Fintech
High income economy central banks’ technology costs vary widely
Some central banks in advanced economies have kept costs as low as those in poorer nations
Large economy central banks more likely to employ CTO
Slight majority of central banks employ CTO, but differences are clearer when sorted by GDP
ECCB launches live CBDC pilot
Blockchain-issued DCash is the world’s first CBDC within a currency union
Most central banks do not have dedicated fintech departments
Fintech operations tend to be spread across departments
Central banks considering interlinked CBDC options
Agustín Carstens presents results of cross-border CBDC survey
Central banks hired more fintech staff in 2020
Significant proportion of central banks are yet to establish dedicated fintech teams
Most central banks hold annual cyber security training sessions
One-third of central banks hold training every 0–6 months
Cyber security and retaining top talent are biggest tech challenges
Keeping abreast of fintech developments also tests institutions
Central banks use varied cyber defence playbook
Cyber security training for central bank staff occurs at least once a year
Bank of Jamaica announces prototype CBDC partner
Irish firm eCurrency Mint will provide technology that connects with central bank’s RTGS system
Sandboxes are most popular fintech initiatives used by central banks
Almost 50% of central bank respondents operate sandbox environment
A bellwether moment for CBDC plans
Launch of ‘sand dollar’ may herald a new era of CBDCs as Fed and ECB step up their preparations
Nine in 10 central banks are working on CBDCs
Very few central banks have progressed past the research phase, but those that do are working on general purpose variants
BoJ must prepare thoroughly for CBDC – Kuroda
Central bank should not rush issuance of CBDC, governor says
IMF cautions Marshall Islands on digital currency plans
Institutional framework to accommodate the sov is not ready, fund says
Payment innovation is top fintech spending priority
One-third of central banks say they are prioritising digital currencies
Wholesale CBDCs may not fix cross-border frictions – panellists
Policy-makers question whether CBDCs will make international payments faster and cheaper
Bank of Thailand reinforces stablecoin regulation
Firms wishing to issue baht-backed stablecoins must consult with the central bank
High income countries report greater numbers of licensed fintech firms
Some jurisdictions host many licensed fintech firms but others have none
‘Do no harm’: central bankers warn against rush to issue CBDC
Agustín Carstens, Jerome Powell and Jens Weidmann highlight risks of acting too fast
Central banks struggle to retain fintech talent
Private sector competition lures employees away
BoT says prototype corporate CBDC boosted efficiency
Thai central bank says DLT allowed cement firm to integrate payments systems with suppliers