Fintech
New paper examines central bank digital currency models
Bank of Canada experiment proves distributed ledger networks can be used to settle payments; paper examines the difference between retail and wholesale models
North Korea linked to Bangladesh Bank heist
North Korean IP address used in theft, claims Russian cyber-security firm; hacker group Lazarus’ fascination with financial gain “relatively new”
MAS’s Menon stresses importance of fintech regulation timing
Fintech needs regulation, but it should not “front-run” innovation, says Menon; regulation should “kick in” only when fintech risk “crosses a certain threshold”
Bank Negara Malaysia invites public to submit ‘fintech hacks'
Malaysia’s central bank extends research into fintech through public project; hopes regulatory sandbox will produce “game-changing results”
BoE collaborates with fintech firms to enhance payment system
BoE establishes new fintech community to discuss developments in the industry; next round of proof-of-concepts to examine ‘interledgers’ and threat intelligence
Japan and Singapore agree regulatory fast-tracking of fintech companies
“Framework agreement” also provides for information-sharing on fintech innovations
Chinese bitcoin exchanges continue prohibiting withdrawals
Bitcoin exchanges suspend withdrawals indefinitely following statement from PBoC official; central bank does see benefits to the technology
Danish central bank advocates specific cyber security testing
Survey shows only 50% of financial institutions specifically test their crisis response plans against cyber attacks; cyber security needs to be backed by senior management
Fed’s Powell warns of central bank digital currency impact on private sector
Powell says digital currencies issued by central banks could “stifle” private sector payment innovation, though he is confident DLT will have benefits for faster payments
Government regulation needed for digital currencies to remain secure – paper
Canadian paper draws historical comparison between banknotes and digital currencies, concluding regulation is needed to ensure safety
Researchers dig further into ‘Lazarus’ cyber attacks
Latest effort to crack case of cyber criminals unearths “fairly sophisticated” mechanism to target banks and regulators, and less sophisticated efforts to mislead investigators
BoE to work with Anomali on cyber intelligence
Cyber security firm to work with BoE on its 'Threatstream' technology to improve the bank's threat intelligence framework and the sharing of such information
‘Lazarus’ hackers seek fresh targets via regulator websites
Group linked to Bangladesh Bank hacks may have compromised the website of the Polish FSA, using it to spread malware in a “watering hole attack”
Bank of Russia sets up fintech body and gains internet-blocking powers
Central bank holds policy rate saying recent fall in prices due to “temporary” factors
Fintech is threatening universal banking as we know it – Carney
Carney highlights how fintech could threaten conventional banking through the provision of services; BoE governor also explores the pros and cons of a centrally issued digital currency
Central Bank of Nigeria bans banks from using digital currencies
CBN warns on AML-CFT risk to banks from dealings with “virtual currency exchangers”
Italian police arrest two over Draghi hacking allegations
Investigating official suspects wide-ranging conspiracy; attempts made to hack over 18,000 email accounts, local authorities say
French central bank reveals details of blockchain experiment
Banque de France teams up with a fintech start-up to run distributed ledger tech through Sepa; the results of project expected to be presented at a conference in 2017
HKMA launches fintech accelerator
In partnership with Astri, initiative will “nurture” talent to meet the growing need for fintech innovation in the region
Central banks ‘critical’ in the development of blockchain
Large South African commercial bank examines what a central bank digital currency would look like, coining the phrase “sovereign blockchain”
Fed ‘well positioned’ to regulate fintech firms – Brainard
Tech mantra of “run fast and break things” is not well suited to financial services, Fed governor says, although the central bank does not want to stifle innovation either
Central Bank of West African States to regulate national digital currency
BCEAO to distribute digital currency first in Senegal before rolling it out across the west African bloc; 'eCFA' developed by regional bank and Irish fintech start-up eCurrency Mint
BoJ's Nakaso: central banks must keep up with technology
Deputy governor says central banks must adopt new payment technologies to meet demand, though the BoJ is not planning to issue digital currencies at present