Sunday, 25 October 2020

The DoJ takes on Google

The US Department of Justice (DoJ) has at last launched a federal antitrust lawsuit against Google. This is the first time that US trustbusters have gone after big tech since their protracted battle against Microsoft 20 years ago. Eleven states have signed on to the suit, in which the DoJ accuses Google of abusing its online-search monopoly. Others are likely to bring their own cases against the firm.

Read more HERE

Friday, 23 October 2020

International banking supervisory community meets virtually - Focus on the future of banking supervision in a changing world

The 21st International Conference of Banking Supervisors (ICBS), hosted virtually by the Office of the Superintendent of Financial Institutions (OSFI) and the Bank of Canada, was held on 19-22 October 2020. Approximately 450 senior banking supervisors and central bankers representing close to 100 countries took part.

Delegates discussed a wide range of issues related to the future of banking supervision in a changing world. The discussions covered the digitization of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. Participants also exchanged views on the challenges for central banks and bank supervisors in advanced and emerging market economies during the Covid-19 pandemic, as well as adapting to the changing operating environment for central banks and supervisors.

The event included several panel discussions and keynote speeches by Pablo Hernández de Cos, Chair of the Basel Committee on Banking Supervision and Governor of the Bank of Spain, and Prithwiraj Choudhury, Associate Professor at Harvard Business School.

This successful event marks the first time that the Basel Committee has worked with a host country to offer a completely virtual conference.

The ICBS, which has been held every two years since 1979, brings together bank supervisors and central bankers from around the world as well as representatives of international financial institutions. The conference promotes the discussion of key supervisory issues and fosters the continuing cooperation in the oversight of international banking. With its wide membership of senior supervisors and policymakers, the ICBS presents a unique opportunity for a broad-based discussion on issues that are timely and relevant to supervisors in both advanced and emerging market economies.

Friday, 9 October 2020

Central banks and BIS have published their first central bank digital currency (CBDC) report laying out key requirements

Seven central banks and the BIS have release a report assessing the feasibility of publicly available central bank digital currency (CBDC). The aim is to help central banks deliver their public policy objectives.

The report outlines base principles and core features of a CBDC, but does not give an opinion on whether to issue digital currencies. Central banks will continue investigating CBDC feasibility without committing to issuance.

The report, Central bank digital currencies: foundational principles and core features, was compiled by the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, Sveriges Riksbank, the Swiss National Bank and the BIS, and highlights three key principles for a CBDC:
  • Coexistence with cash and other types of money in a flexible and innovative payment system.
  • Any introduction should support wider policy objectives and do no harm to monetary and financial stability.
  • Features should promote innovation and efficiency.
The group of central banks will continue to work together on CBDCs, without prejudging any decision on whether or not to introduce CBDCs in their jurisdictions.

Based on these principles, the group has identified the core features of any future CBDC system, which must be:
  • Resilient and secure to maintain operational integrity.
  • Convenient and available at very low or no cost to end users.
  • Underpinned by appropriate standards and a clear legal framework.
  • Have an appropriate role for the private sector, as well as promoting competition and innovation.
Further development of CBDCs requires a commitment to practical policy analysis and applied technical experimentation. While this has already started, the speed of innovation in payments and money-related technologies requires the prioritisation of collaborative experimentation.

Future activities will include exploring other open questions around CBDCs and the challenges of cross-border payments, as well as continuing outreach domestically and with other central banks to foster informed dialogue on key issues. Work by the BIS Innovation Hub, which serves the broader central banking community, will contribute to this objective.

Wednesday, 7 October 2020

World Payments Report for 2020 just published by Capgemini

Capgemimi has just announced the publication of its “World Payments Report 2020”. The report is the leading source for data, trends and insights on global and regional non-cash payments, the key regulatory and industry initiatives, and today’s dynamic payments environment especially in the light of the COVID-19 pandemic.

The new edition analyzes how the payments industry can respond to evolving retail and B2B customer expectations and highlights the need for payment firms to rapidly prioritize technology transformation in order to become digital masters and stay competitive.

You can download it directly from Capgemini. Click HERE.

Tuesday, 6 October 2020

Free Webinar - COVID-19 and the Payments Industry

In just a couple of months, the COVID-19 virus has changed the world. How we work and how we live has changed and probably will never be the same again.

Last May we presented a short Webinar on the effect that the COVID-19 pandemic has had on the Payments Industry and we looked at some possible future outcomes in the areas of banking, fintechs, the cashless society, mobile wallets, online shopping, customer behavior and more.

You can now watch this webinar FREE - just click HERE

Monday, 5 October 2020

Keep up-to-date about our growing range of Online Mini-Courses, Training Programs, Webinars and Live Events

Join our mailing list and get updated on our increasing range of Online Mini-Courses, Training Programs, Webinars and Live Events in the Governance, Risk Management and Compliance space.


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Monday, 28 September 2020

Online Mini-Courses

For almost 19 years Citadel Advantage has been producing high quality training courses aimed at the Governance, Risk Management and Compliance space.

We have and continue to offer a wide & comprehensive range of professional courses and training programs in the core areas of governance, compliance, operational risk management, payment & treasury systems, fintech, blockchain and operations/back office management. Our programs are mostly 2-day units with some 1-day units for shorter topics. Some programs are more involved and can run for 3, 4 or even 5-full days.

In recent times and especially since the COVID-19 crisis emerged some 6 months ago, there has been a growing demand for online programs that are much shorter and that get to heart of these issues, providing all the information you need in much shorter sessions of between 60 and 90 minutes.

With this in mind, Citadel Advantage is happy to introduce our Online Mini-Courses - short, to the point sessions that get to the nub of the issue, giving you all the information that you need at your office or home at a fraction of the cost of the typical two-day program.

Why not check out our first such Online Mini-Course - THE A TO Z GUIDE TO MANAGING OPERATIONAL RISK which is scheduled for November 10 (10 am PDT / 1 pm EDT). The cost is only $50; and if you register now we will give you a 10% Early Bird discount (use discount code CAEB).

Find out more about this Online Mini-Course HERE


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