Central Banking's new podcast series focuses in on the challenges central banks face as they attempt to regulate a host of new technologies as well as integrate new developments in the fintech sector into their operating processes to make the financial system safer and more efficient. Speaking to a host of central bankers, Rachael King and Adam Csabay seek to open the door to what could be a brave new world.
In the 1990’s the invention of the internet significantly altered the provision of financial services. A decade later, and the introduction of smartphones has changed the financial landscape even further. As customer behaviour has shifted, bank business models have followed suit and the age of technology has quickly arrived.
Central banks, normally seen as fast followers, have been unable to wait to see how this trend develops - the pace of technology integration has meant regulators around the world have had to look closely at their own internal processes and reassess regulatory frameworks.
Over the past 12 months, we have witnessed some significant evolution in the market: Google was granted a payment license, Facebook attempted to launch its own currency, and the Monetary Authority of Singapore stressed its banks against cyber attacks.
Central Banking hopes to enlighten its audience on these new developments and more with its new podcast series Tech Talk, seeking to lift the lid on regtech, big data usage, cybersecurity, big tech, central bank digital currencies and cryptoassets.
How will central banks fair as more technology firms seek to disrupt the status quo and offer financial services? Will the People’s Bank of China launch the world’s first central bank digitial currency? Will it be Sweden? And will the efforts of numerous pilots result in the first distributed ledger cross-border payment system? Stay tuned.