Buna (The Arab Regional Payments Clearing and Settlement Organization)’s Post

Digital £ & other CBDCs around the Middle East and North Africa (#MENA) region, highlighting the UAE’s strides in digital currency integration update 👇 #cbdc #digitalpoundfoundation #digitalassets #cryptoassets

A significant focus has been placed on the development of Central Bank Digital Currencies (#CBDCs) within the Middle East and North Africa (#MENA) region, highlighting the UAE’s strides in digital currency integration. A recent EY report outlined the Central Bank’s ongoing efforts to incorporate the #DigitalDirham, inviting commercial banks and payment processors to join a pilot program. This initiative mandates the adoption of the digital Dirham by all UAE licensed financial institutions by 2026, emphasising the requirement for participating entities to prepare for integration and sandbox use case development. Read more 👉 https://buff.ly/3x94e1G

This course delves into crucial topics for South Africa, such as the Regulatory Environment, Compliance, and Security in payment facilitation, as well as explores the intricacies of Payments System Networks and its Participants. Participants will also explore both established and emerging Methods of Payments, Payment Models, Central Bank Digital Currencies (CBDCs), Global Payment trends, and many more. #payments #fintech #retail #banks #digitalpayments #electronicpayments #financialservices

#DYK? Our SIIPS report 2023 revealed that instant payment systems (IPS) in Africa processed nearly 32 billion transactions in 2022. It's a testament to the economic benefits and potential of #digitalpayments. How has this evolved? Look out for our new 2024 report, coming soon! Register now to attend virtually👉 https://buff.ly/4eM8Yey #IIPS #SIIPSreport2024 #Event United Nations Economic Commission for Africa The World Bank Central Bank Payments News FinDev Gateway

Quote of the day: "𝐓𝐡𝐢𝐬 𝐢𝐬 𝐰𝐡𝐲, 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐟𝐚𝐬𝐭 𝐞𝐯𝐨𝐥𝐯𝐢𝐧𝐠 𝐚𝐧𝐝 𝐝𝐢𝐯𝐞𝐫𝐬𝐞 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞, 𝐭𝐡𝐞 𝐄𝐮𝐫𝐨𝐬𝐲𝐬𝐭𝐞𝐦'𝐬 𝐫𝐨𝐥𝐞 𝐢𝐬 𝐭𝐨 𝐬𝐮𝐩𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐫𝐞𝐬𝐩𝐞𝐜𝐭 𝐭𝐡𝐞 𝐝𝐢𝐯𝐞𝐫𝐬𝐞 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐩𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬 𝐚𝐜𝐫𝐨𝐬𝐬 𝐭𝐡𝐞 𝐞𝐮𝐫𝐨 𝐚𝐫𝐞𝐚" -From the European Central Bank Economic Bulletin, Issue 2/2024, "Is there a digital divide in payments? Understanding why cash remains important for so many" (section 4), by Alejandro Zamora-Pérez, Andrea Marini and Julia Honkkila. Link to the full article in the comments. #paymentoptions #cash #digitalpayments #ecb #europeancentralbank #eurosystem <Photo from Skitterphoto>

If you are interested in in learning about CBDCs (Central Bank Digital Currencies) and European Bank's ambitions for the Digital Euro, you should join Flagship Advisory Partners' webinar on CDBDs today at 17.00 CET. In this session, Flagship team will delve into definitions, characteristics, use cases, and potential impact CBDCs have on stakeholders in the wider payment ecosystem, and outline key characteristics of the Digital Euro as proposed by the ECB. The registration to the webinar is below: https://lnkd.in/en5uid9C

💰 Payments weekly round-up - 26 October 💰 This is what jumped out at me over the last week: 🌍 The Financial Stability Board published its annual progress report on the G20 roadmap for enhancing cross-border payments, noting that further efforts are needed. https://lnkd.in/e8x3Wfi9 🏛️ The CPMI published a report for the G20 on tokenisation in the context of money and other assets. The report sets out the opportunities, risks and future considerations for central banks. https://lnkd.in/eVwv8M7m 🇪🇺 The European Central Bank launched a number of initiatives to help improve cross-border payments, including exploratory work on linking TIPS with fast payment systems outside the EU. https://lnkd.in/ejt-7iyZ 🇰🇪 The Central Bank of Kenya announced the formation of a joint working group with industry to design and launch a fast payment system. https://lnkd.in/ehiYvJ8S

This course delves into crucial topics for South Africa, such as the Regulatory Environment, Compliance, and Security in payment facilitation, as well as explores the intricacies of Payments System Networks and its Participants. Participants will also explore both established and emerging Methods of Payments, Payment Models, Central Bank Digital Currencies (CBDCs), Global Payment trends, and many more. #payments #fintech #retail #banks #digitalpayments #electronicpayments #financial services

On 7 October 2024, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. and Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput led the BSP-BOT High-Level Bilateral Meeting to exchange views and strengthen cooperation on various areas of central banking. Officials from both central banks discussed and shared insights on the role of central banks in capital market development, payment systems development, and artificial intelligence (AI) use cases. Issues discussed include the role of central banks in the development of the capital market, its drivers and challenges; approaches in digital payments, and measures for fraud prevention and consumer protection; and AI use cases in monetary policy, along with measures in mitigating potential risks. The BSP and BOT also explored potential collaborative activities moving forward, such as study visits and webinars, to further broaden and enhance their longstanding cooperation and bilateral ties. https://lnkd.in/gJdJhqwZ #BSP #BSPUpdates

📢 Digital Euro: The Central Bank of Ireland’s Director of Financial Operations, Anne Marie McKiernan, provided an update on the European Central Bank’s (ECB) and Central Bank of Ireland’s work to explore the possible introduction of a eurozone Central Bank Digital Currency (CBDC) in a recent speech, noting that “Digital euro will be a complement to cash and another universal means of payment in the euro area, with legal tender status, as cash-like as possible for a digital payment method. It will add resilience and choice, value and service for consumers, merchants and businesses in the payments system.“ Read the remarks in full here: 👉https://lnkd.in/eE5PAWrg #digitaleuro #CBI #ECB