Westpac to use AWS to bolster the bank’s hybrid cloud capability and support digitization

Key Insights and Signals -Banking & Financial Services

Deals
RBL Bank enters into an agreement with Exim Bank for trade finance
RBL agreed with the Export-Import Bank of India under the Trade Assistance Programme to support cross-border trade transactions. The TAP aims to facilitate India’s exports globally by providing credit enhancement to trade instruments, which will help mobilize trade finance and increase support to Indian exporters. Read More>>
Aussie bank Westpac signs five-year deal with AWS
Westpac will utilize AWS’s machine learning, computing, and data analytics capabilities to improve the bank’s cost efficiency. The collaboration will help Westpac continue to grow its use of cloud services and deliver new and enhanced digital-first experiences for its customers and employees. Read More>>

Partnership
BoM signs partnership with Experian India to foster credit ecosystem
The bank will collaborate with Experian India to improve the credit portfolio ecosystem for its customers. This partnership will help establish a healthy loan book, which will benefit both the bank and its customers. Read More>>
Ecobank Ghana and Bolt signed a partnership agreement
Ecobank will partner with Bolt to offer exciting discounts to its customers. Under this partnership, Ecobank customers who use Bolt services and pay with their Ecobank debit or credit card will enjoy a 50% discount on their first ride and a 5% discount on subsequent rides for the next three months. Read More>>
Germany’s DZ Bank partners with Metaco for digital asset custody services
The company has partnered with Metaco to offer custody services for its customers’ digital assets. The partnership between DZ Bank and Metaco is expected to help the bank offer digital asset services to its institutional clients with the same level of security and reliability as its traditional financial services. Read More>>

Executive Movement
Change in Directors or Principal Officers and other events at Goldman Sachs
Goldman Sachs announced that Dr. Faust and Mr. Winkelman have retired as directors or officers. Additionally, the Board has appointed Kimberley Harris, a current Director, as the new Chair of the Compensation Committee upon Mr. Winkelman’s retirement. Read More>>
Absa Bank Kenya appoints Abdi Mohamed as the new CEO.
Absa appointed Abdi Mohamed as the new CEO and Managing Director. Mohamed is the current Managing Director of Absa Bank Tanzania and acting Managing Executive for Retail and Business Banking, Africa Regional Operations Absa. Read More>>
Jeremy Awori leads Ecobank Group as the new Chief Executive Officer
Ecobank appointed Awori as a new Chief Executive Officer of the Ecobank Group. Awori noted that Ecobank is well-positioned to bring systematic change to the banking sector at a pan-African level, leveraging the geographic footprint it has already established. Read More>>

Layoff
Wells Fargo lays off hundreds more, including some top mortgage producers
Wells Fargo will reduce its workforce and close retail branches. The company has confirmed displacements as part of this strategy in response to significant decreases in mortgage volume in the broader market environment. Read More>>

Financial and Market Report
Schroders’ wealth management arm delivers strong results
Despite challenging market conditions, Schroders reported positive financial results for its wealth management business in 2022. The net operating revenues for the wealth management business increased by 10% to USD 394.3 Mn compared to the previous year. Read More>>
Marqeta outlines 2023 ambitions after slower growth in Q4
Marqeta announced the company’s net revenues for Q4 were USD 204 Mn, representing a 31% YoY growth rate. This growth rate was lower than the 76% YoY growth rate achieved in the previous year. The financial services segment experienced faster TPV growth in Q4 than in Q3, largely due to increased Cash App card penetration. Read More>>

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Latest Industry Insights from Draup Braindesk

Business Advancement Services

National Australia Bank focuses on offering its clients the opportunity to transform its cash operating workflows digitally and plans that improve cash visibility and faster business. decision services
Through marketing strategies, National Australia Bank hopes to improve the features on its website and applications that help retail grow its businesses.
The company is keen on expanding business development services to develop new markets or industries and improve its current sales and marketing strategies.

Digital Platform Enhancement

National Australia Bank focuses on developing digital financing solutions to provide customers with flexible spending options that offer technology strategies that enhance. payments and data analytics hardware & software to streamline platform operations
National Australia Bank achieves digital transformation with the help of AWS customer enablement to expand its existing capabilities if it was to grow, modernize, and meet changing customer demands

Start-up Spotlight

Company – Plooto
Total Funding – USD 26.05 Mn
Plooto is a payment management platform for small and medium-sized businesses to automate and streamline their payments. Companies can send payments within 2-3 business days, and transactions are automatically reconciled with leading accounting software. Read More>>

Fundraise and Investment

Eurazeo has invested USD 47 Mn into Etix Everywhere
Eurazeo invested in data center operator Etix Everywhere through its infrastructure strategy. The funding will be used to reduce the leverage taken out to acquire data center firm CIV France last year and invest in expansion opportunities in Europe, focusing on France and Southeast Asia. Read More>>

Latest Reports Published in Draup

Australia and New Zealand Banking Group Limited – Account Intelligence Report
ANZ uses machine learning to modernize its core banking by leveraging the modern banking platform and enabling convenient, frictionless digital banking services through a cloud-native solution. Read More>>

HSBC Holdings plc Account Intelligence Report
HSBC focuses on developing its insurance and wealth franchise that provides automation processes for the financial sector. It is eager to create annual asset management market growth to improve customer satisfaction. Read More>>

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