The United States has reached a critical point in determining data privacy standards. With mounting concern among all stakeholders, it is no longer a question of whether more privacy laws will be enacted, but how—and specifically, whether the problem will be resolved at the state or national level.
The economy of the Central Asian nation of the Kyrgyz Republic has been challenged since the collapse of the Soviet Union 30 years ago. Its financial institutions, especially those supporting its commercial entities, have been invaluable in adding fuel to economic growth. In our interview, Mr. Bektur Aliev, Deputy CEO & Chief Retail Officer of Kyrgyz Investment and Credit Bank, shares how KICB is progressing in its goal to become the country’s leading commercial bank.
Money laundering and terrorism financing are serious issues that banks must address, especially as too many financial institutions are complicit in enabling the flow of unlawful funds. Unfortunately, the need to act decisively has also resulted in a disabling tightening of trade finance, sorely needed for economic growth. The new Asian Development Bank Scorecard seeks to ameliorate the inadvertent consequences of AML and CFT compliance.
Little is more valuable to financial-market participants than accurate predictions of future growth. With interest rates on the rise in the US, investors are anxiously looking for indications of an impending recession. But what are yield curves really telling us about future growth prospects—in the United States and also in Australia? Is dreaded recession in the cards, or is modest slowdown more likely?
In the decade following the global financial crisis, banks have faced a flood of new laws and regulations. The pace of change has been furious. Banks have been forced to hire more and more bodies to manage large, enterprise-wide efforts in an attempt to simply stay ahead of regulatory enforcement actions and the ensuing fines and penalties.
You could be excused for thinking that financial inclusion is a given. In reality, however, this is far from the truth. As illustrated by a recent report by the World Bank, 1.7 billion adults across the world are ‘unbanked’, meaning they do not possess a bank account or have access to formal finance. This situation is not confined to just one part of the world. Whether you live in a developed country or developing region, the unbanked can be found. For example, just 14 percent of adults in the Middle East hold a bank account.
Credit cards have become indispensable to both consumers and businesses in expediting the payment process; but when disputes arise, the system can break down into acrimony and injustice, especially when intentional fraud is committed. What programmes are card schemes Visa and Mastercard implementing to streamline the current chargeback system, settle disputes quickly and efficiently, and to protect the innocent? The new Open World model provides some answers.
Emerging markets are already looking forward to 2019, glad to see 2018 nearly behind them. It turned out not to be a good year for emerging markets as a whole, after being on top of the world in 2017. Factors beyond their control—such as the monetary-tightening regime in the United States and high-flying dollar, trade wars and market corrections in developed economies—are largely to blame, but recognizing this will not erase the pain.