In response to growing concerns regarding the inconsistent application of the ISO 20022 international messaging standard across various jurisdictions, the Committee on Payments and Market Infrastructures (CPMI) under the Bank for International Settlements (BIS) has released a comprehensive proposal. The proposal, presented in the report “Harmonised ISO 20022 Data Requirements for Enhancing Cross-Border Payments,” outlines a standardized set of messaging standards aimed at fostering greater efficiency in cross-border payment transactions. Sir Jon Cunliffe, chair of the CPMI and deputy governor for financial stability at the Bank of England, says: “The increased adoption of ISO 20022 by payment systems around the…
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The Federal Trade Commission (FTC) has released startling new data showing that social media scams have led to reported losses of $2.7 billion since 2021, surpassing losses attributed to any other contact method. In a comprehensive data analysis, the FTC delves into the landscape of social media scams for the first half of 2023. Reports for this period reveal that the most commonly reported scams on social media are associated with online shopping, constituting 44% of all reports. Many of these reports concern fraudulent activities related to the purchase or sale of products online. Notably, a significant portion of these…
In a significant move aimed at reining in Big Tech, the European Union has unveiled the first list of “gatekeepers” obligated to comply with the new Digital Markets Act, effective immediately. This list includes tech giants like Apple, Google, Microsoft, Amazon, Meta, and China’s ByteDance, the parent company of TikTok, as per the report by The Financial Times. Brussels’ decision mandates these companies to share data with competitors and ensure interoperability with rival services, among other obligations, under the threat of substantial fines. The primary objective of this legislation is to foster increased competition within the European tech sector. However,…
Revolut, a prominent payments giant, has been actively seeking a UK banking license for the past two years, with hopes of obtaining it in the near future, as expressed by its chief executives earlier this year. According to the Telegraph, the Bank of England’s Prudential Regulation Authority (PRA) informed the Treasury in March about its intention to issue a statutory warning to Revolut, citing concerns regarding the company’s balance sheet. After experiencing a six-month delay, Revolut finally submitted its accounts in March. However, auditor BDO raised concerns about the inability to verify £477 million of revenue and the lack of…
Chinese e-commerce giant Alibaba has announced its plans to spin off its cloud division into a separate publicly traded company. The move follows Alibaba’s recent restructuring, which divided the company into six divisions. Alibaba aims to complete the listing within the next 12 months, pending asset restructuring, regulatory approvals, and addressing contractual obligations. As a major player in cloud computing in China, Alibaba is increasingly positioning itself to compete with established US companies like Amazon and Microsoft. CEO Daniel Zhang stated that the decision to spin off the Cloud Intelligence Group and create an independent publicly listed company is a…
Ripple, the company that recently acquired crypto custody provider Metaco, has unveiled a comprehensive CBDC (Central Bank Digital Currency) platform aimed at central banks, governments, and financial institutions. This platform enables these entities to issue their own digital currencies and stablecoins, catering to various use cases such as wholesale and retail CBDCs on a private ledger or the issuance of stablecoins. The Ripple platform encompasses ledger technology, issuer capabilities for token minting, distribution, redemption, and token destruction, as well as inter-institutional settlement and distribution functions, along with end-user wallets. The company is currently engaged in CBDC and stablecoin pilot projects…
Nicola Anderson, CEO of Fintech Scotland, recently shared insights into the progress and future prospects of the Scottish fintech sector. With Fintech Scotland growing from 26 to 224 fintechs since its establishment in 2018, Anderson expressed enthusiasm for the increasing commercialization and investment opportunities in Scotland’s financial services and fintech industry. Anderson emphasized that the challenges faced by Scottish fintechs are similar to those encountered by their counterparts in the UK, including the need for skills, access to talent, investment, and a route to market. Given that many fintech entrepreneurs in Scotland are focused on B2B or B2B2C propositions, it…
Lawmakers in the European Parliament have reached a significant agreement on a comprehensive set of regulations governing the use of artificial intelligence (AI) within the European Union. In a landmark decision, MEPs voted in favor of the AI Act on Thursday, endorsing stringent rules that aim to rein in AI systems, ensure transparency, and uphold security. Under the newly approved legislation, biometric identification systems in public spaces and biometric categorization systems will be banned due to their inherent risks, discriminatory nature, and invasive characteristics. The Act marks a significant step towards making AI systems human-centric, trustworthy, and safe, positioning the…
Westpac, one of Australia’s major banks, has introduced a series of measures aimed at addressing cryptocurrency-related scam losses, including banning its customers from sending money to Binance Australia. Although Westpac has not explicitly named Binance, reports suggest that the exchange is included in the ban. According to Scott Collary, Group Executive of Customer Services and Technology at Westpac, digital exchanges have a legitimate role in the financial ecosystem. However, the bank has noticed an increase in scammers utilizing overseas exchanges since the rise of digital currencies. Often, customers only realize they have been scammed after the funds have already left…
In a recent report co-authored by the Global Financial Markets Association (GFMA), Boston Consulting Group, Clifford Chance, and Cravath, Swaine & Moore, it has been emphasized that distributed ledger technology (DLT) can bring “transformative benefits” to capital markets. However, the report stresses the need for regulators to adopt a more innovative approach to fully realize its potential. The report extensively evaluates the opportunities and risks associated with DLT and DLT-based securities, while also examining the applicability of existing legal, regulatory, and risk management frameworks. It particularly focuses on three emerging use cases: collateral management, asset tokenization, and sovereign and quasi-sovereign…
