Foreign exchange

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ClearBank dances on the cloud’s silver lining thanks to Covid-19

/payments

ClearBank dances on the cloud’s silver lining thanks to Covid-19

For the latest feather in its cap, the cloud-based ClearBank became the first clearing bank to offer multi-currency bank accounts via API. Partnering with JP Morgan, ClearBank will offer clients the ability to move funds between accounts through an API-based connection to JPMorgan, but this is just one step in what promises to be a period of strong growth for the firm.

UAE card issuer and processor NymCard secures regulatory pre-approval

/payments

UAE card issuer and processor NymCard secures regulatory pre-approval

Abu Dhabi-based fintech NymCard has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FRSA) to hold and transfer money, issue payment instruments with stored value and carry out currency exchange.

ION offers to sell Broadway fixed income biz to clear competition concerns

/markets

ION offers to sell Broadway fixed income biz to clear competition concerns

ION Group has agreed to offload Broadway Technology's fixed income business in order to appease the UK's competition watchdog and secure the acquisition of the rest of the company.

Airwallex adds Deutsche Bank for cross-border collection and API-enabled FX services

/payments

Airwallex adds Deutsche Bank for cross-border collection and API-enabled FX services

Fintech unicorn Airwallex has turned to Deutsche Bank to help it provide virtual account collections and API-enabled foreign exchange services in in Japan and Hong Kong, respectively.

Standard Chartered invests in post-trade FX platform Cobalt

/markets

Standard Chartered invests in post-trade FX platform Cobalt

Standard Chartered has invested in foreign exchange (FX) post-trade infrastructure provider Cobalt, joining Citi as the second client-side backer of the blockchain-based network.

SGX to acquire BidFX

/Foreign exchange

SGX to acquire BidFX

Singapore Exchange is to enter the over-the-counter FX market after acquiring the remaining 80% stake in BidFX from its other shareholders for a cash consideration of approximately $128 million.

Built for Mars’ Peter Ramsay: HSBC needs Tom Blomfield-like figure to truly transform UX

/retail

Built for Mars’ Peter Ramsay: HSBC needs Tom Blomfield-like figure to truly transform UX

Built for Mars’ Peter Ramsay has released the fourth instalment of the now sought-after ‘UX for banking’ series where he reviews 12 UK-based banks and reveals whether the experience of opening an account, making a payment or freezing a card is slicker and quicker when banking with the digital challengers.

Citi and HSBC join $10.5 million round in FX marketplace Spark

/markets

Citi and HSBC join $10.5 million round in FX marketplace Spark

Citi and HSBC have joined a $10.5 million funding round in Singapore-based low latency foreign exchange trading technology venture Spark Systems.

FCA reports a drop in suspicious transactions

/Foreign exchange

FCA reports a drop in suspicious transactions

The number of suspicious transaction and order reports (STORs) recorded by the UK's Financial Conduct Authority (FCA) has reduced for the first time since records began in 2016

Foreign Currency Direct buys Earthport's corporate FX biz

/payments

Foreign Currency Direct buys Earthport's corporate FX biz

Foreign Currency Direct has bought the corporate FX unit of Earthport, the cross-border payments firm acquired by Visa last year. Financial terms were not disclosed.

Deutsche Bourse and Euronext eyed as potential Currenex suitors

/markets

Deutsche Bourse and Euronext eyed as potential Currenex suitors

State Street may be looking for a buyer for its multi-bank FX platform Currenex, with Deutsche Bourse and Euronext both in the frame as potential suitors.

Citi partners with WorldLink to enhance supply chain offering

/Foreign exchange

Citi partners with WorldLink to enhance supply chain offering

Citi’s Treasury and Trade Solutions (TTS) has strengthened supplier finance offerings in partnership with the bank's internal platform WorldLink, allowing clients to transact and settle across multiple major currencies in the US with plans to expand globally.

Where do incumbents look for game-changing innovation?

/Foreign exchange

Where do incumbents look for game-changing innovation?

How can the established players in financial services deliver meaningful game-changing innovation? What are the challenges in building this from scratch and does the key lie in partnerships with fintechs and start-ups?

SocGen introduces 'Hedge to Pledge'

/wholesale

SocGen introduces 'Hedge to Pledge'

Societe Generale Corporate & Investment Banking (SG CIB) is offering clients the option to round up their foreign exchange transactions on electronic market platforms and give the difference to good causes.

Securities industry close to adopting APIs – SWIFT and BCG

/Foreign exchange

Securities industry close to adopting APIs – SWIFT and BCG

A new joint SWIFT and Boston Consulting Group (BCG) report reveals that interest in application program interfaces (APIs) is rapidly increasing in the securities servicing industry and firms may leverage the technology to handle diversity of asset types.

WorldRemit nets $175m in latest financing round

/Foreign exchange

WorldRemit nets $175m in latest financing round

UK-based mobile payments firm WorldRemit has raised $175m in a series D funding round that it says will be used to launch a new payments business aimed at the small and medium enterprises (SME) sector.

Over £27 million reported lost to crypto and forex investment scams

/Foreign exchange

Over £27 million reported lost to crypto and forex investment scams

The Financial Conduct Authority is warning the public to be wary of investment scams carried out via bogus online trading platforms, after recording over £27 million lost to fraudsters offering unfeasably high returns on crypto and forex investments.

Commission fines banks EUR1.07 billion for forex spot fixing

/Foreign exchange

Commission fines banks EUR1.07 billion for forex spot fixing

Traders from Barclays, RBS, Citigroup, JPMorgan and MUFG who used chat rooms to fix the spot forex market have cost their employers EUR1.07 billion in fines following an investigation by EU antitrust authorities,.

Deutsche Bourse confirms talks with Refinitiv over FX business acquisition

/Foreign exchange

Deutsche Bourse confirms talks with Refinitiv over FX business acquisition

Deutsche Bourse has confirmed that it is in talks with Refintiv over the acquisition of 'certain FX business units', following market speculation about a pending $3.5 billion swoop for multi-bank foreign exchange portal FXall.

SGX strengthens forex biz with BidFX investment

/Foreign exchange

SGX strengthens forex biz with BidFX investment

Singapore Exchange (SGX) has paid US$25 million for a 20% stake in BidFX, a specialised trading platform for global FX markets.

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