Fintech
HKMA rolls out initiatives to promote ‘smart banking’
Hong Kong authority plans upgrade of supervisory sandbox and modified virtual banking guidelines; real-time retail payment system will be one of first to offer immediate settlement
Atlanta’s Bostic ‘sceptical’ about low inflation factors
President of Atlanta Fed is not sure technology and competitive pressures are to blame for prolonged below-target inflation
Bank Indonesia targets fintech firms with new anti-money laundering rules
The new regulation is applicable to non-bank financial services, money changers and fintech firms
Six large banks join UBS digital currency project
UBS announces the third phase of its digital currency project; analysts question whether the project can deliver all it promises
Basel Committee offers guide to fintech revolution
Document offers guidelines to supervisors grappling with rapid innovation, and imagines some of the repercussions of a world without traditional banks
Brazil's central bank ponders fintech lending regime
The central bank says digital lenders could expand credit to families and small companies
BIS payment stats to embrace non-banks and faster payments
New methodology acknowledges role fintech has played in reshaping payments landscape; contactless payment data to be included
Fintech can give emerging markets an edge – PNG governor
Loi Bakani says the central bank is supportive of attempts to develop financial technology, though it present regulators with a “massive challenge”
Fintech has potential to lower cost of financial services – paper
BIS research highlights continued inefficiencies in current financial services system; fintech could alleviate costs but only if regulation permits it to do so
Lithuanian central bank mulls fintech sandbox
Regulator says it may suspend some regulations on a “case by case” basis
Wide differences exist in European fintech regulation, EBA says
Largest proportion of surveyed firms subject to no regulation
Digital currencies could transform the role of central banks – Chilean governor
Marcel is wary of developments with CBDCs, but believes they are still a long way off; he urges central banks to keep pace with fintech innovation
Sarb denies fintech firms have joined ‘sandbox’
South African central bank denies claims a blockchain start-up has been accepted into the scheme, as it does not currently exist; a working group is in discussions on feasibility
Fintech not an ‘immediate threat’ to monetary policy – paper
Research from the Bank of Canada explores the impact fintech could have on central banks’ responsibilities, deeming it “too early to judge” the effect on mandates
Belarus turns to blockchain for information sharing
Central bank uses technology for new information sharing network with plans to deploy the tech to other areas, including securities market
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
Macedonia’s Kadievska: DLT could ‘completely replace’ some intermediaries
Maja Kadievska analyses the pros and cons of distributed ledger technology, noting it could have the power to cause disruption to existing financial market infrastructure
WEF report calls for global standards on blockchain
Authors say it is time for ‘global action’ in fostering fintech innovation; task forces need to be created to create global standards, while funding should be provided to help research
FSB builds analytical framework to tackle fintech risks
Report defines “technology neutral” method of classifying fintech firms, helping to pin down potential costs and benefits
EBA calls for tighter money-laundering curbs on crowdfunding
EC should make consumer protection a “key” part of its fintech approach, the EBA says
FCA regulatory sandbox success paves way for new firms to enter
UK regulator to accept 24 firms for sandbox testing in second phase; first cohort has completed six-month testing period and will be reviewed before “transitioning”
Israeli survey highlights benefits from ‘digital revolution’
“Tremendous changes” in the banking system are likely to benefit households and small businesses, the central bank says, while stability is also improving
BIS report points to benefits and costs of fintech lending
China, the US and the UK are the three largest markets, the working group’s report says