Kiffmeister’s #Fintech Daily Digest (03/26/2021)*

PBOC and SWIFT to offer cross-border payments services

The People’s Bank of China (PBOC) announced that its joint venture with SWIFT will start offering cross-border transaction services. The Finance Gateway Information Services Company will set up a Chinese network for financial messaging services. The firm will also set up a localized data warehouse to monitor and analyse cross-border payment messaging. The Finance Gateway Information Services Company was set up in mid-January, as a joint venture between SWIFT and the China National Clearing Centre, a PBOC subsidiary. Minority shareholders include China’s Cross-border Interbank Payment System (CIPS), the Payment & Clearing Association of China and the PBoC Digital Currency Research Institute.

India Mandates Public and Private Firms to Disclose Crypto Holdings

India’s Ministry of Corporate Affairs amended Schedule III of the Companies Act, 2013 to mandate all companies to disclose their crypto-asset holdings and other activities using digital currencies, starting on April 1.  

* The views expressed herein are those of the author and should not be attributed to the International Monetary Fund, its Executive Board or its management.