OSFI releases several documents. I will review later. Here are two which caught my attention for Banks. OSFI 2024-04-32 OSFI’s Intelligence-led Cyber Resilience Testing (I-CRT) Framework https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/adv-prv/Pages/icrt-tcfr.aspx OSFI’s Annual Risk Outlook – Fiscal Year 2023-2024 OSFI’s Annual Risk Outlook – Fiscal Year 2023-2024 Tags #osfi Continue reading OSFI releases a host of new guidance and rules
India continues to display a managed, unified strategy to digitise the country in its drive to create a digital marketplace. This is the more remarkable considering the population base, both size and variety. The last big news item was elimination of cash and replacement with digital ID and wallets. Now we are learning more about how that was accomplished technically and the nature of the open API strategy that will further encourage business and government to lever the opportunity. All this to further the view that India will likely beat even the most optimistic predictions on becoming an economic engine … Continue reading The India Stack: opening the digital marketplace to the masses
Heading edited to reflect first in a loose series entitled “AI- how should we think about it Episode 1 (AI-E1)” My belief is that we are worrying about the wrong things with AI. Here are some views that encapsulate the general worry. And the worry is more than coffee shop chatter. Some very smart people are worried. When I say worrying about the wrong thing, I see ChatGPT as an extended dataset with some logic on top. We are used to smaller data sets and a search tool such as google, Bing or duck duck go. They contain additional logic … Continue reading AI – how should we think about it? – Episode 1 (AI-E1)
… to stick AI in practically everything is leading to ethical lapses, employees said. The company made compromises on misinformation and other policies in a bid to catch up with ChatGPT. Google launched Bard anyway. The trusted internet-search giant is providing low-quality information in a race to keep up with the competition, while giving less priority to its ethical commitments, according to 18 current and former workers at the company and internal documentation reviewed by Bloomberg. The Alphabet Inc.-owned company had pledged in 2021 to double its team studying the ethics of artificial intelligence and to pour more resources into assessing … Continue reading Bloomberg-big story – Google’s hurried plan for AI
As reported by Financial Times According to the UN Population Fund’s World Population Dashboard, released on Wednesday, India’s growing population is to surpass 1.428bn by mid 2023, just above the more than 1.425bn people in China, where fertility rates are falling. Population growth is a politically sensitive topic in China and India and both governments were subdued in their responses to the demographic milestone. “I want to tell you that population dividends don’t only depend on quantity but also on quality,” Wang Wenbin, China’s foreign ministry spokesperson, said on Wednesday. “Our population dividend has not disappeared, our dividend is forming, … Continue reading India to overtake China as world’s most populous country this year
April 10, 2023 Payments Canada Roadmap update The first quarter of 2023 saw the continued seamless operation of Canada’s national payment systems. The Automated Clearing Settlement System (ACSS) and Lynx continue to operate safely and smoothly and this past quarter cleared and settled over 2.27 billion transactions valued at more than $29.56 trillion. On March 20, Payments Canada successfully implemented the second release of Lynx, which introduced the ISO 20022 financial messaging standard to Canada. We’ve entered a new era for payments. ISO 20022 will support the inclusion of additional data about the payment that will allow our members to … Continue reading Q1 2023 Delivery Roadmap update – Payments Canada
Link Summary This briefing is one in a series of ‘implementation appraisals’, produced by the European Parliamentary Research Service (EPRS), on the operation of existing EU legislation in practice. Each briefing focuses on a specific EU law which is likely to be amended or reviewed, as foreseen in the European Commission’s annual work programme. ‘Implementation appraisals’ aim at providing a succinct overview of publicly available material on the implementation, application and effectiveness to date of specific EU law, drawing on input from EU institutions and bodies, as well as external organisations. They are provided by the Ex-Post Evaluation Unit of … Continue reading EU bank crisis management and deposit insurance framework – an Appraisal
The EU is set to unveil new proposals today for improving its crisis-management framework for the banking system. Europe’s recovery and resolution rules for lenders have proven too inflexible for some countries, while others have faulted them for loopholes, especially when it comes to small and medium-sized banks. Though the new rules have been years in the making, they were brought into focus after the recent turmoil in the US saw several smaller lenders collapse. Concerns Europe could face a similar fallout were intensified by the woes of Credit Suisse. As we told you last month, the European Commission wants to make it easier to wind … Continue reading EU will release new crisis-management framework for the banking system (Bloomberg)
Canada Faces Massive Strike as Public Service Union Walks Out – Bloomberg The labor disruption is expected to impede government functions including the release of economic data from Statistics Canada, passports and immigration applications. More than 35,000 of the workers are employed by the Canada Revenue Agency, the country’s tax-collection body. However, the government has said it doesn’t plan to extend the May 1 deadline for filing personal income taxes. Workers will walk off the job at 12:01 a.m. Ottawa time on Wednesday, officials with the Public Service Alliance of Canada told reporters Tuesday night. “We truly hoped we wouldn’t … Continue reading Canada Faces Massive Strike as Public Service Union Walks Out – Bloomberg
Sour loans spiral to $78bn https://digitaledition.ft.com/article/281530820315767 This is more than four times the $17bn recorded by Rhodium in the three years from 2017 to the end of 2019. There are no official figures for the total scale of BRI lending over the past decade, but it is believed to total “somewhere in the ballpark of $1tn”, according to Brad Parks, executive director of AidData at William and Mary university in the US. Tags #china #economy #BRI Continue reading China’s Belt and Road Initiative hit by defaults
