FMI
PBoC highlights ‘rapid’ growth of electronic payments
Quarterly report on payments in China says electronic payments, particularly mobile payments, grew significantly in Q3
Swift wins Australian real-time payments contract
Contract represents new direction for the financial messaging service, with the final platform expected to go live in 2017
Nepalese governor sets sights on regional capital market
Yuba Raj Khatiwada identifies market infrastructure and corporate bonds as two key areas for development as Asia works towards greater capital market integration
New payments regulator in UK may have uneasy relationship with BoE
Treasury committee highlights potential for conflicting objectives between newly formed payments regulator and the Bank of England; Tyrie says independence ‘pretty heavily circumscribed’
Malaysian banks will use cheque fees to incentivise electronic payments
To reduce the use of cash and cheques in the financial system, Bank Negara Malaysia is introducing a scheme whereby cheque fees will be used to incentivise e-payments
Rajan faults 'big borrowers' for eroding 'sanctity' of debt contracts in India
RBI governor calls for ‘change in mindset' where the ‘wilful defaulter' is ‘justly chastised as a freeloader' on hardworking people
BoJ’s Nakaso sees opportunities for payments innovation
Options on the table include 24-7 real-time payment systems, improved cross-border linkages and better financial messaging systems
Malaysian banks working on a Swift rulebook for Islamic transactions
A Swift rulebook ‘will provide an efficient platform for the exchange of messages for Islamic finance transactions’, says governor of Bank Negara Malaysia
Riksbank study questions status of cash as legal tender
Researchers warn ‘lock-in effect' may inhibit market participants from exploiting more efficient payment methods
BoE picks Deloitte to review RTGS failure
Consultancy firm to conduct investigation into outage in real-time gross settlement system that saw system break down for several hours
Riksbank deputy assesses changing payments market
Cecilia Skingsley warns capacity of mobile networks is not always sufficient to manage ‘temporary peaks' in activity; also addresses ‘changeover' of banknotes and coins
Central Bank of Ecuador trials mobile payments
A group of 800 people are testing the platform as part of pilot program; Central Bank of Ecuador hopes to tackle financial inclusion with the new technology
New Zealand’s banknotes get first upgrade since 1999
Reserve Bank unveils a ‘brighter, more modern look’ for its banknotes, and a host of new security features; net cost will be NZ$40 million over five years
Bundesbank’s Nagel wants Frankfurt clearing house
Executive board member details benefits to German economy from having an RMB clearing bank, and sets out plans to form a clearing house in the future
RBA strikes clearing deal with PBoC
Australian authorities agree clearing arrangements and RQFII quota with Chinese counterparts; announced in wake of G-20 summit and follows similar Canadian deals
Payments technology progressing in ‘leaps and bounds,' says Canada deputy
Carolyn Wilkins says Bank of Canada is keeping a close eye on risks posed by new forms of electronic money and modernising its oversight framework for payments
RBI wants foreign banks to offer commercial services
R Gandhi, deputy governor of the Reserve Bank of India, argues the local economy needs foreign banks to offer commercial services, ‘to ensure further penetration of banking activities’
Poll: Central bankers favour clampdown on bitcoin
Latest Central Banking poll shows most central bankers favour regulating or banning virtual currencies, despite most institutions so far just issuing warnings or advice
China and Canada sign deal to set up first RMB clearing bank in North America
Countries also agree on $8.2 billion RQFII quota as part of major bilateral trade initiative; PBoC also signs MoU with Bank Negara Malaysia to set up RMB clearing bank in Kuala Lumpur
BoJ team surveys payment innovation landscape
Central bank lays ground for retail payments innovation in Japan with survey of what has been tried elsewhere; highlights different forces driving change in each country
PBoC names first RMB clearing bank in Middle East
Doha branch of ICBC named following several deals inked between PBoC and Qatar Central Bank yesterday, including swap line and RQFII quota
ECB’s Godeffroy sees clear path to 2015 T2S launch
Director-general leading Target 2 Securities project says testing is largely going to plan; platform to create ‘survival of the fittest’ environment for European CSDs
ECB enlists asset managers to carry out ABS programme
Deutsche Bank and State Street among private sector actors that will help spur credit creation in eurozone following ‘competitive' tender procedure; no fees disclosed
Stevens exerts pressure on Australian payments industry
RBA governor says the central bank would be ‘duty bound’ to use its regulatory powers to bring about change if the market does not do so of its own free will