Fintech
Thai central bank authorises facial recognition as KYC tool
Bank of Thailand says move will help reduce spread of coronavirus
Covid-19 hampering high-tech development in Israel – BoI research
Pandemic exposes risk of overreliance on international financing in a key economic sector
Jamaican central bank seeks CBDC partner
Central bank opens sandbox to CBDC development in hopes of increased financial inclusion
FCA launches new digital sandbox
Project will give firms access to “high-quality datasets” to test new technology
FATF will set up global network of virtual asset supervisors
Current standards are sufficient to govern stablecoin activity, report says, but risks may grow
MAS finishes work on prototype blockchain payments system
Singaporean central bank and investment fund will share details of blockchain-based payments system
The evolving role of central bank money in payments
The line between commercial and central bank money continues to blur, but the multiple-issuer/one-currency paradigm underpinning the current monetary system is set to remain in a CBDC world, write Ulrich Bindseil and Ignacio Terol
Trust in big tech falters during pandemic – research
Netherlands Bank says trust in most public institutions has risen as banks step up during pandemic
Fintech can worsen inequality, BIS paper warns
Diffusion of technology helps to spread the benefits evenly, authors say
‘Careful’ regulation needed to prevent fintech financial exclusion – IMF
New technology must not be taken for granted during Covid-19 recovery, researchers say
BoE partners with QA Media to benchmark software investments
Central bank aims to improve own software development processes, and those in the banking sector
BIS expands innovation hub network
Several new locations unveiled in Europe and North America
Podcast: Georgia’s data-driven response to Covid-19
Covid-19 has provided the NBG a chance to test out its new data capabilities
Libra could cause central banks to lose control over monetary policy
Stablecoins linked to global reserve currencies could pose problems for monetary policy – research
MAS launches framework to promote responsible AI
MAS to work with banks to fight potential biases introduced by AI tools
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
People: Carmen Reinhart to be World Bank chief economist
Carmen Reinhart to take over from Penny Goldberg at World Bank; BIS picks Hong Kong hub head; Libra Association appoints chief executive
MAS will regulate token derivatives
Central bank updates securities legislation to regulate tokens offered by approved exchanges
MAS announces $4.2 million support for Singapore fintech firms
New support for fintech sector follows $88 million package announced in April
The impact of AI adoption on supervisors
MAS’s former data chief says a triad of basic AI training, supervisor data scientist hubs and suptech adoption create strong foundations
BIS and G20 launch cloud-based ‘tech sprint’
New initiative will help regulators leverage technology to improve supervision of financial sector
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
Argentina’s central bank takes part in blockchain clearing pilot
Test system will use smart contracts with timestamping from the bitcoin blockchain
MAS to give $88m in grants to Singapore fintech industry
MAS offers grants to fintech firms in bid to help them survive coronavirus shock