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Tikanga-based banking services needed to tackle inequalities

NOTICE: After celebrating Matariki, the highlight of renewal and regeneration in the Maori calendar, now is a good time to think about how to solve a major problem that is preventing us as a nation from achieving true growth and real well-being.

These are the lingering inequalities in our financial system for members of marginalized communities, especially Maori.

Giving everyone fair and equal access to the financial services they need is not only the right thing to do, it is the key to reducing the pressures of housing availability and affordability, intergenerational poverty and the lack of skilled workers. This makes sense both from an economic standpoint and from a tikanga standpoint.

Our current system is simply not configured to make this possible. A new approach is long overdue.

RNZ

The Bottom Line: The most recent figures show that the Maori homeownership rate was 31% compared to 52% for the total population.

READ MORE:
* Karleen Everitt appointed Senior Head of Maori Strategy at ANZ Bank
* Maori landowners work together to create large agricultural enterprises and economic rangatiratanga
* The Reserve Bank’s difficult relationship with the Maori economy

The Reserve Bank and the leaders of the private banking system recognize shortcomings in the current financial system that make it nearly impossible for Maori to have equal access to finance, let alone fair outcomes.

The Reserve Bank released a discussion paper titled Maori financial services institutions and arrangements in March 2021 which highlighted these disparities, such as standard risk frameworks of banks not allowing lending on community-owned land.

This means that in the majority of cases, Maori land has not been developed or improved in a way that creates wealth or other benefits such as housing for landlords and the wider iwi.

Renata Blair of BNZ recently spoke about her own experience of being turned down by big banks to develop two new houses on Maori land despite a good salary and very low risk.

The Reserve Bank and the leaders of the private banking system recognize shortcomings in the current financial system that make it almost impossible for Maori to have equal access to finance.

Robert Kitchin / Tips

The Reserve Bank and the leaders of the private banking system recognize shortcomings in the current financial system that make it almost impossible for Maori to have equal access to finance.

A new model of shared prosperity

This shows a fundamental disconnect between the traditional financial sector and Maori stocks.

Standard models of economic investment are profit-driven only, driven by supply and demand, while the Maori approach is more focused on long-term generational benefits, well-being, and equitable outcomes.

As Rangimarie Price, director of The Connective, said in a recent discussion for The Edmund Hillary Fellowship: “The model currently in use says we have to make money. And then, with what we have left after making money, we will do good. From a tikanga perspective, tikanga is all about purpose and well-being, not profit.

With a growing Maori population, New Zealand’s economic prosperity depends on the ability to bridge this gap, to find new ways of working that do not rely on traditional banking structures.

The disparities that are occurring are currently seen as the problem of the marginalized, but if we come together to find a solution, all of society will benefit.

Consider the fact that the average Maori age is 24. Come to think of it, the success of this 24-year-old will determine what our retreats will look like. It is therefore in all of our interests to help this young person have a solid financial future.

To quote the President of the Productivity Commission, Ganesh Nana: “We must recognize the value of what we have here and develop our own model, our own intellectual property and… kaitiakitanga [guardianship], manaakitanga [support and respect], integrate them into our business models.

Ganesh Nana, Chairman of the New Zealand Productivity Commission.

Provided

Ganesh Nana, Chairman of the New Zealand Productivity Commission.

So what would this new model look like?

The only way forward is to work with Maori and other marginalized communities to create shared prosperity, placing community at the center of decision-making.

There is no one-size-fits-all solution, but a top-down structural approach to finance and a bottom-up method that works with individuals to build financial literacy and decision-making skills is needed.

Work from top to bottom and bottom to top

Two organizations I’m involved with illustrate every part of this equation. PowerFinance is a fintech that works alongside iwi to secure alternative financing streams for housing and other major projects at lower interest rates and more sustainable terms.

Since traditional banking structures cannot provide this kind of flexibility, there is a huge opportunity – and a need – for such innovation.

