Tag Archives: banking

Germany asks Russia to help find former Wirecard executive | Instant News

German authorities have asked Russian officials whether Jan Marsalek, a former executive of Wirecard AG who runs operations for humiliated fintech companies, has entered Russia and asked them to follow up on Interpol’s notice issued for his arrest.

The request, made on July 22, and “red notifications” issued through the Interpol multilateral police organization was disclosed in a written response given by the German government to lawmakers on Wednesday and reviewed by The Wall Street Journal. MPs are investigating the impact of Wirecard, …


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Samtrade FX gets a British and Australian license | Instant News

Samtrade FX, a leading online trading broker that is committed to giving traders safe, easy, and inexpensive access to Forex and Contracts for Difference (CFD) trading, today announced that it has been registered and authorized as a FCA Designated Representative (reference number) : 929921), implementation regulator for financial services companies and financial markets in the United Kingdom (United Kingdom).

This latest license strengthens Samtrade FX’s ability to operate as an official and trusted financial service provider for securities in various regions.

As the main regulatory body that carries out a supervisory role over financial institutions in the UK, the FCA secures the right level of protection for consumers and maintains the integrity of the UK financial system market. Anti-Money Laundering (AML), for example, is the main focus of the FCA. To ensure it continues to comply with FCA-specific AML compliance regulations – such as monitoring for suspicious activity and conducting risk assessments, Samtrade FX recently appointed Vic Tham, a veteran in the area of ​​risk and compliance, as Global Chief Risk and Compliance. Officer

In addition, Samtrade FX announced that it has obtained an Australian Financial Services (AFS) license (registration number: 001281861) from ASIC, an independent Australian government body that acts as a regulator of Australian companies. With FCA and AFS licenses, Samtrade FX can now offer financial product advice, provide deposit or deposit services, and handle securities on behalf of new and existing clients in Europe and Asia.

This license complements the International Business Corporation (IBC) license granted to Samtrade FX (registration number: 25290 IBC 2019) by the Saint Vincent and Grenadines Financial Services Authority, to allow businesses to deal with securities as Principal. Samtrade FX is also regulated (registration number: M19977589) by the Canadian Center for Financial Transactions and Analysis Reports (FINTRAC) as a Money Services Business (MSB).

“Since the merger, ensuring trust and trust in every trade has been central in everything we do,” said Sam Goh, Founder and CEO, Samtrade FX. “These additional layers of regulation – on top of existing licenses owned by Samtrade FX, strengthen our commitment to set the highest standards possible in corporate governance, trading experience and client satisfaction. This also enhances SamAideTM, which offers clients secure funds to trade with peace of mind. “

SamAideTM is a Samtrade FX Secure Fund Coverage framework consisting of five pillars – holding all clients’ money in separate custodian accounts under a strict legal guardianship framework with appropriate custodial functions; third party insurance with The Eye Protection Center (EPC) for protection of additional funds; professional compensation protection with Howden Insurance Brokers; Samtrade FX is a member of The Financial Commission, which acts as a neutral and independent committee that fairly reviews and settles disputes in the financial services industry on the Forex market; and protection of negative balances on all accounts.

Founded in 2015, Samtrade FX has progressively expanded its operations and market reach, which now includes Europe, Southeast Asia and Greater China, as well as customized service delivery for all more than 50,000 clients and more than 150 partners. “Our comprehensive technology infrastructure has ensured rapid execution of client trades without complications and minimal technical problems. This technological arrangement, together with our continued determination to comply with new regulatory standards, is the basis on which we do business and differentiate ourselves, and this approach has been validated by a growing list of retail and institutional clients who turn to us for flawless service, “Goh said.

The Samtrade FX trading platform provides real-time price quotes and trade execution, advanced chart making with various time frames, pip value calculators, and financial market news, etc. To ensure a smooth trading experience for clients, Samtrade FX uses the MetaTrader 4 platform, which is available for download on Windows, Apple Store and Google Play. It also offers its own mobile application,

SamAppTM, which allows clients to access key functions such as funding, account details, and transaction history, etc., and is available for download on Google Play. SamAppTM will be available on the Apple Store in the coming weeks.


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Visa exceeds revenue expectations, but travel category remains slow to return | Instant News

