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Central Bank Economy Settlement 
PYMNTS
SEPTEMBER 9, 2020
Mastercard has announced a new virtual testing platform for Central Bank Digital Currencies (CBDCs). The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation while maintaining financial stability as they issue the currency. In a Wednesday (Sept.
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Fintech Finance
SEPTEMBER 10, 2024
Accenture (NYSE: ACN) announced that it has invested in EMTECH , a global financial technology company that provides software-as-a-service platforms to help central banks streamline, connect and modernize their processes and operations. Terms of the investment were not disclosed.
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Fintech Finance
OCTOBER 21, 2024
The Central Bank of Kenya (CBK) announces that the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). It is the backbone of Kenya’s domestic and regional payment transactions.
PYMNTS
OCTOBER 11, 2019
For central banks, when it comes to cryptocurrencies, there’s no central theme. Some central banks are embracing the concept. The overall theme, reported the site, is to look into how “digital central bank money could be used in the settlement of tokenized assets between market participants.”.
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Fintech News
JULY 4, 2024
As artificial intelligence (AI) rapidly transitions from a nascent development to a ubiquitous technology accelerating advancements across the financial landscape, far-reaching implications for central banks worldwide are quickly emerging.
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PYMNTS
JULY 1, 2019
The Bank for International Settlements ( BIS ) has announced the launch of a BIS Innovation Hub to enable central banks around the world to collaborate on financial technology solutions and innovation. There is a new economy emerging driven by changes in technology, demographics and the environment.
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PYMNTS
OCTOBER 9, 2020
In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. Fed, the Swiss National Bank and others.
The Fintech Times
AUGUST 28, 2024
Looking to harness this potential, the Hong Kong Monetary Authority (HKMA) launched ‘Project Ensemble’ in March earlier this year, a wholesale central bank digital currency (wCBDC) project, to support the development of the tokenisation market in the region.
The Fintech Times
JUNE 26, 2024
Artificial intelligence (AI) is transforming industries across the globe, and central banks are no exception. According to a new report by the Bank for International Settlements (BIS) , central banks must embrace AI to harness its full potential and anticipate its far-reaching impacts on the economy and financial systems.
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Fintech News
APRIL 3, 2024
The Central Bank of Brunei Darussalam (BDCB) and the Bank of the Lao PDR (BOL) have formally joined the Regional Payment Connectivity (RPC) initiative. This expansion brings the number of ASEAN central banks involved in the RPC to eight, joining the ranks of Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.
PYMNTS
JANUARY 27, 2021
According to a study by the Bank for International Settlements (BIS), central bank digital currencies (CBDCs) will be available for 20 percent of the world’s population in the next three years. In the past four years, 86 percent of central banks have been actively doing some kind of work on CBDCs, according to BIS.
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PYMNTS
MAY 22, 2020
Detailing similar efforts in India and the Asia-Pacific region, the new Tracker looks at faster payments systems getting built around the world to ignite whole economies. Sweden’s central bank, Sveriges Riksbank, is the newest financial institution (FI) to connect to TIPS, for example. The Fed’s Failure.
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PYMNTS
JANUARY 6, 2020
The Central Bank of Jamaica (BOJ) has confirmed it will abide by the Principles for Financial Market Infrastructures (PFMIs). The bank explicated that FMIs are crucial to Jamaica’s financial system and the country’s broader economy, contributing to overall financial growth.
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PYMNTS
JULY 26, 2020
UPI was established by the central bank and is owned by a group of local lenders. Earlier this year, UPI launched a pilot program in Singapore and held talks with the Bank for International Settlements, the World Bank and the Bill & Melinda Gates Foundation to explore possible collaborations, Dilip Asbe , CEO of NPCI told FT.
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PYMNTS
JANUARY 24, 2020
The move comes after a Bank of Japan decision to join with six other central banks to share knowledge on issuing digital currencies at a later time. The group – which is headed up by Akira Amari, the former economy minister – plans to present its proposal to the government as soon as February.
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The Fintech Times
SEPTEMBER 16, 2024
Brunei Darussalam, more commonly known as Brunei, has transformed its economy for the better following the discovery of oil and gas in 1929. However, as the world starts to turn away from fossil fuels, the country is starting to diversify its economy: we explore fintech’s role in Brunei’s new economic plan.
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Fintech News
MARCH 4, 2024
This investment will support SGB’s launch and growth in Bahrain, following the bank’s recent licensing approval from the Central Bank of Bahrain. The bank aims to bridge the gap between Asia and the Middle East and North Africa (MENA) region, facilitating cross-border trade and promoting financial connectivity.
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Fintech News
JULY 3, 2024
The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). trillion by 2025.
PYMNTS
OCTOBER 9, 2020
In today’s top news, the Federal Reserve and seven central banks are collaborating on a framework for digital currency, and Amazon India prepares for its festive season with a $95.5 Fed, Central Banks Frame Criteria For Digital Currency. Mastercard: The Touchless And Caring Economies Are Boosting P2P Adoption.
PYMNTS
DECEMBER 13, 2017
The central bank of Australia is in the midst of considering whether to create bank notes using blockchain, according to news from The Financial Times. The bank notes would, in turn, be distributed by financial institutions.
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Fintech Finance
JULY 4, 2024
Even in today’s digital-first economy, connectivity issues can present challenges for digital payment transactions, especially in rural areas. In highly industrialized economies, internet access is not uniformly reliable. Incorporating offline capabilities into digital payments can overcome these challenges.
