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Gatehouse Bank Teams Up with Algbra Labs for Revolutionary Shariah-Compliant Digital Innovation
Algbra Group and Gatehouse Bank have formed a strategic partnership to enhance digital banking, focusing on ethical financial solutions. Gatehouse Bank, a UK-based Shariah-compliant institution, aims to improve services for diverse clients, including expats and international homebuyers. The collaboration will introduce a digital account for overseas investors in UK property, simplifying the customer experience and promoting Islamic finance. Recent research indicates a growing demand for Islamic finance in the UK, with a projected market increase from $7.5 billion in 2024 to $9 billion by 2030. Both companies emphasize their commitment to serving underrepresented communities through innovative financial technology.
Unlocking Wealth Management Success: The Power of Data Ownership
Data ownership is becoming essential in wealth management, enabling both wealth managers and retail investors to control their financial information effectively. Fredrik Davéus, CEO of Kidbrooke, emphasizes that the power of data lies in its application, urging investors to utilize it for improved decision-making. Wealth management firms are adopting unified data systems to avoid fragmentation and enhance data quality. Katy Gibson from Morningstar Wealth highlights the benefits of firm-owned data, including portability and scalability. Retail investors also gain from data ownership, with initiatives like a universal investor profile ID card improving efficiency. Overall, embracing data ownership enhances decision-making and personalized investment experiences.
Streamline Climate Disclosure: EFRAG and CDP Launch Innovative Mapping Tool
EFRAG and CDP have launched a new mapping tool to enhance climate disclosure compliance, unveiled at COP29. This tool aligns with the European Sustainability Reporting Standards (ESRS) E1 and CDP’s question bank, simplifying climate reporting for businesses by addressing transition plans, mitigation targets, and emissions reporting. It offers improved compliance, better data utilization, and increased reporting efficiency. CDP CEO Sherry Madera emphasized its practical implications, while EFRAG’s Patrick de Cambourg highlighted its importance in navigating climate disclosures. This collaboration is a significant step toward improving sustainability reporting globally, benefiting companies aiming for ESRS alignment.
IOSCO Launches I-SCAN: A Powerful New Tool to Protect Investors from Global Fraud
The International Organization of Securities Commissions (IOSCO) has launched I-SCAN, a global alerts network designed to enhance investor protection by identifying and reporting suspicious company activities. This platform is part of IOSCO’s Roadmap for Retail Investor Online Safety, aiming to improve awareness of potential investment scams. I-SCAN aggregates alerts from over 150 financial regulators, facilitating swift regulatory actions against fraud. It provides easy access for investors, banks, and online platforms to stay informed about flagged companies. Leaders, including IOSCO Secretary General Rodrigo Buenaventura, emphasize I-SCAN’s crucial role in combating online fraud and fostering market integrity.
Standard Chartered Approaches $1 Billion Milestone in Sustainable Finance Initiatives
Standard Chartered has reported a 36% increase in sustainable finance income, reaching $982 million in 2024, as detailed in its annual report. The bank aims for $1 billion in annual income from sustainable finance by 2025. Sustainable finance lending rose to $507 million, while transaction services increased by 58% to $319 million. Chief Sustainability Officer Marisa Drew highlighted the growing opportunity in financing the low-carbon transition. Standard Chartered also plans to mobilize $300 billion in sustainable finance by 2030, with significant progress already made. CEO Bill Winters affirmed the bank’s commitment to environmental goals amid industry shifts.