Tag: Bank

Bank of Thailand announces CBDC pilot project

The Bank of Thailand has announced its commencement of a pilot project, set to launch this month, for testing a retail central bank digital currency (CBDC) within a regulatory sandbox. With a goal to involve up to 10,000 users, the project is scheduled to run until August 2023, providing insights into the implementation and feasibility of a CBDC in the retail sector. The launch of an exclusive app In a June 12 announcement, Prominent financial institutions, including Bank of Ayudhya (Krungsri), Siam Commercial Bank, and Singaporean payments service provider 2C2P, have…

Bank of China issues $28M in digital structured notes on Ethereum blockchain

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On June 12, Bank of China’s investment bank subsidiary BOCI announced the issuance of 200 million Chinese yuan ($28 million) worth of digital structured notes minted on the Ethereum blockchain. The move makes BOCI the first Chinese financial institution to issue a tokenized security in Hong Kong. Investment banking company UBS helped originate the product for placement to its client in the Asia-Pacific region. Ying Wang, the deputy CEO of BOCI, commented: “Working together with UBS, we are driving the simplification of digital asset markets and products, for customers in…

Bank of China’s Investment Bank BOCI Issues Tokenized Securities on Ethereum in Hong Kong with Swiss Bank UBS

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HSBC Unveils HSBC Innovation Banking with Expertise Help from Its Silicon Valley Bank UK (SVB UK)

The HSBC Innovation Banking unit has more than 650 employees in the UK, over 40 members in the U.S., and hiring more in Hong Kong and Tel Aviv. HSBC Holdings PLC ADR (NYSE: HSBC), a British universal bank and financial services group with more than $10 trillion in assets under custody (AUC), has launched a new banking tech unit dubbed HSBC Innovation Banking with the help of expertise from former Silicon Valley Bank UK (SVB UK). Closer Look at the HSBC Innovation Banking Unit According to the announcement, the primary…

Russia’s biggest bank, Sberbank, to allow trading of digital assets in June

From June, Sberbank, the biggest bank in Russia, will allow accredited private investors to trade using digital financial assets (DFA). Sberbank to allow trading of DFAs in Russia According to local reports, Sberbank will allow clients to transact using DFA on its platform. However, it should be noted that this offering was slated for the end of Q1 2023 before being postponed to this month. Through this service, Anatoly Popov, the Deputy Chairman of the Board of the Bank, said users would be free to trade using DFA, even exchanging them…

US court rejects Fed’s motion to dismiss Custodia Bank case

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Custodia Bank won a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank sued the Federal Reserve in June 2022, claiming an “unlawful delay” in processing an application for its master account. In 2020, Caitlin Long, former Morgan Stanley and an early proponent of Bitcoin, founded the bank to provide account services for crypto companies and serve as a bridge to the United States dollar. “The…

Australian Bank Implements Measures Against Cryptocurrency Scams: Commonwealth Bank’s New Restrictions

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In an effort to safeguard its customers from potential scams and financial losses associated with cryptocurrency transactions, Commonwealth Bank (CBA) of Australia has announced the implementation of partial restrictions on payments to cryptocurrency exchanges. The bank revealed its decision on Thursday, stating that it would either decline specific payments to crypto exchanges or subject them to a 24-hour hold, although the hold duration could vary. Moreover, Commonwealth Bank intends to introduce a monthly payment limit of 10,000 Australian dollars ($6,700) for transactions to cryptocurrency exchanges in the coming months. These…

Australia’s Commonwealth Bank to Partially Restrict Payments to Crypto Exchanges

“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24 hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers,” James Roberts, Commonwealth’s general manager of fraud management, said. Source

Australia’s Top Bank Blocks Payments to Crypto Exchanges

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In a proactive move to enhance customer safety, the Commonwealth Bank (CBA) today (Thursday) announced it has implemented new measures aimed at protecting customers from fraudulent activities tied to cryptocurrency exchanges. In practice, this means that the bank will be able to block some outgoing transfers to selected cryptocurrency exchanges. However, the institution has not specified which platforms may be specifically concerned. In an attempt to minimize scam risks, from today onwards, the bank will decline or hold for 24 hours certain payments Payments One of the bases of mediums…

Major Australian bank to decline ‘certain’ payments to crypto exchanges

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Commonwealth Bank (CBA), the largest bank in Australia, has said it will decline or temporarily hold certain payments to cryptocurrency exchanges, citing the risk of scammers. The move comes amid two major global exchanges facing a lawsuit from the United States securities regulator and is just a few weeks after another major Australian bank, Westpac, banned customers from transacting with crypto exchange Binance. On June 8, CBA said it would decline or put a 24-hour hold on “certain payments to cryptocurrency exchanges.” The bank did not explain which exchanges or…