With: | Arvinder Bharath (International Monetary Fund) | Beju Shah (Bank for International Settlements) Session #27 of FNA’s CBDC Broadcast delves into Project Polaris- a collaborative initiative focusing on the exploration and analysis of potential risk and mitigation strategies associated with tokenized securities and Central Bank Digital Currencies (CBDCs) Guest Arvider Bharath (IMF) and Beju Shah (Bank for International Settlements) joined FNA to guide us through the project, which aims to provide a comprehensive understanding of how these emerging financial technologies can impact the stability of the financial system. We also discussed the role and importance of technologies like blockchain and international collaboration as guests shared case studies and lessons learned from the project. The key takeaways from Project Polaris Recommended risk mitigation strategies Case studies and lessons learned from Project Polaris

With: | Cameron Nili (Accenture, World Economic Forum) | Sandra Waliczek (World Economic Forum) Overview Guests Cameron Nili (Accenture, World Economic Forum) and Sandra Waliczek (World Economic Forum) joined FNA to give an insight into their newly published report, ‘Modernizing Financial Markets with wCBDC‘ as we took a closer look at the key concepts explored in the report, highlighted potential benefits and challenges associated with wholesale CBDCs, and discussed critical policy considerations for central banks. The session covered: * * Key definitions and conceptual distinctions around wholesale CBDCs (wCBDCs) and tokenized central bank money provided by the report. * Potential benefits and use cases where wCBDCs could complement existing financial infrastructures, as well as challenges in coexisting with current systems. * Critical issues highlighted by the report’s findings, such as liquidity management, interoperability across platforms, accessibility implications, and crucial risks for policymakers to mitigate.

| David Chaum (CEO Elixxir.io & Original Founder of XX.network) | Animesh Ghosh (Founder & CEO, Currency Network) In this session of FNA’s 60-minute webinar series, The CBDC Broadcast, guests David Chaum and Animesh Ghosh join us to offer insight into Currency Network’s vATM solution. We’ll hear how this innovative CBDC solution aims to break down the barriers to CBDC adoption by simplifying and reducing the cost of CBDC implementation as our guests discuss how the vATM solutions offer frictionless CBDC payments through the contactless PoS system while ensuring cash-like privacy by combining advanced cryptography with financial messaging. The session covered: The key challenges hindering widespread CBDC adoption and how vATM aims to address these issues How the vATM solution simplifies the implementation of CBDC for Central Banks and Commercial Banks How the solution leverages existing merchant payment infrastructure to reduce the cost and complexity of CBDC rollout How the vATM solution offers cash-like transaction privacy for CBDC users The eCash 2.0 technology underpins the privacy capabilities of the vATM solution

With: | Thomas Moser (Alternate Member of the Governing Board, Swiss National Bank) | David Newns (Head of SIX Digital Exchange) Guests Thomas Moser and David Newns joined FNA to explore the third phase of Project Helvetia, in which the Swiss National Bank and SIX test the introduction of a live CHF wholesale CBDC on a distributed ledger technology (DLT)- based financial market infrastructure. In this session, we focused on the liquidity management implications of settling tokenized assets in Central Bank money, assessing the impact on liquidity demands and liquidity fragmentation risk before considering the lessons learned from the pilot project so far. This third phase of Project Helvetia continues pivotal work previously undertaken alongside the Bank for International Settlements. The multi-phase project is a significant endeavour aiming to understand how central banks could offer settlement in central bank money.

With: | Jannah Patchay (Executive Director, Policy Lead & Originating Member of the Digital Pound Foundation) | Elise Soucie (Director of Global Policy and Regulatory Affairs, Global Digital Finance) Guests Elise Soucie (Global Digital Finance) and Jannah Patchay (Digital Pound Foundation) joined the CBDC Broadcast to discuss what’s next for the Digital Pound as we asked how the Bank of England can build trust in the digital currency, what they can do to ensure appropriate safeguards are in place to maintain stability, and when we can expect to see a UK CBDC. The session follows the Digital Pound Foundation’s submission to the Bank of England’s Discussion paper, outlining key considerations for developing a regulatory framework for digital forms of money, including stablecoins and CBDCs. We’ll also look beyond the UK to explore what can be learned from other digital currency initiatives worldwide, to examine what advantages the UK has in pioneering this technology and the opportunity programmability brings for innovation and smart contracts. The Session Covered: The Digital Pound and how it differs from stablecoins How the UK’s approach to CBDCs differs to other jurisdictions The use cases for a wholesale and retail CBDC The role of banks and other payment system providers in the Digital Pound Project How a UK CBDC that is seamlessly interchangeable with other forms of money would work in practice The UK and the digital financial and digital money landscape in 2024

