April Wu

China Market Strategy

November 26, 2014

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Banking News This Week – Nov 26

The top 5 banking news stories in emerging markets this week.

1 – Nigeria: Diamond Bank in $147m boost

CARLYLE Group invested $147 million (R1.6 billion) in Diamond Bank as it seeks to expand in Africa’s largest economy. >>

2 -Battle looms over mobile pay systems

China’s thriving mobile payment market will witness a new battle for dominance between Apple Inc and its local smartphone rivals, with industry insiders anticipating a direct showdown between Apple Pay and a home-grown digital wallet service in late 2015. >>

3 – SCB to broaden overseas footprint through Mizuho partnership

Thailand’s third-largest bank by assets, Siam Commercial Bank, has formed a strategic partnership with Mizuho Bank, one of Japan’s mega-banks, to strengthen SCB’s overseas business. >>

4 -Rwanda: ICT Investment, Innovation, and Beyond

Rwanda has the fifth highest level of mobile money penetration in the world and Rwanda is one of the nine countries in the world with more mobile wallets (Mobile Money Accounts) than the number of bank accounts attained in 2013. >>

5 – ING cuts 1,700 jobs as part of digital push

ING, the largest Dutch bank, said on Tuesday it would scrap 1,700 jobs over the next three years as part of an online banking push and would book a provision of 320 million euros (S$518.75 million) in the fourth quarter to finance them. >>

Also worth reading:
(Video)Doing Business In Emerging Markets – Banking Sector
4 Chinese Internet Companies Betting On Mobile Banking
Banks Tapping New Potential in Asia


  • Melissa Ong

    It looks like mobile payments are the missing piece of the jigsaw. With the use of mobile website and mobile payment app, consumer can buy and pay for goods. Hope they can use the same technology when paying for retirement home .Just like shoppers can pay without having a queue.

  • Joycelyn Tan

    @Melissa: We can see ourselves carrying hard cash because it’s quite difficult to make purchase with payment cards and track your spending online. Deferred payment is impossible. Digital wallet is such a big help!

  • Kim Ho

    It is the perfect time to buy a property. I’m planning to buy at park 1 suites.

    There is only one reason why they want to paint this pig, and that is to raise interest rates so the banks can have a proper yield curve