What is a Savings bank?

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Savings banks have a special relationship with the local community. But what makes them so special and why are they so important for the economy?

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First Independent Finance Ltd

First independent finance have won the UK Asset finance broker of the year award for the last 3 years, as well as being the 2012 European asset finance broker of the year and holding our Investors In People Gold Status. We are also Ayrshire Chamber of Commerce Best Performing Business in 2013! First Independent Finance are members of the NACFB and support their efforts vigorously.Recently we have received permission from FCA to appoint Appointed Representatives.

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CORE BANKING

Are Asian Nations All Set to Kick off CBDCs? Know Here!

Article | July 13, 2022

Contents 1. Say Hi to the Future 2. Digital Currencies: Types and Companies Involved 3. Why Are CBDC(S) Becoming The Talk of The Town? 4. Are Asian Nations Well On The CBDC Track? Say Hi to the Future! CBDCs, or Central Bank Digital Currencies, are the future of transaction modes and an excellent alternative to cash and private digital money. As the name suggests, CBDCs are digital tokens similar to cryptocurrencies, as both use blockchain technology. However, the significant difference lies in their modes of regulation. While cryptocurrencies are decentralized and highly volatile, CBDCs are regulated directly by a country’s central bank and, thus, are pretty transparent and stable for a financial system. Digital Currencies: Types and Companies Involved Cryptocurrency, Stablecoins, and Central Bank Digital Currencies (CBDC) are the three main digital currencies. Cryptocurrency grew in popularity because it was inexpensive and available in various currencies. Furthermore, its decentralized nature eliminated the role of banks in traditional money transfers, as they acted as intermediaries and thus charged for this. However, with the introduction of cryptocurrencies, the network members acted as intermediaries in the blockchain, and as such, the compensation got minimal. Here’s a list of the top cryptocurrency companies that offer enhanced data security: Advanced Micro Devices: It is an American multinational semiconductor company based in Santa Clara (California). It offers the best combination of CRU and GPU technologies to make faster and more secure blockchain transactions. Alpha Point Corporation: AlphaPoint is a white-label software company powering crypto exchanges worldwide. Its award-winning blockchain technology has helped over 150 clients in 35 countries discover and execute their blockchain strategies since 2013. Intel: By pushing forward in fields like AI, analytics, and cloud-to-edge technology, Intel’s work is at the heart of countless innovations. However, over time, stablecoins gained attention due to their stable nature. These are also cryptocurrencies backed by other cryptocurrencies, fiat currencies, commodities, etc. As suggested by its name, this backing system for stablecoins has been implemented to keep their prices steady and avoid fluctuations altogether. Some of the famous companies dealing in stablecoins include: Gemini: Gemini Trust Company, LLC is a next-generation cryptocurrency exchange and custodian that allows customers to buy, sell, stake, and store digital assets such as Bitcoin and Ether. OKCoin: It is one of the world’s largest and fastest-growing cryptocurrency exchanges. The company helps millions of people buy and sell Bitcoin, Ethereum, Miamicoin and many other crypto assets daily. ConsenSys: It is a leading Ethereum software company that enables developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Why Are CBDCs Becoming the Talk of the Town? Central Bank Digital Currencies are likely to gain much traction as they enable faster and smoother transactions, which are also very safe and secure. Since CBDCs do not involve holding a bank account, this concept will probably be more popular among non-banking individuals. With the recent collapsing examples of commercial banks, CBDCs have a higher chance of survival since the latter involve linking customers’ funds directly to the central bank. CBDCs also promise transparency, as all their transactions are recorded on a digital ledger, enabling authorities to detect fraud and other illicit activities. Are Asian Nations Well on the CBDC Track? Some CBDCs are in the pipeline, while the rest are at different stages of progress in many Asian nations, but none have launched yet! However, CBDCs are picking up steam in Asia. This region is home to many emerging markets that are quick to adapt to new technologies and keen to extract more benefits from innovations. CBDCs are mainly of two types, namely, Retail and Wholesale. While the former (CBDC-R) involves transactions by individuals and businesses, the latter (wCBDC) is more into institutional financial activities or transactions from one bank to another. Coming back to Asian countries and how they are doing with digital currency, one can design for both cases or just one, depending on the country's needs. For example, China and Thailand kicked off both models, while South Korea and Russia followed the CBDC-R model. As per a report from the Atlanta Council, Asian nations such as India, Japan, Indonesia, and Bhutan are at the development stage in both models. Similarly, Thailand and China are in the pilot phase of implementing both models. Meanwhile, nations in the development phase of implementing only the Retail CBDC include Iran, Israel, Lebanon, Turkey, and Cambodia. Besides, Saudi Arabia, UAE, Malaysia, and Singapore are in the pilot phase of the Wholesale CBDC. Meanwhile, nations in the research phase include Georgia, Kuwait, Palestine, Pakistan, and the Philippines. Nevertheless, North Korea is still in inactive mode.

