Browsing: FirstRand

In-depth
Is bitcoin a legitimate asset class?

Eye-watering returns, surging prices and market capitalisations to rival some of the world’s largest companies make cryptocurrencies hard to ignore. Bitcoin, the original and arguably most well known cryptocurrency

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Bank collusion case strengthens Zuma’s hand

A finding by the South African antitrust regulator that more than a dozen local and international banks colluded to rig foreign-currency trades will bolster government accusations that the nation’s biggest lenders

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Banks bashed in battle over Guptas

New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system, including the treasury. Protestors from the

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SA banks swap asset via blockchain network

South Africa’s largest banks have successfully swapped an asset via a blockchain network, set up among themselves. The banks – Absa, Investec, Nedbank, Rand Merchant Bank/First National Bank and Standard Bank

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More banks back Gordhan over Guptas

South Africa’s largest banks backed finance minster Pravin Gordhan’s stance that he has no power to stop them from closing the accounts of a company controlled by friends of President Jacob Zuma. FirstRand, Standard Bank, Barclays

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FirstRand backs Gordhan on Guptas

FirstRand said it agrees with finance minister Pravin Gordhan that he cannot interfere with their decision to cut ties with the Gupta family. Gordhan last week asked the high court to order that he has no authority to

In-depth
How much SA’s big banks spend on IT

South Africa’s big four retail and commercial banks spent in excess of R30bn on IT in the 12 months to end-June 2016, including the cost of staff involved in this function. Excluding the cost of people, nearly R15 out of every R100 spent on

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SweepSouth raises R10m in VC funding

Technology-powered South African start-up SweepSouth, which provides online, on-demand home cleaning services, has secured R10m in new venture capital funding, it said on Monday. The funding comes from the Vumela Fund, as well

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Uber, WesBank in R200m car rental deal

Driver-partners of Internet ride-sharing service Uber will have easier access to cars following a R200m agreement with vehicle finance provider WesBank and FirstRand’s enterprise development fund Vumela. The companies announced on Tuesday in Johannesburg that

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