Latest news with #FIs
Malaysian Reserve
4 days ago
- Business
- Malaysian Reserve
Vericast Receives 17 Accolades from 2025 Hermes Creative Awards
FI performance partner with 150-year history showcases custom creative capabilities and commitment to excellence with latest wins SAN ANTONIO, July 16, 2025 /PRNewswire/ — Vericast is proud to announce it has won 17 accolades from the 2025 international Hermes Creative Awards competition. Honoring creative excellence in both traditional and emerging media, these awards recognize outstanding creative work with Vericast taking home five platinum awards, eight gold awards and four honorable mentions. 'We're honored to be recognized in this year's Hermes Creative Awards,' said Lauren Kirkley at Vericast. 'Vericast is focused on delivering results for financial institutions, and a large component of that is our unique creative marketing work. Our Creative Services team plays a critical role in how our clients approach and develop their creative strategies and we're happy to see that work celebrated.' The competition this year was high with more than 6,000 entries from around the world. Submissions came from a range of companies including advertising agencies, production companies, corporate marketing departments and freelancers. Judges look for submissions that truly showcase skills and results that surpass the high standards of excellence for the respective fields the submissions are from. The full list of winners, including Vericast, can be found here. Vericast transforms ideas and objectives into powerful campaigns and marketing tools that reach the right customers in the right places at the right time. The brand's proven knowledge and unwavering commitment to creating exceptional creative solutions are key drivers in how Vericast enhances client offerings to elevate their bottom line and industry success. Vericast remains focused on creating marketing campaigns and communications that deliver effective results for FIs in today's crowded and constantly shifting landscape. To learn more about how Vericast helps FIs achieve their goals, please visit About Vericast Vericast is the FI performance partner. We help banks and credit unions drive growth, improve efficiency, increase engagement and navigate change through the power of data, technology and people. Our advanced analytics, data-driven insights and integrated solution set enable better execution with agility, precision and scale. That's why thousands of financial institutions look to Vericast and our 150 years of financial services expertise to help them achieve more.
Business Recorder
10-07-2025
- Business
- Business Recorder
Govt decides to review Pakistan Remittances Initiative
ISLAMABAD: The government has decided to review Pakistan Remittances Initiative (PRI) - a crucial scheme for bringing remittances through formal channels, as payout increased by around four times while remittances by around two times during the last 10 years. Additional Secretary Finance Amjad Mehmood, while briefing the Senate Standing Committee on Finance and Revenue said that Finance Ministry took a summary into the Economic Coordination Committee (ECC) of the Cabinet and sought approval for reviewing PRI scheme. Following ECC's approval, the Cabinet has also directed for reviewing the scheme. The committee which met with Saleem Mandviwalla in the chair was briefed by Dr Inayat Hussain, deputy governor State Bank of Pakistan (SBP) on the PRI including the policy changes in the scheme over the years, including rates or other relevant aspect, along with their financial impact. Remittances: govt set to withdraw some incentives Mandviwalla stated that there is a dire need to review the PRI policy as the number of payouts increased manifold compared to the increase in remittances. Mandviwalla said that remittances were around $19 billion 10 years back, which now reached to over $36 billion; i.e., almost doubled. However, the payout under the scheme was around Rs20 billion which is now reached around Rs130 billion. Hussain said that the scheme was crucial for bringing remittances through the formal channels. He said that eligible transaction limit has been increased from $100 to $200. The committee was informed that since 2009, PRI has been working towards enhancement of home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, the Electronic Money Institutions (EMIs) are also allowed to receive home remittances by working through the banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. In fiscal year 2024 alone, around 33 new international entities joined the home remittance business with the Pakistani FIs under the PRI channel. Through concerted efforts, remittance inflows have grown nearly fourfold, rising from $7.8 billion in fiscal year 2009 to $30.3 billion in fiscal year 2024. Over the past decade alone, remittance inflows have achieved an impressive 65 percent growth, reflecting their increasing significance and steady contributions to Pakistan's economy. While discussing the delay in enforcement of local currency settlement, the Chairman Committee reiterated that commercial banks issue VISA and MasterCard, who earned around $300 million from the country, without providing an option of PayPak. He further opined that all local debit cards should be linked to PayPak. The Committee recommended that commercial banks should