Kiffmeister’s #Fintech Daily Digest (08/31/2020)

ECCB preparing for CBDC pilot launch

The Eastern Caribbean Central Bank (ECCB) is inviting merchants to participate in its digital EC currency (DCash) pilot on Antigua and Barbuda, Grenada, Saint Kitts and Nevis, or Saint Lucia. 

PayPal Introduces Interest-Free Buy Now Pay Later Installment Solution

Paypal launched Pay in 4, an interest-free short-term “buy now, pay later” installment payment service for its customers in the United States. Merchants get paid upfront while customers pay for purchases between $30 and $600 in four instalments over a six-week period. Pay in 4 is included in the merchant’s existing PayPal pricing, so merchants don’t pay any additional fees to enable it for their customers. Pay in 4 will be available to consumers on qualifying purchases in early Q4 2020, but merchant sign-up is now in progress. 

2019 CPMI quantitative review of correspondent banking data

The 2019 data confirm that correspondent banking relationships continue to contract in number. Despite the worldwide decline, they continue to play a pivotal role for cross-border payments. The statistics cover monthly payment message data for more than 200 countries and jurisdictions from 2011 to 2019. It found that the number of active correspondent banks worldwide fell by about 3% in 2019 and about 22% between 2011 and 2019. However, the volume and value of cross-border payments continued to grow over the last eight years, suggesting a higher concentration in payment flows. 

A Guide to Payment Regulations Across Asia Pacific

ASEAN Plus Group has released a comprehensive guide to Asia-Pacific payment services regulations. For each country, it gives an overview of the current state of the domestic payment industry, the regulators in charge of overseeing the sector, the different types of licenses available, the licensing requirements, the state of cryptoassets regulations, intellectual property laws in place, as well as anti-money laundering and counter-terrorism financing (AML/CTF), tech risk, and data privacy requirements, among other key topics. 

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