Investec Ltd., known for serving high-net-worth individuals in South Africa, is expanding its business banking unit by launching a payments system for corporate clients to handle high-volume, low-value transactions. Utilizing the PayShap infrastructure, the new offering aims to enhance payment processing capabilities. Kuben Naidoo, the bank's head of corporate payments, brings extensive experience from his previous role at the South African Reserve Bank.
Tether, the $120 billion stablecoin, is experiencing increased usage in Europe, the Middle East, and Africa amid growing scrutiny in the US. Data from Chainalysis reveals a surge in digital wallet activations during late morning to afternoon hours in cities like Moscow, Tehran, Kigali, and Istanbul.
UK bonds faced a sell-off as investors anticipated a significant increase in borrowing by Chancellor Rachel Reeves in the upcoming budget. Yields on 10-year UK bonds rose by seven basis points to 4.27%, marking a notable divergence from falling global borrowing costs and elevating the UK's risk premium against German debt to its highest level in over a year.
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