give an option of PayPak on the form at the time of issuance of debit cards. The committee was informed that as of March 2025 of the 53 million debit and credit cards in Pakistan; about 10 million are PayPak and 2.5 million co-badged, while the rest are owned by Visa and MasterCard. The SBP informed the committee in writing that Visa/ MasterCard/ Union Pay; etc., are international payment schemes that offer card services all over the world. These schemes were established decades ago and offer many services such as online and shop-based payments. A large global network of merchants is connected with the platforms of VISA/ Master for accepting in-store and online payments. The SBP has undertaken various measures to reduce the country's reliance on these international card schemes and to promote cost-efficient, local currency-based payment instruments. Co-badging arrangements with international networks are also under development to allow broader use cases, including international and e-commerce transactions. While pricing structures of Visa/ MasterCard are governed by bilateral commercial arrangements between banks and payment schemes, SBP continues to provide strategic direction and oversight to promote fair competition and to lower the cost of digital financial services. The dominance of international payment schemes still persists due to several market factors such as (i) Strong brand recognition and global trust in Visa and MasterCard; (ii) their ability to support international and e-commerce transactions; (iii) provision of market development funds by schemes to issuing banks, and allowing discounts and promotional offers for customers. Copyright Business Recorder, 2025
Business Recorder
10-07-2025
- Business
- Business Recorder
Govt decides reviewing PRI
ISLAMABAD: The government has decided to review Pakistan Remittances Initiative (PRI) - a crucial scheme for bringing remittances through formal channels, as payout increased by around four times while remittances by around two times during the last 10 years. Additional Secretary Finance Amjad Mehmood, while briefing the Senate Standing Committee on Finance and Revenue said that Finance Ministry took a summary into the Economic Coordination Committee (ECC) of the Cabinet and sought approval for reviewing PRI scheme. Following ECC's approval, the Cabinet has also directed for reviewing the scheme. The committee which met with Saleem Mandviwalla in the chair was briefed by Dr Inayat Hussain, deputy governor State Bank of Pakistan (SBP) on the PRI including the policy changes in the scheme over the years, including rates or other relevant aspect, along with their financial impact. Remittances: govt set to withdraw some incentives Mandviwalla stated that there is a dire need to review the PRI policy as the number of payouts increased manifold compared to the increase in remittances. Mandviwalla said that remittances were around $19 billion 10 years back, which now reached to over $36 billion; i.e., almost doubled. However, the payout under the scheme was around Rs20 billion which is now reached around Rs130 billion. Hussain said that the scheme was crucial for bringing remittances through the formal channels. He said that eligible transaction limit has been increased from $100 to $200. The committee was informed that since 2009, PRI has been working towards enhancement of home remittances through formal channels in Pakistan. As a result of active engagements with financial institutions (FIs), the number of FIs on PRI network has increased from around 25 in 2009 to more than 50 in 2024. The FIs include conventional banks, Islamic banks, microfinance banks, and Exchange Companies (ECs). Further, the Electronic Money Institutions (EMIs) are also allowed to receive home remittances by working through the banks. The number of international entities has increased from around 45 in 2009 to around 400 at present. In fiscal year 2024 alone, around 33 new international entities joined the home remittance business with the Pakistani FIs under the PRI channel. Through concerted efforts, remittance inflows have grown nearly fourfold, rising from $7.8 billion in fiscal year 2009 to $30.3 billion in fiscal year 2024. Over the past decade alone, remittance inflows have achieved an impressive 65 percent growth, reflecting their increasing significance and steady contributions to Pakistan's economy. While discussing the delay in enforcement of local currency settlement, the Chairman Committee reiterated that commercial banks issue VISA and MasterCard, who earned around $300 million from the country, without providing an option of PayPak. He further opined that all local debit cards should be linked to PayPak. The Committee recommended that commercial banks should give an option of PayPak on the form at the time of issuance of debit cards. The committee was informed that as of March 2025 of the 53 million debit and credit cards in Pakistan; about 10 million are PayPak and 2.5 million co-badged, while the rest are owned by Visa and MasterCard. The SBP informed the committee in writing that Visa/ MasterCard/ Union Pay; etc., are international payment schemes that offer card services all over the world. These schemes were established decades ago and offer many services such as online and shop-based payments. A large global network of merchants is connected with the platforms