American Banker (December 9)
“Fintechs turned cross-border payments into a hotbed of innovation over the last five years. Now the card networks and banks are responding with disruptions of their own. It’s not just the competitive threat from fintechs developing faster, cheaper and more transparent cross-border payment options. The changing economy is now adding urgency for legacy cross-border providers to modernize their services.”
Tags: Banks, Card networks, Cheaper, Competitive threat, Cross-border, Disruptions, Economy, Faster, Fintechs, Hotbed, Innovation, Legacy, Modernize, Payments, Services, Transparent
Financial Times (May 25)
News that the cross-border payment system Swift “has at least woken up to the challenge facing its business” is encouraging. “But this is not just a problem involving cross-border deals. Cyber crime is increasingly a threat to the whole financial industry. This is one digital challenge that banks cannot duck.”
Tags: Banks, Cross-border, Cyber crime, Digital challenge, Financial industry, Payments, Swift, Threat
Bloomberg (July 15)
“Cross-border private capital is so readily available for good emerging-market borrowers that multilateral lenders such as the World Bank are having to explain why they’re needed any longer. To justify their existence, they’re trying to recast themselves as repositories of development expertise.” With the BRICS poised to create their own new currency reserve fund and development bank, the proposed institutions look anachronistic. The BRICS just “don’t need their own bank.”
Tags: Borrowers, BRICS, Capital, Cross-border, Currency reserve fund, Development bank, Emerging market, Lenders, World Bank
