Banking

The 2021 Pandora Papers are the third in a series, following the 2016 Panama Papers and 2017 Paradise Papers, of explosive documents exposing the offshore financial activities of the rich and powerful. The 2.94 TB of damning data compiled by the Consortium of Investigative Journalists unmasks the elites’ efforts to conceal their riches.

It pays to be a banker in 2021 when bonuses are expected to leap in all but a few divisions, as banks share record profits and compete for top talent in a shrinking pool. Are these remuneration hikes justified, or are they excessive? Although critics contend they hark back to old-school Wall Street, others argue that banks have no choice.

In 2019, working in the office was the norm, but COVID-19 forced a new, likely permanent norm. As banks begin reeling in homebound staff, they are encountering resistance, highlighting the need for compromise. The hybrid model allowing staff to split time between home and office, often according to immunization status, seems to be winning.

Open Banking, a European initiative embedded in the 2015 PSD2 that gives consumers ownership of their own data, at first generated little enthusiasm, even from wary consumers. But as it has developed, it has worked its way into an increasing number of applications and features, proving its relevance, practicality, appeal and longevity.

Monetary systems worldwide, rooted in fiat currency with the USD entrenched as the reserve currency, are watching digital-currency contenders enter the ring. Central banks, eager to control their nations’ money supplies and chip away at the USD’s dominance, are weighing the risks and benefits of unleashing their own digital currencies.

Rapid change is the constant. Challenger banks, neo banks and new fintech rivals are digitally native and are increasingly threatening to cement their competitive advantage. As a result, retail banks are increasingly looking to create a platform for innovation. In today’s fast-moving financial services market, banks struggle to predict the future.

Lithuania’s banking sector is among the world’s youngest, having recommenced with Lithuania’s 1991 independence from Soviet rule. Over the following 30 years, banks have grown through two banking revolutions and survived one severe crisis. On the cusp of the third revolution, Lithuanian banks are busy cooking up smart digital innovations.

UnionBank’s digital prowess has been tested during the pandemic, but these pressures have only inspired the Philippine bank to achieve new pinnacles of innovation. Focused on its goal to be the region’s digital trailblazer, UnionBank has unleashed a slew of useful initiatives to make banking better for its customers, as CEO Edwin Bautista explained.

If US banking is the barometer of economic recovery, the country is set for a resounding rebound. Banks reported unrivalled profits in the third quarter, continuing a positive trend for the year after low-key 2020 results. The winning streak’s durability depends on several factors; even so, 2021 will go down as a banner year for US banks.

Prince Bank has in three years risen to prominence in the Cambodian banking sphere. Dedicated to innovation, the bank has pursued all channels to help its customers succeed. In our interview, CEO Honn Sorachna and CDO Bryan Min shared the bank’s latest advances as it pushes ahead with “fresh solutions” to make banking better for customers.