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BRICs bank seeks move away from funding in dollars

Section: Daily Dispatches

By Tom Hancock
Financial Times, London
Monday, August 5, 2019

The New Development Bank, a lender owned by Brazil, India, Russia, China, and South Africa, is aiming to almost double its lending this year and shift its loan book away from the U.S. dollar to emphasize lending in local currencies.

The NDB, or BRICs bank as it is often known, has approved more than $9 billion in loans in its member countries after being founded four years ago. It is seen as a challenger to established lenders such as the World Bank, Asian Development Bank, and International Monetary Fund.

... Dispatch continues below ...


Kinesis Engages Contis to Launch UK, European Debit Card for Its Digital Gold and Silver Currencies

Company Announcement
Tuesday, June 4, 2019

LONDON -- Today Kinesis Money announces the initiation of its U.K. and E.U. debit card program with Contis Group, the award-winning platform as a service that provides end-to-end banking and payments solutions. Kinesis has selected Contis for its European and UK debit card solutions and has officially started developments, scheduled for release in Q4.

The release of these euro- and pound-denominated debit cards will cement Kinesis' position in the market as a formidable global fintech player. The Kinesis debit card will allow Kinesis' clients in the U.K. and Europe to easily and efficiently use their Kinesis currencies to make purchases anywhere that has a merchant facility, as well as withdraw funds via global ATM networks. ...

... For the remainder of the announcement:

The bank plans to increase its loan book to $16 billion this year. So far it has mainly relied on its dollar paid-in capital for funding, but in the future 50% of projects "should be local currency-financed,” K.V. Kamath, the bank's president, said in an interview. ...

... For the remainder of the report:

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