UBS has launched a pilot project called UBS Digital Cash, utilizing blockchain technology to enhance cross-border payments for multinational corporations, improving settlement times and transparency. The initiative allows transactions in Swiss francs and major global currencies, incorporating smart contracts for automated processing. Participants, including Autoneum, have noted significant benefits in speed and traceability, aligning with UBS's broader blockchain strategy and involvement in central bank digital currency projects.
Bitcoin has surged past $90,000, with predictions of reaching $100,000 by Inauguration Day, fueled by optimism surrounding a Trump presidency and its potential pro-crypto policies. Analysts believe that regardless of political leadership, the long-term outlook for digital assets remains strong, driven by falling interest rates and increased retail investor access through spot ETFs. A clearer regulatory framework in the U.S. could further enhance market growth and adoption of cryptocurrencies.
UBS has successfully piloted a blockchain-based payment solution, UBS Digital Cash, aimed at enhancing cross-border transactions for multinational firms. This system allows for local and international payments in multiple currencies, improving efficiency and transparency while enabling around-the-clock transactions. Participants, including Autoneum, highlighted the advantages of faster, traceable transactions in the global market.
Zhejiang Huayou Cobalt Co., a leading nickel producer, is seeking approximately $2.7 billion in financing for its Ford-backed nickel plant project in Indonesia. HSBC Holdings Plc and Standard Chartered Plc are facilitating the loan and inviting other banks to join in funding the facility in Southeast Sulawesi.
UBS is under pressure to bolster its equity capital, with discussions around increasing it by 15 to 25 billion francs. While UBS argues against excessive capital requirements, it lags behind several European competitors in capital ratios, prompting calls from regulators for a stronger balance sheet. The Swiss Finance Institute is hosting an event to debate the future of banking capital requirements, highlighting the need for UBS to reassess its capital strategy.
Standard Chartered Plc is set to enhance its foreign exchange services in Asia and the Middle East by partnering with Wise Plc. The collaboration will integrate Wise’s payments platform, enabling multi-currency money transfers in 21 currencies over the coming months, according to Steve Naudé, managing director of Wise Platform.
Standard Chartered Plc has entered a $350-million financing agreement with the UK’s British International Investment Plc to enhance trade between Africa and South and Southeast Asia. The initiative aims to support small businesses facing working-capital challenges, focusing initially on sectors such as food, agriculture, healthcare, and technology.
Zodia Custody Ltd., the digital assets storage arm of Standard Chartered Plc, is in discussions to raise $50 million to enhance its operations. The funding aims to support the company's expansion into new markets and broaden its product offerings, according to CEO Julian Sawyer.
Standard Chartered Plc plans to cut approximately 3,000 clients from its corporate and investment banking division, representing about a quarter of its current corporate client base. This strategic move aims to enhance overall returns and will be implemented over the next two years, according to Chief Financial Officer Diego De Giorgi.
UBS reported a Q3 net profit of $1.4bn, nearly doubling forecasts, driven by increased trading and cost-cutting, while Standard Chartered's pre-tax profit surged to $1.72bn, prompting plans to double wealth management investment. Meanwhile, China's largest banks saw profit growth despite declining net interest margins, and Bank of America is considering litigation over a CFPB inquiry into Zelle's handling of funds amid rising fraud concerns.
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