Tag: FX

Kiffmeister’s #Fintech Daily Digest (20250424)

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Nigeria, China to sign digital currency deal to reduce dollar reliance (Vanguard)

Nigeria will reportedly sign a deal to enable a direct conversion of naira to digital renminbi (RMB) according to Nigeria-China Strategic Partnership (NCSP) Director-General Joseph Tegbehas. Speaking at a conference in Lagos, he said the agreement could reduce Nigeria’s dependence on the United States dollar. The NCSP jointly established ivy the Chinese and Nigerian governments in November 2024 under the leadership of President Bola Ahmed Tinubu following agreements reached with President Xi Jinping at FOCAC 2024, aiming to deepen economic, trade, and investment relations between the two nations. It serves facilitate high-impact partnerships that align with Nigeria’s development priorities and China’s Belt and Road Initiative. But there has not yet been an announcement on the NCSP website regarding the RMB deal. [Read more at Vanguard]

Bank of Korea “Project Hangang River” is a deposit token pilot (Business Korea)

At a briefing held at the Bank of Korea on April 21, 2025, Deputy Governor Lee Jong-ryul reportedly pointed out that the “Project Hangang River” three-month pilot that started on April 1, 2025, is more about experimenting with “deposit tokens,” a stablecoin issued by domestic commercial banks, than the central bank digital currency (CBDC) issued by the Bank of Korea. As of April 20, 51,766 electronic wallets capable of using deposit tokens had been opened, and a cumulative total of 29,251 transactions had occurred from April 1 to April 20. [Business Korea]

Project Meridian FX: exploring synchronized settlement in FX (BIS)

The Bank for International Settlements (BIS) published the results of the Project Meridian FX experiment that demonstrated the atomic settlement of FX transactions between different wholesale payment infrastructures across jurisdictions, and between an real-time gross settlement (RTGS) system and a distributed ledger technology (DLT) platform. Using an emulated UK real-time gross settlement (RTGS) system, the project connected to three experimental interoperability solutions from the Eurosystem: DL3S (developed by the Bank of France), TIPS Hash-Link (developed by the Bank of Italy) and the Trigger Solution (developed by the Deutsche Bundesbank). In each case, payment-versus-payment (PvP) FX settlements were successfully orchestrated. [Read more at the BIS]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and 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 john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20240707)

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Global Layer 1 (GL1) Whitepaper

The Monetary Authority of Singapore (MAS) published a paper that introduces the Global Layer One (GL1) initiative, a multi-purpose, shared ledger infrastructure based on distributed ledger technology (DLT) and governed by common technological standards, principles and practices, on which regulated financial institutions across jurisdictions could deploy tokenized assets. It is envisaged that the architecture of GL1 could be described as the base layer in a four-layered conceptual model for digital asset platforms introduced in MAS “Project Guardian: Enabling Open and Interoperable Networks” and IMF “ASAP: A Conceptual Model for Digital Asset Platforms” papers. [Read more at the MAS]

DBS, JP Morgan, Mizuho test FX PvP DLT solution on Partior

Partior completed a proof of concept for FX payment versus payment (PvP) settlement using its blockchain network, with JP Morgan, DBS Bank and Mizuho. The trial showcased the effectiveness of Partior’s FX PvP solution in eliminating FX settlement risk across both emerging market and advanced economy currencies, and same-day-value trades, with 24×7 real-time and atomic settlement. It also highlighted the solution’s capability to provide just-in-time liquidity across these currencies as well as real-time visibility and status throughout the transaction life cycles for participants. [Read more on Ledger Insights and Partior’s LinkedIn page]

Upcoming Speaking Engagements:

  • CBDC Conference, Istanbul, September 10-12. The conference will offer representatives of central banks, commercial banks, technology providers, policy makers and academics the perfect platform to learn about the latest CBDC developments, exchange ideas with experts and peers. [Find out more and register here][Central bank delegates may be eligible for free registration (email registration@cbdc-conference.com to find out more)]
  • Digital Currency Conference, London, September 23-24. The conference will bring together policymakers, regulators, and technology and innovation experts to network and discuss all aspects of digital currencies. And enter the KiffmeisterDCC code at registration to get a 20% discount! [Find out more and register here]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and 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 john@kiffmeister.com.