Tagged: central bank

May 9, 2023 @ 9:45 pm By Omar Faridi  |  

The Bank of Canada is launching an online public consultation on “the features that could be included in a digital Canadian dollar.” The consultation opened on May 8, 2023 and runs until June 19. The way Canadians pay for everything from the daily necessities “to… Read More

April 24, 2023 @ 8:32 am By Omar Faridi  |  

After “proactive” efforts to petition the Central Bank of the Russian Federation (The Central Bank), in September 2022, Revo Russia (OOO Revo Technologies MFC) obtained special permission in order “to accelerate repayment of its obligations to Mintos investors in payments larger than 10 million RUB… Read More

April 15, 2023 @ 11:26 am By Omar Faridi  |  

Andrew Bailey, Governor of the Bank of England, recently delivered a speech in which he commented on the major issues the UK faces, and tried to set out how they “fit together and the challenges they give rise to.” Baily said that in recent weeks,… Read More

April 6, 2023 @ 10:43 pm By Omar Faridi  |  

The Central Bank of the UAE (CBUAE) has launched its Central Bank Digital Currency (CBDC) Implementation Strategy in collaboration with R3, G42 Cloud and Clifford Chance. For Phase 1, R3 and G42 Cloud have been “selected as the technology and infrastructure providers of the initiative… Read More

April 3, 2023 @ 9:56 pm By Omar Faridi  |  

The Central Bank of Bahrain has issued amendments to its Crypto-assets (“CRA”) Module in March 2023, “following a consultation process with the industry stakeholders.” The amendments aim “to cater to the ongoing developments in the crypto-assets markets and comply with the industry best practices while… Read More

March 30, 2023 @ 9:20 am By Omar Faridi  |  

Japan’s Finance Ministry is reportedly planning to appoint a panel of experts this coming month in order to determine the feasibility of issuing a digital yen. This, according to a report  from NHK. The ministry’s panel in Japan will be going over how to establish… Read More

March 19, 2023 @ 2:43 pm By Omar Faridi  |  

The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) signed recently a Memorandum of Understanding (MoU) in Abu Dhabi, United Arab Emirates to enhance cooperation and jointly enable innovation in financial products and services. Under the MoU, the… Read More

March 13, 2023 @ 8:49 am By Omar Faridi  |  

The Bundesbank reportedly convened its crisis team on Monday (March 13, 2023) in order to assess the impact of the fallout of the US-based lender Silicon Valley Bank (NASDAQ:SIVB) on the domestic market, even while no emergency action or measures were expected in Europe. As… Read More

February 14, 2023 @ 9:53 pm By Omar Faridi  |  

In line with the vision of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, and Chairman of the Central Bank of the UAE’s (CBUAE) Board of Directors, the CBUAE launched its Financial Infrastructure Transformation Program (FIT program)… Read More

January 3, 2023 @ 8:49 am By Omar Faridi  |  

In the scope of the first-phase studies of the Digital Turkish Lira Project, conducted under the leadership of the Central Bank of the Republic of Türkiye (CBRT), the first payment transactions on the Digital Turkish Lira Network were “executed successfully.” The CBRT will “continue to… Read More

December 31, 2022 @ 3:27 pm By Omar Faridi  |  

Israel’s reserve bank recently issued a conditional license for the launch of the nation’s second virtual bank, which is being co-led by Nir Zuk, the American-Israeli founder of the cybersecurity company, Palo Alto Networks, Inc. As first reported by The Times of Israel, Bank of… Read More

November 7, 2022 @ 8:17 pm By Omar Faridi  |  

Fintech Galaxy, which claims to be the “industry-leading” financial innovation company, has become the first central bank regulated Open Finance platform in the MENA region “after receiving a license from the Central Bank of Bahrain (CBB), allowing the firm to operate as a regulated Third-Party… Read More

September 6, 2022 @ 7:11 pm By Omar Faridi  |  

Qatar Central Bank (QCB) has reportedly issued the nation’s first virtual payment licenses to Ooredoo Money and iPay by Vodafone Qatar. The announcement was made via social media on August 30, 2022. The update noted that the issuance was made to contribute to the development… Read More

August 10, 2022 @ 10:17 pm By Omar Faridi  |  

The Reserve Bank of Australia is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project “to explore use cases for a central bank digital currency (CBDC) in Australia.” Considerable research has been “undertaken by central banks, including the Reserve Bank, into… Read More

March 25, 2022 @ 12:14 pm By Omar Faridi  |  

On 22 March 2022, the Central Bank of Ireland  “reprimanded” and fined BNY Mellon Fund Services (Ireland) DAC €10,780,000 pursuant to its Administrative Sanctions Procedure (the ASP) for 16 regulatory breaches “relating to the outsourcing of fund administration activities.” The 16 breaches “arose because of… Read More

March 21, 2022 @ 11:30 pm By Omar Faridi  |  

Financial regulators in China, including the nation’s reserve bank, and the Zhejiang provincial government are reportedly supporting “controllable risks” in the country’s digital commerce hub in order to promote Fintech innovation. This, according to a government update reviewed by the SCMP. The People’s Bank of… Read More

February 25, 2022 @ 10:15 pm By Omar Faridi  |  

Deputy Governor of Bank Negara, Datuk Abdul Rasheed Ghaffour,  notes that he would like to express his gratitude to the United Nations Development Program (UNDP) for inviting him to deliver a keynote address (as posted by Bank Negara, Malaysia’s reserve bank. on February 24, 2022)…. Read More

December 30, 2021 @ 7:13 pm By Omar Faridi  |  

The Central Bank of The Bahamas has officially started consultations with banking institutions, credit unions as well as other payment services providers on a strategy to “eliminate all use of domestic cheques by the end of 2024.” According to a release, wider public consultation is… Read More

December 27, 2021 @ 2:17 am By Omar Faridi  |  

Bank Indonesia has introduced the Bank Indonesia Fast Payment (BI-FAST) system virtually, entitled “Payment System Digital Transformation to Accelerate National Economic Recovery.” BI-FAST is described as a payment system infrastructure offered by Bank Indonesia and accessible via applications offered by the payment system industry “to… Read More

December 8, 2021 @ 10:16 pm By Omar Faridi  |  

As open finance continues to evolve as an international movement, it’s critical for various world  regions to compare different implementation methods before selecting the best or most appropriate system. The Open Banking Exchange, the international unit of Open Banking Europe, has been established to guide… Read More