Businesses that recognize that shared ownership does not automatically add risk to a loan and are ready to innovate with technologies such as blockchain that ensure loans are safe and responsible for both financiers and the bank. iwi, could transform financial services and outcomes for marginalized people.

The essential ingredients required are a willingness to partner with iwi to co-design solutions and look beyond the immediate investment opportunity. This is an approach that is not limited to one project to be funded, but to the overall needs of the iwi, so that the funding is approached holistically so as to achieve greater benefits and more durable.

Meanwhile, the nonprofit Māori Women’s Development (MWD) supports Maori Wahine entrepreneurs who do not have access to funding from traditional financial institutions.

Our work recognizes that improved financial literacy and improved decision-making skills are essential to ensure long-term business success and financial prosperity.

That is why, in addition to providing grants of up to $ 50,000, 80 percent of MWD’s work is focused on pastoral care, where the women themselves make decisions and solutions are sought with our counselors.

Having both the right funding structures in place to provide funding and the mindset that financial transactions cannot be treated in isolation are essential if we are to create truly equitable results for Maori.

The need for restorative financing

The last piece of the puzzle the current system lacks relates to this mindset – recognizing that every financial transaction supports a bigger goal, which isn’t always profit.

We need to put more emphasis on restorative finance, or finance that “seeks to remedy the systemic injustices that extract and penalize communities of color, the poor and the working class by making investments that generate community wealth, produce governance structures that benefit the whole and strengthen community power.

Kataly Foundation CEO Nwamaka Agbo said of investors: “People want to see perfect success before they take the leap.

“It’s my job to remind them that this is not an academic study and to challenge them to ask themselves if there is any part of their investment that they could use to explore and experience. with a community or an individual. “

While MWD is still the only option for Maori businesswomen, despite its inception over 30 years ago, it is time for our approach to short-term investing and our financial system as a whole to change.

When you put Maori in a house, it is not about the house. The house is a tool for making people healthy, giving them a stable future, allowing them to take root, to plan and to move forward.

If more organizations develop innovative financial models like PowerFinance, or take a restorative approach to investing, we can lay the groundwork for many more homes and a much healthier future for everyone.

– Teresa Tepania-Ashton is the Managing Director of Māori Women’s Development.


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Major Korean bank to launch crypto custody services By BTC Peers

Major Korean bank to launch crypto custody services

One of South Korea’s largest financial institutions, Woori Financial Group, will soon begin offering cryptocurrency custody services to its clients through a project known as D-Custody.

The initiative was launched in collaboration with Coinplug, one of the first exchanges in South Korea and a blockchain financial services provider. While Coinplug will become the key shareholder in the ownership agreement, Woori Bank will contribute less.

In the meantime, the project should go live next week. Commenting on the move, a representative from Woori Bank said:

In overseas markets, digital asset custody has become an established and successful practice among new services offered by banks.

Speaking of crypto custody, several traditional financial institutions have jumped on the crypto bandwagon. For example, in February, America’s oldest bank BNY Mellon (NYSE 🙂 announced that it was launching a new crypto custodial service for Bitcoin and other cryptos.

Although South Korean regulators have sought a way to tax crypto transactions and crack down on illegal transactions, the demand for digital asset custody services in the region has continued to grow. Besides Woori, other Korean banks like KB Kookmin and Nonghyup Bank have also entered the crypto custody space.

Continue reading on BTC Peers

Warning: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by the market makers, and therefore the prices may not be accurate and may differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.


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England reopens, but companies lift restrictions more slowly

After 16 long months, the UK government lifted nearly all of its pandemic restrictions across England on Monday, including its advice for working from home.

But with the arrival of the so-called Freedom Day, the country is reporting nearly 50,000 new cases of coronavirus per day in a population of which two-thirds are fully vaccinated. And now a “pingemia, In which hundreds of thousands of people are interviewed by the National Health Service’s track and trace application and ask them to self-isolate because they were in the vicinity of a person who tested positive, causes staff shortages in all industries.

