FMI
Bank of Finland deputy urges banks to meet mobile and internet payments demand
Pentti Hakkarainen says banking sector has not met Finnish population’s demand for mobile, internet or real-time payments; says banks risks losing their data advantage over other institutions
ECB to relax CCBM collateral deposit rules from May 2014
Benoît Cœuré says the rule change will pave the way for support of cross-border, tri-party collateral management services from September next year; warns Sepa deadline looks tight for many
Africa leads growth in financial inclusion, finds IMF study
Most comprehensive financial inclusion data set to date highlights rapid expansion of financial access in Africa; emphasises close links between growth and SMEs' access to finance
Central banks behind curve on innovation, says World Payments Report
Central banks are struggling to keep up with rapid growth of innovative new payment systems, report warns; risk to European firms that regulation will cause mobile payments to fall behind
Sanusi unveils revised Nigerian payments strategy
Central Bank of Nigeria governor underscores progress made already with modernising payment systems in Nigeria, and reveals details of revised payments strategy for 2020
Digital payments key to financial inclusion, says Gates report
New report into financial inclusion says digital payments are the way forward – but financial service providers will need to charge fees in order to cover the cost of serving the poor
Regional Feds launch push for faster payments
The 12 Federal Reserve regional banks outline a broad 10-year plan for generating a faster, more efficient payment system; look to industry for specifics
Downsides of technology-driven financial system highlighted at AFI conference
Bank Negara Malaysia governor Zeti Akhtar Aziz says in opening remarks that financially marginalised groups could suffer as everyday financial activities become increasingly sophisticated
RBNZ licenses 99 insurers as three-year deadline passes
New Zealand's 2010 Insurance Act gave insurers until this Saturday to apply for and receive a licence allowing them to continue business operations in the country
Hungary signs RMB swap line with PBoC
Agreement is the People's Bank of China's second with an EU member state following deal with the UK; equals the size of swap line China has with its neighbour Mongolia
Danish central bank calls for better liquidity management in payments markets
National Bank of Denmark urges market participants to reserve ‘adequate liquidity’ for payments settlement; breaks down ongoing modernisation of financial market infrastructure
Regulators exempt forex swaps and forwards from initial margin rules
Working Group on Margining Requirements exempt forex swaps and forwards from initial margin rule for non-centrally cleared derivatives; offer a more restricted exemption for cross-currency swaps
RBA payments head hails ‘hub-based’ retail payments platform
Reserve Bank of Australia’s Tony Richards delivers update on country’s new payments platform and the central bank’s work towards a faster settlement system
Adherence to Islamic financing principles could benefit credit unions
Islamic savings products would make institutions more resilient, and possibly strengthen incentives for good governance, IMF working paper argues
Mauritius introduces polymer banknotes
The Bank of Mauritius joins an exclusive but growing group of central banks that is looking to plastic money to curtail counterfeiting
People: StanChart's new global RMB team; RBC hires Asian equities head from JPM
Carmen Ling quits Citi to head Standard Chartered's new global renminbi-focused team; RBC hires new head of Asian equities from JP Morgan in Hong Kong; and more
Meeting Basel III requirements ‘the critical question' for India's public banks
'Fiscally squeezed' Indian government may struggle to meet the enhanced capital needs of public sector banks under Basel III, warns Duvvuri Subbarao
CPSS, Iosco and FSB publish reports on FMIs
CPSS and Iosco says member states are making ‘substantial progress’ towards establishing their principles for financial market infrastructures; FSB offers new guidance for resolution
A status report on Dodd-Frank and the Volcker rule
As the US and Europe move closer to co-operating on derivatives legislation, Vembar Ranganathan looks at the status of Dodd-Frank implementation aimed at curbing excesses in the derivatives market
HKMA primed for mobile payments surge
The Hong Kong Monetary Authority is enhancing the legal and supervisory framework needed for the safe development of retail payments for its echnology-savvy population
‘Striking similarities' between eurozone and the pre-1914 gold standard
Both monetary arrangements provide underdeveloped peripheral countries with easy access to capital from the core countries, triggering asset price booms via the banking system in peripheral countries
Zimbabwe governor says return of local currency is not on the cards
Gideon Gono issues post-election statement on country's multi-currency regime; tells banks and investors to stop panicking and get on with their boardroom strategies
Adopting electronic retail payments boosts real economy, says ECB paper
Working paper says efficient electronic retail payment infrastructure boosts GDP, trade and consumption; integrating and harmonising different markets amplifies these effects
RBI governor champions ‘logically robust' financial regulation
Duvvuri Subbarao says financial markets stand out because they are not self-correcting, and because financial firms are highly leveraged and uniquely interconnected