of VISA/ Master for accepting in-store and online payments. The SBP has undertaken various measures to reduce the country's reliance on these international card schemes and to promote cost-efficient, local currency-based payment instruments. Co-badging arrangements with international networks are also under development to allow broader use cases, including international and e-commerce transactions. While pricing structures of Visa/ MasterCard are governed by bilateral commercial arrangements between banks and payment schemes, SBP continues to provide strategic direction and oversight to promote fair competition and to lower the cost of digital financial services. The dominance of international payment schemes still persists due to several market factors such as (i) Strong brand recognition and global trust in Visa and MasterCard; (ii) their ability to support international and e-commerce transactions; (iii) provision of market development funds by schemes to issuing banks, and allowing discounts and promotional offers for customers. Copyright Business Recorder, 2025
Business Times
09-07-2025
- Business
- Business Times
Financial sector taps polytechnic talent with new pathways, 300 roles in pipeline
[SINGAPORE] Ten financial institutions (FIs) are partnering the Institute of Banking and Finance (IBF) to roll out some 300 internship and traineeship positions over the next two years. Targeted at polytechnic students, the move is part of a wider push to improve job readiness and workforce development in Singapore's financial sector. The initiative was announced on Wednesday (Jul 9) at the Financial Industry Fiesta held at Ngee Ann Polytechnic's convention centre, and offers students practical exposure to the sector while also giving employers an earlier view of potential hires. The scheme also reflects growing interest in tapping a broader base of talent, amid questions over whether traditional, graduate-only hiring models remain sufficient for the financial sector's evolving needs. At the event, IBF also signed a memorandum of understanding with UOB and three universities – the National University of Singapore, Nanyang Technological University, and the Singapore University of Social Sciences – to enable work-and-study pathways. These pathways will explore the workplace training offered by FIs, including those accredited by IBF. Besides granting employers a longer runway for identifying and developing talent, they will allow students to balance further education with real-world work experience. A NEWSLETTER FOR YOU Friday, 3 pm Thrive Money, career and life hacks to help young adults stay ahead of the curve. Sign Up Sign Up Speaking at the event, Minister of State for Trade and Industry Alvin Tan noted that the financial sector is an important pillar of Singapore's economy, accounting for about 13.8 per cent of gross domestic product, as well as employing around 200,000 people. 'The financial sector does not stand alone. It's a key enabler for other sectors to function and grow. Even amid uncertainty, (FIs) are stepping forward to offer internships, traineeships and work-study programmes. That gives cause for optimism,' he said. 'What's incumbent upon us is to create opportunities and remain optimistic that (the financial sector) will continue to grow and offer great opportunities for Singaporeans – particularly our students.' Students attending the Financial Industry Fiesta also got to speak with representatives from various FIs and visit booths hosted by the participating institutions, the Singapore College of Insurance, the National Trades Union Congress, and IBF. In addition, eight FIs held two learning journeys in which students visited their offices and were given an introduction to financial sector activities.
Singapore Law Watch
09-07-2025
- Business
- Singapore Law Watch
$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches
$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Source: Straits Times Article Date: 09 Jul 2025 Author: David Sun & Angela Tan The Monetary Authority of Singapore said eight of the nine financial institutions did not adequately investigate suspicious transactions flagged by their own systems. Credit Suisse (Singapore Branch) and UOB were each handed more than $5 million in penalties for flouting anti-money laundering controls related to the $3 billion money laundering case in 2023. They were among nine financial institutions (FIs) hit with $27.45 million in composition penalties by the Monetary Authority of Singapore (MAS). On July 4, MAS announced the penalties and said it also took action against 18 individuals who worked for the FIs at the time. Credit Suisse, which was rescued and taken over by UBS in 2023, faced the highest penalty of $5.8 million. This also took into account its breaches from November 2017 to October 2023 in relation to accounts that the now-defunct Swiss bank maintained on behalf of certain US customers. Its penalties will be collected from UBS. UOB was next with penalties amounting to $5.6 million, and then UBS at $3 million. The other FIs are brokerage UOB Kay Hian, asset manager Blue Ocean Invest, Citibank N.A. Singapore and Citibank Singapore – collectively known as Citi – and the Singapore branches of Julius Baer, LGT Bank as well as fund services firm Trident Trust Company. MAS said the FIs did not adequately check on customers' sources