Federal Reserve Board Governor Lael Brainard on Friday laid out a case for the role a U.S. central bank digital currency could play in bolstering financial stability as the use of stablecoins and cryptocurrency grows and other countries issue their own CBDCs. “It is essential that policymakers, including the Federal Reserve, plan for the future…
EU Watchdogs Call for Rapid Action to Catch up With Digital Finance
February 7, 2022
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LONDON—Rapid action is needed to update how cross-border financial services are scrutinized and consumers protected as the sector becomes digitalized with “Big Tech” playing an increased role, European Union regulators said on Monday. People are turning to social media and using smartphones to buy and sell shares, move money around bank accounts and make payments,…
SAT Going Digital in Shifting College Admissions Landscape
The SAT exam will move from paper and pencil to a digital format, administrators announced Tuesday, saying the shift will boost its relevancy as more colleges make standardized tests optional for admission. Test-takers will be allowed to use their own laptops or tablets but they will still have to sit for the test at a…
Alfi Inks AI Tech Deal for Improved Passenger Experience at BWI Thurgood Marshall Airport
ALFI Inc. announced an agreement Thursday with Slice Wireless Solutions Inc. to begin installations of targeted artificial intelligence digital advertising technology in multiple kiosks located within the Baltimore-Washington International Thurgood Marshall Airport. Slice Wireless Solutions (d/b/a SmartCity Wireless Solutions of BWI Inc.) is a wireless solution provider. What Happened The agreement includes the installation of six digital kiosks to…
Digital Pound Could Hit Financial Stability and Erode Privacy, UK Lawmakers Warn
LONDON—A digital pound used by consumers could harm financial stability, raise the cost of credit and erode privacy, though a version for wholesale use in the financial sector demands greater appraisal, British lawmakers said on Thursday. Britain’s central bank and finance ministry said in November they would hold a consultation this year on whether to…
ECB Can’t Yield Digital Money Space to Private Sector: Panetta
November 5, 2021
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FRANKFURT—The European Central Bank needs to issue a digital euro as yielding the space entirely to private sector initiatives like stablecoins could endanger financial stability and weaken the role of the central bank, ECB executive board member Fabio Panetta said. The ECB has been working on designing a digital currency, a direct claim on the…
UBS Plans Digital Banking Model for the Mass Affluent in America
ZURICH—UBS wants to build a digitally scalable advice model for affluent clients in the Americas, it said on Tuesday as it reported third-quarter earnings. As part of its new 2025 strategic vision, which Chief Executive Ralph Hamers said would be presented in February, the bank intends to provide wealthy clients in the Americas with a…
US Drops Tariff Threat in Digital Tax Transition Deal With European Countries
October 23, 2021
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PARIS/WASHINGTON—The United States on Thursday withdrew its threat of tariffs against five European countries over their digital services taxes as part of a deal to manage the transition to a new global tax regime for large highly profitable corporations. Austria, Britain, France, Italy, Spain will get to keep their digital taxes in place until a…
Fed’s Quarles Says He Doesn’t See Rationale for Central Bank Digital Currency
October 21, 2021
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Federal Reserve Governor Randal Quarles, until recently the U.S. central bank’s top financial regulator, on Wednesday said he does not understand the arguments in favor of issuing a central bank digital currency. “Until somebody answers me the question why, I don’t understand why we would devote the enormous amount of resources and the technological risk…
SAP Lifts Full-Year Outlook as More Customers Shift to Cloud
STOCKHOLM—German business software group SAP raised its full-year outlook for a third time on the back of a strong showing in the third quarter as more customers shift their IT operations to the cloud. SAP now expects cloud revenue to grow by 16 percent-19 percent in the year as a whole, helping its overall cloud…
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