The economic upheaval caused by the COVID-19 crisis, combined with the group’s digital transformation strategy, resulted in the bank reducing its headcount to 38 472 in 2020 – down from 41 703 in 2017.
For tax authorities, the challenge is the lack of information about the users and the amount of payments made for the activities facilitated by the online platforms. Without such data, identifying the place of consumption is very challenging
The Digi product is paperless, can be completely branded and offers a client portal within which firms can share valuations, messages and documents with their clients.
That means login, advertising and other features would be taken off the open web and placed under Google’s control, the group said.
It comes at a time where many asset owners and asset managers around the globe, are increasingly struggling with the painstaking operational challenge of reclaiming withheld tax, across authorities and jurisdictions.
Cred, the US-based cryptocurrency lending platform, has filed for bankruptcy, as users become even more anxious about the state of their funds.
This will enable firms to test “innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction”.
“It shows that we are embracing the digital assets space, the Blockchain and crypto space and also provides us an avenue to new industries, which we really need. It’s going to be a big win for us.”