In today’s top news in digital-first banking, Ally is collaborating with Microsoft to advance quantum computing’s role in the financial services sector, while Norway is looking into central bank digital currencies (CBDCs). Plus, Credit Suisse Group AG posted a 31 percent year-over-year rise in net revenues for the first quarter of 2021, although the Swiss bank reported a loss.
FinTech Ally Teams With Microsoft To Advance Quantum Computing In Banking
Ally is teaming with Microsoft to further quantum computing’s role in the financial services space and look into how it can be harnessed to resolve complex issues. The relationship between the two firms will harness the newest research on quantum-inspired algorithms to better comprehend the way in which the innovation can be used to benefit a broader array of commercial workflows. Ally teamed with Microsoft as part of the Enterprise Acceleration Program (EAP).
Cashless Norway Explores Central Bank Digital Currency
Norges Bank Governor Oystein Olsen said he believes the case for looking into a CBDC is much more formidable than it was four years ago. The bank intends to dedicate the following two years to learn more about the space. Fewer than 4 percent of transactions in Norway are conducted by the way of coins and banknotes, according to Norges Bank, which said this is the lowest cash use in the world. Sweden is only a bit less cash-adverse, as it harnesses coins and notes for approximately 9 percent of transactions.
Credit Suisse Posts $275 Million Loss After Taking Hit Over Hedge Fund
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Credit Suisse Group AG reported a 31 percent year-over-year increase in net revenues for Q1 2021, but the Swiss bank posted a loss for the period after absorbing many items that management said had a “considerable impact” on its reported results. “Our results for the first quarter of 2021 have been significantly impacted by a CHF 4.4 bn [approximately $4.8 billion] charge related to a U.S.-based hedge fund. The loss we report this quarter because of this matter is unacceptable,” Credit Suisse Group AG CEO Thomas Gottstein said in a press release.
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