Economic bounceback possible in 2021?
A report covering EBRD regions sees economic contraction of 3.5% in 2020, but a 4.8% rebound in 2021.
Africa
SWIFT to host open API hackathon in Africa
The hackathon is open to developers working in the financial sector across Africa to identify new solutions for cross-border payments.
TDB signs US$450m multi tranche syndicated term financing
The Middle Eastern focused financing follows a similar syndication in 2017.
Egypt invests US$600m on becoming intra-African trade hub
Central Bank of Egypt agrees to formation of export credit risk company.
SmartStream partners with Union Systems to meet demand for East and West Africa
The two companies will support organisations in their digitisation strategies of post-trade environments.
Trade and Development Bank closes live end-to-end trade finance transaction using blockchain
Over 50,000 metric tonnes of sugar moved from Asia to Africa, with dltledgers as blockchain partner and Agrocorp as trading company.
Standard Chartered Trade20 index reveals the rising stars of global trade
Côte d’Ivoire, Kenya and Ireland join India and China in the top five of 20 markets with the greatest potential for future trade growth
Standard Bank adopts TCS BaNCS Digital for investor services
The bank is going digital to handle increasing demand for investor services in African capital markets.
Standard Bank becomes first South African bank to join Marco Polo Network
The DLT network is designed to provide a secure way to access trade finance.
EY and Open Banking Nigeria work on financial services innovation
The Big Four accounting group will partner in developing a standardised API interface for open banking in Nigeria
South Africa to cap maximum cheque value from May 2020
Accelerating the drive to digital payments, the maximum value permitted for a cheque reduces from 500,000 rand to just 50,000
African Development Bank steps up digital financial inclusion drive
The Africa Digital Financial Inclusion facility aims to develop digital financial transactions across the continent
Fitch: MMF reform has yet to extend to South Africa
Money market fund reform in North America and Europe hasn’t yet reached the country, as South Africa opts for a ‘wait and see’ approach
Standard Chartered and IBM Launch Trade AI Engine
The solution, for converting non-digital shipping documents into machine-readable format, is live in Asia, Africa and the Middle East.
Standard Bank acquires custody and derivatives business
Africa’s largest bank by assets is taking over the portfolio from Legae Peresec, South Africa’s largest securities trading firm.
Standard Bank works with ICC on best practice for trade finance
The African bank says an “important milestone” in developing a sustainable trade finance framework has been reached.
Standard Chartered aims to beef up open banking capabilities
The bank aims to develop innovative products and services through partnerships with developers, corporates and fintechs.
Nigeria’s banks urged to hedge dollar-denominated loans
At a Lagos financial workshop, African companies were urged to follow major multinationals in using derivatives to manage price risk.
Standard Bank partners with Amazon for cloud migration
The South African banking group will use Amazon Web Services to automate its financial operations.