Advances in technology are causing the banking industry to develop faster. Those seeking to take advantage of these trends stand to be immensely successful. The recent financial crisis in Cyprus, Greece and Turkey has forced banks to adapt and evolve in order to face the challenges ahead. Institutions need to formulate strategies so as to…
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Following the oil price crash, Islamic banking has emerged as a key support for businesses looking to capitalise on the opportunities of economic diversification. Islamic banking has been one of the financial industry’s great growth stories over the past few years. The Islamic (interest-free) model has encouraged innovation, both in terms of product offerings and…
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Since the financial crisis, digital-only banks have placed increasing pressure on the industry’s old guard. But with a wealth of resources in opposition, the industry’s pioneers face an uphill battle. There is no doubt the global financial crisis changed the economic landscape. But perhaps one of its most lasting effects was the creation of an…
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Without a doubt, 2016 was the year ‘disruption’ became tangible. Events like Brexit, the U.S. election and India’s demonetization exercise brought home the reality we are living in a fast-changing global society where a sense of anti-establishment and rebellion is accelerating change. This shows no sign of stopping in 2017, with new technologies allowing banks to…
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Ravi Kumar S is a president and the deputy chief operating officer at Infosys, a role in which he leads the firm’s global delivery organization across all industry segments. In this CoinDesk opinon peace, he discusses his company’s big-picture vision for the non-monetary applications of blockchain technology. Blockchain’s ability to ensure trust and transparency in financial transactions…
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Banks are scared. They’ve seen the rise of the new world of open APIs, apps and analytics and know that their organisations are not yet ready or fit to change to that world. What to do? Well, the easiest thing to do is to block access to the bank’s data. If third party FinTech firms…
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Since the Personal Data Protection Act (the Act) came into force, the Personal Data Protection Commission (the Commission) has published a number of enforcement decisions taken against 22 organisations for breaching various obligations under the Act. Enforcement actions have been taken against companies in a range of industries, including the food and beverage sector, insurance companies, societies…
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The Tax Department of Cyprus has announced the launch of a new web portal for online filing of value-added tax reports. The TAXISnet system for VAT has been made publicly available as of 10 November 2016; however, it will be fully operational starting from 1 December 2016. Taxpayers in Cyprus can now sign up for…
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The Inland Revenue Authority of Singapore (hereinafter – IRAS) announced that large businesses will be subject to the goods and services tax audit in 2016 and 2017. The IRAS does not provide a definition of the term ‘large business’, neither does it specifies the criteria for considering a company as a large business, but it…
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