Tagged: bank for international settlements

April 3, 2023 @ 12:37 pm By Omar Faridi  |  

This final report – issued as part of the G20 cross-border payments program – focuses on facilitating increased adoption of payment versus payment (PvP) “to reduce foreign exchange (FX) settlement risk and improve cross-border payments.” It analyzes “the causes of non-PvP settlement, takes stock of… Read More

February 9, 2023 @ 9:02 am By Omar Faridi  |  

A senior board member at the Bank for International Settlements (BIS) has asked for a coordinated regulatory response in order to limit the incursions of Big tech companies such as Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Google (NASDAQ:GOOG) into financial services. The senior office argued that… Read More

January 4, 2023 @ 11:27 pm By Omar Faridi  |  

Historically, London has enjoyed an “outsized” role in euro-denominated financial transactions, according to an update shared by the Bank for International Settlements (BIS). BIS has examined the latest evidence on whether Brexit has “affected its central role in trading of interest rate derivatives, foreign exchange,… Read More

November 7, 2022 @ 9:43 am By Omar Faridi  |  

The BIS Innovation Hub is launching a new project around central bank digital currencies (CBDCs) and Decentralized Finance (DeFi) protocols “as part of its 2022 work program.” Project Mariana “explores automated market makers (AMM) for the cross-border exchange of hypothetical Swiss franc, euro and Singapore… Read More

October 14, 2022 @ 6:11 pm By Omar Faridi  |  

The Bank for International Settlements (BIS) and Bank Indonesia recently announced the winners of the G20 TechSprint 2022 challenge during a live award ceremony in Jakarta. This year’s competition, under the Indonesian G20 Presidency, was launched in April to catalyze new technologies that “would better… Read More

October 2, 2022 @ 11:56 pm By Omar Faridi  |  

The Bank for International Settlements (BIS) and the central banks of Israel, Norway and Sweden are launching Project Icebreaker, a joint exploration of how central bank digital currencies (CBDCs) can be “used for international retail and remittance payments.” Cross-border payments “continue to be plagued by… Read More

September 20, 2022 @ 11:10 pm By Omar Faridi  |  

The BIS Innovation Hub’s Hong Kong Centre and the Hong Kong Monetary Authority have introduced Project Dynamo, which aims “to deliver a prototype for the compliant use of decentralized finance (DeFi) tools, such as blockchain and smart contracts, to improve access to finance for unfunded… Read More

July 11, 2022 @ 9:42 am By JD Alois  |  

The Bank for International Settlements (BIS) has issued a report on the interoperability of central bank digital currencies or CBDCs. While few countries have issued a CBDC, just about all developed countries, and some developing ones, are investigating the possibility of migrating fiat to a… Read More

June 18, 2022 @ 3:03 pm By Omar Faridi  |  

The Bank for International Settlements (BIS) Innovation Hub is announcing a new set of projects across its various centers, “updating its 2022 work program.” They include the first three projects of the upcoming Eurosystem Centre and the first in-depth explorations in cybersecurity. The Eurosystem Centre… Read More

January 14, 2022 @ 1:42 pm By JD Alois  |  

The Swiss National Bank (SNB) has successfully tested wholesale CBCD [central bank digital currency] settlement in a partnership with the Bank for International Settlements (BIS) and SIX (parent of the Swiss Stock Exchange). The test was completed during Q4 2021. The project utilized SDX, the… Read More

January 7, 2022 @ 3:15 pm By Omar Faridi  |  

The Bank for International Settlements (BIS) has appointed Raphael Auer as the Head of Innovation Hub Eurosystem Centre. Auer is presently a principal economist in the Innovation and the Digital Economy division of the BIS’s Monetary and Economic Department. He has “contributed extensively to BIS… Read More

July 7, 2021 @ 5:18 pm By Omar Faridi  |  

The Bank for International Settlements (BIS), a global financial institution that’s owned by reserve banks and aims to “foster international monetary and financial cooperation and serves as a bank for central banks,” notes that advancements in technology, along with rising demand for digital payment methods… Read More

January 5, 2021 @ 10:04 pm By Omar Faridi  |  

The Bank for International Settlements (BIS), a global financial institution that’s owned by reserve banks and aims to “foster international monetary and financial cooperation and serves as a bank for central banks,” is reportedly developing a data-streaming prototype that will be able to handle 2,000… Read More

December 28, 2020 @ 8:23 am By Omar Faridi  |  

Demand for Fintech services and loans have surged in India this year, according to local news outlet Live Mint. The credit flows of Fintechs and Big-tech firms have increased significantly during the past few years in highly developed countries. Commercial banks have emerged as leaders… Read More

October 19, 2020 @ 9:55 am By JD Alois  |  

Jerome Powell, Chairman of the Board of Governors of the US Federal Reserve, participated in a virtual panel today hosted by the International Monetary Fund (IMF) on the topic of Central Bank Digital Currency (CBDCs). Powell said the Fed is committed to considering a CBDC… Read More

August 25, 2020 @ 8:27 am By Omar Faridi  |  

The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, has noted that central bank digital currencies (CBDCs) are now “in the limelight.” However,… Read More

August 3, 2020 @ 8:51 am By JD Alois  |  

The Bank for International Settlements Innovation Hub (BISIH) Centre in Hong Kong and the Hong Kong Monetary Authority (HKMA) have partnered on a trade finance project to highlight the opportunity to improve the sector of finance with technology. The “TechChallenge — Digitising Trade Finance” is… Read More

July 26, 2020 @ 6:41 pm By Omar Faridi  |  

  The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, notes that as financial technology, or financial innovation and digitalization, begin to transform… Read More

July 15, 2020 @ 10:50 pm By Omar Faridi  |  

The emergence of new Fintech industry participants such as the Facebook-led Libra project have made it clear that the existing, global cross-border payments system can be improved. A Bank for International Settlements (BIS) committee report on Payments and Market Infrastructure (CPMI) has noted that countries… Read More

June 30, 2020 @ 4:01 pm By Samantha Hurst  |  

The Board of the Bank for International Settlements (BIS) announced on Tuesday plans to expand the BIS Innovation Hub with the establishment of new Hub centers across Europe and in North America in cooperation with member central banks. BIS revealed that within the next two… Read More