Rather than a stampede of workers returning to their offices, many large companies are approaching the reopening with caution, as the government says there must be “personal and corporate responsibility” for certain measures. At 10 a.m. on Monday, trips on the London Underground were 38% of normal demand, no more than the same time last week, and the vast majority of people still wore masks.

And so, most employers maintain a voluntary return to the office, requiring masks to be worn away from desks and limiting their office capacity to avoid overcrowding. For example, the bank of england ask staff to come back only once a week from September. But there was an easing of policies on Monday within the central bank – restrictions on the use of elevators have been relaxed and spaces between offices will be removed.

At JPMorgan Chase’s London offices, which typically house 12,000 employees, masks still need to be worn in common areas and meeting rooms, social distancing indicators are still marked around buildings, and capacity remains capped at 50 %. The biggest change on Monday is that employees on any team are allowed to return to their office if they wish, which has increased occupancy slightly by around 30% recently, but is still fine. below its capacity. Over the summer, the bank intends to gradually raise the limit.

In the City of London, the capital’s main financial district, health and safety measures at Goldman Sachs’ 826,000 square foot European headquarters remain the same. This means that workers must wear a mask when they are not seated at their desks and continue to participate in the on-site testing program. Social distancing will reduce the normal capacity of the office. Recently, on average, about 30-40% of the 6,500 bank employees were in the office.

Goldman Sachs is also monitoring vaccination rates from voluntary surveys of its staff, which have shown a “significant upward trajectory” since June, according to an internal memo.

“We will continue to monitor local case rates and public health safety advice, and update our in-office protocols as appropriate,” said the memo, sent by Richard Gnodde, managing director of Goldman Sachs International.

At McKinsey & Company’s London office, masks will only be required in high-traffic areas from Monday, the one-way system around the building will be abandoned, there will be no limits on the number of people who can use a meeting room and the staff won’t have to have their temperature checked when entering the building. But there is still no obligation to return to the office.

Even Prime Minister Boris Johnson will be working from home on Freedom Day, as he too has been asked by the National Health Service to self-isolate for 10 days.


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Major Korean bank to provide cryptocurrency custody services

Woori Bank, the South Korean financial institution, enters the market for DACS (cryptocurrency custody services).

Woori Financial Group will begin offering cryptocurrency custody services to its clients. It is one of the largest South Korean financial institutions.

Related reading | Nifty’s Inc. Partners With Warner Bros To Deploy Social NFT Platform

The financial institution’s banking unit – Woori Bank will partner with the fintech solutions provider to launch this initiative. This fintech’s solution provider is known as Coinplug Inc.

Woori Bank Adopts Cryptocurrency

Korean Economic Daily report States that Woori Bank is the next bank in South Korea to join the DACS market. The institution joined Coinplug Inc, a Bitcoin-focused financial technology provider, to establish a Joint Venture (JV).

The name of the project is D-Custody and will be integrated early next week. The ownership agreement foresees that Woori Bank will contribute less while Coinplug will become the main shareholder.

A Woori Bank official said digital asset custody has been more successful among recent services provided by banks in the overseas market.

Major Korean bank to provide cryptocurrency custody services

Investors are in a panic as the cryptocurrency market keeps following a downtrend | Source: Crypto Total Market Cap on TradingView.com

Basically, digital asset custody allows its vendors to reserve cryptocurrencies for businesses and individuals in their absence.

There is now an increase in demand for digital asset custody services in South Korea. This is because most local businesses now own and trade different types of virtual currencies.

Related reading | Binance CEO Changpeng Zhao says, “Compliance is a journey.”

For example, KB Kookmin Bank, the largest bank in the South today, has joined the digital asset custody services (DACS) market. The bank entered DACS at the end of 2020 by forming KODA (Korea Digital Asset Co).

Shinhan Bank also adopted the same idea earlier this year and became the strategic investor of Korea Digital Asset Custody Co (KDAC).

