Singapore

It will focus on the agenda indicated in the original 9 March notice.

And JPMorgan and Wells Fargo record steep Q1 profit declines.

Customers can use PayNow to make real-time money transfer transactions.

Weaker profitability will weigh on capitalisation.

ABS will grant $25 in cash to the first 20,000 new PayNow sign-ups until 31 July.

Around 1,600 will benefit from the compensation.

It had earlier planned to announce the successful applicants in June.

The regulator has eased funding requirements to allow for more losses.

It will support workforce training, operations and access to digital tools.

Electronic payments are expected to take up 61% of transactions by 2023.

And Wells Fargo caps coronavirus relief at $10b.

Banks can now adjust their capital buffers to support lending activities.

Celine Sia will hold the position for economics and knowledge management.

Delinquencies are sighted to rise from SMEs, large corporates, and retail customers.

Open banking is emerging as a key trend and the next ‘wave’ of digital transformation in global financial markets. At its core, it is focused on data sharing, which is enabled through application programming interfaces (APIs) which make it possible for two different systems to ‘share’ information with each other. Simply put, this means that consumers will have greater control over their financial data and who to share it with. An example of this in practice would be a mobile banking application that enables users to see all of their financial information and spending habits (across different bank accounts) on one interface.

The bank also launched relief measures to support its clients.