Fintech
Podcast: Central Banking launches Tech Talk series
In the inaugural episode, Rachael King and Adam Csabay cast a critical eye over some of the biggest fintech developments of 2019
Cloud throws up new financial stability risks – FSB
Reliance on third-party cloud platforms creates risks, especially given market power of providers
New ‘currency’ aims to tackle failings of its predecessors
Saga sits somewhere between a stablecoin and a crypto asset – and has been designed by a team that includes former central bankers
Central banks should collaborate on multicurrency CBDC – research
Lithuania’s central bank notes national CBDC projects will not solve global payment inefficiencies
Atlanta Fed develops new data app
App provides access to Fed bank’s most popular data points and tools
Data sharing could curb big tech dominance – FSB
Ensuring all financial market incumbents have access to same data could level the playing field
Bank of Israel proposes open banking rules to foster competition
Banks and credit card companies to allow supervised third parties access to their customers’ accounts
Carstens: Money without central banks is doomed to fail
Many “architectures” are possible but they must be built on a foundation of trust, BIS chief says; improving “two-tier” system may be best approach
Cyber stress tests reveal risks in Singaporean firms
Insurance firms report potential losses as high as $3.4 billion, while banks’ costs could hit 65% of quarterly profits
The pursuit of ‘fintecgrity’
Digital currencies, distributed ledgers and deep learning are set to transform the financial economy. How can regulators maintain integrity at the confluence of finance and technology?
Facing up to the tech challenge
Central banks get a wake-up call from libra
HKMA calls for innovation in fight against money laundering
The authority flags new and emerging risks in the city’s AML/CFT regime, urging stakeholders to collaborate and innovate
Focus on cross-border payment systems, not CBDC – Bundesbank official
German central bank board member says “fast and efficient” payment network should take priority over digital currency development
Regulators and firms confront problems of ‘open banking’
Basel Committee report says challenging trade-off exists between privacy, security and efficiency
Interest-bearing CBDCs could solve welfare trade-off – IMF paper
Making CBDCs interest-bearing would avoid dangers to cash use or bank deposits
Singapore may allow trading in bitcoin-based derivatives
MAS opens consultation on proposal to allow trading of “payment token derivatives”
Consumer data must be handled ‘properly’ – FCA official
Firms must ensure they are using data “ethically”, FCA’s Mills says, if open banking is going to be a success
FSI paper details ‘red team testing’
Paper sets out how the cyber-security tests are used in different jurisdictions
Crypto assets may force central banks into policy synchronisation
Paper examines the impact a global crypto asset would have on the “impossible trinity”