Stanley’s Musings - Fintech, Banking & Payments News #2

Thoughts on fintech, banking, payments, risk management, AI, going green, economics, business and much more…

The latest edition is now available - HERE 

SET Training is a member of the Citadel Advantage Group

SET Training (Stanley Epstein Training) is member of the Citadel Advantage Group. 

Check this space for my regular weekly news posts on "Stanley's Musings" - click HERE for instant access. 

Current news on Banking, Fintech, Blockchain, Crypto, Financial Services and Technology issues as well as Training Courses may now be found on Stanley Epstein Training - Banking and Fintech News

Core principles for effective banking supervision - Consultation

The Core Principles are the de facto minimum standards for the sound prudential regulation and supervision of banks and banking systems. They are universally applicable and accommodate a range of banking systems and a broad spectrum of banks. The Core Principles are used by supervisors to assess the effectiveness of their regulatory and supervisory frameworks. They are also used by the International Monetary Fund (IMF) and World Bank as part of the Financial Sector Assessment Program (FSAP) to evaluate the effectiveness of countries' banking supervisory systems and practices.

Originally issued by the Committee in 1997, the Core Principles were last substantively updated in 2012. The Committee commenced a review of the Core Principles in April 2022, with the objective of reflecting supervisory and regulatory developments, structural changes affecting the banking system, and lessons learnt from FSAPs since the last update.

The Basel Committee on Banking Supervision has issued a public consultation on revisions to the Core principles for effective banking supervision ("Core Principles").

Changes are proposed to both the structure and contents of the Core Principles standard. The proposed amendments have been informed by several thematic topics reflecting regulatory and supervisory developments in: (i) financial risks; (ii) operational resilience; (iii) systemic risk and macroprudential aspects of supervision; (iv) new risks, including climate-related financial risks and the digitalisation of finance; (v) non-bank financial intermediation; and (vi) risk management practices.

The proposals were developed by a Task Force comprised of both Committee and non-Committee member jurisdictions, as well as the IMF and World Bank.

Check HERE for a comparison between the 2012 and 2023 versions of the Core principles for effective banking supervision

Comments on the revised Core Principles, can be submitted here up to 6 October 2023.

Job losses on Wall Street

Record-breaking profits at investment banks appear to be another relic of the golden age. 

Workers hired to meet roaring demand have been left twiddling their thumbs. Now they are being shown the door.

Read the full story on The Economist HERE (subscription may be required)

What would happen to Financial Services if we put engineers in charge?

On this episode of Fintech Insider expert host David M. Brear is joined by some great guests to ask: "What would happen to financial services if we put the engineers in charge?" 

The whole fintech industry is built on top of complex tech stacks, constructed and maintained by engineers. Their value has never been in doubt, but where they sit in the business structure changes from company to company. 

We've put together a panel of experts to discuss how the role of engineers has changed in financial services, the challenges they have to contend with and what the future of financial services would look like if we put the engineers in charge.

US bank branch closures widen social inequality

The FT travels to the Mississippi Delta to see how banking and predatory lending are widening social inequality. Today there are more than 1,600 'banking deserts' in the US, with the lack of financial services hitting African-Americans the hardest. This film is part of the FT's Financial Literacy and Inclusion Campaign, an FT charity promoting financial literacy.

Citadel Advantage News Digest - Issue #158

Read / Subscribe to the “Citadel Advantage News Digest” Issue #158 - In this edition -

• Green Loans: A Fast-Track Method to Be a Banking ESG Leader
• Cryptocurrency Exchanges, Regulation and Bank Runs: A Summary
• The whole point of money is to NOT know your customer - Chris Skinner's blog
• Just 8% of Americans have a positive view of cryptocurrencies now
• 'Bank of Twitter': Is Elon Musk Spitballing Or Could It Really Work?
• Why Crypto’s Crash Hasn’t Spilled Into Other Markets
• Elon Musk Is Hiring Relatives at Twitter in Literal Nepotism

NEWS about World Affairs, Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Check it out HERE

Citadel Advantage News Digest - Issue #157

Read / Subscribe to the “Citadel Advantage News Digest” In this edition -

• Can Blockchain Technology Change Plagiarism Detection in Academia?
• Bernie Madoff's Lawyer to #FTX's Bankman-Fried: 'Shut Up!
• ChatGPT Explained in 5 Minutes
• The ‘Twitter Files,’ and other news from the bird app
• BIS warns of $80 trillion of hidden FX swap debt

NEWS about World Affairs, Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Check it out

HERE

Citadel Advantage News Digest

Read / Subscribe to the “Citadel Advantage News Digest” 

In this edition -

• "CBDCs: a potential game-changer for treasurers"
• "Why Meta Dropped 70%"
• "Ex-FTX boss Bankman-Fried: 'I didn't try to commit fraud' "
• "Examining the revolution in mobile banking”

NEWS about World Affairs, Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

CHECK IT OUT HERE>>.

