Fintech
Technology needs to keep up with crypto regulation – panel
Panellists discuss AML/CFT risks arising from virtual assets during Central Banking Spring Meetings
Flexibility and business continuity seen as key benefits of cloud services
But three in four fintech teams point at privacy as concern
Central banks more likely to use software-based cloud services
Cloud widely used for cyber security and other applications
AI spreads further among fintech teams
Centralised fintech teams more likely to apply AI/ML to sentiment analysis
Half of planned CBDCs designed to be programmable
Two-thirds of wholesale CBDCs likely to be programmable
Most central banks without CBDC mandate engaged in retail projects
Only one in three banks has a legal mandate for CBDC issuance, but many are still working on digital currency
American central banks less likely to struggle with fintech recruitment
But American banks face toughest battle for talent retention
Stop calling them ‘CBDCs’, ECB paper argues
Study says the term, and much other crypto terminology, is misleading and should be binned
Fintechs more likely to be licensed in upper-middle income countries
Licence issue rate across central banks broadly unchanged year on year
Cyber, suptech and CBDCs are top areas for fintech research
Central banks with fintech strategy more likely to prioritise CBDCs
Cyber security and legacy systems still greatest technology challenges
But concerns differ by central banks’ CBDC mandate
Central banks lacking fintech unit less likely to have a strategy
Respondents’ strategic priorities include digitalisation, regulations, collaborations and others
Four in five central banks lack chief fintech officers
Centralised fintech teams more likely to have chief fintech officers
Congressional body questions Fed’s powers to regulate crypto
Banks can currently provide exposure to sector, but not custody, as exchange seeks partnership
India’s government to re-evaluate crypto stance
Minister suggests it may adopt softer position than central bank
Google study shows cyber threat actors’ increased use of AI
Content campaigns identified in Russia, Iran, North Korea and China
Fintechs launch e-rupee services
Initiative follows RBI’s announcement last year that CBDC would be extended to non-banks
Czech governor wants central bank to add bitcoin to reserves
Michl to make proposal to CNB’s board, while recognising cryptocurrency “bubble” could burst