Fintech
PBoC tells payment firms to cut ties to other business lines
Governor’s speech follows reported crackdown on China’s Ant Group
Vietnamese government tells central bank to draft fintech rules
Move follows central bank warnings of dangers posed by unregulated fintech sector
Do central banks have enough resources to meet tech challenge?
Accelerating technological evolution, difficulties accessing and retaining technical staff, and limited resources will present growing challenges for central banks in the future
Brazil delays integrating payments into ‘open banking’ project
Phase three of project delayed to October after technical difficulties emerge
BIS to work on cross-border CBDC test with four central banks
Australia, Singapore, South Africa and Malaysia will help create shared DLT platforms
DCash: motivations, challenges, and lessons from the first monetary union CBDC pilot
Having worked on its Digital Currency Management System since 2016, Bitt has launched the first synthetic CBDC in Barbados, followed by another first in the Eastern Caribbean Currency Union in March this year, with more ahead
Bank of Thailand to test retail CBDC
Thai central bank will invite firms to participate in testing prototype in 2022
Book notes: Fintech regulation in China, by Robin Hui Huang
The book includes meticulous exploration of detailed regulations across the Chinese fintech sector, but risks missing some of the bigger picture due to China’s on/off oversight
HKMA to hold AML/CFT ‘lab sessions’ for firms
Hong Kong’s central bank wants firms to upgrade AML/CFT technology
Viruses of a different kind: bolstering central bank IT frameworks
Remote working on a large scale had never been done before, but central banks appear to have successfully adapted IT and cyber frameworks
Mastercard and Visa dominate card scheme market
Number of operational card schemes ranges from zero to 10
Criteria for systemically important payment infrastructure differs
Thirty-one out of 37 central banks said they designate systemically important payment infrastructure
Communications Benchmarks 2021 report – executive summary
Insights into staffing and salaries, channels, social media, new technology and strategies
Colombian central bank joins DLT bond issuance pilot
Technology could cut costs and offer faster processing, traceability, security and risk management
France and Tunisia carry out cross-border CBDC transfer
Latest BdF experiment sees central banks make wire transfer using wholesale CBDC
Stablecoins neither stable nor coins – paper
Researchers argue stablecoins are not medium of exchange, and so are not money
Expecting the unexpected
Lars Schröder, senior engagement manager at SkySparc, looks at what is driving shifts in central banks’ technology requirements.
BIS paper sees fintech creating ‘barbell’ market structure
Authors say regulators should take action as digital innovation drives changes in market structures
ECB launches digital euro project
Central bank supports European Commission plan for e-identity rollout across the eurozone
Recipe for a chief (fin)tech officer
Private-sector experience, a knowledge of supervision and a zest for innovation are key ingredients for a chief fintech officer
World Bank appoints Caribbean and central Asian directors
New York Fed names chief of innovation hub and St Louis appoints head of economic equity institute
O CBDC, O crypto! Wherefore art thou regtech?
Putting more investment and energy into regtech, instead of solely focusing on crypto and CBDC, would help to secure more of the expected benefits from digital evolution
Central banks leverage multimedia communication channels
Around a third have added podcasts, mobile apps and blogs to their comms repertoire
UK and Singapore to co-operate on regulation
Central banks and finance ministries to co-operate on cyber security and climate impact