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RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Post-crisis banking rules finally signed; Big banks won't support bitcoin futures launch

And find out if 2018 will be the year of the Bank of Amazon.

From Reuters: Financial regulators reached a long-sought deal on Thursday to harmonize global banking rules, capping a decade of effort to make banks more resilient even if they fell short of their own initial hopes. Facing fierce opposition from the banking industry and calls from the U.S. administration to backtrack on some measures, policymakers struck a compromise agreement on rules forcing banks to hold more capital and cash to avoid a repeat of the 2008 financial crash.

From the Financial Times via CNBC: Some of the largest US futures brokers, including JPMorgan and Citigroup, will not immediately clear bitcoin trades for clients once futures contracts in the cryptocurrency begin trading next week, according to people with knowledge of the banks' plans. Many big global banks that are allowing such trading, such as Dutch bank ABN Amro, will clear for customers only after implementing strict standards that will make transactions very difficult. 

From Bloomberg: For the financial technology industry, 2017 will be defined as the year that the threat of tech giants grew stronger, artificial intelligence cemented its importance and some startups applied to become banks. What to look for in 2018? Maybe more mergers and acquisitions, initial public offerings and deeper forays by Amazon.com Inc. and Facebook Inc. 

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