Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Stocks in Asia traded mixed on Monday as investors await a U.S. Federal Reserve meeting set to happen later in the week stateside.Asia Marketsread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The outlook for Germany's economy and political stability are more uncertain than ever, writes Michael Ivanovitch.World Economyread more
Hong Kong democracy activist Joshua Wong walked free from prison on Monday after serving nearly five weeks for contempt of court, pledging to join a mass protest movement...China Politicsread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
The idea that big banks are facing an "existential crisis" from financial technology (fintech) challengers is "overblown", the digital chief of HSBC told CNBC.
In response to the debate over challenger banks and other fintech players posing a serious threat to established financial services institutions, the bank's head of digital said that the trust of customers meant banks were "sufficiently primed." Some have referred to the debate as "David versus Goliath," referring to the potential for small digital start-ups to undermine the dominance of big banks.
"I think the 'David-Goliath' (debate) or the existential crisis debate is overblown," Raman Bhatia, head of digital for HSBC in the U.K. and Europe, said in a phone interview on Tuesday.
"There are many players that will co-exist and there could be many models that could build on top of the bank's model and co-exist with what banks have to offer."
Several digital-only "challenger banks" such as Starling, Fidor and Monzo have gained momentum, particularly in the U.K., leading to questions over whether such digital alternatives could weaken the position of traditional banks.
And regulations which would allow third-party companies the ability to provide payment services for and access the data of banking customers - something referred to in the fintech world as "open banking" - are also set to cause headaches for the banks, experts have said.
Last week Daniel Döderlein, the CEO of Norwegian start-up Auka, which helps banks to comply with such regulations, warned that institutions which refuse to change their model to adapt to new developments like open banking would trail behind others in the market.
He said at a fintech conference in London that there would be a difference between the banks that "continue to make incremental technology steps to just make their business more efficient," all the while operating "exactly the same," and banks that "strategically fight towards the force of fintechs."
And last month former Barclays CEO Anthony Jenkins warned that banks could be faced with their own "Kodak moment" by falling into irrelevance if they failed to keep up with the pace of rapidly developing fintech technologies.
But HSBC's Bhatia, who is responsible for developing innovation at HSBC, said that he believed the bank was ready for a challenge from fintechs, and that the bank's history as a financial institution and the trust of customers would work in its favor.
"We have customers, we have the trust of customers for more than a 100 years and we are investing heavily in and learning from fintech, partnering with fintechs and developing our own digital propositions for our customers, and the customers appreciate that," he said.