The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system.and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.
Facebook’s plan to expand into payments and launch its own Libra crypto currency were not mentioned in the BIS statement, but the social media giant’s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. The hub will focus on helping central banks to “identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability,” he added.
Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
G20 summit concludes in Osaka - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The 14th summit of the Group of 20 (G20) concluded in Osaka, Japan on Saturday. Hope they took lucrative decisions that will bear fruits for us all
Source: SABC News Online - 🏆 32. / 51 Read more »
Trump, Xi hold high-stakes trade war talks at G20 in Japan - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.US President Donald Trump said on Saturday he was open to a potentially “historic” trade deal with Chinese President Xi Jinping, as they began talks that could ease tensions or plunge the world’s two largest economies into a deeper trade war. Trump is not the father or the controller of this world. We must be together in order to bring USA down. We must work with countries like Russia, Asian countries, Afghanistan and the African countries.
Source: SABC News Online - 🏆 32. / 51 Read more »
87 Cuban trained SA doctors to graduate at Walter Sisulu University - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Eighty seven South African medical graduates, who have completed their medicine studies through the Nelson Mandela and Fidel Castro Medical Collaboration (NMFC), will graduate from the Walter Sisulu University next week. Why were they not trained in South Africa? South African hospitals not clinic. Writer of this article didn't do his research properly.
Source: SABC News Online - 🏆 32. / 51 Read more »
Baroka FC unveil new players, sponsor for 2019/20 season - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.MOST READ: Baroka FC unveil new players, sponsor for 2019/20 season Baroka FC on Thursday officially unveiled their new players, sponsor and kit for the 2019/20 Absa Premiership season in Jane Furse.
Source: SABC News Online - 🏆 32. / 51 Read more »
Petrol price to decrease by almost R1 in July - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Petrol price to decrease by almost R1 in July Just R1. 00? Haibo😢😢 Long overdue decrease 5 rand million subsidy on bread is expected.
Source: SABC News Online - 🏆 32. / 51 Read more »
Ethiopia airs voice of alleged coup leader killed in crackdown - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Ethiopia has released a recording of the state militia commander it says led a failed coup attempt last week in which dozens of people, including five top officials, were killed.
Source: SABC News Online - 🏆 32. / 51 Read more »