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Central banks urged to study digital currencies

DIGITAL CURRENCIES are a revolutionary tool that central banks should consider, but they remain far too risky to be used as legal tender any time soon, according to the Bank for International Settlements (BIS). The BIS — the club of the world’s largest central banks — said in a report on Monday that the new […] The post Central banks urged to study digital currencies appeared first on BusinessWorld......»»

Category: newsSource: bworldonline bworldonlineMar 13th, 2018

Banking system can withstand mass movement of retail deposits, says BSP

The central bank's drive to promote financial inclusion by encouraging banks to accept small deposits from retail clients will not necessarily result in financial instability, a recent study found. In a statement, the Bangko Sentral ng Pilipinas said the pursuit of financial inclusion is not likely to add to financial instability, according to a paper co-written by Dante Canlas, Eli Remolona, and Johnny Noe Ravalo. Entitled "Do small bank deposits run more than large ones? Three event studies of contagion and financial inclusion," the study was published by the Bank of International Settlements (BIS). Using a technique referred to as difference-in-difference regression, the auth...Keep on reading: Banking system can withstand mass movement of retail deposits, says BSP.....»»

Category: newsSource:  inquirerRelated NewsJun 6th, 2018

BSP studying more regulation for cryptocurrencies

THE Bangko Sentral ng Pilipinas (BSP) said it may require cryptocurrency firms to register as electronic money issuers on top of securing a license as a virtual currency (VC) exchange operator. Initial studies made by the central bank point to the possible need for enhanced oversight over financial firms issuing digital currencies, BSP Deputy Governor […] The post BSP studying more regulation for cryptocurrencies appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsApr 10th, 2018

Asia bites tongue on soft dollar as Washington rattles its saber on trade

SEOUL/TOKYO — A year after US President Donald Trump took office, heightened rhetoric out of Washington about unfair trade has kept Asian policy makers reluctant to openly talk down their currencies despite the dollar’s slump to multi-year lows. Instead, central banks are looking at subtler ways to rein in their currencies as sustained weakness in […] The post Asia bites tongue on soft dollar as Washington rattles its saber on trade appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsFeb 7th, 2018

Consumer lending to be banks’ new battleground

By Melissa Luz T. Lopez, Senior Reporter CONSUMER LENDING will serve as the main battleground for banks in the Philippines over the next few years, a central bank official said, depending on how fast and efficient players can adopt digital channels to enhance financial services. “I think the battle would really be on the retail […] The post Consumer lending to be banks’ new battleground appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 2nd, 2018

Indonesia, Malaysia and Thailand seek to boost local currency settlement, cut reliance on dollar

JAKARTA — The central banks of Indonesia, Malaysia and Thailand launched a framework on Monday aimed at increasing direct settlement of transactions in their local currencies to reduce the current dependence on the US dollar. The regulatory framework is “part of the continuous effort to promote a wider use of local currencies to facilitate and […] The post Indonesia, Malaysia and Thailand seek to boost local currency settlement, cut reliance on dollar appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsDec 11th, 2017

Bitcoin bonanza draws warning from Europe central bank

PARIS, France --- The vice-president of the European Central Bank on Wednesday expressed concern about the relentless rise in value of the virtual currency Bitcoin and the potential risk accompanying the trend. "It's a very particular asset, it's a speculative asset by definition looking to the developments in its price. Investors are taking that risk of buying at such high prices," Constancio told CNBC television. Bitcoin smashed through the $10,000 barrier this week -- compared with less than $1,000 this time last year. The rise has taken the overall market capitalization of hundreds of so-called cryptocurrencies beyond $300 billion as demand for digital currencies soars. ...Keep on reading: Bitcoin bonanza draws warning from Europe central bank.....»»

Category: newsSource:  inquirerRelated NewsNov 30th, 2017

BSP, MAS sign agreement on fintech collaboration

THE CENTRAL BANKS of the Philippines and Singapore have signed an agreement to collaborate on financial technology (fintech), amid an industry-wide push towards digital payments. In a joint statement, the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) announced the signing of a FinTech Cooperation Agreement (CA) yesterday in the city-state, […] The post BSP, MAS sign agreement on fintech collaboration appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsNov 17th, 2017

Asia under water: How 137 million people’s lives are being put at risk – CNN News

