamlessly applied to cardholder accounts — eliminating the need for coupons or redemption schemes.

South Korean electronics firm LG is also branching out. It has been working on a new payment technology called LG Pay White Card. Customers can select the credit card they want to use through a liquid crystal display on the White Card which is also a chargeable device. The card can also save rewards points.

British regulators help Iranian banks come in from the cold
Extension to CMA retail banking market investigation
JPMorgan launches blockchain trial project: FT
Barclays and Credit Suisse in $155m 'dark pools' settlement with US regulators
Update: China's top bankers who "disappeared," were detained, or died unnaturally in the past year

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