Fintech
Brazil moves forward with crypto legislation
Economic committee votes to give the central bank new regulatory powers
Many central banks have a fintech strategy
Over half of respondents have a dedicated fintech team
Privacy and security are greatest cloud concerns
New computing options and work practice flexibility top benefits
SQL, Python and R top requirements for data scientists
Other staff may perform similar data analysis tasks
Data quality and staff skills are greatest AI challenges – benchmark respondents
Privacy and algorithmic fairness are also concerns
Half of fintech benchmarks respondents use AI/ML tools
Richer nations more likely to use artificial intelligence
Stablecoin risks raise need for CBDC research – Brainard
ECB’s Panetta says “stablecoins are not money”, as Brainard weighs CBDC as possible alternative
Regulators race to curb crypto asset money laundering
Crypto assets are increasingly used as vehicles for money laundering, but regulating them is not necessarily straightforward
Problem of recruiting and retaining fintech talent persists
Salaries a key issue alongside skill set attainment
Cyber security rises as fintech research priority
Suptech overtakes regtech
Sandbox popularity rises at central banks
Trend looks set to continue
Machine learning and NLP top regtech tools
Micro-prudential reporting and risk assessment are main regtech applications
FSB warns of rising crypto asset risks
Sector could harm global financial stability if it carries on growing at current rate, FSB says
Efficient data reporting is main suptech driver
Resource constraints are the biggest challenge in developing a suptech strategy
RBI deputy makes case for crypto asset ban
Left alone, crypto products could “wreck the currency system”, says T Rabi Sankar
Majority of central banks lack legal authority to issue CBDC
Technical CBDC design has legal implications
Podcast: fixing the gaps in fintech laws
Fintech is reshaping the nature of contracts and even financial firms themselves, but laws are not adapting so fast, say IMF lawyers José Garrido and Juan Sebastián Viancha Trujillo
Payments efficiency is driving force behind many CBDCs
Inclusion, financial stability and monetary policy are also leading factors
Fed paper explores stablecoins’ impact on financial system
Researchers say stablecoins could be a ‘digital safe haven’ during volatility, but design choices matter
Boston Fed-MIT team hails successful CBDC test
The project’s two open-source systems were able to process large transaction volumes
RBNZ launches CBDC pilot project
Governor says central bank must maintain legitimacy by “responding to the needs of the public”
Navigating the digital transformation at Deutsche Bundesbank – an update
Joachim Wuermeling explains how the Covid-19 pandemic and other developments have affected the German central bank’s digital transformation during the past two years