Latest news with #RetailBankerInternational
Yahoo
2 days ago
- Business
- Yahoo
Oman issues new regulatory framework for digital banks
The Central Bank of Oman (CBO) has issued a regulatory framework governing the licensing and operation of digital banks. The framework, effective 1 June 2025, applies to digital banks operating in the Sultanate of Oman and introduces regulatory relaxations along with certain business restrictions. It stipulates that applicants must take the form of either a locally incorporated joint-stock company (SAOC or SAOG) or a branch of a foreign bank that is subject to regulatory oversight in its home jurisdiction. Two categories of licences are defined, with Category 1 permitting banking operations without business limitations and requiring a minimum paid-up capital of OR30m. Category 2 allows limited operations and requires a minimum paid-up capital of OR10m, with capital requirements in both cases to be determined by the CBO Governor. Applicants must have experience in the fintech industry and possess the financial capacity to establish a digital bank. They must also maintain a team with adequate expertise, while all relevant individuals, including ultimate beneficial owners, board members and senior management, must meet the CBO's fit and proper criteria. In the case of foreign digital bank branches, applicants must obtain approval from their home supervisory authority and receive a no-objection to joint supervision from the same, while shell banks are explicitly prohibited. A licensed digital bank is required to establish a physical presence in Oman either as its principal place of business or, in the case of a foreign branch, as a registered office. Licensed digital banks must comply with all applicable laws and frameworks, including those related to anti-money laundering and terrorism financing in a fully digitalised environment. They must also adhere to frameworks for financial consumer protection, cybersecurity and resilience, digital onboarding and e-KYC, anti-fraud measures, and outsourcing rules, including the use of cloud services. "Oman issues new regulatory framework for digital banks " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Banking Excellence special report 2025: Asia Pacific charts an AI-ready course
First off, the warmest of congratulations to all of the winners at the 16th annual Retail Banker International Asia Trailblazer Awards. The special report setting out who won what and why is available via this link. Once again, it is gratifying to note the huge number of institutions that participated this year. But, arguably, the biggest takeaway of these awards is the quality of the entries. It will have been very obvious to all of the judges that the participating financial institutions paid a massive amount of attention to detail when crafting their submissions. These awards serve to showcase leaders in the Asia Pacific financial services sector and the winners are to be commended and celebrated for their world-class levels of innovation. As many of the nations in the region accelerate efforts to diversify away from oil and other natural resources, the banking, payments, fintech and alternative digital providers are punching above their weight to lift technology standards to global levels and beyond. It is notable that the region's incumbent banks and the increasing number of digital challengers are well placed to tap into the growing popularity of digital wallets and e-commerce, as cash displacement starts to gather speed. Looking ahead, it is gratifying to note the levels of enthusiasm and determination in the sector to optimise the opportunities that the shift towards AI and advanced technologies presents. In all markets, there is a growing appreciation of the fact that businesses face a hard choice between being left behind or being part of this technological disruption. I am optimistic the tech-savvy financial services providers in the region will grab the opportunities that AI and advanced technologies will offer. And as always, a massive well done and thank you to the judges and my GlobalData colleagues at our MEED division. Administering the annual awards, receiving entries and conducting the judging process is a Herculean task. Hearty congratulations again to all of the winners and here's to the 17th Annual Retail Banker International – Asia Trailblazer Awards to be held in Singapore on 12 March 2026. "Banking Excellence special report 2025: Asia Pacific charts an AI-ready course" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Monzo introduces undo payments feature for bank transfers
Monzo, the UK-based online bank, has introduced a feature that allows customers to reverse bank transfers if they detect an error in the transaction. This functionality, claimed to be a first in the banking sector, enables users to cancel a payment within a certain timeframe if they have made a mistake with the recipient or the amount. Monzo customers will see the option to 'undo' a bank transfer, offering protection against common mistakes such as sending money to the wrong person or inputting an incorrect amount. The default undo period is set at 15 seconds, but it can be adjusted to 10, 30, or 60 seconds based on user preference. Upon completing a transfer via the 'Pay someone' feature, a countdown timer is displayed on the payment confirmation screen. If the customer identifies an error, they can select the 'Undo payment' button from the confirmation, Home, or payment