The Weekly Wrap: all you need to know by Friday COB | Nov 12th

By Gaia Lamperti

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The big story

JPMorgan estimates that a full-scale, multiple central bank digital currency (CBDC) network could save global corporates up to $100 billion in transaction costs annually.

The bank has released a new report that found out that global corporates spend over $120 billion in total transaction costs each year of the nearly $24 trillion in wholesale payments moved across borders. The implementation of CBDCs would save all those costs.

JPMorgan identified 4 critical elements required for CBDC implementation, such as the building blocks, from minting and redeeming of CBDCs to FX conversion and settlement; the roles and responsibilities of central banks, commercial banks, and service providers; the key design considerations covering data, technology, privacy, and credit extension; and the governance framework.

Commenting on the report, Naveen Mallela, Global Head of Coin Systems, Onyx by JPMorgan, said: “Central banks around the world who are at various stages of CBDC development are considering how to build an infrastructure where systems operate and work together with the necessary controls in place. In this report, we put forward robust design considerations for a successful CBDC network and demonstrate how it can be practically implemented, using ASEAN corridors as an example.”

Deals of the week

• Mexico FinTech, Stori raises $200 million in financing
• MFS Africa’s $100 million Series C fundraising for massive expansion across Africa
• Ziglu crowdfunding raises a record £7 million on Seedrs
• Nimbla attracts £5.1 million investment as embedded insurance takes off
• Innoviti announces $5 million ESOP buyback scheme this Diwali
• OLB Group announces closing of $25 million private placement priced at-the-market under Nasdaq
• Mastercard and ACI Worldwide partner to simplify access to innovative payment solutions

Be on the lookout for

Mastercard launched crypto-to-fiat payment cards across Southeast Asia in partnership with Amber Group, Bitkub and CoinJar. The card will allow customers in the region to convert cryptocurrency to fiat for payments.

The payments giant also partnered with RailsBank and Toqio to launch corporate debit cards that reward sustainable businesses promoting the UN’s Sustainable Development Goals. Looks like ESG is truly becoming a top priority for the company.

Events & Appointments

• On Monday and Tuesday (November 15^th – 16^th) next week, London’s The Brewery will host the Fintech Talents Festival and IBSi is one of the Media Partners of the event. Watch out for our Managing Editor Robin Amlot moderating an exciting panel discussion on ‘Building a bank that works’.
• At FinTech Festival India, Mumbai Micro experience, on November 25^th, IBSi Partner Amit Jain will be moderating a discussion on ‘Data monetisation and CX optimisation with customer data’