Following its year-long “Cad-coin” experiment (conducted in conjunction with the R3 consortium), Canada’s central bank determined that there are still “many hurdles to overcome” before DLT could reliably be deployed as the technology “underpin[ning] an entire wholesale payment system.”
The Financial Stability Board (FSB) and Committee on the Global Financial System produced a paper on the risks and benefits presented by innovative credit offerings and markets. The report [full text] is the FSB’s latest in a series of studies aimed at “assessing the impact [of] fintech developments on the global financial system.”
Fintech innovations began in the back office but have since had the most impact on front-office functions, such as loans, mobile payments, and asset-management. “It is transforming banking as we know it,” says one fintech executive. Because of its decentralized model, fintech poses unique challenges for regulators, according toReuters, which also reports that Mizuho Financial…
DESCRIPTION_HERE Source: CFTC Launches LabCFTC as Major FinTech Initiative
Oops! The Office of Enforcement did not timely restrict access to confidential information for reassigned or transferred personnel. In addition, the office’s labeling and storage standards were inconsistently followed and its naming conventions for investigative files were inconsistent, which could increase the risk of unauthorized disclosures. During our fieldwork, the office took steps to improve…
China’s central bank has established a fintech committee to study the impact of financial technology on monetary policy, financial markets, stability, payment and clearing mechanisms. Source: China sets up fintech committee at central bank
Facebook Group violates Dutch data protection law. That is the conclusion of the Dutch Data Protection Authority (Autoriteit Persoonsgegevens; hereinafter: DPA) after its investigation into the processing of personal data of 9.6 million Facebook users in the Netherlands. The company breaches Dutch data protection law including by giving users insufficient information about the use of…
Source: China’s banking regulator to step up protection after cyber attack | Reuters
France’s privacy watchdog slapped Facebook with a $165,000 fine on allegations the social media giant’s privacy policy breaches French law, the latest setback for the company in Europe where it is hounded by multiple legal and regulatory battles. Source: Facebook Fined by French Privacy Watchdog Over Data – WSJ
The Conference of State Bank Supervisors announced a raft of initiatives on Wednesday designed to make the state licensing system more attractive to fintech companies. Source: States move to obviate fintech charter | American Banker
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