Fintech
MAS partners with Mastercard to tackle cyber risks
Singaporean central bank and payments firm will share information and conduct joint training
IMF officials warn cyber risks are growing
Systemic and third-party cyber risks pose threats to central banks and firms
SNB to explore wCBDC settlement for monetary operations
Project Helvetia allows safe and efficient settlement, says governor, but retail CBDC is risky
Riksbank uncovers problems in offline CBDC test
Latest phase of e-krona testing focused on offline payments and preventing fraud
BIS and central banks develop AI tool to mine climate data
Hallucinations “do not seem” to impact results of initiative with Bank of Spain, ECB and Bundesbank
IMF hit by cyber attack
Fund says attack did not target top leader and it has “re-secured” 11 compromised email accounts
Fintech Benchmarks 2024 – model banks analysis
Data reveals how advanced and emerging economy central banks structure their fintech functions
HKMA launches next phase of CBDC pilot and sandbox
Hong Kong project will explore programmability, tokenisation and atomic settlement
Has mobile money achieved what retail CBDCs aspire to?
Central Banking Spring Meetings: Fintech panellists discuss financial inclusion and bank casualties
Fintech Benchmarks 2024 report – the promise and threat of AI
Benchmark data reveals how central banks are developing CBDC, tapping into AI tools and using cloud services to boost their work
Book notes: Number go up: inside crypto’s wild rise and staggering fall, by Zeke Faux
The book would be a great, comic obituary of crypto, if only crypto were dead
Most central banks’ cloud services are software-focused
Operational environment is largely hybrid and public, while access to server is often domestic
Fintech employees trained in AI in just over one-third of central banks
Senior management staff are least trained across jurisdictions
AI being adopted in over half of central banks
Supervision, document automation, data analysis and research are primary areas of use
Regtech strategy still lacking in majority of central banks
Stress testing, AML/CFT risk and reporting are top areas of application
Asian central banks co-ordinating CBDC work in ‘near real time’
RBI deputy governor says Seacen members tend to use public-key cryptography in their design
Suptech strategy adoption remains below 50%
Resource constraints and data quality issues are still barriers
Nearly all central banks see CBDC as environmentally friendly
Few jurisdictions see initiative as comparable to banknotes’ lifecycle
Turkey’s digital lira to use ‘programmable payments’
Intermediaries will offer related services, though these may differ across providers
Central banks fear CBDC will heighten cyber threats
European jurisdictions less likely to be deterred by security concerns
Improving domestic payments efficiency drives retail CBDC research
Barriers to adoption include concerns around privacy, disintermediation and operational risk