Banking

Singapore’s Central Bank and J.P. Morgan Unveil Payments System

  • The new prototype platform was developed to enable payments denominated in different currencies.
  • Over 40 financial and non-financial companies have been tasked with the job of ascertaining the commercial viability and the network’s potential benefits.

Bank of Korea Director: No Need for CBDCs in Developed Countries

  • The payment system in Korea is very developed, safe and sending money is not that expensive.
  • Still, the Bank of Korea will continue to monitor the development of CBDCs amid their concern that such currencies may destabilize commercial banks.

Swiss Central Bank to Research CBDCs

  • The Swiss National Bank will work together with the SIX Digital Exchange to explore how CBDC's can be integrated into a DLT platform.
  • DLT-based tokenized assets and CBDC's could stimulate new financial innovations, as well as reduce counterparty risk.

ING Chief Economist: Central Banks to Develop Digital Currencies in 2-3 Years

  • Mark Cliffe argued that Central Bank Digital Currencies (CBDC) will allow banks to move into negative territory with interest rates.
  • CBDCs, he said, will also open "a whole range of policy options", and can provide new ways to support economic activity.

Wells Fargo’s Stablecoin is Better than SWIFT

  • Using the new method will allow Wells Fargo to transfer funds 20 hours a day.
  • After a successful proof-of-concept, the blockchain venture will enter its pilot phase next year.

Standard Chartered Completed a Letter of Credit Transaction on the Voltron Blockchain Trade Platform

  • Standard Chartered used the Voltron blockchain platform to digitise and simplify the exchange of information between all participants.
  • A Letter of Credit transaction usually takes up to 5 days to complete, but using blockchain technology it took less than 12 hours.

Central Banks Could Begin Issuing Digital Currencies in The Future

  • The General Manager of the Bank for International Settlements has said that BIS is supporting the world's central banks in their efforts of researching and developing digital currencies.
  • A recent report from the International Monetary Fund shows that several central banks are already considering implementing some form of Central Bank Digital Currency (CBDC).

J.P. Morgan Will Begin Customer Trials of Its “JPM Coin”

  • J.P. Morgan Chase will reportedly start trials of its "JPM Coin" with several of its corporate clients, which remain unnamed.
  • The "JPM Coin" was revealed in mid February, with the coin being presented as a stablecoin tethered to the U.S. dollar.

Blockchain Payments Network to be Launched by Japan’s Largest Bank

  • Japan's largest financial group and the world's fifth largest bank, Mitsubishi UFJ Financial Group (MUFG), will be launching a blockchain-based payments network in 2020.
  • The company announced that a joint venture with fintech firm Akamai Technologies has been formed and the payments platform is to be expected "by the first half of 2020".