Background The financial system has undergone a significant transformation in recent years, driven by rapid advancements in cloud computing, artificial intelligence (AI), and other emerging technologies for payments. These have had a profound impact on how banks do business, people interact with banks, and customers make payments for goods and services. Advancements in digital technology […]
Category Archives: Payment Systems
03
Dec
Dec
1. Introduction The digitalization, the rise of crypto-assets and the advancement of technologies, such as distributed ledger technologies, have fuelled an unprecedented wave of innovations in payments and spurred many Central Bank Digital Currencies (CBDCs) projects over the past decade[1]. Central banks worldwide have been actively exploring solutions to preserve financial stability and safeguard monetary […]
Financial Stability, Payment Systems
From Unified Payment Interface to Unified Lending Interface: India’s Digital Journey Towards Financial Inclusion
13
Aug
Aug
The financial inclusion journey involves many legs: empowering citizens with a digital identity to open bank accounts; building a digital public infrastructure to facilitate low-cost interoperable payment services; and creating a technology platform to facilitate efficient delivery of frictionless credit. This blog takes readers through this journey in India.
Financial Stability, Payment Systems
A Streetcar Named “Retail CBDC”: Should Central Banks Get on Board?
24
Jul
Jul
1. Introduction A Central Bank Digital Currency (CBDC) has emerged as one of the most significant trends reshaping the global financial landscape. Central banks around the world are actively exploring this innovation, with the latest BIS survey in 2024 revealing that 94% of the 86 surveyed central banks are investigating CBDCs. This movement resembles a […]
Financial Stability, Payment Systems, Supervision
Trends Shaping the Payment and Financial Landscape in Southeast Asia: A Forward-Looking Perspective
10
Apr
Apr
This blog highlights the key trends shaping the region’s payment and financial landscape and discusses their implications for financial institutions, regulators, and consumers alike. Southeast Asia’s payment landscape is evolving at an unprecedented pace, driven by rapid technological advancements, regulatory developments, and shifting consumer behaviors. The pandemic-induced acceleration of digital transformation has further propelled the […]
26
Jul
Jul
As emphasised in opening remarks by Deputy Governor Jessica Chew at the Central Bank Payments Conference on 11 June 2024 in Kuala Lumpur, “The payment system lies at the heart of economic activity. If money is the lifeblood of the economy, then payment systems represent the veins that allow money to flow to where it […]
Financial Stability, Payment Systems, Supervision
Fast Payments and Combating the Evolving Threat of Frauds and Scams in Asia
30
Oct
Oct
The purpose of this blog is to share how fast payments in Asia can be used fraudulently and to illustrate some of counter measures that are being implemented to combat frauds and scams. Across Asia and all around the world, scams and cybercrimes have been on the rise, particularly since the global COVID-19 pandemic. This […]