FSB consults on cross-border payment legal, supervisory and regulatory frictions

The Financial Stability Board (FSB) published its proposed recommendations to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers. They take forward priority actions under the G20 Roadmap to address legal, supervisory and regulatory frictions in cross-border payments to help achieve the quantitative targets in 2027. Proposals include the establishment of a forum for cross-sectoral collaboration on data issues related to cross-border payments to ensure that the recommendations are taken forward in a coordinated manner. [Read more at the FSB]

Palau developing DLT government bond issuance solution (Ledger Insights)

Palau has contracted with Soramitsu Labs to build a distributed ledger technology (DLT) based government bond issuance platform. Soramitsu was the developer of Cambodia’s Bakong DLT-based national payment system, and is also working with Laos, the Philippines and Vietnam on central bank digital currency (CBDC) projects, and with the Asian Development Bank on a proof of concept for the cross border settlement of bond transactions. The 100 million yen cost of the Palau project will be covered by Japan’s Ministry of Economy, Trade and Industry, and the Japanese foreign and finance ministries will provide advice on strategy and project management. [Read more at Ledger Insights]

E-CNY transactions show 630% growth in 2023 (Ledger Insights)

Cumulative e-CNY transaction volumes reached RMB 6.6 trillion ($910 billion) through to May 2024 (7.3 times year-over-year growth). [Read more at Ledger Insights]

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