Hong Kong and Thailand’s central banks have stepped closer to implementing a joint central bank digital currency (CBDC) for cross-border payments. On Jan. 22, the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) officially announced the outcomes of a joint CBDC research project called Project Inthanon-LionRock. Alongside publishing a joint press release, the banks have issued a detailed 90-page report providing an exhaustive analysis of the potential risks and benefits of CBDCs for real-time money transfers, liquidity management, regulatory compliance, and other aspects of finance. Inthanon-LionRock project was initiated in May 2019 After the HKMA and the …
Twenty-eight organizations including Raiffeisen and 17 other banks have participated in the successful completion of the Ivno Global Tokenized Collateral Trial. This is the first global token trial on the R3 Corda platform, hosted on Microsoft Azure, as reported on Oct. 17. Efficiencies in tokenized collateral The trial, conducted by London-based Ivno, saw the participating organizations create $18 billion of Trial Tokens, and transfer them through the Ivno network. This was a live demonstration of how mobile collateral tokens can be used for instant settlement, collateral management and effective cash transfer. Ivno’s platform is designed to improve efficiency and create …
German banking and financial services company Commerzbank and technology companies Continental and Siemens have jointly conducted a money market security transaction pilot using blockchain technology. Cointelegraph auf Deutsch reported on the development on Feb. 21. Money market securities are short-terms assets that serve for financing companies and usually have a maturity of one year or less. Usually, the processing of a payment takes two days due to a clearing process. The aforementioned parties “for the first time” conducted a blockchain-based money market security transaction worth 100,000 euro ($113,340) within a pilot project in January, where Continental acted as the issuer …
SBI Ripple Asia and the Japan Payment Card Consortium have announced a joint proof of concept (PoC) to combat fraud with blockchain technology, according to an official release published Nov. 16. According to the news release, the PoC will be conducted on R3's blockchain platform, Corda, and will aim to prevent damage wrought by fraudulent transactions by enabling the real-time sharing of data between parties using blockchain. The Japan Payment Card Consortium counts nine major credit card issuers – including American Express (Amex), Credit Saison and Toyota Finance – and two payment-card technology providers as members. SBI Ripple Asia is …
39 financial firms partnered with blockchain consortium R3 completed more than 300 transactions via R3’s know your customer (KYC) application, according to a post on R3’s blog June 28. R3’s KYC project involved major financial and banking institutions worldwide such as Deutsche Bank, ING, the National Bank of Egypt, Raiffeisen Bank International, and others. It also involved regulators and central banks such as the Central Bank of Colombia, the Federal Reserve Bank of Boston, and the Financial Superintendence of Colombia. The transactions were conducted across eight timezones in 19 countries, wherein banks could request access to customer KYC data, and …