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FORUS Digital has positioned itself in Africa to help central banks and commercial banks in their journey towards CBDCusing the UDPN All-in-One Digital Currency Sandbox. Statista indicated that the Digital Assets market in Africa is projected to reach a revenue of US$3,115.0m
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
Central bank digital currencies (CBDCs) have largely existed in the virtual realm, with transactions initiated primarily through web and mobile interfaces. However, a significant shift has occurred with the launch of Eurasia’s first CBDC cards in Kazakhstan, providing 20 million consumers with a new, tangible way to manage CBDC funds.
It highlights major trade-offs in security, privacy, and policy that must be addressed before offline CBDC payments can scale. If implemented, offline CBDC capability could introduce new consumer behaviours, shift merchant requirements, and alter the economics of digital payment acceptance. Why is it important? What’s next?
Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens. said Tom Zschach, Chief Innovation Officer at Swift.
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.
Such innovations streamlined operations and paved the way for exploring sophisticated financial instruments like Delivery Versus Payment (DvP) mechanisms. Collaborative efforts align with the Indonesia Payment System Blueprint 2030, which prioritises innovation, financial inclusion, and economic sustainability.
A new report by Twimbit, a Singapore-based research and advisory firm, highlights the state of open finance in Southeast Asia, exploring the different factors such as regional integration, technological innovation, evolving business models, and API monetization that are fueling the growth of the sector.
While 134 countries and currency unions, representing 98 per cent of global GDP, are currently exploring a central bank digital currency (CBDC), the Bank of Canada has revealed it is officially putting efforts to introduce a digital version of the Canadian dollar on pause. Could a CBDC still be in Canada’s future?
Treasury Department is researching usecases for a central bank digital currency (CBDC), as well as drafting regulatory proposals for private stablecoins, U.K. Meanwhile, Lebanon Governor Riad Salameh announced that the country will be introducing a CBDC next year, to “restore confidence,” reported Bloomberg.
On 28 August 2024, HKMA officially launched the Project Ensemble Sandbox, which will test a wide range of tokenisation usecases, including the settlement of tokenised real-world assets (such as green bonds, carbon credits, aircraft, electric vehicle charging stations, and treasury management).
The idea that digital assets are exclusively some form of currency has been slowly dispelled, as new usecases emerge and are rapidly adopted across the globe. The digital currency landscape in the MEA region is diverse, with a vast number of companies offering services to meet a variety of usecases and needs.
Airlines already have mobile boarding passes generated at check-in to expedite boarding, and some work has been done within the airline mobile application; United is a good example usecase, eliminating a traditional ID requirement at check-in including baggage. Previously, these exchanges relied on in-person verification.
But: The bank is keeping an eye on the experiences and progress of other nations, and still is researching its own technological and “policy implications” of wholesale forms of CBDC. Separately, of course, the People’s Bank of China (PBOC) has said that a test of a CBDC rests with small retail transactions — not large-volume transactions.
Swift drives global interoperability and innovation, aligning with the UK’s National Payments Vision to enhance seamless, secure payments. The richer, more structured data promised by ISO 20022 represents a significant leap forward, increasing straight-through processing and providing a foundation for future innovation.
The cooperative has focused its innovation agenda on interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the development of digital currencies on different technologies and with different standards and protocols.
In other news, the Reserve Bank of Australia (RBA) is exploring the potential of a central bank digital currency (CBDC), in partnership with the National Australia Bank , Commonwealth Bank , Perpetual Limited and ConsenSys Software , the bank announced in a press release. RBA expects to finish the project at the end of this year.
Through the new project, Hong Kong Monetary Authority will explore innovative financial market infrastructure (FMI) that will facilitate seamless interbank settlement of tokenised money through a wholesale CBDC. We welcome global talents and industry players to come to Hong Kong and be part of this very exciting tokenisation journey.”
As part of those efforts, the lab is being used to explore “whether there is a role for a digital Australian dollar — that is, an Australian [central bank digital currency (CBDC)] — in the context of the bank’s responsibilities for issuing the currency and overseeing the payments system.”. The language is interesting — and noteworthy.
However, the idea that digital assets are exclusively some form of currency is slowly falling by the wayside as different usecases are emerging and being rapidly adopted. The potential usecases and benefits for users are hazy at best. This may mean that, initially, acceptance of the retail CBDC is gradual.
This year’s awards are also supported by 12 fintech community members, including Ripple, NETS, ADVANCE.AI, and HSBC, as part of the ‘Fintech Gives Back’ initiative, aimed at encouraging innovation and supporting emerging talent. Ripple, NETS, Syfe, and YouTrip returned as sponsors this year.
Initiatives are also exploring Instant Payment usecases based on nexo frameworks. Work is actively underway to integrate Instant Payments usecases. Twelve years on, the journey continues — driving payments toward a more open, interoperable, and innovative world. no mandatory cobadging).
