Payments
President names governor for one of Yemen’s two central banks
Saudi Arabia likely to be a key influence in appointing the new figure, says expert
Australia’s real-time payment system goes live to the public
System built by Swift will process payments in less than a minute and will utilise new PayID technology; Osko is first application launched on new platform
New York Fed economists unconvinced on crypto’s viable uses
Cryptocurrencies would work in dystopian world, economists say, but current environment means advanced economies have no need for them
Aruban central bank needs mandate to regulate payment system – report
New mandate would require creation of central bank payments department; stakeholders agree on need for modernisation
BIS’s Carstens calls for cryptocurrency clampdown
Bitcoin has become “a combination of a bubble, a Ponzi scheme and an environmental disaster”
Potential ATM closures will be PSR’s first ‘major test’ – Morgan
Treasury select committee chair says Payment System Regulator should not hesitate to intervene should closures threaten financial stability; market calls for independent review
Central Banking Awards: Bank of Canada is central bank of the year
Awards go to the Bank of Canada, PriceStats, Perago and De La Rue
Consultancy and advisory provider of the year (currency management): De La Rue
The UK-based company is helping central banks monitor the lifespan of banknotes in a bid to improve stock management and cost-effectiveness of currency operations
Payments and market infrastructure provider of the year: Perago
The software company is helping central banks around the world implement reliable and highly adaptable RTGS and retail payments systems
Lifetime achievement award: Perng Fai-nan
Pre-emptive financial reforms combined with flexible monetary and forex policies have enabled Taiwan’s veteran governor to provide economic stability, even during turbulent times
Asian central banks crack down on cryptocurrency
Central banks in China, Korea, Malaysia and Singapore all taking action as cryptocurrency prices slump
PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased, as PBoC seeks to crack down on payment risks
Patrick Njoroge on reshaping banking and finance to work for the masses
The Central Bank of Kenya governor speaks to Christopher Jeffery and Rachael King about exchange rate intervention, food prices, banking reform and financial inclusion
National Payment Gateway launched in Indonesia
New national platform to consolidate fragmented infrastructure, reducing costs and improving efficiency
RBA’s Lowe discusses potential electronic Aussie dollar
Financial stability risk and reforms holding back provision of digital currency at the moment, says RBA governor, but clearing and settlement could be future use case
Malaysia’s Ibrahim warns of costs of not turning digital
Bank Negara governor outlines plans to push consumers towards e-payments, as the cost of cheque processing weighs on the economy
Denmark ‘not heading for cashless society’ – research
Central bank recognises cash transactions are in decline, but says consumers will always have the option to pay with cash
Italian central bank launches fintech initiative
New communication channel will allow firms to directly engage with the central bank
Venezuela to launch cryptocurrency as cash crisis continues
New cryptocurrency will be backed by Venezuela’s oil reserves and other raw materials; new ‘blockchain observatory’ has responsibility for oversight
Asian banks vulnerable to fintech disruption, report finds
Banks reliant on transaction fees will struggle to compete with fintech firms who will offer cheaper alternatives; banks in HK, Korea and Singapore all at risk
Instant payments crucial to stop crypto disruption – Mersch
ECB board member reiterates concerns around viability of crypto-currencies, while encouraging banks to adopt instant payment networks
Bank of Canada paper investigates the ‘burden of coins’
Research sheds light on consumer behaviour when making low-value transactions with cash, suggesting cards more likely to be used if large amount of coins will be received
Singapore broadens push into e-payments
Singapore expands payments regulation frameworks and launches a common QR code for e-payments
San Francisco Fed study: cash is not dead yet
Demand for notes and coins is “strong”, says the study, with cash in circulation growing in the majority of nations