PYMNTS
OCTOBER 23, 2020
economy as traveling along a V-shaped recovery , Sheard said, then we’re roughly halfway up the “second leg” of the V.). Simply put, China is a massive economy that rivals the U.S. as the largest economy in the world a few years ago. But China is still a developing economy and is growing more quickly than the U.S. –
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Fintech News
DECEMBER 13, 2023
Zand Bank, licensed by the Central Bank of the UAE, contributes to the MENA region’s digital economy and financial integration through secure and convenient banking services. The company said that it is focused on building financial connections between Asia and global markets.
PYMNTS
NOVEMBER 16, 2020
and is the country’s current domestic clearing and settlement system. Kavakama points to the fact that the country’s central bank has mandated that first-tier banks connect to PIX. Kavakama also noted that the Brazilian central bank is pushing to standardize the use of QR codes by merchants.
PYMNTS
AUGUST 21, 2020
Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept. Interoperability Is Key.
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Fintech News
AUGUST 12, 2024
BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers. Nium has also joined the Associação Brasileira de Câmbio (ABRACAM), an association representing institutions authorized by the Central Bank of Brazil to conduct foreign exchange operations.
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PYMNTS
SEPTEMBER 4, 2017
A blockchain platform may be in the offing in India, courtesy of that nation’s central bank’s research arm. As noted by Finextra , that platform could be among tech offerings that could debut directly from the central bank.
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Clearly Payments
AUGUST 24, 2024
World Bank data indicates that global remittances reached $794 billion in 2023. According to the Bank for International Settlements (BIS), 114 central banks, representing over 95% of global GDP, were engaged in some form of CBDC research or development by the end of 2023.
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Fintech News
JUNE 12, 2024
The Bank for International Settlements (BIS) Innovation Hub and the Monetary Authority of Singapore (MAS) have developed a blueprint – Project Viridis – a climate risk platform aimed at helping financial authorities identify, monitor, and manage climate risks in the financial system.
PYMNTS
MARCH 31, 2017
Within the past few decades, we’ve seen the rise of the sharing economy, with companies like Lyft, Airbnb and countless others. At the core of the sharing economy is a sense of community through creating access to items for a specific period of time. In a sense, the sharing economy has taken a reverse approach to business startup life.
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PYMNTS
FEBRUARY 14, 2020
We have deep dives into unattended retail, rapid settlements and cybersecurity, as well as news on Mastercard receiving the go-ahead from China’s central bank to set up a bank clearing business. China’s central bank gave Mastercard the green light on Feb. The Coronavirus Is Making The Global Economy Sick.
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Fintech Finance
SEPTEMBER 10, 2024
The fast onboarding and instant settlements mean we can focus more on running our business rather than worrying about payments delays. in 2025 – more than double the growth seen in 2023 – as falling inflation will enable central banks to lower interest rates. With payabl.’s ” Ayse Moudourou, payabl.’s this year and 3.3%
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Fintech News
MAY 8, 2024
As digital technologies continue to transform the financial landscape, central banks worldwide are exploring the potential of Central Bank Digital Currencies (CBDCs). The project evolved, incorporating enhanced functionalities, cross-border fund transfers, and a Corporate CBDC Pilot Program.
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The Fintech Times
NOVEMBER 4, 2024
Singapore Gulf Bank (SGB) plans to offer comprehensive digital banking services to corporate customers in the digital economy to help them manage their traditional financial and digital assets on a single platform. Global clients can onboard through SGB’s remote digital onboarding solutions.
Fintech News
DECEMBER 20, 2023
Efforts were also made to advance digital assets, tokenization and central bank digital currency (CBDC) experimentation with initiatives such as Project Guardian and Project Orchid expanding to include more use cases and moving towards “live” pilots.
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Fintech Finance
AUGUST 12, 2024
“Latin America has established itself as a frontrunner in numerous cross-border use cases, particularly in global marketplaces where its e-commerce economy thrives in supplier corridors with Asia and Europe,” said Prajit Nanu, Founder and CEO of Nium. Nium has been present in the region dating back to 2017.
PYMNTS
AUGUST 7, 2020
Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific.
The Fintech Times
NOVEMBER 4, 2024
Nepal’s economy is very much reliant on agriculture. However, recognising a need for change, Nepal is actively aiming to develop its economy and technological capabilities. The nation’s fintech journey began at least as early as 1990 when Nepal Arab Bank (now known as NABIL Bank ) introduced credit cards.
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PYMNTS
SEPTEMBER 15, 2020
Last week, Mastercard announced its virtual testing platform for central bank digital currencies (CBDCs). The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation and maintain financial stability as they issue the currency.
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Fintech News
JANUARY 30, 2024
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
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PYMNTS
MAY 22, 2020
The OMFIF seeks to create connections between the traditional banking and cryptocurrency spaces. The group, which has been releasing detailed central bank digital currencies (CBDC) and cryptocurrency reports as of 2018, is geared toward CBDCs and retail and wholesale payments. .
The Fintech Times
SEPTEMBER 30, 2024
Historically one of the world’s largest economies, Japan has set a global benchmark for economic development in the last century. This growth made Japan the world’s second-largest economy behind the United States, although it was eventually overtaken by China in 2010. Genuine fintech growth?
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PYMNTS
SEPTEMBER 11, 2019
Unlike other FinTech startups, Kuda was granted a banking license from the Nigerian Central Bank. Kuda is the first digital-only bank in Nigeria with a standalone license. We’re not a mobile wallet or simply a mobile app piggybacking on an existing bank,” noted Kuda Co-founder Babs Ogundeyi. “We
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The Fintech Times
DECEMBER 14, 2023
Pave Bank has emerged from stealth to give businesses access to new technologies, enabling greater banking efficiency and access to the new digital economy. Opening up channels for businesses, Pave Bank has acquired a digital banking licence from Georgia.
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