| Perttu Korhonen, Qatar Financial Centre Regulatory Authority | Matt Grasser, Cambridge Suptech Lab Perttu Korhonen and Matt Grasser will join FNA’s Suptech Broadcast on Thursday, 14 December, for a session focusing on the complementary capabilities of regtech and suptech. First, they will explore how integrated architectures optimise risk management and advance supervisory objectives. Second, they will discuss what skills industry professionals need to effectively take advantage of new technologies shaping the regulatory and supervisory landscape.

With: | Joachim Samuelsson (CEO, Crunchfish) | Sunil Karkera (Product Director, Digital Payments IDFC First Bank) In today’s digital world, consumers expect seamless omnichannel banking and payment experiences, including the ability to make transactions offline. However, enabling secure approaches to offline payments presents many technological challenges. We aim to address some of these challenges in Session #22 of the CBDC Broadcast, with guests Joachim Samuelsson (Crunchfish) and Sunil Karkera (IDFC First Bank) joining FNA to explore cutting-edge approaches to offline payments and how partnerships between fintechs and banks can deliver innovative solutions. Our guests shared insights into making offline payment systems scalable for mass adoption as we learned about the development and integration of such systems at an enterprise scale. Together, we also discussed considerations around consumer education and merchant onboarding when it comes to launching advanced payment technology. The session covered: The use-cases and stability of offline payments Techniques for encrypting data and verifying transactions securely offline The technology behind offline transactions with the Digital Cash SKD to which IDFC First bank has access Feedback from pilot users and QR code technology for payments

With: | Danny Russell (Bank of England) | Catherine Gu (Visa) There are many challenges surrounding the development of CBDCs, from maximizing interoperability to encouraging public-private sector collaboration and driving consumer adoption. Aiming to address these challenges is the BIS Innovation Hub London’s Project Rosalind- a joint experimentation with the Bank of England which aims to develop prototypes for an application programming interface that could best enable a Central Bank ledger to interact with private sector service providers to enable the safe provision of retail payments. To offer further insight into Rosalind- named after British Scientist Rosalind Franklin and her work regarding DNA sequencing, guests Danny Russell (Bank of England) and Catherine Gu (VISA) joined FNA for Session #21 of the CBDC Broadcast. In this session, we discussed the motivations behind the project and how it allows for further experimentation with CBDC design and interoperability, as well as the importance of public and private sector collaboration, drawing on the role of VISA and other private sector partnerships.

| Matei Dohotaru, Senior Financial Sector Specialist (World Bank Group) | Julapa Jagtiani, Senior Economic Advisor Economist, Federal Reserve Bank of Philadelphia Session #9 of the Suptech Broadcast brought together Matei Dohotaru, Senior Financial Sector Specialist at World Bank Group and Julapa Jagtiani, Senior Economic Advisor and Economist at the Federal Reserve Bank of Philadelphia. Together, Matei and Julapa will discuss how suptech needs in advanced economies contrast to those in emerging markets and delve into global, collaborative suptech initiatives and their impact.

With: | Sharmyn Powell, Chairperson, Fintech Working Group, East Caribbean Central Bank (ECCB) Sharmyn Powell (ECCB) joined session #20 of The CBDC Broadcast to discuss the promise and perils of emerging digital currencies. Drawing upon her deep expertise, Sharmyn shared her perspective on how digital currencies, from rCBDCs to stablecoins and tokenized deposits, are changing the payment ecosystem and offered insight into the Dcash rCBDC project. The session covered: * The main motivation for rolling out DCash and an update on DCash adoption * The factors driving/curbing DCash adoption, including education, internet access and use cases * Why digital monies like cryptocurrencies, stablecoins, and retail CBDCs have seen limited adoption so far * The role of regulators and supervisors regarding digital currencies * How digital currencies can foster innovation and benefit the public * how can CBDCs and vehicles like DCash replicate the benefit cash offers at-risk groups