Khorsheeda Khatun had been left with nothing &'8212; then that too was washed away. The 28-year-old fled her home country of Myanmar in January with her two daughters, escaping the latest outbreak of violence, and was living in the Kutupalang Makeshift Settlement in Bangladesh when cyclone Mora arrived five months later and displaced up to 500,000 people. &'8220;My house was shattered. It broke the wooden planks supporting my hut and blew away the polythene rooftop. The wind and water destroyed whatever little possessions we had,&'8221; she told UNICEF workers in June. Several weeks later, across the Himalayas in South China, over 12 million people were forced to flee their homes as flood waters rose for yet another year. In China's southeastern Jiangxi province alone, flooding this year has so far caused $430 million in damages and economic losses. In neighboring Hunan province, 53,000 homes have been destroyed &'8212; and the flooding has yet to fully recede. Increasingly severe weather, triggered by climate change, is putting hundreds of millions of people at risk across the rapidly developing countries of southern Asia. &'8220;In the next 30 years, it is projected that heavy rainfall events will be increasing &' in Asia, by about 20% for sure,&'8221; climate scientist Dewi Kirono at Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO) told CNN. Southern Asia is already the wettest area on the continent and one of the wettest regions in the world,receiving an average of at least 1000mm of rainfall a year. As the rains fall harder, more than 137 million people in India, Bangladesh and China will be put at risk of coastal or inland flooding, more people than in the rest of the Asia-Pacific combined, a study in 2012 found. Aggravating flooding through poor drainage and short-sighted planning is the sprawling, rapid urban growth across South Asia, built to accommodate the millions of rural residents moving to cities. &'8220;You still have to have proper draining. It was a green field and now it's an urban area. Quite often, if you don't do that, (because) you've concreted everything the flood run-off is so much higher and the deaths are much worse,&'8221; Oxford University visiting fellow and WWF advisor Paul Sayers told CNN. The majority of flood-related deaths and injuries worldwide since 1950 have been in three countries: China, India and Bangladesh. According to statistics from Belgium's Universite Catholique de Louvain's Emergency Events Database, since 1950, more than 2.2 million people in these countries have been killed by flooding. That includes the estimated two million people who died during the disastrous 1959 floods in China. The world's leading authority of climate change, the Intergovernmental Panel on Climate Change (IPCC), wrote in its latest report the Asia region was already suffering &'8220;huge economic losses&'8221; from weather and climate disasters, with one quarter of the entire world's economic losses from disasters in Asia alone. As flood swept through central China in July 2017, leaving devastation in its wake and almost 90 people dead or missing, locals took to Weibo to express their horror. &'8220;The road is blocked, the electricity is downed, water is polluted, no phone signal is detected, elderly (people) and children are waiting for food,&'8221; said one user living in Shilong Village in Hunan province. Photos accompanying the post showed cracked walls, piles of trash and mud everywhere. &'8220;The major district has turned to a dead city,&'8221; another user said. Almost every year in the past decade, more than 1,000 people have died in China, India and Bangladesh from flooding, according to the Database, and millions of dollars in damage has been done. The problem centers around three of the great Himalayan rivers of South and East Asia: The Ganges, Brahmaputra and Yangtze. About 500 million people, or 50% of the population in India and Bangladesh, and about 300 million people, or about 25% of the population of China, live within the flood basins of these three rivers. Taken together, the three waterways support an estimated 14% of the world's total population. In China alone, the enormous Yangtze flood plain, full of fertile soil and easy river access, is responsible forabout 40% of China's GDP. &'8220;Many Asian cities, and especially some megacities, have been built in the deltas of major rivers where ports could link the cities to the global economy,&'8221; a report by the Asian Development Bank in 2012 said. When the heavy rains higher up in the flood plains flow into these rivers, water levels rise dramatically &'8212; and floodwaters pour into the surrounding cities and towns. For example, this year, torrential rains caused a Yangtze tributary in Hunan to rise a record 3.2 meters above the warning level, bursting its banks and swamping crops and houses. Still, these factors have been here for years. Why is the danger growing now? Flooding in urban environments is more costly in terms of lives and loss of property because without a natural way to disperse the floodwaters they can cause damage &'8220;beyond the scope of the actual (flood),&'8221; experts say. &'8220;A lot of the urbanization &' has happened in a largely unplanned matter. For instance they don't have risks adequately taken into account, they don't invest enough in sustainable drainage,&'8221; Abhas Jha, the World Bank sector manager for Transport, Urban and Disaster Risk Management for East Asia and the Pacific, said. Of course the huge rush of rural residents to China and India's cities hasn't helped, as cities expand deeper into floodplains and build hurriedly to accommodate their citizens. [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsJul 25th, 2017

Finance: Rise of digital currencies to affect policy

THE CENTRAL BANK will need to introduce new policies to capture digital currencies under its watch at a time of increasing use of electronic payments to make sure that new technology will move in sync with monetary policy tools while promoting financial inclusion, a senior official said......»»