Today, Georgia is a centre of fintech innovation and home to a pioneering Open Banking ecosystem. In doing so, it bridged Western and Eastern cultures, serving as a conduit for the propagation of innovations and knowledge.” Our banks are agile and innovative. It is a competitive market.
The offline function also enables usecases such as peer-to-peer payments (P2P) between individuals or payment-to-business payments (P2B). The success of several CBDC pilot projects around the globe has demonstrated the importance of offline payments.
PYMNTS explores these stories and others in this week’s Payment Rail Innovation Tracker. According to the announcement, the Bank of Thailand is planning to use central bank digital currency (CBDC) to support funds transfer, with an eye on accelerating supplier payments as an early use-case of the payment system.
This year’s conference promises a wealth of knowledge with over 50 hours of discussions, interactive sessions, and real-world case studies focused on Asian fintech innovation and growth. However, this innovation is not without its challenges and opportunities. 7 CBDCs – The New Frontier of Money?
Singapore also made strides in payment innovation, focusing on enhancing electronic payments and expanding cross-border capabilities. Singapore furthers payment innovation aspirations 2023 also saw Singapore advance its payment innovation ambitions, particularly in the realms of electronic payments and cross-border payment capabilities.
This year’s conference promises a wealth of knowledge with over 50 hours of discussions, interactive sessions, and real-world case studies focused on Asian fintech innovation and growth. However, this innovation is not without its challenges and opportunities. 7 CBDCs – The New Frontier of Money?
In recent years, the landscape of cryptocurrency and digital assets has experienced significant shifts, and Singapore, a nation known for its forward-thinking approach to fintech and digital innovation, is no exception. This approach is appealing due to its potential for higher returns compared to traditional financial instruments.
As noted in this space last week, about 80 percent of 66 central banks queried by the Bank of International Settlements (BIS) are working on central bank digital currencies (CBDC). He pointed to the concept of synthetic central bank digital currencies ( CBDC ).
Speakers: Elizabeth McQuerry, Glenbrook Partners; Mike Sklow, Goldman Sachs; Samson Rajan; JP Morgan; Miriam Sheril, Form3 1:30pm-2:10pmCT: Panel Session – Business End-Users Mega UseCases (City Beautiful Ballroom AB) As more capabilities become available for faster payments, business end users are finding creative ways to use the services.
These initiatives aim to make transactions faster, cheaper, and more accessible, fostering innovation in Southeast Asias digital finance landscape. Finally, stablecoins face competition from CBDCs, as many governments prioritise CBDC development over private stablecoins. By reducing dependence on the U.S.
Among the potential and evolving usecases: private stablecoins can conceivably be adopted as a means of payment for online purchases, peer-to-peer and micro-payments and a range of potential future. And in terms of usecases, stablecoins that are global in scope can be useful in cross-border payment transactions and in eCommerce.
There are other downsides to central bank-issued digital currency (CBDC), he explained. Central banks do not put a brake on innovations just for the sake of it. He said if banks issued similar currency it could lead to people moving money away from commercial banks.
These states boast a robust entrepreneurial presence, fostering innovation and economic growth. With continued innovation and adaptation, this sector is poised to shape the future of commerce in the digital age. These components collectively constitute a dynamic ecosystem driving innovation and reshaping traditional financial models.
The Reserve Bank of Australia (RBA) also played a crucial role by exploring the concept of retail and wholesale Central Bank Digital Currencies (CBDC) through its eAUD pilot programme , which focused on a wide array of usecases and essential legal aspects. This development followed the 2022 collapse of Terra.
21), at least some of those central banks are banding together to form a group that will study ways and means of issuing central bank digital currencies (CBDC). The group will be co-chaired by Bank of England Deputy Governor Jon Cunliffe and former ECB official Benoit Coeure , who helms the BIS Innovation Hub. is joining the CBDC fray.
How quantum computing could transform banking; it can process data 10 million times faster than supercomputers what are the usecases for banks? Could quantum computing break the encryption keys used in current security protocols and leave sensitive data vulnerable to attack?
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World. “The evolving nature of cross-border payments demands a proactive approach.
How can we look to this rapidly growing business for new usecases for instant payments? The issuance and use of a CBDC for cross-border payments could potentially help simplify intermediation chains, increase speed and lower costs. What will this look like in the coming years?
Wong Huei Ching from the Securities Commission Malaysia delved into the fintech journey of Malaysia in the capital markets and outlined the agency’s commitment to fostering innovation while prioritizing investor protection.
With Filia Unplugged, we are helping to bridge this gap,” explained Raoul Herborg , managing director of Central Bank Digital Currency ( CBDC ) at G+D. The offline function also enables usecases such as peer-to-peer payments (P2P) between individuals or payment-to-business payments (P2B).
As part of those efforts, the lab is being used to explore “whether there is a role for a digital Australian dollar — that is, an Australian [central bank digital currency (CBDC)] — in the context of the bank’s responsibilities for issuing the currency and overseeing the payments system.”. The language is interesting — and noteworthy.
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