The next paradigm shift for financial assets is tokenisation, BIS Innovation Hub head Cecilia Skingsley said at Hong Kong Fintech Week.
Hong Kong will link FPS with PromptPay and connect the city's payment infrastructure to e-CNY, officials said a Hong Kong Fintech Week.
The initiatives include a new platform to facilitate retail fund distribution and enhancements to the regulatory framework for virtual assets.
The first phase of the IADS initiative will be for corporate customers. The HKMA hopes to progressively extend it to retail bank accounts from June 2024 onwards.
DBS has to suspend business acquisitions and non-essential changes to its IT systems, instead dedicating its resources and attention to technology resiliency.
The update reveals a list of 25 observing members, and that the mBridge platform offers APIs based on ISO 20022 and uses LEIs for participant identification.
The POC will explore the feasibility of enabling merchants to accept QR payments from a variety of local and international payment schemes by signing up with a single FI.
Banks are directed to implement the package of measures "as soon as practicable" and in any case no later than 31 March 2024.
General principles on outsourcing, systems integrity and security, and disclosure obligations are being added to the code of conduct.
Regulated entities are allowed to adopt the MSME lending products. The RBI also opened applications for its fifth sandbox cohort, which is "theme neutral".
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