CBUAE and Bank Indonesia expand cooperation in payment systems, macro-prudential policy, and more

Partnerships
Central Bank of the UAE and Bank Indonesia agree to expand cooperation
The UAE Central Bank and Bank Indonesia have signed an MoU to strengthen collaboration in monetary policy, financial stability, digital innovation, and regulatory frameworks. The collaboration strives to create a suitable climate for long-term corporate success. Read More>>
EIB and BNDES ink MoU for clean initiatives in Brazil
At the COP28 in Dubai, the European Investment Bank and the Brazilian Development Bank signed an MoU. Their collaboration seeks to co-finance renewable energy projects in Brazil, with a concentration on the Amazon region. Read More>>
Italian banks embrace cryptocurrency with Conio and Coinbase partnership
Conio and Coinbase have joined up to bring digital assets to Italian banks, helping to fulfil the surging demand for cryptocurrencies. Their alliance aims to provide liquidity and increase wallet support for up to 50 tokens by the end of 2023, in line with Europe’s growing trust in cryptocurrencies. Read More>>

Deals
Canada cuts credit card fees for small businesses in new deals with Visa and Mastercard
The Canadian government has completed deals with Visa and Mastercard to reduce credit card transaction costs for small businesses. The reductions, which are estimated to save US$ 1 Bn over five years, will help more than 90% of Canada’s credit card-accepting firms. Read More>>
Sopra Steria: contracts with NS&I in the UK
Sopra Steria wins two significant contracts worth GB£ 369 Mn (US$ 462.2 Mn) from National Savings and Investments in the United Kingdom. The French IT services group will oversee customer contracts as well as a savings account portfolio worth more than GB£ 220 Bn (US$ 275.5 Bn), as well as customer support services. Read More>>

Center Setup and Expansion
Sandy Spring Bank opens One Loudoun location
Sandy Spring Bank has built a new full-service office in Ashburn, Northern Virginia, at One Loudoun, to better serve the region’s citizens and companies. The branch’s goal is to serve the local community’s financial needs while also strengthening the bank’s presence in the area. Read More>>
State Bank of India celebrates the grand opening of the Sunnyvale branch
The Sunnyvale branch of State Bank of India had its grand launch, promoting community-centric banking. A ribbon-cutting ceremony marked the branch’s commitment to customized service and innovative technologies. Read More>>

Merger and Acquisition
Banc of California and PacWest Bancorp complete merger
The merger of Banc of California and PacWest Bancorp has been completed successfully, forming one of the nation’s best relationship-focused business banks. The combination strengthens their relationship-focused business banking capabilities. Read More>>

Executive Movements
Redwood Bank appoints CCO
Prior to a possible reverse takeover, Redwood Bank has appointed John Eastgate as its Chief Commercial Officer (CCO). Eastgate provides excellent leadership expertise from C-suite roles with OSB Group and Shawbrook Bank to support Redwood Bank’s expansion during this critical era. Read More>>
Barclays UK appoints Inderjit Bassi as Chief Marketing Officer
Inderjit Bassi has been named Chief Marketing Officer at Barclays UK. He has substantial marketing expertise, having worked in several roles at Barclays UK since 2002, including Marketing Director in Corporate Banking, International Banking, and Retail Banking. Read More>>
MoneyGram announces Jillian Slagter as Chief People Officer
MoneyGram has appointed Jillian Slagter as Chief People Officer. She will oversee the transformation of HR and people operations to support MoneyGram’s strategic expansion and digitization, bringing considerable human resources leadership expertise, including stints at CURO Group Holdings Corp. Read More>>

New Product Development and Product Launch
Bank of Baroda launches BOB Parivar Account: Know benefits, scheme details and more
Bank of Baroda launched the BOB Parivar Account for Savings and Current Accounts, promoting the concept of My Family, My Bank. The program streamlines operations by allowing the primary account holder to handle the family’s quarterly average amount. The account provides a variety of benefits and is open to both existing and new customers. Read More>>
Kenyan fintech Pezesha launches latest iteration of micro-SME financing platform
Pezesha 2.0, an advanced micro-SME lending platform launched by Kenyan fintech Pezesha, aims to close the US$ 300 Bn unmet SME finance gap. The updated version simplifies the application process, offers real-time fund disbursement, financial literacy initiatives, and access to other services. Read More>>

Enhance Loan Services/ Improved Security

• Citi is focusing on a travel and expense system under the joint brand that integrates Navan’s all-in-one solution with Citi’s best commercial card solutions and takes use of Navan Connect’s cutting-edge card-link technology to give Citi Commercial Bank cardholders a seamless digital experience. 
• Citi Token Services, a brand-new service from Citigroup, will be used to create transaction-specific or one-time codes that are needed to approve certain financial transactions and aid in preventing illegal access to sensitive account activity. 
• Citi established CitiDirect Commercial Banking, a digital platform that integrates all of Citi’s worldwide offerings into one to give clients a comprehensive view of their relationship with the bank, including cash, loans, trade, foreign exchange, servicing, and onboarding. 
• Citi is focusing on the Trade and Working Capital eLoans solution which helps clients meet the projected working capital needs by reducing manual touchpoints and granting qualified clients access to liquidity for running their commercial businesses and loan advances are made available through Citi’s secure and user-friendly eLoans platform.

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