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CORE BANKING, FINANCIAL MANAGEMENT

Are Asian Nations All Set to Kick off CBDCs? Know Here!

Article | December 7, 2022

Say Hi to the Future! CBDCs, or Central Bank Digital Currencies, are the future of transaction modes and an excellent alternative to cash and private digital money. As the name suggests, CBDCs are digital tokens similar to cryptocurrencies, as both use blockchain technology. However, the significant difference lies in their modes of regulation. While cryptocurrencies are decentralized and highly volatile, CBDCs are regulated directly by a country’s central bank and, thus, are pretty transparent and stable for a financial system. Why Are CBDCs Becoming the Talk of the Town? Central Bank Digital Currencies are likely to gain much traction as they enable faster and smoother transactions, which are also very safe and secure. Since CBDCs do not involve holding a bank account, this concept will probably be more popular among non-banking individuals. With the recent collapsing examples of commercial banks, CBDCs have a higher chance of survival since the latter involve linking customers’ funds directly to the central bank. CBDCs also promise transparency, as all their transactions are recorded on a digital ledger, enabling authorities to detect fraud and other illicit activities. Are Asian Nations Well on the CBDC Track? Some CBDCs are in the pipeline, while the rest are at different stages of progress in many Asian nations, but none have launched yet! However, CBDCs are picking up steam in Asia. This region is home to many emerging markets that are quick to adapt to new technologies and keen to extract more benefits from innovations. CBDCs are mainly of two types, namely, Retail and Wholesale. While the former (CBDC-R) involves transactions by individuals and businesses, the latter (wCBDC) is more into institutional financial activities or transactions from one bank to another. Coming back to Asian countries and how they are doing with digital currency, one can design for both cases or just one, depending on the country's needs. For example, China and Thailand kicked off both models, while South Korea and Russia followed the CBDC-R model. As per a report from the Atlanta Council, Asian nations such as India, Japan, Indonesia, and Bhutan are at the development stage in both models. Similarly, Thailand and China are in the pilot phase of implementing both models. Meanwhile, nations in the development phase of implementing only the Retail CBDC include Iran, Israel, Lebanon, Turkey, and Cambodia. Besides, Saudi Arabia, UAE, Malaysia, and Singapore are in the pilot phase of the Wholesale CBDC. Meanwhile, nations in the research phase include Georgia, Kuwait, Palestine, Pakistan, and the Philippines. Nevertheless, North Korea is still in inactive mode.

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CORE BANKING

Why Payments-as-a-Service is the first choice for FIs

Article | July 14, 2022

The pace of change within the global payment’s technology space is still at full speed with no sign of slowing down. While traditional incumbents have until recently taken comfort in their size and decades of dominance, new digital-only challenger banks are ramping up and making a huge impact on the global financial landscape.

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BIG TECH IN FINANCE: A DEEP DIVE INTO THE FUTURE OF FINTECH

Article | February 10, 2020

The following article looks at Big Tech and its impact on the financial services sector. Whilst competition from small fintech startups will certainly take away some market share from traditional banks, the impact of “GAFA” could be huge. The fintech movement did more than unbundle banking and its core services — it spurred financial inclusion across Asia, increased overall economic growth, and made significant inroads into the finance value chain. The born-digital companies brought technology to the forefront, attacking the traditional risk-averse sector from various points — digital payments, insurance, P2P lending, and investment management, among other avenues.

