And Aussie banks can't bypass Apple's in-house payments.
A report by Reuters reveals that Standard Chartered will cut 10% of its global corporate and institutional banking staff. The job cuts will be rolled out beginning this week across all the major business centres starting with Singapore and Hong Kong. Read more here.
BBC reports that two new safeguards to protect people when they pay online or via banking apps will be launched by 2020. The changes will allow consumers to double check they are paying the right person. Find out how it works here.
According to Reuters, Australia's antitrust regulator said it is likely to deny four local banks permission to collectively bargain with Apple Inc in relation to its mobile digital payments system. "Losing the case would be a setback to the banks' hopes of bypassing Apple's in-house payments system and rolling out their own iPhone versions free of competition from the Silicon Valley giant, which has the biggest smartphone market share in Australia," said a Reuters report. Read more here.
A report by CNBC notes that HSBC and Standard Chartered are the most at risk of failure due to an exposure to Chinese credit, according to analysts from RBC Capital Markets. Read more here.
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