RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Fintech firms can soon win US bank charters; Credit Suisse charged with rigging forex rates

And here's the key behind Standard Chartered's profit surge.

From Bloomberg: Financial technology companies will be permitted to seek approval to compete directly with traditional lenders under changes outlined by the agency that oversees national banks. 

Tuesday’s announcement by the Office of the Comptroller of the Currency that technology firms can apply for special-purposes charters came hours after the Treasury Department released a report urging such a step.

“Providing a path for fintech companies to become national banks can make the federal banking system stronger by promoting economic growth and opportunity, modernization and innovation and competition,” Otting said in a statement.

From Reuters: Credit Suisse has been charged by European Union antitrust regulators with rigging foreign exchange rates, the Swiss bank said on Tuesday.

Credit Suisse said in its quarterly report it received notification from the European Commission on July 26 alleging that it “engaged in anticompetitive practices in connection with its foreign exchange trading business”.

From CNBC: Standard Chartered Plc reported a 34 percent rise in pretax profit for the six months to June and issued an interim dividend, as the Asia-focused bank continued to grow its revenue after years of restructuring.

Pretax profit for StanChart, which focuses on Asia, Africa and the Middle East, rose to $2.35 billion in the first half of the year, from $1.75 billion in the same period last year, the lender said in a regulatory filing on Tuesday.

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