What are the implications of Coronavirus for business? Update 25 June

The coronavirus outbreak is first and foremost a human tragedy, affecting hundreds of thousands of people. It is also having a growing impact on the global economy. McKinsey has published an extensive article that is intended to provide business leaders with a perspective on the evolving situation and implications for their companies.

Read the full McKinsey article HERE. 

PSD2 - what U.S.based merchants who sell into the EU need to know

PSD2, Europe’s new set of online payment security rules, was supposed to have a ripple effect on U.S.-based merchants when it took effect in September 2019. However, a delay in full enforcement of the new standards until the end of 2020 has given US companies more time to figure out whether they’re required to comply and if so, how to do so.

What do U.S.-based merchants who sell into the EU need to know now? Get the details HERE.

Risk Management and the Coronavirus

Vicky Yu a compliance professional currently in China, has seen the effects of the coronavirus firsthand. She offers lessons learned, hopefully, to protect those organizations that may yet get an up-close-and-personal view into the outbreak.

Since the coronavirus outbreak in China in late December 2019, many Chinese companies or multinational companies that have offices in China are facing stress from government regulations and their own employees. Vicky Yu offers some insight into how risk and compliance professionals can build a stronger system.

Read what she says at Corporate Compliance Insights HERE.

The Ins and Outs of Remittance Flows

The global immigrant population is growing at a healthy pace. Their collective strength is one to be reckoned with. In 2019, migrants collectively sent $550.5 billion in money back to their home countries—money transfer flows that are more popularly known as remittances.

Remittances serve as an economic lifeline around the world, particularly for low- and middle-income countries (LMICs). The visualization linked to this post relies on the latest data from the World Bank to create a snapshot of these global remittance flows.

Where do most of these remittances come from, and which countries are the biggest recipients?

Check out the details HERE.

Asia is reinventing banking

From McKinsey’s Future of Asia research program:

"The West has led much of the development of the world’s modern banking industry across all dimensions⁠—from size, to growth, to business models, and innovation. In recent years, however, Asia has tilted the scale, delivering game-changing growth and innovations in banking services. This reflects not only the increasingly central role of diverse Asian economies in global trade and economic growth, but also Asia’s renewed leadership in scaling innovative technologies and new business models. Now, as the pace of growth slows, Asia’s banks face serious challenges and must reinvent themselves to survive."

You can read this paper, in which McKinsey summarizes the current status of Asia’s banking industry and outline one possible plan of action by which banks may reinvent themselves for the digital age HERE.

Fintech's World

The fintech industry welcomed multi-billion dollar investments in 2019. Where is the most growth, and how are incumbents dealing with digital disruption?

Since the introduction of the first credit card with a magnetic stripe in 1966, financial technology has come a long way. Silicon Valley may not have birthed the term “fintech”, but it has certainly helped catapult its applications into the mainstream.

Leveraging everything from basic apps to the blockchain, the changing dynamics of fintech are creating new investment opportunities every day, growing its appetite with every new megadeal.

Check out the graphic which highlights the global growth of the fintech industry, the services with the most staying power, and major M&A developments of the past year as traditional institutions scramble to deal with this digital disruption.

Read more HERE

In-house training

Have you ever considered going IN-HOUSE for your professional training needs?

The benefits are substantial. You can check them out HERE.

Check out available courses HERE.

• Need something specifically to cater to your company's needs?
• Need more information?

Contact us at courses@citadeladvantage.com

Citadel Advantage's Richard Barr in Amsterdam (January 2020)