Philippine Central Bank Warms Up to Digital Money to Aid Fintech

Benjamin Diokno

Photographer: Geric Cruz/Bloomberg

Philippine central bank Governor Benjamin Diokno said the technology behind digital tokens could improve delivery of financial services, as the regulator proceeds to study the feasibility of its own digital currency.

Digital tokens expand reach and lessen costs of financial services, Diokno said in an emailed reply to Bloomberg late Thursday. It could also help the central bank eventually reduce the use of fiat money, he said.

The Philippines’ study of a central bank-backed digital currency includes “a comprehensive discussion” on issues such as price stability and legal hurdles, Diokno said, as monetary authorities in the EU and China consider their own digital currencies. The central bank will also assess the impact on the existing domestic digital-token market and the broader financial system, he said.

The Philippines adopted an open and flexible regulation of digital tokens early, paving the way for relatively wider use

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Toronto Dominion Bank Decreases Stake in Ameren Corp (NYSE:AEE)

Toronto Dominion Bank decreased its holdings in shares of Ameren Corp (NYSE:AEE) by 9.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 116,145 shares of the utilities provider’s stock after selling 11,723 shares during the quarter. Toronto Dominion Bank’s holdings in Ameren were worth $8,172,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of AEE. Oppenheimer & Co. Inc. purchased a new stake in Ameren during the first quarter worth approximately $202,000. Cetera Advisors LLC purchased a new stake in Ameren during the first quarter worth approximately $225,000. Cambridge Investment Research Advisors Inc. lifted its stake in Ameren by 3.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 33,502 shares of the utilities provider’s stock worth $2,440,000 after purchasing

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Reserve Bank of the Philippines to Continue Working on its Central Bank Digital Currency which Might Streamline Financial Services

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency.

Diokno believes that digital tokens can help reduce the costs associated with providing certain financial services. They might also help the country’s reserve bank with reducing the use of fiat money, the governor stated.

As reported by Bloomberg Quint, the reserve bank in the Philippines is looking into the potential benefits that central bank digital currencies might offer. The bank has reportedly held “comprehensive discussions” on the regulatory requirements for issuing a state-backed virtual currency.

EU member states have also held discussions about issuing digital currencies. However, China appears to have taken the lead when it comes to developing a CBDC and also with promoting the adoption

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Bank of Canada deputy who spearheaded digital currency efforts won’t seek second term

Carolyn Wilkins will not seek a second term in her role as senior deputy governor of the Bank of Canada, the organization’s board of directors announced Thursday. 

Wilkins has served as senior deputy governor since May 2014 and is the first woman to hold the position.

Those who have followed the Bank of Canada’s digital currency efforts since its inception — particularly around Project Jasper — will recall Wilkins’s key role in that process. Back in 2017, she penned an op-ed on the initiative in which she wrote about the challenges and opportunities in utilizing the technology in the central bank context. In 2019, she co-authored a paper on central bank digital currencies, sharing her perspective in an area that would later be explored by a range of institutions worldwide. 

Digital currencies formed one part of Wilkins’s remit at the Canadian central bank, during which she led its economic and

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Point72 Hong Kong Ltd Makes New Investment in M&T Bank Co. (NYSE:MTB)

Point72 Hong Kong Ltd acquired a new position in M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,686 shares of the financial services provider’s stock, valued at approximately $383,000.

A number of other large investors have also added to or reduced their stakes in the business. Verition Fund Management LLC purchased a new position in M&T Bank in the second quarter worth $396,000. Holocene Advisors LP purchased a new position in M&T Bank in the second quarter worth $31,687,000. Atom Investors LP purchased a new position in M&T Bank in the second quarter worth $221,000. HBK Sorce Advisory LLC raised its position in M&T Bank by 8.4% in the second quarter. HBK Sorce Advisory LLC now owns 18,705 shares of the financial services provider’s stock worth $1,945,000 after acquiring an

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Toronto Dominion Bank Reduces Position in TAKE-TWO INTERACTIVE SOFTWARE, INC (NASDAQ:TTWO)