Category: financeSource:  bworldonlineRelated NewsApr 30th, 2017

Now at a bank near you: one-day check clearing

CHECK PROCESSING can now be done in just one working day -- instead of three to five banking days previously -- giving consumers faster access to funds as banks roll out today the Philippine Clearing House Corp.'s (PCHC) digital clearing system roughly four months after the central bank approved the system......»»

Category: newsSource:  bworldonlineRelated NewsJan 19th, 2017

Casinos, bitcoin in AMLC’s sights

THE ANTI-MONEY LAUNDERING Council (AMLC) is bringing casinos and digital currencies into focus this year as it tightens its watch on dirty money. The post Casinos, bitcoin in AMLC’s sights appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated News17 hr. 30 min. ago

Firms urged to toughen cybersecurity measures

The threat of cyberattacks is one of the biggest challenges facing the Philippine financial system nowadays with the growing number of aggressive and malicious hackers targeting those in banking, financial services and insurance (BFSIs), according to industry experts.   And with rising concerns about security breaches in the biggest banking institutions locally, banks have been advised to allocate resources to boost its cybersecurity infrastructure and ensure the security of its clients transactions.   "Cyberattacks are getting more and more sophisticated every day. The usual practice is to provide and implement reactive actions by depending on the technologies," eP...Keep on reading: Firms urged to toughen cybersecurity measures.....»»

Category: newsSource:  inquirerRelated NewsJun 16th, 2018

Asia central banks juggling risks find solace in food

ASIAN central bankers grappling with wobbly markets, higher energy costs and simmering trade tensions are getting relief from an old foe: food prices. The post Asia central banks juggling risks find solace in food appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsJun 13th, 2018

Rediscount borrowings climb to P1.266 billion

BANKS SECURED bigger loans under the central bank’s peso rediscount window in May to fund more commercial lending and asset purchases at a time of higher borrowing costs. The post Rediscount borrowings climb to P1.266 billion appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsJun 12th, 2018

Asian markets fluctuate as Trump meets Kim, eyes on central banks

Asian investors were cautious on Tuesday as they keep watch on the historic summit between Donald Trump and North Korean leader Kim Jong Un, and await key policy meetings at the Federal Reserve and European Central Bank this week. While the meeting is not expected to see any immediate results, it has provided hope for [...] The post Asian markets fluctuate as Trump meets Kim, eyes on central banks appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 12th, 2018

Big banks’ NPLs inch up in April as lending surges

SOURED DEBTS held by big banks stayed relatively modest in April even as lending surged by almost a fifth, latest central bank data showed. The post Big banks’ NPLs inch up in April as lending surges appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJun 10th, 2018

All eyes on Fed, ECB as they tighten policy in tandem

FRANKFURT -- Tightening policy by a notch just one day apart, the world’s top two central banks will hope to signal confidence in global economic growth, despite risks of a trade war, currency swings and political turbulence. The post All eyes on Fed, ECB as they tighten policy in tandem appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJun 10th, 2018

Lawmakers urge banks to cut remittance fees

Two congressmen yesterday urged the Bangko Sentral ng Pilipinas (BSP) and banks to reduce remittance fees being collected from millions of overseas Filipino workers (OFWs) for the billions of dollars they send to their families here......»»

Category: newsSource:  philstarRelated NewsJun 9th, 2018

Congress urged to revise BSP charter

The country’s top central banker is hopeful that legislators will approve proposed changes to the Bangko Sentral ng Pilipinas (BSP) charter before the end of the year. With the House of Representatives’ version having been passed on second reading last week, central bank Governor Nestor Espenilla Jr said in a statement: “We hope Congress will [...] The post Congress urged to revise BSP charter appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJun 7th, 2018

BSP: Banking system can withstand mass movement of retail deposits

The central bank's drive to promote financial inclusion by encouraging the banks to accept small deposits from retail clients will not result in a less stable financial institution, a recent s.....»»

Category: newsSource:  philippinetimesRelated NewsJun 7th, 2018