The expansion of cryptocurrency custody services

The major banks in the United States – the largest economy have also started providing cryptocurrency depository services, as reported recently. Cowen Inc is now identified as one of those big banks to join the trending offering.

Together with Standard Custody & Trust Co., the multinational investment bank began providing so-called “institutional grade” custody services. The financial giant and $ 12 billion in assets under management revealed that this innovation would be available to managers and hedge funds.

Cowen-Jeffery Solomon CEO Reveals Bank Decision ‘In a short time we will be helping many more of our institution clients overcome challenges and start digital asset trading. The demand is there.

Related reading | Russia plans to seize illegally acquired cryptocurrencies

BNY Mellon, the former U.S. bank, announced earlier this year that it would offer cryptocurrency-related services to its customers.

The New York-based institution explained that it will issue, hold and transfer BTC and other cryptos in honor of its clients in the institution.

Featured image from Pixabay, chart from TradingView.com


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85% compliance with technology requirements, ball in RBI court for lifting ban on the sale of new credit cards: HDFC Bank

Bombay: HDFC Bank has complied with 85% of RBI’s requests for the technology, and the ball is now in the regulator’s court as to when to lift the ban on issuing new credit cards, its chief executive said on Saturday and general manager Sashidhar Jagdishan.

Speaking to shareholders at his first annual general meeting as chief executive of the largest private sector lender, Jagdishan said a technology audit has also been completed and the RBI will now rule “independently” on the when to lift the criminal measures taken against the bank. Frustrated by repeated technology blackouts at HDFC Bank, the RBI took unprecedented action against the lender in December 2020, blocking it from issuing any new credit cards, a segment in which it was a market leader, and also prohibiting it from introducing any new digital offer.

“We’ve given the regulator a big step forward in terms of what we’re doing on the technology, complying with their advice and guidance. We have covered a very important part as we speak. Almost 85% of what we had to do was covered, ”said Jagdsihan, who has worked for the lender for over two decades and has worked as a“ change agent ”in the years that led to its rise. “The ball is in the regulator’s court. As they hear it, as they see that we are on the right track, I am sure that at some point they will lift the embargo,” he added. .

Acknowledging that the bank has lost market share in the credit card segment due to the ban, Jagdishan said technology outages are a global phenomenon, but it takes time to recover from a setback. where the bank made a mistake, leading to the regulator’s “rap on the fingers.” He added that over the past few months, the tech team has been working on this aspect of the possibility of invoking disaster recovery at time and confidence to respond to all situations is now very high. The bank is working on a project to move all of its back-end work to the cloud, but has to deal with legacy systems in the meantime. he said, adding that a board committee was looking at the IT aspect.

Jagdishan exuded confidence that even though they have lost ground, there is a lot of energy to “bounce back” as soon as the RBI penalties are lifted. Until she gets the green light from the RBI, the bank’s plates are full of work it has to do focusing on technology and improving customer service, he added. . He defended the bank’s record on technology investments, saying that it was only through the flow of resources that it was able to reduce its cost of income ratio down to 38% from 49% over the course of the year. The fear of being disrupted by agile fintech companies is very real and the bank has decided to follow suit to stay relevant, he said, adding that he has started to put all of his processes in the cloud and over the next three years the journey will be over.

When asked about accountability, Jagdishan said the board and management decided to act against those who got it wrong not only technologically but also other issues that cause the company to go wrong. bank has been grappling with rap on the fingers for the past two years. HDFC Bank was ordered to pay a fine of ₹10 crore earlier this year by the RBI for deficiencies in the auto lending vertical where GSP units were bundled with loan sales.

Jagdishan also added that all oversights are taken very seriously by the bank and assured that such cases will decrease over time. When asked about the impact of the Mastercard ban, Jagdishan admitted that the U.S. card issuer is an important partner for the bank, but added that it also has relationships with rivals Visa and Rupay who will be exploited once it is again authorized to transmit. cards. It is premature to talk about divesting its stake in its brokerage business, HDFC Securities, but the company is working on its own discount brokerage offering to regain market share, Jagdishan said.