Toronto Dominion Bank lessened its holdings in shares of TAKE-TWO INTERACTIVE SOFTWARE, INC (NASDAQ:TTWO) by 37.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,197 shares of the company’s stock after selling 49,129 shares during the quarter. Toronto Dominion Bank owned about 0.07% of TAKE-TWO INTERACTIVE SOFTWARE worth $11,612,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Glassman Wealth Services boosted its holdings in TAKE-TWO INTERACTIVE SOFTWARE by 727.3% in the 2nd quarter. Glassman Wealth Services now owns 182 shares of the company’s stock worth $25,000 after buying an additional 160 shares during the period. BDO Wealth Advisors LLC lifted its position in shares of TAKE-TWO INTERACTIVE SOFTWARE by 666.7% during the first quarter. BDO Wealth Advisors LLC now owns 230 shares

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The Bahamas’s central bank put its digital currency on its official balance sheet in April

In a financial statement published in late April, the Central Bank of The Bahamas achieved a little-known milestone — including its brand-new digital currency on its balance sheet.

First included on page forty-seven of its annual report, the central bank noted that it had put $48,000 worth of the Sand Dollar into circulation.

The document later notes that: “The Bank made a pilot testing of the Sand Dollar in Exuma and has issued Sand Dollars in circulation valued at $48,000 to various retailers.”

The Sand Dollar project features prominently into The Block’s new report on central bank digital currencies. The exhaustive report covers a range of CBDC projects, including those being conducted by the Bahamas, China, the European Central Bank, and other institutions of its kind.

The Sand Dollar, intended to help modernize the region’s financial system and digitize the Bahamian dollar, is expected to go live sometime in the

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What will China’s central bank digital currency mean for Alipay and WeChat Pay?

China’s e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing’s plans for a digital fiat currency; potentially complicating a landscape dominated by Alipay and WeChat Pay.

The central bank’s e-yuan, called Digital Currency Electronic Payment (DC/EP), would let citizens ­pay for goods with e-wallets, replacing banknotes and coins and ­accelerating the dash by the world’s second-largest economy towards a cashless society.

“The timetable has been sped up by the coronavirus and the realpolitik of US-China relations,” said former IBM executive Richard Turrin, who is writing a book on China’s digital currency.

China already boasts more electronic mobile payments than anywhere else, with 711 million monthly active users on Ant Group’s Alipay and about 800 million on Tencent Holdings’ ­WeChat Pay service in a US$49 trillion market, almost 500 times bigger than in the United States. Yi Gang, the

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Central bank digital currencies will ‘complement’ cash: BIS study

In its recent report, the Bank for International Settlements (BIS) examined the rise of central bank digital currencies (CBDCs) across different economies, and said that its role would be “intended as a complement to, not a replacement for cash.”

Additionally, the ultimate goal of the report is to share material on the topic for central banks to learn from one another and eventually add to the international policy dialogue in this space. 

“We believe that there can be great value in central banks learning from one another’s approaches – an activity that is promoted by international policy discussions (BIS (2020)) and the publications of central banks,” it said.

The report also pointed out that nations that are far along in the digital technology and innovation domain are more likely to succeed in streamlining the process of digital currency payments systems in order to adapt that model effectively.

In particular, the

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British Business Bank makes multi-million pound investment in Shawbrook Bank

Digital Banking

The bank has made a £30m investment through its commercial subsidiary British Business Investments.

Image source: Judith Hartley/British Business Bank Investments.

British Business Investments, the commercial subsidiary of the British Business Bank, has made a £30m investment in Shawbrook Bank.

It has invested in Shawbrook’s regulatory capital, which Shawbrook holds and which enables it to lend more.

The bank has acquired tier two notes, which will be repaid to British Business Investments over time. The tier two notes have been issued as Shawbrook looks to raise £75m.

It follows a previous £30m investment in Shawbrook Bank from British Business Investments.

Judith Hartley, CEO, British Business Bank Investments, said: “Our second investment in Shawbrook Bank will continue to help support its growth trajectory, to the benefit of smaller businesses across the UK.”

“This investment also demonstrates British Business Investments continued commitment to increase the diversity of supply of business

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