Fintech

The digitalisation of payments has accelerated. Ulrich Bindseil, George Pantelopoulos and Charles-Enguerrand Coste provide a critical review of terminology, clarifying the essence of new technologies in...

Juan Carlos Crisanto, Cris Benson Leuterio, Jermy Prenio and Jeffery Yong explore the potential impact of AI on the financial sector, focusing on operational efficiency, risk management and customer e...

The geopolitical environment is tilting the threat landscape further towards state actors. Piero Cipollone argues that they have been responsible for the most serious cyber threats, and this is likely...

What is the end goal of the fintech revolution? Patrick Harker focuses upon the risks of artificial intelligence and machine learning to the financial system

The Federal Reserve should play a minimal, supportive role in payments infrastructure, letting the private sector take the lead, Christopher Waller argues

AI is being used for a wide and increasing range of applications in financial services. Sarah Breeden explores the novel features of Generative AI and how we can uphold financial stability whilst harnessing...

Digitalisation has had and will continue to have a fundamental impact on the global economy. Cecilia Skingsley explains why central banks care about change and innovation and why that matters to us al...

Christopher Waller discusses the roles of centralized and decentralized finance, and whether they are substitutes or complementary to each other

Quantum computers may have a profound impact on the financial system. Raphael Auer, Angela Dupont, Leonardo Gambacorta, Joon Suk Park, Koji Takahashi, and Andras Valko explore the transformative potential...

Lesetja Kganyago reflects on progress in modernising payments, and South Africa’s efforts to modernise the payments ecosystem and reduce reliance on cash

Piero Cipollone argues that recent advancements in digital technology offer an opportunity to create an integrated European capital market for digital assets

The banking sector is transforming rapidly. Luigi Wewege explores why fintech collaboration is reshaping the banking industry, the benefits it brings, and the challenges it presents

The rapid adoption of artificial intelligence is transforming the financial industry. Jon Danielsson and Andreas Uthemann argue that AI may either increase systemic financial risk or act to stabilise the...

The financial sector is a key enabler for the realisation of high growth with inclusiveness during the next decade and beyond. Shaktikanta Das discusses current issues in the Indian banking and financial...

Victoria Cleland discusses the benefits Legal Entity Identifiers (LEI) could enable for payments, the role that they can play in enhancing crossborder payments, and steps that could be taken to drive their...

As cyberattacks become more frequent they will become pressing issues for policymakers. Hans Gersbach and Fikri Pitsuwan discuss the benefits of ‘bug bounty’ programmes in cybersecurity

Agustín Carstens and Nandan Nilekani lay out a vision for the Finternet, a user-centric, unified and universal financial ecosystem that is inclusive, innovative, participatory, accessible and affordable,...

The UK’s fintech sector remains resilient. Roberto Napolitano discusses how this leadership in financial innovation can be continued

The rapid adoption of AI is transforming the finance sector. Martijn Groot examines the latest research on the challenges and opportunities in harnessing the AI productivity promise

Recent developments in technology and AI provide huge potential for innovation and productivity growth. Randall Kroszner discusses the opportunities and risks of financial technology and AI

To foster payment system safety and efficiency, as well as support responsible innovation, Christopher Waller advocates an open and transparent standards development process, where participants adopt standards...

Financial technology is evolving. Michelle Bowman discusses how technology can enhance financial services in a manner that is consistent with operating in the highly regulated banking industry

The growing digitalisation of the banking sector has increased the exposure of financial institutions and their customers to cyber risk. Pablo Hernández de Cos calls for collaboration among financial institutions,...

There is considerable disagreement about the growth potential of AI. Francesco Filippucci, Peter Gal, Cecilia Jona-Lasinio, Alvaro Leandro and Giuseppe Nicoletti argue that the promises and perils of AI-related...

Innovative, integrated and independent retail payments are crucial components of our monetary system. As payments transition into the digital era, Piero Cipollone discusses taking the Single Euro Payments...

Cecilia Skingsley proposes a framework to help central bankers in embracing innovation and at the same time solve some of the challenges confronting the central banking and regulatory communities

We are at a pivotal moment in the evolution of money. Eddie Yue says regulators must remain open-minded, responsive, and prudent when considering CBDCs

Amidst the prospect of significant technological change in payments, Sarah Breeden sets out how the Bank of England seeks to deliver trust and support innovation, both as a provider and as a regulator...