He also said that HDB Financial Services has suffered from the impact of the pandemic on its target demographic, which has led to what researchers are calling a 4 to 5-fold increase in stress levels. The business will rebound once the pandemic is over and economic activity resumes, he said. In the medium term, HDFC Bank may consider “discovering” the price of HDB Financial Services and then a listing once the company has rebounded, he said.

Jagdishan said the bank only got 40 days of work in the first quarter and said it was happy with the 14% profit growth it was able to generate. He said more than 17% of his 1.2 lakh workforce had been infected with the virus and that he had also lost many people, including young people. Adequate assistance is provided to relatives of the deceased, including offering them a job, he said.

This story was posted from a feed with no text editing. Only the title has been changed.

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Charlotte Hornets Service Week 2021

For the second year in a row, the Hornets and Bank of America will team up to help nonprofits solve problems in the Charlotte community.

CHARLOTTE, North Carolina – Editor’s Note: The video above is from last year’s Service Week.

The Charlotte Hornets and Bank of America plan to support five Charlotte-area nonprofits during their annual week of service.

Every day from Monday, July 19 through Friday, July 23, the Hornets and Bank of America will work with more than 1,000 volunteers to help nonprofits working to solve problems in the Charlotte community.

This year’s projects include packing “laundry bags” with Hope Vibes, making supply kits for Classroom Central, assembling packages for newborn families with baby sets, making breakfasts. and doilies with the neighbors of Roof Above and the creation of wreaths for families of new homes with Habitat for Humanity.

“We have so many nonprofits focused on relief efforts in the areas of homelessness, basic needs and economic mobility, and we are proud to have this opportunity to help so many. ‘between them in the crucial work they do to help our neighbors, “said the Hornets president. and Vice President Fred Whitfield said in a statement.

LAST YEAR’S EVENT: Hornets providing meals for the week of duty

Last year, amid the ongoing coronavirus pandemic, the Hornets and the Bank of America provided 2,020 meals to local healthcare and essential workers, as well as underserved parts of the community. The team partnered with local black-owned restaurants and food services to provide the food.

The week of service began in 2020 to help the community during the coronavirus pandemic. Previously, the two organizations teamed up for a day of service. This is the seventh year that the Hornets and Bank of America have teamed up for the service.



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The BOJ will exploit foreign assets for green investments

A security guard walks past the headquarters of the Bank of Japan in Tokyo, Japan on January 23, 2019. REUTERS / Issei Kato

  • BOJ says it will push banks to improve climate risk disclosure
  • The BOJ works with the regulator to analyze climate scenarios
  • The plan outlines the stages of non-monetary policy on climate change

TOKYO, July 16 (Reuters) – The Bank of Japan (BOJ) on Friday said it will start buying green bonds using its foreign exchange reserves as part of efforts to promote global investment in activities aimed at fight against climate change.

Japan’s $ 1.4 trillion in foreign exchange reserves is primarily held by the finance ministry, not the BOJ, so the move is likely a symbolic gesture to raise awareness of the need to promote green finance. The BOJ holds around $ 70 billion of these foreign assets.

“The outstanding amount of green bonds in the global market is increasing, a trend that is expected to continue. In view of this situation, the Bank will buy green bonds denominated in foreign currencies issued by governments and other foreign institutions,” he said. -he declares.

This decision comes as other major central banks use their institutional weight to fight climate change.

Last week, the European Central Bank said climate change would be a factor in policy on financial disclosure, risk assessment, guarantees and asset purchases of the corporate sector. Read more

In an overview of non-monetary policy measures to tackle climate risks released on Friday, the BOJ also said it would encourage financial institutions to improve climate risk disclosure.

The BOJ, in conjunction with Japan’s banking regulatory agency, the Financial Services Agency, is working on pilot exercises to conduct a climate risk scenario analysis on large financial institutions, according to the plan.

