Citigroup appoints new fintech MD from Deutsche Bank US
The Head of Financial Technology Investment Banking at Deutsche Bank US, Rahul Singla, is set to step down from his position, joining Citigroup as the company’s new Managing Director of Fintech, according to Financial News.
Singla is leaving the company after more than 11 years of service, first having joined Deutsche Bank as an associate back in 2007 following five years in a managerial position at Deloitte Consulting.
The move from Citigroup is a significant boost to the firm within the fintech sector - a key area of focus for a range of both financial and technology firms in the current market.
Many traditional brick and mortar banks are more readily looking to digitise their operations in order to satisfy the growing demands of customers, something that Singla will be tasked with in his new role.
Just last month, Goldman Sachs hired a new Head of Digital Asset Markets to allow its customers to more readily access digital markets, whilst insurance broker Lockton appointed a new Chief Digital Officer.
Financial News reveals that Singla will report to Rick Diamond, Global Head of Financial Technology and Information Services at Citigroup, who previously worked as a Managing Director at JPMorgan.
Ericsson: 5G will be fastest adopted mobile generation in hi
Ericsson’s June Mobility Report projects that nearly 600 million 5G subscriptions will be active by the end of 2021, making it the fastest adopted mobile generation in history.
The longer range forecast is for around 3.5 billion 5G subscriptions and 60 per cent 5G population coverage globally by the end of 2026.
China, the US, Korea, Japan and the GCC (Gulf states) will lead deployment, with Europe lagging behind. The latter got off to a slower start and has been mired in infrastructure battles over the provenance of hardware.
North East Asia is expected to lead 5G deployment with an estimated 1.4 billion subscriptions by 2026, while North America is expected to account for the highest 5G subscription penetration.
Key findings of the Ericsson Mobility Report, June 2021
5G remains on track to become the fastest adopted mobile generation in history with subscriptions increasing at a rate of about a million per day
China, North America and the Gulf Cooperation Council markets are leading the way on subscriber numbers, while Europe is off to a slow start
5G subscriptions with a 5G-capable device grew by 70 million during the first quarter of 2021 and are forecast to reach 580 million by the end of 2021
5G ready for 'advanced use cases'
Fredrik Jejdling, executive vice president and head of networks, Ericsson, said, “We are in the next phase of 5G, with accelerating roll-outs and coverage expansion in pioneer markets such as China, the USA and South Korea. Now is the time for advanced use cases to start materialising and deliver on the promise of 5G. Businesses and societies are also preparing for a post-pandemic world, with 5G-powered digitalization playing a critical role.”
Photo credit: Ericsson