Banking

Goldman pleads not guilty in Malaysia 1MDB case

Three units of Goldman Sachs pleaded not guilty Monday in Malaysia over the investment bank's alleged role in the multi-billion-dollar scandal at the country's sovereign wealth fund 1Malaysia Development Berhad (1MDB), official media reported.Huge sums were allegedly looted from the Malaysian fund in a globe-spanning fraud, which reportedly involved ex-leader Najib Razak and his inner circle.Goldman's role has been under scrutiny as it helped arrange a series of bond issues wor

26 February 2020
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Blockchain in the financial world

Blockchain is an online distributed ledger which allows parties to conduct secure (encrypted) transactions on a decentralised platform where time-stamping ensures that every data is easily traceable. It functions on peer-to-peer networking where there is minimal third-party interference.Blockchain is not a concept, but a technical application to log data in a way that it cannot be changed or erased de-centrally.

15 December 2019
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Exploring The Potential Of 4IR

Technology has always been one of the core catalytic factors that stimulate improvement or revolution in the way we live and work.

13 December 2019
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Digital fraud on the rise in ASEAN

Financial institutions are reporting losses in the billions. According to a whitepaper published by Accenture titled ‘Unmask digital fraud today’ on digital fraud, the expected global loss associated with transaction fraud is worth at least US$31.3 billion.The advances in technology and high-speed internet have transformed the payment market, giving financial institutions unprecedented access to consumers.

22 August 2019
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The rise of ASEAN’s financial services

Ever since the financial crisis of 1997 swept Asia, many observers felt that some of the affected countries would never fully recover. Southeast Asian countries were among the victims, with Indonesia and Thailand among the worst hit. The currencies of both these countries were hit hard by speculative attacks which devalued them severely.

17 December 2018
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Banking in Southeast Asia gets a boost with blockchain

Blockchain came into the popular lexicon along with other terms such as cryptocurrency and artificial intelligence as part of the larger movement of new disruptive technologies that has swept the world. Initially seen as a disruptor to traditional banking, many are now starting to understand the appeal of blockchain and its potential to alter the landscape of the financial sector.

2 June 2018
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Indonesia to probe StanChart for $1.4bn client transfer

Indonesia will investigate whether citizens linked to the transfer of 1.4 billion dollars of Standard Chartered private bank client assets complied with tax amnesty requirements.The country’s Finance Ministry received data on the fund transfer for tax compliance purposes and found it involved 81 private citizens, without any military, police, law enforcement or civil servants involved, Ken Dwijugiasteadi, director-general for taxation, told reporters in Jakarta on Monday.

10 October 2017
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Indonesian bank rally imperilled by sluggish lending

The rally in Indonesian bank stocks may be nearing an end amid sluggish credit growth and tougher regulations for loan quality assessments.Equity analysts are now downgrading banking stocks after the Jakarta Finance Index rallied 21 percent this year – more than double that of the main gauge – as they expect nonperforming loans in the 527 billion dollars industry to creep up again.

8 September 2017
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Draghi on watch as fed's policy impact wanes in Jakarta

When European Central Bank President Mario Draghi gives his policy update later Thursday, his words will reverberate halfway across the world in the tropical climes of Indonesia.Where once the Federal Reserve’s policy outlook was the biggest swing factor for policy makers in Jakarta, an influx of yield hungry European investors is changing all that.

7 September 2017
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Asia's taxi companies give banks real competition

In Southeast Asia, mobile banking is taking on a whole new meaning. Last week, Grab, one of the region's top ride-hailing companies, announced that users of its mobile application can start sending credits – used to pay for rides – to each other. By the end of the year, they'll be able to use those credits at more than one thousand restaurants and retailers.

5 September 2017
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Inside FinTech Conference and Expo 2017

As the world grows smaller and connected, many organisations and individuals become highly depended on technology-based interfaces for various financial services including banking, payments, money transfers, fund-raising and asset management. The impact of technology on finance is changing the world as we speak and FinTech (financial technology) is at the forefront of the next global revolution - leading to greater overall efficiency and productivity.

30 August 2017
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