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Spotlight

First Independent Finance Ltd

First independent finance have won the UK Asset finance broker of the year award for the last 3 years, as well as being the 2012 European asset finance broker of the year and holding our Investors In People Gold Status. We are also Ayrshire Chamber of Commerce Best Performing Business in 2013! First Independent Finance are members of the NACFB and support their efforts vigorously.Recently we have received permission from FCA to appoint Appointed Representatives.

Related News

Helen Blackburn joins Coast Capital Savings to lead strategy and innovation

Coast Capital Savings | March 23, 2016

Coast Capital Savings has signed on accomplished credit union executive Helen Blackburn for the role of Chief Strategy and Innovation Officer. This appointment is part of Coast Capital’s commitment to delivering a superior member experience and positioning the organization for growth. Blackburn has acted both as Senior Vice President, Strategy, and Chief Financial Officer for Central 1 Credit Union, the trade association that brings together credit unions across British Columbia and Ontario. A Chartered Professional Accountant with a Bachelor of Arts in Commerce from the University of Toronto, she has also held senior strategy and finance portfolios with Credential Financial and Northwest Investments.

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Coast Capital appoints risk management veteran Bruce Schouten as Chief Risk Officer

Coast Capital Savings | February 10, 2016

Coast Capital Savings has gained the expertise of seasoned risk management executive Bruce Schouten, who joined the credit union’s senior leadership team as Chief Risk Officer on February 9, 2016. Mr. Schouten recently held senior positions at OSFI (Office of the Superintendent of Financial Institutions) and TD Bank, where he helped to build, and led for several years, the enterprise risk management function for the entire organization. He has more than 25 years of experience in all facets of the financial services industry, including corporate and commercial lending and credit adjudication, credit policy, and enterprise risk management.

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Youth Get It with Coast Capital Savings’ unique community grant program

Coast Capital Savings | March 09, 2016

More than $430,000 in grants was disbursed in 2015 to 26 Fraser Valley organizations that offer programs that build a richer future for youth. The granting announcement was made today by Coast Capital Savings’ Young Leaders Community Council for the Fraser Valley.The Young Leaders Community Councils reflect the credit union’s Youth Get It approach to upholding its community promise to financially empower youth, help them succeed at school and build healthy minds. Members of Coast Capital’s three regional Young Leaders Community Councils are responsible for reviewing grant applications and deciding how to best allocate the credit union’s community investment funding.

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Helen Blackburn joins Coast Capital Savings to lead strategy and innovation

Coast Capital Savings | March 23, 2016

Coast Capital Savings has signed on accomplished credit union executive Helen Blackburn for the role of Chief Strategy and Innovation Officer. This appointment is part of Coast Capital’s commitment to delivering a superior member experience and positioning the organization for growth. Blackburn has acted both as Senior Vice President, Strategy, and Chief Financial Officer for Central 1 Credit Union, the trade association that brings together credit unions across British Columbia and Ontario. A Chartered Professional Accountant with a Bachelor of Arts in Commerce from the University of Toronto, she has also held senior strategy and finance portfolios with Credential Financial and Northwest Investments.

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Coast Capital appoints risk management veteran Bruce Schouten as Chief Risk Officer

Coast Capital Savings | February 10, 2016

Coast Capital Savings has gained the expertise of seasoned risk management executive Bruce Schouten, who joined the credit union’s senior leadership team as Chief Risk Officer on February 9, 2016. Mr. Schouten recently held senior positions at OSFI (Office of the Superintendent of Financial Institutions) and TD Bank, where he helped to build, and led for several years, the enterprise risk management function for the entire organization. He has more than 25 years of experience in all facets of the financial services industry, including corporate and commercial lending and credit adjudication, credit policy, and enterprise risk management.

Read More

Youth Get It with Coast Capital Savings’ unique community grant program

Coast Capital Savings | March 09, 2016

More than $430,000 in grants was disbursed in 2015 to 26 Fraser Valley organizations that offer programs that build a richer future for youth. The granting announcement was made today by Coast Capital Savings’ Young Leaders Community Council for the Fraser Valley.The Young Leaders Community Councils reflect the credit union’s Youth Get It approach to upholding its community promise to financially empower youth, help them succeed at school and build healthy minds. Members of Coast Capital’s three regional Young Leaders Community Councils are responsible for reviewing grant applications and deciding how to best allocate the credit union’s community investment funding.

Read More

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