UK supermarket chain Morrisons has begun a four-week consultation period with almost 700 members of staff after unveiling plans to introduce cash-counting machines across 490 of its stores, according to the industry trade magazine ‘
The publication quotes a statement from the group, which confirms: “Morrisons has begun to consult with 689 cash office managers and supervisors about a proposal to remove management and supervisory positions in cash offices in stores. Morrisons will support its colleagues throughout this consultation process.”
A spokesman for the group added that the proposed systems would automatically count cash and improve efficiency. Morrisons is the UK’s fourth-largest supermarket chain and employs around 131,000 staff. The group has recently seen its market share fall to 11.7% in the 12-week period to 17 March against 12.3% for the same period a year earlier.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.