Kiffmeister’s #Fintech Daily Digest (20230524)*

Australian stock exchange says software overhaul won’t involve blockchain

Australia’s stock market operator ASX reportedly said it will no longer attempt to rebuild its software platform with blockchain-based technology. In November 2022 it paused its distributed ledger technology (DLT) based rebuild of its all-in-one trading, settlement and clearing software based, after an external review found it had to be largely reworked after seven years of development.  Exchange project director Tim Whiteley said ASX was on track to decide a new strategy by year-end. [Read more at Reuters]

Binance commingled customer cash, corporate revenue

Binance routinely commingled customer funds with operating capital, according to the latest Reuters report on alleged malfeasance at the world’s largest digital asset exchange.  The report claims that Binance violated U.S. financial rules regarding the strict separation of customer funds from company revenue in 2020 and 2021. This commingling reportedly occurred “almost daily” at accounts Binance held at the since-collapsed crypto-friendly Silvergate Bank in California. The extent of the commingling allegedly “ran into billions of dollars.” [Read more at Reuters]

US : Consumer payment behavior consistent with early pandemic

The U.S. Federal Reserve’s 2023 Findings from the Diary of Consumer Payment Choice show that cash payments declined to 18% of all payments in 2022 from 20% in 2021 (and 30% in 2016). During the same time frame, the credit cards share increased to 31% from 28% (31%). Debit cards have remained roughly stable (29% in 2022). The mobile payments share was less than 1%. Average store-of-value cash holdings of $418 in 2022 were little changed from 2021, but up significantly from the 2016 average of $173. [Read more at the Federal Reserve]National Bank of Georgia approves open banking rules

The National Bank of Georgia has approved the Regulation on Inclusion in Open Banking. The regulation describes the enrollment procedure and ensures the correctness, reliability and security of the services of the entities enrolled. Non-bank institutions, provided that they meet the requirements stipulated by the regulation, are given the opportunity to engage in open banking as providers of both access to account information and payment initiation services. Any entity regulated by the National Bank of Georgia may be included in open banking. [Read more at Finextra]

*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

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