“In a presentation entitled “The Future of Money: The Impact of Digitization” Tommaso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department from the IMF pitched the concept of a “synthetic CBDC” (Central Bank Digital Currency).”
“It’s an extract from one of his books written in 1930 about the origins of The Bank for International Settlements, the so-called central bankers’ bank set up in the same year to manage reparations payments in the aftermath of World War One. You know what they say about what’s under the sun…”
Accenture, SAP and R3 will work together to build a real-time gross settlement (RTGS) system that will allow for integration and interoperability between DLT-based and classic government-issued payments and settlements. The prototype design uses currency tokens to facilitate end-to-end settlement.
Tencent and Alibaba’s Ant Financial expanded into financial services like lending and asset management only after online payments were well entrenched. One key lesson from China’s experience is that these changes do not occur overnight. It took years to develop this infrastructure and for enough consumers to trust Internet companies with aspects of their financial lives. But perhaps most importantly, fintech innovation came about because a few companies would not accept missing pieces of their environment as a given. They built new, more efficient systems rather than waiting for incumbents to do it for them.
Bitfinex claimed Friday that it was the “victim of a fraud” at the hands of Crypto Capital, a payment processor that allegedly lost $880 million of Bitfinex’s money. Crypto Capital’s president, Ivan Manuel Molina Lee, was arrested Thursday by Polish police on charges of money laundering.
According to a 2014 survey of Latin American countries, 80% of Haitians din’t have a bank account. However, mobile phone ownership in Haiti has increased rapidly in the past decade, culminating in just under 60% of its citizens owning cell phones. Thanks to mobile money apps that can be accessed with a phone, many bankless Haitians have become more financially stable.
P2P lending is a booming sector in Indonesia’s rapidly growing fintech industry, representing 43% of the country’s fintech companies, according to a paper by the Asian Development Bank Institute.
The New York State Department of Financial Services has joined the Global Financial Innovation Network. Launched by the U.K.’s Financial Conduct Authority, GFIN is a network of 50 international organizations committed to supporting financial innovation in the best interests of consumers.
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The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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