AI will both be of considerable help to the financial authorities and bring new challenges. Jon Danielsson and Andreas Uthemann discuss how the authorities might want to approach AI, where it can help,...

Bitcoin has failed on the promise to be a global decentralised digital currency. Ulrich Bindseil and Jürgen Schaaf argue that the latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable...

Financial markets have inherent instability. Daniel Dăianu considers the role of AI but finds it hard to imagine a complete replacement of human judgment in monetary policy

The ECB’s Governing Council has decided to proceed with the ‘preparation phase’. Ulrich Bindseil, Piero Cipollone and Jürgen Schaaf focus on the debate around the impact of a digital euro on bank fund...

Payments are a vital part of the global and interconnected financial ecosystem. Michelle Bowman considers the evolving payments landscape

The payments system is being transformed. Piero Cipollone argues that central banks need to be at the vanguard of digital transformation to ensure financial stability

Financial risk models are critical for the operation of financial institutions and financial regulations. Jon Danielsson argues that measuring systemic financial risk needs to acknowledge the changed behaviour...

Daniel Daianu asks if AI can address imbalances between needs and resources sustainably by bringing about abundance for all?

As AI makes inroads into the financial system it exacerbates existing channels of instability and creates new ones. Jon Danielsson and Andreas Uthemann identify several such channels

Technological change has been fast and foundational. Cecilia Skingsley discusses innovation and the future of central bank digital currencies

The EUs ambitious AI Act demonstrates its lead. Martin Kretschmer, Tobias Kretschmer, Alexander Peukert and Christian Peukert argue that the EU should focus on data quality and liability rules to set the...

The digital transformation will continue. Joachim Nagel discusses productivity, competition and stable money in the digital age

The use of artificial intelligence is accelerating. Jon Danielsson argues that although AI will bring considerable benefits, it also raises new challenges and can even destabilise the financial system

Jon Cunliffe recalls Facebook’s announcement in 2019 that it was launching a digital currency, and discusses the three areas where this galvanised more urgent action by authorities

Innovations in money and payments continue to be of primary importance. Michelle Bowman cautions against solutions that could disrupt and disintermediate the banking system

Dirk Niepelt compares the current monetary architecture with systems that also feature a central bank digital currency

Lisa Cook discusses the benefits of generative AI, which can fuel economic growth, but also considers the potential disruptions

Cyril Monnet and Dirk Niepelt argue that in protecting the current banking model the ECB could be sacrificing the digital euro on the altar of banking as we know it

There are efficiency and cost benefits in using AI. Jon Danielsson discusses what tasks can safely be outsourced to AI and what needs to stay in the hands of human decision makers

Victoria Cleland discusses the difference to people and economies worldwide that enhancing crossborder payments would make

Digital trade is increasing rapidly. Martina Ferracane, Bernard Hoekman, Erik van der Marel and Filippo Santi consider how the EUs approach to data protection impacts digital trade

Crypto has failed to deliver on its promises. Fabio Panetta argues that the public sector should establish a comprehensive regulatory framework that addresses the risks with crypto

Crypto-promoters and financial authorities are split on the future of cryptocurrencies. Jon Danielsson argues that the efficiency of the financial system can be improved by adopting the best ideas from...

Maria Demertzis and Catarina Martins argue that the ECB is uniquely positioned to help create the global standard, and in the process to help protect the EU’s global strategic interests

Generative AI could change our lives. Gita Gopinath considers artificial intelligence through the ideas of Adam Smith

Giorgio Barba Navaretti, Giacomo Calzolari and Alberto Pozzolo argue that the scope and the aims of open banking, although potentially ground-breaking, may thus be overstated

Cryptoassets and markets are a relatively recent innovation in finance. Claudia Buch says there is a need to monitor and take preventive action against risks in these markets

The European Central Bank says its digital currency will not be a store of value, in contrast to global counterparts. Rebecca Christie discusses the ECB’s digital euro strategy

Carolyn Wilkins talks about the three main design principles for a CBDC, it should focus on core public policy objectives, identify and mitigate financial stability risks, and set high standards for t...