Visa Inc. beat third-quarter earnings and revenue guidance on Tuesday, but the company saw volume shrink as the COVID-19 crisis continued to dampen spending growth, especially in the travel category. V shares, -0.08% were down 2% in after-hours trading. The company posted net income of $ 2.4 billion, or $ 1.07 per share, compared to $ 3.1 billion, or $ 1.37 per share, in the previous year’s quarter. Adjusted earnings came in at $ 1.06 per share, while analysts polled by FactSet expected $ 1.03 per share. Visa revenue fell to $ 4.84 billion from $ 5.84 billion, while the FactSet consensus called for $ 4.82 billion. Payments volume fell 10% for the quarter, while cross-border volume declined 37%. Excluding intra-European transactions, cross-border volume fell by 47%. The company said in its earnings release that it has seen spending improve every month in the fiscal third quarter, as more countries begin to ease restrictions on economic activity linked to coronaviruses. Payments volume “significantly improved” in the United States as the quarter progressed, which gave card presentation spending a boost as e-commerce spending “remained consistently high” offsetting sales. travel expenses. Transactions processed fell 13% in the quarter on a global basis. Visa said this measure was delayed by volume growth “as the spending mix moved away from smaller transactions.” Cross-border volume “improved only marginally in the quarter” given the persistent restrictions on travel, a key source of this type of spending activity. Management is not providing a full year outlook given the uncertainties surrounding COVID-19. Visa kicked off a busy week in payments revenue, with PayPal Holdings Inc. PYPL, -0.96%, ready to post after Wednesday’s closing bell and Mastercard Inc. MA, -0.81% Thursday morning. Visa shares have gained 15% in the past three months as the Dow Jones Industrial Average DJIA, -0.77%, of which Visa is a component, rose about 9%. .

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Amex says travel dreams are live | Instant News

Thinking of that big trip you’ll take once the pandemic is over? You are not alone, according to American Express. The company said on Friday that improvements in airline spending seen through June on some of its cards were waning, with larger year-over-year declines in the first half of July than in June, although spending on other travel and entertainment categories such as restaurants continued to rebound. However, the card company also noted that some of its partner cards co-branded with airlines, such as Delta and ….

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How the German SEC Refuses a Decade of Warnings About the Wirecard | Instant News

Germany’s top financial watchdog received detailed warnings about deceptive financial practices at Wirecard AG beginning in 2008 but repeatedly failed to investigate the allegations, and instead opposed the accusers.

For more than a decade, US investors, whistleblowers, authorities and journalists have warned of the possibility of accounting fraud or money laundering, practices that are now at the core of criminal investigations against humiliated fintech giants.


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JP Morgan invests in FitBank Brazil | Instant News

JP Morgan has acquired a minority stake in Brazilian fintech startup FitBank, according to local reports. Investment details not disclosed.

Inaugurated in 2015, FitBank describes itself as Brazil’s largest open banking outfit, providing a white label platform that allows banks and fintechs to offer bill payments, online treasury, banking, financial management, transfers and escrow services.

According to local news sites Score, around 96 clients have used the technology for 180,000 accounts. The new money will be used to expand into new countries in Latin America.

Renata Vilanova Lobo, head of wholesale payments, Brazil, JP Morgan – who joined the FitBank board – told Citywire: “Strategic investment in FitBank is an important addition to maintaining and growing our leadership in wholesale payments in Latin America.”


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The FBR sees Rs100bln in revenue from the banking sector in FY2021 | Instant News

KARACHI: The Federal Revenue Board (FBR) is eyeing around Rs100 billion in revenue, during the next fiscal year 2020/21, from bad loans that the banking sector currently considers spending, sources said on Monday.

Sources said the FBR plans to change the income tax treatment of bad loans to generate additional income during the next fiscal year.

At present, banks use bad credit as a fee, which reduces their income tax obligations.

Sources said the provision for advances and off-balance sheet items was permitted up to a maximum of 1 percent of the total down payment according to the seventh schedule of the Income Tax Ordinance, 2001. Provisions for advances and off-balance sheet items were permitted 5 percent of total progress for consumers and small and medium enterprises (SMEs) as defined in the prudential regulation of the State Bank of Pakistan. Certificates from external auditors need to be completed by banking companies which state that these provisions are based and in line with prudential regulations.

Furthermore, provisions of more than 1 percent of total advances for banking companies and 5 percent of total advances for consumers and SMEs are permitted to be carried over to the following years.

However, if the provision is less than 1 percent of the down payment, for banking companies, the actual provision for the year will be permitted. If the provision is less than 5 percent down payment for consumers and SMEs, the actual provision for the year will be permitted and this provision will be permitted from the first day of July 2010.

The Karachi Big Tax Paying Unit (LTU), which has jurisdiction over most banks operating in Pakistan for tax purposes, forwarded the budget proposal to the FBR to replace the existing rules relating to taxation on advances.

The LTU of Karachi suggested an amendment to replace sub-rule (c) of Rule 1 of the seventh schedule.

“(C) Provisions, whatever the nomenclature or nature, will be prohibited in the case of article 34 (3) of the Income Tax Ordinance, 2001. Provided that a reversal of the provisions can be permitted as a deduction, if verified through supporting evidence the provisions for the same are prohibited and taxed, “said the budget proposal document.

The LTU of Karachi further suggested that bad credit should be allowed as a deduction, if all the conditions in section (29 of the Income Tax Act, 2001) were fulfilled.

The sources said an individual would be allowed to reduce costs for bad debt in one tax year if it was believed that the debt could not be recovered after all efforts, under section 29 of the Income Tax Act, 2001.

