A routine maintenance led to the payment processing issues at Australia’s Central Bank. On Thursday, Australia’s central bank stated, an internal power failure caused by the maintenance of its fire control systems as the cause of its Sydney data center inability to process some payments. Although the outage lasted only 3 hours, according to representatives…
A draft agreement is being circulated among foreign ministers on the area of cybersecurity, the details of which is likely to be published this coming Saturday. Following high-profile hacking attacks in Southeast Asia, nations in the region are hoping to enter into joint agreements on cybersecurity with Russia. The draft agreement, which aims to formalize…
The measures proposed by the European Commission includes, blocking laws that ban EU firms to comply with U.S. sanctions law, not recognizing court ruling that enforce American penalties, start the legal process of working with Iran’s central bank and allowing EU banks to fund the projects of EU companies in Iran. On Friday, the European…
The Southeast Asian country has seen a 10.7% growth in total household wealth and this set to continue to grow by 10% in the next 5 years. On Thursday, Zurich-based Credit Suisse Group AG stated, it has received the green signal to launch its wealth management business in the Philippines. The move will allow it…
Singapore aims to be the top Asian hub for cryptocurrencies and ICOs. On Thursday, an official from Singapore’s central bank stated that it is in the process of assessing whether additional regulations will be required in order to protect cryptocurrency investors. Singapore is aiming to be the top hub for financial technology and ICO offerings…
While cash has always been King, card payments have dethroned it now signalling the creeping end of privacy rights and freedom. In a historic development, an analysis from Bundesbank study shows that the majority of Germans prefer card payments instead of cash. The supremacy of cash in Germany which ensured privacy and freedom of its…
French President Emmanuel Macron is on target to meet the euro zone’s public sector deficit target of below 3% of France’s GDP. On Friday, French finance minister Bruno Le Maire stated that he will not introduce any new taxes during the French President Emmanuel Macron’s five-year mandate which runs upto 2022. The sizable housing tax,…
The R3 project is likely to be a significant milestone in the history for blockchain technology. On Tuesday, in a significant development, twenty two of the world’s biggest banks have come together to collaborate on developing an international payments system that would allow existing central bank currencies and any new digital ones to be transacted…
Ukraine’s central bank has issued a warning against a probable cyber attack on August 28. The new malware spreads from Microsoft Word documents from e-mail attachments. On Friday, Ukrainian central bank has issued a warning to state-owned and private lenders on the appearance of new imminent threat from a malware similar to those that knocked…
Britain is likely to see an increase in the number of Payment Service Providers in 2018. In a move designed to boost the growth of fintech companies, Britain’s central bank, the Bank of England has widened access to Britain’s interbank payments system to new fintech firms, an area that was previously dominated by the “Big…
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