Fabio Panetta argues that making a digital euro both available to everyone and easy to use requires a good design and an adequate regulatory framework

Jon Cunliffe looks at four areas where the tokenisation of money is now being explored, examining the BoE’s work to ensure these new forms of money are robust and uniform

Andrew Bailey shares a series of recent lessons for monetary and financial stability, looking at how they all fit together and the challenges they pose

Michelle Bowman discusses innovation in the US financial system, the emerging trends that are shaping the industry, and the influence of regulatory approach on this evolution

Following the recent turmoil in the crypto sector Michael Barr discusses the Federal Reserve’s approach to supervision and regulation of banks’ crypto-related activities

Agustín Carstens considers a monetary system that embeds the best of new technology in the solid foundations of the current two-tiered structure

Agustín Carstens considers the reach of large technology in the finance sector and the implications for public policy

Jon Cunliffe discusses why a digital pound is needed, what the model could look like and how the digital pound may sit within the digital payments landscape

Georgios Petropoulos and Harang Ju write that tokenisation based on blockchain technology could bring radical changes to markets for goods and services

Klaas Knot considers three structural shifts in the global economy: NBFI, cryptoassets and climate change, which affect the resilience of the global financial system

Jon Danielsson argues that cryptocurrencies have now reached the beginning of the end as the factors fuelling their success have come to a standstill

Cryptoassets promise radical change in how people pay, save and invest. Fabio Panetta considers the bursting crypto bubbles and the destiny of digital finance

Jon Cunliffe reflects on recent crypto market developments, and discusses the work that authorities are doing on the regulation of crypto stablecoins and a potential CBDC

Victoria Cleland looks at the progress of the G20 plan to make crossborder payments cheaper, faster and more transparent

Recent turbulence has exposed vulnerabilities in the crypto space. Lael Brainard argues that for stability it is important to ensure the regulatory perimeter encompasses crypto finance

Jon Cunliffe sets out what he thinks are the lessons from the recent instability and losses in crypto markets – also called the ‘crypto winter’

Investment banks have operated in easy economic conditions over the last decade. Nat Benjamin says these banks must act now to prepare for challenges

Bermuda is an innovation hub for digital assets companies to test the world’s ground-breaking solutions. Michelle Chivunga discusses a world class jurisdiction with a forward-thinking government

Dirk Zetzsche, Linn Anker-Sørensen, Maria Lucia Passador and Andreas Wehrli provide an initial analysis of the legal challenges related to DLT-based payment systems

Fabio Panetta argues that bringing cryptoassets safely into the regulatory perimeter would promote innovation, whilst avoiding a new bubble

The crypto markets are in turmoil. Karel Lannoo believes the proposed regulatory framework is not the right remedy

Adapting central bank balance sheets to a world of digital currencies. Andrew Hauser argues that we need to understand these impacts and build them into the design of CBDCs

Graham Bright considers the global trade landscape post pandemic, and with current tensions says we should hope for the best outcome and plan for the worst

Martijn Groot considers the reasons why ESG data integration is the key for finance firms

Jon Cunliffe reflects on the key lessons he has learnt about financial stability and highlights longer-term issues such as climate change and crypto

Agustín Carstens takes inspiration from Germany’s literary giant Goethe to reflect on the soul of money in the digital era

Lael Brainard pits the case for the role a US CBDC could play in bolstering financial stability as other countries issue their own CBDCs

Gordon Liao and John Caramichael the huge growth of stablecoins and consider the broad impacts on the financial system

Jon Cunliffe discusses the impact that crypto technologies could have on post-trading infrastructure

Jon Danielsson argues that the implications for the future of cryptocurrencies will be considerable

COP26 has shown that consensus is not just confined to politics. Graham Bright considers the finance sector’s role in promoting collaborative trade

Carolyn Wilkins talks about cryptoassets and the ‘financial ecosystem’ they are a part of. She looks at the risks and opportunities decentralised finance may bring and the regulatory response to these

Christopher Waller reflects on stablecoins, and raises the risks and benefits they have, in particular the lack of a regulatory and supervisory framework

