HKMA & Banks Reveal Blockchain Trade Finance Setup

The Hong Kong Monetary Authority alongside 7 banks, including Standard Chartered and HSBC will jointly launch a trade finance platform using blockchain Technology which underpins digital currencies like bitcoin, in September 2018.

Swiss Cabinet rejects banking secrecy initiative

The Swiss parliament has been urged by the cabinet to reject the initiative to maintain banking secrecy for domestic private clients. Switzerland’s tradition of banking secrecy has been under pressure in recent years.

Frozen Uzbekistan funds in Swiss accounts

Switzerland has agreed to freeze funds in Swiss bank accounts that are suspected to be in connection with the Uzbekistan President’s daughter, after a request from the US was received.

RCB to become ‘major’ Cypriot bank

Since the remaining capital restrictions in Cyprus were lifted in April, RCB Bank has been steadily building up its strategy to further develop its domestic business according to a source.

Hellenic to take over Bank of Piraeus?

Hellenic Bank is the second largest bank in Cyprus, and as is apparently in talks to purchase the Bank of Piraeus Cyprus, as stated from a Hellenic Bank source.