detail screens before the timer runs out. Activating this feature stops the payment process, ensuring the funds do not leave the account, the online bank stated. While the undo payment feature is intended to enhance transaction security, Monzo acknowledges that some customers may prefer not to experience delays in their bank transfers. Consequently, the feature can be deactivated in the settings under privacy & security. The rollout of the 'undo payment' feature will be gradual, allowing Monzo to monitor its performance and make any adjustments based on customer usage and feedback. This feature is exclusive to Monzo current account holders who are residents of the UK. In March, the bank launched 'Monzo Split', a feature aimed at assisting users with managing shared expenses. This facilitates the tracking, settlement, and requesting of payments for shared costs. "Monzo introduces undo payments feature for bank transfers " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
07-05-2025
- Business
- Yahoo
UK's FCA opens consultation to simplify mortgage rules
The Financial Conduct Authority (FCA) as launched a consultation aimed at simplifying the rules governing the UK mortgage market. According to the regulator, the initiative is intended to make it easier, faster and more cost-effective for consumers to adjust their mortgage arrangements. The FCA noted the proposed changes form part of its broader strategy to help consumers better navigate their financial circumstances and support economic growth. The consultation is focused on giving consumers more flexibility and choice, while maintaining access to advice when needed. According to the regulator, the new proposals would make it quicker and easier for borrowers to explore their options with mortgage providers. This includes simplifying the process for reducing mortgage terms—potentially lowering the total cost of borrowing and mitigating the risk of repayments extending into later life. The measures would also facilitate access to cheaper products when remortgaging. The FCA said it has worked over the past decade to raise conduct standards and improve culture among mortgage lenders. With the introduction of the Consumer Duty, which sets clearer and more current expectations for firms, the FCA aims to eliminate outdated guidance and create space for further innovation. The watchdog noted that it has already reminded firms about existing flexibility within its rules to support consumer access to mortgages. A broader public discussion on the future of the mortgage market is expected to follow in June. This will examine issues such as risk appetite, affordability testing, lending into later life, and the information needs of consumers. FCA retail banking director said Emad Aladhal: 'Our strategy aims to deepen trust and rebalance risk to support growth and improve lives.' 'That's why, with the Consumer Duty now in place to maintain high standards, we want to make it easier, faster and cheaper for borrowers to access and make changes to their mortgage.' Last month, the FCA began seeking feedback from firms on its upcoming live AI testing service, set to launch in September 2025, to help businesses implement AI in a safe and responsible manner. "UK's FCA opens consultation to simplify mortgage rules " was originally created and published by Retail Banker International, a GlobalData owned brand.
Yahoo
05-05-2025
- Business
- Yahoo
Ceto rolls out Nova to streamline operations for community banks
Ceto has introduced Nova, a new platform aimed at helping community banks and credit unions improve operational efficiency. This solution combines human expertise with software as a service (SaaS) to provide strategic guidance and 'advanced software capabilities'. Nova is designed to help financial institutions boost their competitiveness. The platform features several applications, including Vantage, Nexus, and Pulse. Vantage, currently available, allows institutions to monitor real-time market data on rates, fees, and product offerings. This application transforms complex data into actionable insights, enabling banks and credit unions to make informed pricing decisions and attract customers. Nexus, launched in April 2025, focuses on contract lifecycle management. It allows institutions to manage vendor contracts efficiently by tracking agreements, invoices, and renewal alerts. This tool aims to reduce administrative burdens and prevent costly auto-renewals. Pulse, scheduled for release in May 2025, will enable financial institutions to benchmark their performance against industry peers. By integrating historical and real-time data, Pulse will help identify operational inefficiencies and potential growth opportunities. Ceto has emphasised that Nova's user-friendly interface and robust data analytics will assist financial institutions in optimising revenue and improving operational efficiency. The platform is continuously updated based on user feedback, ensuring that it meets the evolving needs of community banks and credit unions. Ceto president and CEO Douglas Ceto said: 'Nova represents a significant leap forward for community financial institutions. 'By transforming data into actionable insights, we're empowering our clients to drive profitability and innovation." In August 2024, Ceto announced the acquisition of VPCtech, recognised for its strategic banking expertise. "Ceto rolls out Nova to streamline operations for community banks" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