The central bank, through on-site reviews and off-site monitoring, will discuss with financial institutions their efforts to address climate risks and their engagement with borrowers to pursue carbon neutral activities, a he declared.

“The Bank will actively support financial institutions in identifying and managing their climate-related financial risks, with a view to maintaining the stability of the financial system and the smooth functioning of financial intermediation,” the document said.

The plan was released separately from the BOJ’s monetary policy decision on Friday, which included details of a new program to increase funding for activities aimed at tackling climate change. Read more

Reporting by Leika Kihara and Tetsushi Kajimoto; Editing by Chang-Ran Kim and Sam Holmes

Our standards: Thomson Reuters Trust Principles.


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Israel’s first digital bank to offer full digital banking services to U.S. citizens

There are over half a million English speakers living in Israel, tens of thousands of them are Israeli citizens who also hold US citizenship or have additional tax residency and therefore cannot receive full digital banking services.

The First Digital Bank aims to change this, by offering Israeli citizens, who also hold additional tax residency or US citizenship, to open a bank account (individual or joint account) without having to travel to a branch to receive limits. credit and full services in English.

Currently, the banking system does not allow Israeli citizens who also hold US citizenship or foreign tax residency to open a bank account digitally and they are required to go to bank branches in order to physically sign a series of documents. These customers are required to complete special forms, beyond those required to open a traditional bank account, and which until now were not accessible digitally. In addition, hundreds of thousands of Israeli citizens whose mother tongue is English find it difficult to conduct business in Hebrew on digital applications.

Amnon Shashua. Photo credit: Yonatan Heffner

“No one should have to spend half a working day opening a bank account in 2021,” said Arik Chicotay, VE of Banking at First Digital Bank. “As a technology-based bank, we have created an infrastructure that will allow any citizen to easily open a bank account and receive customer service, anytime, anywhere. By combining an English application, we will remove barriers and make banking services accessible to a significant part of the population. We hope and believe that the banking system will follow our example and save its customers from having to go to a branch for a process that can to be.”

The first digital bank, controlled by seasoned entrepreneur Amnon Shashua, is currently operating in pilot mode and is expected to officially launch to the general public in early 2022. The digital bank is the first new bank to be established in Israel in 43 years. The digital bank already has a banking license to operate in Israel and today employs 150 people. The bank also signed an agreement to issue credit cards with Isracard and registered as a business partner on the Tel Aviv Stock Exchange for its planned operations in the venture capital market.


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Meituan Removes Food Bank Rental Service, Adds Rideshare AppTechNode

Local service superapp Meituan cuts down on mobile power bank rentals while bringing back a ridesharing app, as rideshare market leader Didi faces a cybersecurity review. The Heytea tea beverage store chain earns $ 500 million in Series D. Amazon expands crackdown on Chinese sellers.

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Editor’s Note: This is the last issue of Retailheads, but keep checking TechNode for more retail information, sooner. We start a News to bring together the most important Chinese technological news, from the English and Chinese press, every day of the week.

Meituan adjusts its offers

  • Meituan plans to reduce the size of its mobile power bank rental service, Chinese media reported on Wednesday. Donews reports that Meituan sells its rental service in 33 Chinese cities to local operators. Most of these cities are second tier cities such as Jinan, Baoding, and Changsha. Gao Cheng, manager of the rental services division in Meituan, recently left the company. Many of the division’s business development employees were transferred to Meituan Youxuan, a community grocery division. [Donews, in Chinese]
  • Meituan relaunched a standalone ridesharing app on Friday, three years after removing Meituan Dache to cut expansion costs. The launch came as apps from market leader Didi are banned from accepting new users during a cybersecurity review. Meituan’s ridesharing service continued to run as a mini-program within the Meituan super app during app hiatus. [SCMP]

Heytea raises half a billion

Modern tea beverage chain Heytea has completed a $ 500 million Series D. Investors include Sequoia Capital China, Hillhouse Capital, Tencent Investment and Temasek. Founded in 2012, Heytea popularized “cheese teas” and operates around 695 stores across China. The brand is popular among young urban Chinese consumers. [Ebrun, in Chinese]