Read the latest Edition (#130) of the Citadel Advantage News Digest

NEWS about Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Read the newsletter HERE

In this edition;

• After $2 trillion crypto crash, what happens next?
• Are big corporate profits to blame for inflation?
• Massive Wall Street layoffs feared as banking profits tank
• Top 100 Banks on Twitter Ranked by Most Followers
• Should You Buy The Dip in Crypto Crash?
• Inside the Digital Marketing Strategies of Top Neobanks Revolut & Monzo
• DeFi in the Metaverse: Possibilities, Pitfalls, and Promises
• 62 Digital Marketing Statistics Every Financial Marketer Should Know
• Phishing 101: A Beginner's Guide on Phishing Attacks
• Embedded finance: a double-edged sword for traditional financial institutions
• The 6 Pillars of Digital Marketing for Banks & Credit Unions
• 4 Reasons for Cyber Intelligence Failure
• Data Science and AI Predictions for 2022
• Digital Transformation in Lending Keys to Success
• The New Community Bank Model: Digital-First With a National Footprint
• Crypto crash, crypto investing and your taxes: A look at impact on investors’ taxes
• How Big Banks' Tech Advantage Hinders Innovation and Hurts Competition
• How Financial Institutions Can Stop Chasing Their Digital Tails
• 12 Must-Have Mobile Banking Features Consumers Expect Now

You can read/subscribe to the newsletter HERE

Read the latest Edition (#129) of the Citadel Advantage News Digest

NEWS about Banking, Fintech, Payments, Business, Blockchain, Crypto, Money and more…

Read the newsletter HERE

In this edition;

• With or without Elon Musk, Twitter is overdue a shake-up
• Crypto market crash: Layoffs, bankruptcies and frozen accounts
• What to do now about tomorrow’s code-cracking computers
• Credit Suisse: what next for the crisis-hit bank?
• Battle for Credit Cards Waged With Innovation and Sheer Marketing Muscle
• How Can Password-Free Identity Verification Safeguard User Privacy?
• Major Card-Issuing Bank Takes on Fintechs with Its Own BNPL Plan
• The real value in relationship-focused pricing decisions
• 5 Ways Community Banks & Credit Unions Can Compete in Credit Cards
• Visualized: How Bonds Help Reduce Bear Market Risk
• The Gap Between Products Banks Offer & What Consumers Really Need
• WaaS for Finance: How Banks and Retailers Can Leverage Wallet-as-a-Service?
• Banks Struggle to Provide Personalized Engagement: Here's Why

You can read/subscribe to the newsletter HERE

Credit Suisse: what next for the crisis-hit bank?

The Credit Suisse story is about how finance went wrong at one of Switzerland's most important institutions and one of the most important banks in Europe. It's a tale of high-profile scandals, from corporate espionage to cocaine smugglers and oligarchs. But what does the future hold for the venerable institution? Credit Suisse's new chairman, Financial Times reporters and banking industry experts explain it all.

Banking on the cloud

The bank getting ahead of the game with hiring in order to move to the cloud.

Check out the latest “Citadel Advantage News Digest - Issue #111” - 19 May

Read the latest “Citadel Advantage News Digest - Issue #111” - 19 May 2020 edition

#Cryptocrash grabs the attention of Treasury, other regulators" plus NEWS about Money, Payments, Business, Banking, Fintech and more

Read it HERE.

Why oligarchs choose London for their dirty money

Britain is one of the best places in the world to launder dirty money. Our new film tells you why—and asks whether that's likely to change.

Does safe DeFi require CBDCs?

A BIS conference, streamed live on 4 April 2022, aimed at establishing a common understanding on how DeFi-based markets might evolve from their current state, what role central banks might have, and the potential interaction with Central Bank Digital Currencies.

How Blockchain Technology Is Being Used In Clearance & Associated Services

The financial sector has shown an increasing interest in blockchain technology. The technology sprang to prominence when it was used to trade cryptocurrencies like Bitcoin, which are produced and authenticated by a peer-to-peer network of users rather than a central authority.

Blockchain technology has already seen adoption by big players in traditional finance. 

Want to know who they are and what they are using the Blockchain for? Click HERE. 

How to design Buy Now Pay Later

What to get right when designing BNPL. Five design principles to keep in mind, surfacing relevant examples from Pulse while providing their very own design solution.

Biden’s executive order - Did it boost Bitcoin, Ethereum, and other cryptocurrency prices?

Did President Biden’s recent executive order regarding the responsible development of digital assets really boost the price of Bitcoin, Ethereum, and other cryptocurrencies?

And do Americans really want cryptocurrency from their banks?

To find out the answer to these questions and more, 
read Ron Shevlin's article in Forbes HERE.

Data Modernization in Banking - A New Urgency

Financial institutions have come to the realization that legacy mainframe databases are ill-equipped to meet the demands of digital banking, personalization, and real-time analytics. As a result, more banks and credit unions are actively pursuing data modernization initiatives. The goal for these changes is faster access to data, scalability and seamless integration across the organization, all of which form the foundation for digital banking transformation.

Get all the details HERE.