Much has been written about the impact the transformation of Latin America’s tax regimes has had on tax authorities across the world. In light of the region’s success, waves of digitisation and real-time controls have been adopted throughout the European Union, for example, with countries including Spain, Hungary, and - most recently - Italy digitally transforming their taxation systems.
Even more recently, there have been signs that major Asian economies, inspired by this activity, are taking these initial ideas and applying their own interpretations. We may, however, be witnessing the advent of a new tax model that’s potentially more interventionist and stated-driven than anything else we’ve seen to date.
It’s understandable that governments will do what they can to increase revenue and close gaps in their country’s tax system. But a balance must be struck between the need to tighten regulations and ensuring the system doesn’t render that country’s businesses less competitive than companies in other countries.
The deadline to claim PPI compensation has passed. It is now clear just how poorly the financial services industry estimated their losses, with the total cost to British banks from PPI claims exceeding £50bn. This is not an abstract loss or mere balance sheet adjustment – these expenses eat into profits and shareholder returns. Adding to the industry’s frustration is the knowledge this issue could have been identified and prevented many years ago.
Global money transfers now have more impact in emerging economies than foreign aid and foreign direct investment.
But how and why have global money transfers grown and where will it go next?
Traditional stocks and shares investments are gradually slowing to make way for opportunities that provide more predictable returns on investment, with peer-to-peer lending rapidly increasing in popularity among investors looking to make a nice profit. Here, Richard Litchfield, Head of Operations at peer-to-peer lending platform Lending Works, discusses why you might want to invest with P2P instead of stocks and shares.
Almost two-thirds (64%) of CFOs expect that within the next five years the financial world will no longer be able to operate without big data, however, 13% of CFOs think this is already the case. Currently, financial directors are mainly using big data to make well-informed decisions (54%), to make predictive analyses (41%) and to analyse large, unstructured databases (29%). Almost one-fifth of CFOs (18%) do not use big data at all, according to the results of the 2019 FinTech Barometer, an annual survey conducted by order-to-cash specialist Onguard.
John Spencer, Chief Product Officer at Veridium comments on the challenges financial institutions are facing with legacy IT infrastructure and the benefits of migrating to the cloud through services such as AWS.
Is there anything more frustrating than finding out your bank account is unavailable due to a technical issue? Or being an IT manager at a bank and, through no fault of your own, feeling powerless when your IT system goes down?
Philippe Bens has over 25 years of experience in asset servicing. After graduating from a Business University, he began his career at a top-tier Luxembourg bank and after two years, moved to Bank Indosuez Luxembourg to work as a fund administration manager. In 1994, he was appointed Head of Depositary and Custody Bank and six years later, he became Senior Project Manager for Fastnet Luxembourg, where he was in charge of customer communication flows. In 2002, Philippe was promoted to Business Development Director for Switzerland, Benelux, Scandinavia and the Middle East and six years later, in 2008, he moved to Switzerland to become the Managing Director of CACEIS, where he is in charge of all operational activities and business development with a specific focus on real estate. With the creation of the CACEIS Bank Switzerland Branch in Nyon in 2015, his role changed to Country Managing Director and Head of Regional coverage for all CACEIS activities in Switzerland. We caught up with Philippe to find out more about CACEIS’ Swiss Branch and the most frequent problems that the investors they work with face.
Many companies suffer from having much-needed capital tied up in their accounts receivable, But this should not be a problem as there are now agencies who offer to finance a company in exchange for their invoices.
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
