Rapid developments and increasing competition in the retail banking landscape require greater need for closer supervision and monitoring from industry regulators to protect the rights of the consumers.
The combination of slowing global economic growth, record low interest rates, increasing costs of regulatory compliance, and pace of financial disruption that demands greater investments is making many transaction banks relook their business propositions and operating models.
Alibaba's Singles' Day has surpassed global records for e-commerce sales, taking a total of $17.8 billion this year. However, there are concerns whether the one-day event held every 11th November can sustain its large growth in the coming years.
The boards of directors of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) have approved a proposed merger of the banks, which will create the largest bank in the Middle East and North Africa region.