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How regulators have catalysed collaborations and technological innovations

Editorial | what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. How regulators have catalysed collaborations and technological innovations 5 hours ago 1 Co-founder and head of client delivery of RegTech Associates, Dr Sian Lewin has urged the financial community to stop thinking of regulators simply as “powerful organisations, here to control our behaviour, and stop us from doing certain things in the name of public interest.”  While regulators have a powerful influence in most economies – serving to manage the risks the financial system is exposed to – this is only part of their remit, declared Lewin in a MoneyFest presentation yesterday. In the last year alone, regulators have helped catalyse many collaborations and technological innovations within the financial services sector, for the benefit of many stakeholders.

ENGLISH SECTION: Why banks need to pay attention to where a digital euro is heading

ENGLISH SECTION: Why banks need to pay attention to where a digital euro is heading The European Central Bank makes clear that the development of its “digital euro” will take several years. Yet given the geopolitical context and the potential impact, banks should better pay attention, ING analysts wrote. This week, the ECB published an overview of the consultation responses it received on its digital euro survey.  The results show a variety of demands a digital euro would need to fulfil, including privacy, security, low costs and ease of use. Before discussing the ECB’s next steps, it’s worth recapping how we got here.

API3 and Open Bank Project team up for decade-long blockchain venture

API3 and Open Bank Project team up for decade-long blockchain venture Developer AP13 has entered into a 10-year development partnership with Open Bank Project to connect more than 400 banking and open banking APIs directly to blockchains. The partnership brings about an historic opportunity to merge open banking data into Web 3.0 in a highly secure and trustless manner via API3’s Airnode, all housed under open-source code. Open banking is a practice by which banks provide authorised third-party providers with access to banking data through the use of application programming interfaces (APIs). Perhaps the most well-known open banking initiative is the revised Payment Services Directive (PSD2) – an EU regulation passed in 2015 that requires banks to create mechanisms that enable third-party providers to work securely, reliably and rapidly with the bank’s services and data on behalf and with the consent of their customers. 

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