SunTec

  The outbreak of the COVID-19 pandemic disrupted global business and economies at a scale barely ever seen before. Governments and central banks across the world have responded to the emerging crisis with aggressive fiscal policies in a bid to address the economic impact of the pandemic. Record low interest rates was one of the key tools deployed by most central banks. But by now, it is evident that COVID-19 will remain with us in some form or the other for a long time to come. While vaccinations can help to stave off serious illness, emerging variants will keep the disease circulating in the population as it hopefully will become endemic like the flu. Given this long-term perspective there are growing calls for central banks to move the  negative interest rates  (NIR). Most central banks and even the International Monetary Fund (IMF), however, say that NIR has eased financial stress and supported growth and inflation. NIR first emerged in 2012 when central banks of Denm...

  Organizations that have global operations are required to adhere to different tax reporting standards and regulations in each country that they operate in. Standard Audit File for Tax or SAF-T is the Organization for Economic Co-operation and Development (OECD) recommended electronic exchange of reliable accounting data from organizations’ accounting system to the tax authority for compliance purpose. It aims to create a standardized file format (XML) for the exchange of audit data. In a globalized environment, data standardization is crucial to detect tax fraud promptly and effectively. This regulation applies to global organizations or their subsidiaries with a presence in the European Union or any of the 35 member countries under OECD. Following the SAF-T regime is a mandatory requirement in most of these countries. Typically, a SAF-T file includes Accounts Receivable & Payable, Fixed Assets, General Ledger Entries, and Inventory. This regime has been used by many European...

  What will the bank of the future look like? To be honest, I am not sure there will be a physical bank where financial transactions take place. This is not to say that the banking industry will cease to exist. Banking systems have existed in some form, or the other as long as human beings have engaged in transactions and is likely to continue for as long as we do business. But banking in its current format and structure may not be around much longer. Deeper integration of financial services, or embedded banking is likely to be the norm in the future. Banking as we know it today is vastly different from what our grandparents or even parents knew. Consider this – when was the last time you went to a physical bank branch to carry out a banking transaction? Do you use cash or even your debit card anymore or have you been primarily using mobile apps, digital wallets, and UPIs? The emergence of new technologies has opened the doors to a whole world of digitally powered experiences and ...

Considering the way the pandemic has changed perspectives, The Buy Now Pay Later trend is here for good. Everyone from major banks to IT behemoths to Fintechs wants to be part of it. And the latest entrant in this emerging field is Apple Inc. It is preparing to introduce a “Buy Now, Pay Later” (BNPL) service in collaboration with Goldman Sachs Group. Customers who use Apple Pay will be able to pay for any transaction in installments over a certain period of time utilizing the Apple Pay Later service. As a result, consumers will be more likely to use Apple Pay since they would be able to purchase goods that they would not otherwise be able to afford. The global market for this specialized and growing service is projected to be over USD 22 trillion. 2 And as it begins to attract both customers and providers, it is important to understand how it works, the myriad factors fuelling its adoption, and its potential for growth. BNPL vs Credit Cards Deferred payments isn’t a new challenge a...