Fintech
Book notes: Democratizing Money?, by Beat Weber
This is a timely book about ‘how money really works’
Latin America has 66% more fintech startups than in 2017 – IDB
IDB report also reveals the region has a higher proportion of female founders than global average
Dutch central bank and regulator call for AML law for crypto assets
But regulations should change to make crypto asset financing easier for small firms – DNB
Crypto assets hobbled by proof of work, finds BIS economist
Raphael Auer says bitcoin payments could take “nearly a year” to become truly final
Malta’s crypto asset plan means greater money laundering risks, IMF warns
Authorities must rapidly improve AML regime and guarantee FSA’s independence, mission says
Adoption of a privately-issued digital currency can reduce social welfare, researchers find
Optimal policy can be achieved through central bank digital currency, authors say
AML/CFT regulation to cover crypto assets – Sarb
New proposals will construct a “limited” regulatory framework for crypto assets
Switzerland grants fintech firms access to interbank payment system
Federal government modified ordinance to create new licensing category on January 1
EC should conduct ‘comprehensive’ crypto analysis, says EBA
Regulator says crypto assets fall outside the scope of current EU financial services regulation
BoE keeping ‘open mind’ on central bank digital currency – Carney
But “it could be some time” before private accounts are available at BoE, if they are ever offered, governor says during online Q&A
Divergent motives fuelling CBDC discussion, BIS survey reveals
Majority of central banks are researching the various forms of CBDC, but very few expect to launch in the next six years
Central Bank of Ireland gives go-ahead to Google payments
Tech giant awarded licence under PSD2
The ‘great fintech wall of China’?
Deploying fintech wrappers could help to solve part of the People’s Bank of China’s capital control dilemma; trials possible in Greater Bay Area
Beyond payments: central bank digital currency
The issuance of central bank digital currencies, such as Sweden’s proposed e-krona, could facilitate monetary policy beyond the zero lower bound
Fintech poses “serious” challenge to governance, says former PBoC deputy
Li Dongrong warns of fintech spillover risks, regulatory arbitrage and digital divide; dismisses PBoC use of ‘untested’ blockchain
Cyber resilience hinges on collaboration, Nordic central bankers say
A decline in cash usage means Nordic economies cannot rely on it as a backstop when systems fail; preventative measures must be cost effective, says Norwegian deputy
Fintech could help financial inclusion - South African deputy governor
Sarb’s Groepe praises Singapore’s one-stop data repository
FCA survey reveals significant increase in tech failures
Cyber incidents represented 18% of incidents reported to the FCA in year to October, despite firms appearing confident with current systems and processes
Interview: Clair Mills on the meaning of fintech
The Bank of England’s head of change and data management discusses why fintech is so important for a financial sector going into uncharted territory
Report highlights cyber vulnerabilities in securities market
Structure of the market and number of participants makes sector increasingly difficult to safeguard
Cyber attacks could lead to financial crisis – Cœuré
Security must improve both at core and periphery of financial markets, senior ECB official says
Central banks should challenge risky fintech projects – Carstens
Crypto assets do not measure up against the “laws of economics”, BIS chief warns
Lagarde urges central banks to consider CBDCs
IMF chief sees obvious benefits to central bank digital currencies, but design is crucial
Central bank collaboration on CBDC warranted, says Bank of Israel official
Report rules out CBDC in Israel for now, but central bank will be watching Sveriges Riksbank closely as it launches prototype