Snippings

Government 

Office for Science

Research and analysis

Wireless 2030

Polarising views on data sovereignty

From Wireless 2030 – GOV.UK.

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J.P. Morgan built a real-time payments infrastructure into ByteDance’s platform that can be connected to local clearing systems. This allows users, content producers, and influencers to be paid instantaneously and directly into their bank accounts at any day or time. This functionality can replace payments routed through e-wallets, which require users to manually move the payments into their respective bank accounts. ByteDance has enabled this capability in the U.S. and Europe, meaning it covers approximately one-fifth of TikTok’s 1 billion active users worldwide.

From ByteDance Payment Solutions | J.P. Morgan:

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.P. Morgan has been quietly working with TikTok parent ByteDance on payments technology that is helping the Chinese giant expand into more than two dozen markets and reach millions more users. The partnership is just one piece of ByteDance’s broader push into the fintech space.

TikTok is a sprawling marketplace: An enormous amount of money moves across the platform each day as people buy coins to send virtual gifts (like diamonds and roses) to their favorite creators and others they meet through the app, who can then convert those items into cash. Users around the world spent $3.4 billion on TikTok in 2022, up from $2 billion the previous year, and spending in the U.S. alone more than tripled—to $670 million—from the year before, according to data analytics firm Sensor Tower.

From TikTok’s Parent ByteDance Pushes Into Payments With Help From J.P. Morgan:

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Unlike the EU’s proposed eID wallet which is being designed to create interoperability between digital ID systems among member states, the U.K.’s approach is to focus on allowing digital identification service providers to create their own solutions within a specific trust framework.

From UK ID Legislation Promises Improved Data Sharing | PYMNTS.com:

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Markets are radically underestimating how soon advanced AI technology will be developed

From Do markets expect unaligned AGI risk? – Marginal REVOLUTION:

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This article explains how financial sanctions can be designed to limit access to the international payments system and, in particular, the SWIFT network, and provides some recent examples.

From Financial Sanctions, SWIFT, and the Architecture of the International Payments System – FEDERAL RESERVE BANK of NEW YORK:

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In the UK, the central bank is currently looking at AI regulation amid accelerating use of machine learning (ML) by financial firms. A discussion paper was released in October 2022 to explore whether AI could be managed through clarifications of the existing regulatory framework, or if a new approach was needed.

The paper was accompanied by the Bank of England’s second annual survey on the use of machine learning (ML), which found rising AI adoption. Of the financial institutions polled in the UK, 72% reported either using or developing ML applications.

From The Implications of ChatGPT and AI Models on Fintech and Banking | Fintech Schweiz Digital Finance News – FintechNewsCH:

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China’s central-bank digital currency is little used, a former official of the People’s Bank of China (PBOC) said on Wednesday, financial news outlet Caixin reported.

Expressing disappointment with the result of a trial in select provinces and cities, the former official, Xie Ping, told a conference that application of the so-called digital yuan needed to be widened.

“The cumulative circulation of the digital yuan in the two years of the trial has been only 100 billion yuan ($14 billion),” he said. The figure showed that “usage has been low, highly inactive.”

From Former PBOC official says China’s digital yuan is little used – Caixin | Reuters:

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Abstract
 Preview
This document specifies a machine-readable, unambiguous natural person identifier (NPI) and the relevant reference data to uniquely identify the natural person relevant to any financial transaction rather than the personal identifying information.

From ISO – ISO 24366:2021 – Financial services — Natural person identifier (NPI).

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Diamond, co-founder and chief executive of Atlas Merchant Capital

“I can’t think of anyone who doesn’t believe that in the future a digital version of the dollar for institutional and corporate use isn’t going to happen and be far more efficient,” Diamond said of stablecoins’ staying power.

From Bob Diamond says digital currencies to have ‘very important place’ in finance | Financial Times.

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