After two years of developing and £100 million spent, the Royal Bank of Scotland (RBS) has launched its own digital, cloud-based bank named Bó in order to compete against the rise of digital banks.
Involving an extensive network of bankers, tax lawyers and traders (dubbed by Danish Broadcasting Corporation the men who plundered Europe) the CumEx scandal refers to a tax fraud scheme that was purportedly operated across a large number of European countries. It may have netted its operatives upwards of €60 billion.
The French finance minister, Bruno Le Maire, said France will block the development of Facebook’s Libra cryptocurrency in Europe until the concerns over the risk to consumers and the government’s monetary sovereignty were addressed.
On 28th June 2019, the Monetary Authority of Singapore (MAS) announced that it will issue up to five new digital banking licenses. For the first time, following Hong Kong’s move earlier this year, MAS applications are being opened to firms with no track record in banking. MAS expects to grant licenses in mid 2020 and start business by mid 2021.