Fintech
PBoC deepens interest in fintech with new committee
Fintech committee will be charges with investigating the pros and cons of financial innovation and producing guidelines where appropriate; China’s central bank deepens cooperation with IMF
Kuroda cautions banks about keeping in step with fintech innovation
Bank’s business models could come under threat if institutions are unwilling to embrace fintech; regulatory sandboxes offer safe space to embrace it, says BoJ governor
US regulators asked to play greater role in cyber security
Financial institutions cannot battle threats on their own, the CFTC is told
Regulators told to play greater role in cyber security
Companies can’t battle threats on their own, CFTC told
Bank of Korea paper says digital currency will not displace hard cash
Digital currency could be used as a medium of exchange, but will not oust cash as a store of value, given the issues surrounding insurance and trust, authors of working paper find
Norway’s Nicolaisen: central banks must guard against e-money takeover
Private electronic money can bring drawbacks, especially in a crisis, Norges Bank deputy governor warns; central banks need to come up with better options
Fintech not a danger to banking, say IMF panellists
Bank of Canada deputy says banks should be ready to embrace fintech, as the benefits for grow; IMF fintech working group hosts first panel at Spring Meeting
Swift rolls out new cyber defences for central banks
System uses machine learning to spot patterns and anomalies, so central banks and other institutions can act early on suspicious transactions
Carney: financial infrastructure is now ‘fit for purpose’ for fintech
Bank of England governor announces RTGS will be opened to a broader range of participants, with new blueprint expected in May
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