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BACKCHAT / DIARY Backchat
EU doesn’t get it so is to splash out €350,000 on a European FinTech study. It has launched a call for tenders for a service contract to conduct a study on the booming sector.
E
The objective is to better understand disruptive new entrants and to evaluate their impact on the banking and financial services sectors and incumbent players. Ho hum. And they wonder why we Brits voted for Brexit…
It’s that time of year again. Sibos is almost upon us, taking place this time around in Geneva, Switzerland. Spare a thought for us poor journos who have been struggling to register for press passes. In short, SWIFT have gone old school, or, to put it another way, the website is a bit rubbish. SWIFT’s PR peeps got in touch during August to see if IBS Journal were planning to attend. “Basically, SWIFT are having problems with the registration portal for Sibos,” they said. “So we are doing a ring around of media to see who is going and then registering those who are, manually. Are you planning on attending? If so, are you happy for me to register you?”
Our response, yes and yes. And have they tried turning the registration portal off and on again?
And the Colossal, Costly Cockup of the Year Award goes to (drum roll, please) Royal Bank of Scotland. Infosys is to ‘ramp down’ around 3,000 roles after RBS cancelled a $300 million contract involving the launch of Williams & Glyn (W&G) as a standalone bank.
Yes, you read that right, Infosys had 3,000 people working on the project as it helped to create and test the systems that would underpin the new look W&G. Yet the initiative, which involved extricating the venture from RBS’s creaking legacy systems and migrating to a new platform, was plagued by delays and cost £1.5 billion. RBS, which let us not forget is 73% owned by the British taxpayer, “concluded the risks and costs inherent in the programme are such that it would not be prudent to continue.” It has to sell W&G’s 300 branches and assets as a condition of European Commission rules for receiving a £45 billion bailout in 2008. Cue the likes of Santander prepping offers.
Infosys, meanwhile, stresses that ramping down isn’t PR speak for lay offs but rather employees will be relocated to other projects. So that’s something, at least.
IN THE NEXT ISSUE Feature Focus: Wealth Management and Private Banking rm, we’re not sure this is a good use of taxpayers’ money. The Diary SEPTEMBER
26-29: Sibos 2016, Geneva
www.sibos.com
28: BFSI Innovation & Technology Summit, Mumbai
www.bfsiitsummit.com
OCTOBER
5-6: BAI Beacon 2016, Chicago
www.bai.org/baibeacon
23-26: Money20/20, Las Vegas
http://money2020.com
NOVEMBER
8-9: BankTech Asia, Kuala Lumpur
www.banktechasia.com
DECEMBER
5-7: World Islamic Banking Conference, Manama
www.wibc2016.com
5-7, PayExpo MENA 2016, Dubai
http://www.payexpo.com/mena/
FEBRUARY
7-8: FinovateEurope 2017, London
http://europe2017.finovate.com
For further information and a comprehensive listing of industry events, visit our website:
IBS Intelligence is a prominent media partner of many fintech industry events worldwide. If you are interested in a media partnership with us and marketing opportunities, please contact:
www.ibsintelligence.com © IBS Intelligence 2016
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