Debts or portions of debt are written off in an individual account in the tax year.

Sources at the Karachi LTU said the proposed amendment would bring equality in terms of treatment and bad credit for all taxpayer classes. The tax unit believes that around Rs100 billion is likely to be generated if the amendment is entered into law through the upcoming 2020 Finance Bill, they said.

The government faces a daunting challenge to meet its revenue collection target of Rs3.9 trillion for the current fiscal year, which was revised down from Rs4.8 trillion given the shocking impact of the lockdown for two months after the coronavirus outbreak. The target was revised down several times in the past because of slowing economic activity adversely affected revenue collection efforts.

Now, the government wants its target to be lower for the next fiscal year, but it must prepare any effort to even meet the previous year’s level with faltering growth.


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Fiat Chrysler Looking for € 6.3 Billion Credit Line Supported by Italy | Instant News

Milan – Fiat Chrysler Automobiles NV is in talks to set a € 6.3 billion ($ 6.81 billion) credit limit guaranteed by the Italian government, when the Italian-American car maker sustains its finances amid a coronavirus pandemic and works to resolve a merger with the makers of Peugeot PSA Group.

The 3-year credit facility can only be used to finance Fiat Chrysler’s operations in Italy, where the company has 55,000 employees and 16 factories. Fiat Chrysler on Saturday said talks on the line of credit were being held with …


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5 questions to ask before canceling your travel credit card | Instant News

If you are applying for a new travel credit card with a big plan to use it for a trip that is now canceled, you may be wondering: Should I also cancel the card? The answer depends on the potential impact on your credit score, whether the card has an annual fee, and what other benefits the card provides even if you stay at home, among other factors. Here are the issues to consider before making a decision: 1. Will closing the card damage your credit score? Generally,

close the credit card

can have a negative impact on your credit score because it decreases your total available credit. This can also affect the length of your credit history; if it’s a card that you hold for a long time, the impact is likely to be greater. That is why many credit card experts recommend closing cards only if the benefits outweigh the potential impact, and to think carefully about your time. “I never suggested closing a card before you would apply for a loan or another card,” said credit expert John Ulzheimer. Keeping the card open also gives you access to credit if you need it in an emergency, as many Americans who are currently unemployed face with


pandemic.2. Does this card charge a hefty annual fee? Some premium travel cards come with a large annual fee, up north of $ 500. That fee can quickly pay for itself if you travel a lot and become a big spender. But if you live at home now, you might not use all of these benefits. “If there is a dollar charge that is collected every year and you don’t use a card, canceling it can make a lot of sense,” said Adam Koos, president of the Libertas Wealth Management Group. Canceling your card might also mean you lose points and miles accrued, so you might want to consider using it – potentially for redemption that isn’t travel related like cash back – before canceling. “If points usually expire, contact the card company and see if there are any

special considerations during a pandemic

, “Said Tiffany Grant, a financial trainer and money blogger. “You will be surprised at what is permitted and considered during this time.” 3. Do you plan to return to travel as soon as possible? Pandemic has temporarily stopped most of the journey, but at some point, the restrictions will be lifted. If you already plan to re-order your trip as soon as possible, then you are in the right position to get the best from your travel card immediately. So keeping it at hand might make sense, unless doing so comes at a high annual fee. “I will keep my card to continue to collect points, status and benefits, and will use these benefits for future trips with my family and for work,” said Koos.4. Does the card offer other benefits not related to travel? Travel cards are sometimes accompanied by other facilities, such as gifts to order from restaurants or food delivery services. Some cards also hang offers of retention and other incentives in response to a pandemic, such as annual fee credits, extended expiration dates, and extended welcome bonus periods. If your card issuer hasn’t offered you any of these benefits, you can always call and ask. Can you switch to cash-back cards instead? Instead of closing your card, it’s possible to contact your card issuer and ask if you can

switch to another product

, like cash-back cards, that come at a lower or no charge. “Contact the credit card company and ask the company to replace your current card into a card that does not carry annual fees,” advises Sam Boyd, a certified financial planner and senior vice president of the Capital Asset Management Group, a financial planning company. This strategy recently worked for him. “The key is to maintain your card number, average credit history and available credit so that it will not affect your credit score,” Boyd added. New gift cards may also be more aligned with your current expenses, which tend to focus more on groceries and household items than traveling. More Than NerdWalletKimberly Palmer is a writer at NerdWallet. Email: [email protected] Twitter: @kimberlypalmer. .

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Carlyle, GIC Returns From AmEx Global Business Travel Deal | Instant News

Carlyle Group Inc. private equity company and the Singapore state fund GIC Pte. Ltd. stepped down from the deal to take a 20% stake in American Express Global Business Travel, whose revenues have fallen due to the coronavirus pandemic. The deal, announced in December, valued the company at $ 5 billion, including debt. It was scheduled to close Thursday but representatives for Carlyle and GIC told AmEx Global Business Travel on Wednesday that they would not participate in the closure, according to people known …

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