HONG KONG—Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross border transactions could be made in a few seconds, instead…
Central Bank Digital Currencies Can Slash Cross Border Payment Time: BIS
September 28, 2021
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Swiss Central Bank Tracking Evergrande Woes, Swiss Banks Play Down Exposure
September 23, 2021
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ZURICH—The Swiss National Bank is closely monitoring the situation at China’s Evergrande Group, SNB Chairman Thomas Jordan said on Thursday, amid concerns its debt problems could pose risks to China’s financial system. “It is wrong to be alarmist, but it is also wrong to dismiss it as a local small problem,” Jordan told journalists on…
Surge in UK Fraud a National Security Threat, Warn Banks
LONDON—A surge in fraud attacks on consumers since the pandemic has become a ‘national security threat’ for Britain requiring government-coordinated action across industries, banking industry lobby group UK Finance has warned. Financial fraud has rocketed during the pandemic as more consumers shop online and try digital banking and investing. Criminals stole 754 million pounds ($1.03…
Banks Oppose Biden’s New Proposal on IRS Reporting
WASHINGTON—Opposition is growing to a new proposal aimed at curbing tax evasion that would be part of the $3.5 trillion reconciliation package under consideration by Congress. The proposal, which is being pushed by the Biden administration, would require banks and other financial institutions to report to the Internal Revenue Service (IRS) any deposits or withdrawals…
Regulators Not up to Speed on Banks’ Digital Marketplaces, EU Watchdog Says
September 21, 2021
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LONDON—Regulators have little understanding of risks from banks creating digital marketplaces with tech companies and a framework is needed to spot potential contagion if things go wrong, the European Union’s banking watchdog said on Tuesday. The European Banking Authority’s warning is the latest sign that financial regulators are starting to pay more attention to Big…
Banks Beware, Outsiders Are Cracking the Code for Finance
LONDON—Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from tech startups to offer customers everything from banking and credit to insurance. For established financial institutions, the warning signs are…
Boom for Banks as M&A and Pandemic Boost Corporate FX Needs
LONDON—A boom in corporate dealmaking, surging input costs, and a focus on short-term cash flows in the pandemic have sent companies rushing to hedge their currency exposures this year, giving a boost to banks that sell foreign exchange products. Corporate treasurers say the pandemic, which sent revenues tanking in 2020 before this year’s sharp rebound,…
Act Fast or Miss the Digital Payments Boat, BIS Tells Central Banks
LONDON—Major central banks should press ahead now with digital currency projects to avoid falling behind comparable private sector payment initiatives that are already taking root, a Bank for International Settlements official said on Friday. Corporate moves into digital payments, including Facebook with its diem stablecoin, have accelerated since the pandemic, as have contactless card transactions,…
European Banks Still Booking Profits in Tax Havens, Says Report
LONDON—Top banks in Europe continue to use tax havens to book chunks of profits, a trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory, the EU Tax Observatory said in a report on Monday. The independent research body, co-financed by the European Union, said disclosures from 36 major European banks showed they…
Robbers in Brazil Stage Brazen Bank Raids, Taking Hostages; at Least 3 Dead
RIO DE JANEIRO—Armed robbers hit several banks in a small Brazilian city on Monday, using locals as human shields, leaving a trail of explosive devices, and shooting at police in an assault that killed at least three people, a senior state security official said. The brazen attack around midnight in Araçatuba, a city of roughly…
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