of wealth, even though there were discrepancies in the documents they had provided. In fact, eight of the nine FIs did not adequately investigate suspicious transactions flagged by their own systems. Singapore's largest case of money laundering involving $3 billion in cash and assets saw 10 foreigners arrested in multiple islandwide raids here on Aug 15, 2023. The nine men and one woman, who were originally from Fujian, China, were jailed, deported and barred from re-entering Singapore. The group had dealings with several FIs here. MAS took action against the FI staff involved in managing relationships with members of the gang. Prohibition orders of between three and six years were slapped on four people from Blue Ocean Invest. They are the company's chief executive officer and executive director Tsao Chung-Yi; chief operating officer Wong Xuan Ling; executive director and relationship manager Henry Hsia Lun Wei; and former relationship manager Deng Xixi. MAS said that as senior managers, Mr Tsao and Ms Wong had failed in several areas, including developing adequate policies and ensuring these were subjected to audits. The prohibition orders mean they cannot manage and provide any FI services for the duration of the order. Additionally, MAS issued reprimands to three executive directors from Trident Trust and two former team heads from UOB. Trident Trust's executive directors, Mr Sean Andrew Coughlan, Mr Tan Ho Kiat and Ms Kek Yen Leng, had all failed to detect or adequately assess multiple deficiencies during the onboarding of higher-risk customers. UOB's former team heads of group retail privilege banking, Mr Alvin Ang Sze Hee and Mr Leonard Tan Sheng Rong, had failed to conduct or ensure proper due diligence. MAS said another nine relationship managers and supervisors were privately reprimanded for more limited lapses. They were not named by the authority. Reprimands do not necessarily mean the individual 'is currently unfit or improper', but are issued based on the individual's misconduct at the material time, said MAS. MAS added that it reviewed the conduct of a larger number of employees of the FIs linked to the case, but did not find evidence of significant lapses by most of them. However, action may still be taken against several others, after the conclusion of ongoing court proceedings and investigations. At $27.45 million, the penalties are smaller than the $29.1 million imposed on eight banks in 2017 for various anti-money laundering breaches related to Malaysia's 1Malaysia Development Berhad case. That case saw BSI Bank slapped with $13.3 million, and Falcon Bank with $4.3 million in penalties. Both merchant banks had their bank status pulled and were shut down. The Straits Times understands that while the financial penalties in the $3 billion money laundering case were not the largest, the supervisory engagements are among the most extensive and complex. Action has been taken against several others linked to the case. Wang Junjie, a former director at a corporate service provider, was sanctioned by the Accounting and Corporate Regulatory Authority and then charged with forgery in January. Two former relationship managers at banks, Liu Kai and Wang Qiming, were charged in August 2024 with allegedly facilitating the movement of illicit funds. The cases of all three are still pending. Two property agents, Tiew Chin Nee and Zhu Zhengxin, have been fined for their involvement in the case. Liew Yik Kit, the personal driver of one of the fugitives, was the first Singaporean to be dealt with. He was jailed for three months after pleading guilty to lying to the police. MAS said the penalties it has imposed took into account numerous factors, including the extent of the FI's exposure to the money launderers, the number of breaches and the degree of weakness in its anti-money laundering controls. Ms Ho Hern Shin, MAS' deputy managing director of financial supervision, said it will work closely with FIs to promote more consistent implementation of anti-money laundering measures. She added that the vigilance of FIs and their employees is critical, and MAS will take firm action where there are serious failings. The maximum fine for breaching MAS' requirements for the prevention of money laundering on banks, merchant banks, capital market intermediaries and licensed trust companies is $1 million per offence. Blue Ocean Invest acknowledged MAS' findings and said it has implemented measures to enhance its internal policies and procedures. UOB said that since the saga, it has implemented prompt remedial actions to address the deficiencies identified after a comprehensive internal review. These included stepping up its transaction monitoring and customer due diligence processes. The bank added that it has conducted a thorough assessment of the facts and circumstances surrounding the issues and staff involved, and taken appropriate actions to address accountability and discipline. An LGT spokesperson said the bank remains strongly committed to the fight against money laundering and safeguarding the integrity of Singapore's financial system. The composition sums will be paid to the Government's Consolidated Fund, which is similar to a bank account held by the Government, out of which government expenditures are made. Source: The Straits Times © SPH Media Limited. Permission required for reproduction. Print
