The Banker Shorts, Week ending 27 January

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Your quick guide to the week ending January 27, 2023 on

Frustrating data protection laws in Asia, new leadership takes a stab at advancing tokenised financial assets, buy now, pay later expands to global retailers and five takeaways from the UK’s Financial Conduct Authority anti-money laundering crackdown dominated the week at The Banker. Several thought leaders offered their opinions from our Editor’s Blog asking fintech companies to engage with banking brands, to how technology can foster innovation and break down silos at banks. Our global coverage brings you insights and interviews from Egypt, Panama, Estonia, Uruguay and Nigeria. 

Trending topics

  • Data residency laws frustrate Asian banks’ cross-border activity – Kimberley Long reports | Click here to read

In Asia, banks are frustrated by the data rules, which are stifling their ability to conduct seamless cross-border business. As Europe and North America embrace data sharing and open banking, Asia’s banks risk falling behind. 

Sriram Muthukrishnan, group head of product management global transaction services at DBS, says: “Today, 75% of countries globally have implemented some level of data localisation rules. The Asian market, for instance, is very fragmented in its approach to data localisation, with different locations adopting different approaches.” 

  • Tokenisation: bringing the Jetsons and the Flintstones together – Anita Hawser interviews | Click here to read

Just two weeks into her new role as CEO of Securrency, Nadine Chakar is explaining why she left a decades-long career in banking, most recently as head of State Street Digital.

“I feel 10 years younger,” she says on a recent visit to Securrency’s Abu Dhabi offices. “I’ve worked in Europe and the US for a long time, but when I came into Securrency’s offices here, I shook everybody’s hand on the way in.” In all her years of working for banks (ABN Amro Mellon, BNY Mellon, State Street) in Europe and the US, Ms Chakar says that kind of thing never happened.

  • Financial services alliance offers BNPL to multinational global retailers – Bill Lumley reports | Click here to read

Following on from the launch of a buy now, pay later (BNPL) offering for small and medium-sized enterprises last year, Allianz Trade, Santander CIB and business-to-business e-commerce platform, Two, have expanded their service to include large multinational corporations. 

The new offering provides a deferred payment service for B2B e-commerce. It will be distributed worldwide to enable large corporations to offer deferred payments without being exposed to non-payment risks. Under the partnership, Allianz Trade assesses credit requests instantly using its global database of some 80m corporates. This in turn helps Santander CIB to make immediate finance decisions.

  • Five key takeaways from the FCA’s AML crackdown in 2023 – by Ruby Hamid, Anthony Asindi, Matthew Russell and Tristan Bramble of law firm Ashurst | Click here to read

We foresee the Financial Conduct Authority continuing to take the approach of examining the risk of money laundering, created by inadequate systems and controls, rather than focussing on whether criminal activity has, in fact, occurred.

Opinion sharers 

  • Editor’s Blog: How can fintechs better engage with global brands? – Joy Macknight writes | Click here to read

Fintechs are agile and innovative, but they are also time-, funding- and human resources-poor, meaning they can’t endure long, pointless discussions. They need to make rapid decisions as to whether a relationship is a correct fit for the future of their business, or if they should pivot to adapt to the needs of their partner. One of the biggest challenges identified by numerous fintechs is finding the right person, or ‘internal champion’, within a huge business that can make decisions quickly.

Large incumbent organisations, on the other hand, are slow to change and adopt new ways of working. However, many are looking to speed up their development cycles and partner with fintechs that can help them solve specific pain points and leapfrog the competition. Faced with a deluge of fintechs attempting to get their attention, many incumbents have created specific business units to help identify such fintechs and facilitate partnerships. Yet these units in themselves are not a silver bullet to solve engagement challenges.

  • Breaking down silos within banks – says Martin Lindstrom | Click here to read
  • Fintech innovation for efficiency gains – Joy Macknight interviews Chris Perry, president of Broadridge Financial Solutions | Click here to read

Globe at a glance

  • Egyptian banks strong despite economic crisis – Barbara Pianese reports | Click here to read
  • Panama’s economic minister on the country’s economic challenges – Barbara Pianese interviews | Click here to read
  • Estonia’s latest eurobond issuance attracts newcomers – Shanny Basar reports | Click here to read
  • HSBC supports Uruguay’s green ambitions – Edward Russell-Walling reports | Click here to read
  • Digital trajectory in Nigeria, then the world for Paga – John Everington asks the questions | Click here to read


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