Amazon steps up crackdown on Chinese sellers

Amazon closed 340 online stores operated by one of the platform’s largest Chinese retailers for allegedly breaking Amazon’s rules without specifying. Shenzhen Youkeshu Technology Co. sells a variety of products, including electronic gadgets, toys, and outdoor equipment. Amazon has frozen $ 20 million in payments owed to the retailer. The ban could cut Youkeshu’s first-half sales by 40 to 60 percent, according to a recent filing from the retailer’s parent company, Shenzhen-listed Tiza Information Industry Corp.. positive reviews with freebies. [SCMP]

Suning chairman resigns after bailout

Zhang Jindong, the billionaire founder of Suning, resigned as chairman of the Chinese distribution conglomerate on Monday. Zhang lost control of the company when the company sold a nearly 17% stake to a government-led consortium. On July 5, the ailing retailer secured a $ 1.36 billion bailout offer from an investor group led by the state asset management committees of the Nanjing and Jiangsu governments. Alibaba also joined the funding consortium, alongside Chinese electronics makers Midea Group, Haier Group, Xiaomi and TCL Technology Group. [Bloomberg]

Louis Hinnant contributed reporting.

Qin is editor-in-chief at TechNode. Previously, she was a reporter for Inkstone, a China-focused news site owned by the South China Morning Post. Prior to that, she worked in the United States for five years …. Read more by Qin Chen


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CBI and CRIF Support Banking and FinTech Companies by Improving Their FinTech Services

CBI, which is a hub of technological innovation and the ongoing digitization of the financial sector, has partnered with CRIF, a global company focused on credit bureaus and business information, advanced digital solutions for business development and open banking.

This partnership between CBI and CRIF should enable banks, fintech companies and other service providers to create and improve their financial technology services, thereby helping to optimize the open finance industry and enable it to reach its full potential.

In particular, customers can rely on flexible and efficient digital integration processes and will also be able to access innovative financial services. These include personal and professional financial management solutions (GFP and BFM) that will enable people to better manage their money and gain financial stability.

Through this partnership, Payment Service Providers (PSPs) will provide instant lending services, which are integrated with the online assessment of users’ credit profiles in Open bank (NEOS – New Evaluation Open Suite service), online sales assistance services, integrating digital or online channels and physical networks (PHYON – Phygital Onboarding Platform service).

The PFM and BFM services will also allow traders and businesses to have a detailed view of their accounts, which should help improve their financial management.

When offered the CBI security and industry experience, leveraging solutions such as ‘CBI Globe’, different players operating in this industry can reach the local banking market and various international hubs through a single connection.

While operating in the utility sector for over 25 years, CBI has always supported the Italian financial sector, as with the digitization of financial services. This has helped to improve efficiency and enable the integration of relevant solutions into the payments market. These initiatives are intended to support key business opportunities in open finance and the data economy.

CRIF’s vast experience in the development of service modules and associated solutions in Open Banking makes it possible to optimize an ecosystem economic model.

Pilar Fragalà, Commercial Director of CBI Scpa said:

“CBI and CRIF are actively working to enable payment service providers to offer value-added services, outside the scope of PSD2, improving the lifestyle of their customers with a global offering including financial services and more. The development of this partnership with CRIF offers an important legacy in terms of experience, based on collaboration for better competition, introducing a new aspect of the banking system for a more open and sustainable customer experience.

Simone capecchi, Director General of CRIF, said:

“The partnership with CBI allows us to achieve important objectives, benefiting all the key players in open finance: on the one hand, financial players and companies and on the other hand, end consumers. Thanks to the CRIF solutions integrated into CBI’s systems, we make this “phygital” experience of SMIs and individuals more attractive, saving them time and effort, facilitating online transactions and responding to new needs with accessible solutions, even remotely, completely secure and with human contact, where applicable.


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