Kiffmeister’s #Fintech Daily Digest (20230523)*

Digital marketplace for Jam-Dex

Jamaica’s Ministry of Industry, Investment, and Commerce has launched a digital marketplace for merchants and residents to interact using the country’s central bank digital currency (CBDC). Its aim is to provide a platform for merchants, who do not have access to debit and credit transaction processing, to use Jam-Dex for payments. The digital marketplace will also facilitate merchants advertising their products. Merchant onboarding has already started and the platform should be operational by the beginning of summer (2023). [Read more at the Jamaican Observer

IOSCO sets standard for global crypto regulation

The International Organization of Securities Commissions ( IOSCO) issued for consultation detailed principles-based and outcomes-focused recommendations as to how to regulate crypto-assets, aimed at the activities performed by crypto-asset service providers (CASPs). It proposes 18 policy recommendations that IOSCO plans to finalize in Q4 2023 to support greater consistency with respect to regulatory frameworks and oversight in its member jurisdictions. The proposed recommendations do not cover decentralized finance (DeFi). [Read more at IOSCO]

From 1% to 30%: the journey of the Philippines towards responsible digital payments

Digital payments volumes in the Philippines have grown from 1% of total payments in 2013 to 30% in 2021. A Better Than Cash Alliance (BTCA) case study  examines this success story by diving into the key decisions made by the government and private sector in accelerating the adoption of responsible digital payments. These included continuous evaluation of progress against transparent targets, proactive policymaking to satisfy evolving needs, and institutionalizing data systems and building internal capacity to collect and analyze data. [Read more at the BTCA]

Indonesia and Malaysia Announce the Commercial Launch of the Cross-Border QR Payment Linkage

Bank Indonesia (BI) and Bank Negara Malaysia (BNM) launched the Indonesia-Malaysia cross-border QR payment linkage on May 8, 2023. This follows from the successful completion of the pilot phase announced on January 27, 2022. The full launch sees the number of participating financial institutions, including non-banks, increase. This will enable more Indonesians and Malaysians to make instant retail payments in either country by scanning Quick Response Code Indonesian Standard or Malaysian DuitNow QR codes at physical stores or online merchants.​ [Read more at the BI]

*For those interested in intra-day updates, check out my searchable Diigo Fintech developments database, which is also a good place to go to query for past developments:

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Kiffmeister’s global central bank digital currency monthly monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at

The Sovereign Official Digital Association (SODA) is a technology-agnostic firm offering advisory services at the intersection of central banking, digital finance and the web3 industry, aiming to make public digital money a reality. SODA believes institutions in the existing financial ecosystem should have access to the tools and resources they need to move from discussion to action. SODA offers ‘real life’ use cases to help test digital money and drive adoption as central banks and other public institutions explore the future of a more financially inclusive world powered by interoperable blockchain-based networks. SODA would love you to join us on this journey – please get in touch (

Satoshi Capital Advisors is a New York-based, global advisory firm that works with central banks, governments, and the private sector to architect, implement, and operate varying initiatives. Satoshi Capital Advisors’ central bank work revolves around CBDC architecture and implementation, providing advisory services from research phase through to growth phase. Utilizing a product-market fit and technology agnostic approach to CBDC architecture and implementation enables Satoshi Capital Advisors to build tailored solutions, bespoke to local financial system nuances. Satoshi Capital Advisors welcomes requests from central bank officials for virtual and in-person CBDC workshops. [Click here for more information]

WhisperCash offers the first fully offline digital currency platform that has the same properties as physical cash. It can perform secure consecutive offline payments without compromising on security, privacy or accessibility. WhisperCash allows direct person to person offline payments without any server infrastructure or internet connectivity. It comes in various form factors including the self-contained credit card-sized “Pro” that sports an eInk screen and capacitive keyboard, and lasts for two weeks between recharges assuming a few transactions per day. [Click here for more information]

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