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The Financial Stability Board published the Stage 1 report of its project to develop a roadmap to enhance cross-border payments. It provides an assessment of existing arrangements and challenges for global cross-border payments.
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The Monetary Authority of Singapore extended the assessment period for the award of digital bank licences. Successful applicants will be informed in 2H 2020 instead of June 2020 as originally intended.
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The South Africa Reserve Bank has established a new fintech innovation hub, in collaboration with several other government agencies.
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“The startup behind the bitcoin-friendly shopping app Fold joined the Visa Fast Track Program to issue a credit card that offers bitcoin rewards instead of traditional reward points.
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“Fidelity Digital Asset signed on as a member of ErisX’s clearinghouse, taking advantage of its central limit order book to provide better liquidity for buy and sell orders.”
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Some markets including Singapore, Malaysia, Hong Kong, Taiwan and Japan already have sufficiently high limits. Australia and New Zealand have raised their limits, effective April 9, and the Philippines will increase its limit on July 17. Still other markets are at a more exploratory stage in their deliberations and Mastercard stands ready to support them as initial discussions build momentum for action.
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MAS is working closely with The Association of Banks in Singapore (ABS) to promote greater adoption of e-payments among individuals and businesses. Supported by MAS, ABS will mount a sustained campaign to promote the use of PayNow, PayNow Corporate, and SGQR in the coming months.
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France’s Autorité des Marchés Financiers (AMF) clarified its crypto-asset position in its response to the European Commission’s consultation. Though the AMF defines any crypto-asset as “a digital asset that may depend on cryptography and exists on a distributed ledger,” it still thinks it’s early for precise classification of such assets. However, it clarified that proper distinction between crypto-assets that are qualified as financial instruments and that falls under electronic money should be made.