Monetary transformations through history have been driven by changing technology. Michael Bordo argues that technological change is inevitable

Jon Cunliffe looks at the impact of ‘crypto’ on the stability of the UK’s financial system and asks whether the world of ‘crypto finance’ poses risks to financial stability

The digital euro is an ambitious goal that can improve the efficiency of the financial system. Fabio Panetta says we must make it a driver of stability and inclusive progress

Marianne Bechara, Wouter Bossu, Yan Liu, and Arthur Rossi consider the key legal issues central banks face on their governance

Cryptoassets and blockchain technology hold great promise. Daniel Dăianu believes that updating the current regulatory framework is a must for governments and central banks

The payment system is changing in profound ways. Christopher Waller asks if a CBDC would address any of the problems

CBDCs could be useful as a means for central banks to record transactions in an increasingly cashless economy. Brunello Rosa and Alessandro Tentori consider the case of China

There is a global rush to roll out CBDCs. Randal Quarles suggests this is akin to the 1980s parachute pants fad and the fear of missing out

The Bank of England has issued banknotes for over 300 years. Jon Cunliffe talks about future of money in the UK in an increasingly digital world

Christina Segal-Knowles talks about stablecoins. She looks at how they could be regulated if they are used as a form of payment

Dave Ramsden talks about how the BoE supports the safe development of fintech services

Cryptocurrencies have foreshadowed a potential digital future for money. Graham Bright sees blockchain as an enabler in the growth of the financial system and digital money

Central banks have a growing interest in digital currencies. Antonio Fatás argues that CBDCs alone will only achieve an inclusive payment system if they ensure competition

From a traditional financial services centre to a global fintech hub, Simon Gray charts the emergence of the BVI as an innovation and investment hotspot across the fintech and digital space

Technology is driving dramatic change in the US payments system. Lael Brainard provides an update on CBDCs and a digital dollar

Giovanni Tria and Angelo Federico Arcelli ask is a renewed Bretton Woods agreement a concrete option to favour a new economic expansion phase in the post-pandemic world?

The long-term economic outlook for Africa is positive. Elise Donovan examines the enormous potential and the opportunities for wealth creation

Does the economy need digital currencies? Agustín Carstens asks who should issue them, how should they be designed and what are the implications for the monetary system?

CBDCs are increasingly being discussed, but with little focus on their fundamentals. Peter Bofinger and Thomas Haas consider the design options

Crossborder payments are at the heart of the international monetary system. Tao Zhang considers the implications for monetary and financial stability of new forms of digital money

The digital transformation is triggering a revolution in the financial sector, which will bring innovation but also risks, says Fabio Panetta. The ECB strategy provides a forceful policy reaction

Developments in digital finance could transform how consumers and businesses make payments and raise finance. This could help revitalise the UK economy, says Andy Haldane.

Simon Gray discusses the benefits of embracing digital innovation to help drive economic recovery

Kristalina Georgieva says the IMF stands ready to help foster a more resilient monetary system – one that is more inclusive, smarter, and greener

Victoria Cleland says faster, cheaper, more transparent, and more inclusive crossborder payment services will have widespread benefits for citizens across the globe both directly and through supporting...

Hanna Halaburda, Guillaume Haeringer, Neil Gandal and Joshua Gans summarise the main research findings to establish a base for future research

Lael Brainard remains optimistic about the power of technology and innovation to deliver payments safely, immediately, and efficiently when the appropriate safeguards are in place

Andrew Bailey looks at recent innovations in payments and the challenges they bring, reiterating the Bank of England’s interest in CBDCs and stablecoins

Implementing strong customer authentication is nearing. Marius Galdikas says the need to adapt will be a watershed moment for businesses

COVID-19 has had a drastic effect on global trade. Graham Bright discusses how technology can boost the recovery

Global stablecoins signal the need for change, but they can pose serious risks, says Fabio Panetta

New technologies are disrupting every corner of the financial sector. Benoît Cœuré focuses on the role that central banks are playing in ensuring that technological innovation is a force for good

Denis Beau argues it is unlikely that banks will be erased from a future payments landscape in which stablecoins and central bank digital currency dominate