| Aniko Szombati, Chief Digital Officer, Magyar Nemzeti Bank | Chris Ostrowski, Co-Founder and CEO, SODA Guests Aniko Szombati, Chief Digital Officer Magyar Nemzeti Bank and Chris Ostrowski, Co-founder and CEO of SODA, joined FNA for Session #19 of the CBDC Broadcast, Testing DLT-based Central Bank Solutions. In this session, we delved into the Central Bank of Hungary and SODA’s joint project on the use of digital solutions, including rCBDCs and NFTs, as we gained valuable insights into the pivotal role of public engagement and hands-on experiences in shaping the development and adoption of rCBDs by leveraging NFTs and coin collecting to improve the understanding and implementation of digital currencies. Together, we explored how the Central Bank of Hungary is approaching adoption issues ahead of rolling out an rCBDC in an approach that cultivates the consumer use case for rCBDCs and prepares the public for the introduction of an rCBDC. The Session Covered: The Central Bank of Hungary’s approach to launching an rCBDC and how it differs from the majority of current pilot projects The insights gained by implementing a blockchain-based ledger on its own infrastructure to test-drive digital solutions aimed at the public Lessons to share with other Central Banks considering the adoption of rCBDCs The public’s response to activities such as coin collecting and token swapping on the Money Museum mobile application and how it has developed and refined the rCBDC concept Whether the Central Bank of Hungary’s approach will foster the consumer use case for digital currencies and rCBDCs Potential future developments and trends in the realm of digital money, including rCBDcs and how they could shape the financial industry and society in Hungary and around the world.

With: | Samuel Eddie Mogensen, Digitalization Task Force Lead, Innovation & Secretariat Financial Stability, Danmarks Nationalbank | Michal Vodrážka, Director of the Financial Market Regulation Division III, Czech National Bank While some consider retail CBDCs as necessary instruments in a rapidly evolving financial landscape, capable of enhancing the retail payment ecosystem and the economy, some remain agnostic. In this session, guests from two prominent European Central Banks, Samuel Eddie Mogensen (Danmarks National Bank) and Michal Vodrážka (Czech Republic National Bank), joined FNA for a thought-provoking debate that took us back to the fundamental question, do we actually need a retail CBDC, as we examined divergent views on the potential rCBDCs offer with two jurisdictions who have no immediate plans to design or test one.

With: | Neil Thomas, Managing Director, Goldman Sachs | Alan James Anderson, Head of Liquidity Technolgy, Standard Chartered It is imperative to remain ahead of the curve by embracing cutting-edge technological advancements and leveraging them to their full potential. In this session of the Treasury Broadcast, guests Neil Thomas (Goldman Sachs) and Alan James Anderson (Standard Chartered Bank) joined FNA to address the technological challenges in bank treasury, stretching across liquidity and funding management, collateral, capital and transfer pricing. During the session, we focused on tackling the technology challenges encountered across each of these areas. Sharing their expertise, Neil and Alan guided us through effective strategies for addressing these challenges before providing their own take on how recent market events have impacted prioritization in their institutions. In this session, we discussed the following: The key technology-related obstacles banks face when implementing real-time solutions for cash, securities and collateral How recent events have impacted banks’ technology priorities The elements that ensure seamless integration and data interoperability How to architect global platforms in a way that allows flexibility to meet local business requirements How banks frame the issue of build vs buy when it comes to treasury management systems The classes of new technology that hold promise for enhancing efficiency in treasury operations

With: | Dr Tony Richards, Chair CBDC Committee, Digital Finance CRC | Sonja Davidovic, CBDC Lead, BIS Innovation Hub Singapore In session #17 of the CBDC Broadcast, guests Dr Tony Richards and Sonja Davidovic offered valuable insight into their work exploring digital currencies and how they contribute to shaping the future of money. We gained insight into the RBA’s collaboration with DFCRC exploring rCBDC use cases in Australia, while Sonja discussed the BISIH’s Project Nexus investigating the scalability and interoperability of digital money, as well as cross-border transactions in the Asia-Pacific region. Throughout the session, we addressed the key considerations and challenges associated with CBDCs, including technological considerations, regulatory frameworks, financial stability, and user adoption. We also looked at the importance of international collaboration among central banks, payment system operators and technology providers. In this session, we covered: The Reserve Bank of Australia’s collaboration with DFCRC exploring rCBDC use cases in Australia Overview of Project Nexus and the next steps for the scalability and interoperability of digital money in facilitating cross-border transactions beyond the Asia-Pacific Region The collaborative efforts and standardization measures necessary to ensure global CBDC compatibility The challenges and considerations to ensure financial stability, compliance with monetary policy and user adoption The importance of international cooperation and public-private partnerships in realizing the full potential CBDCs and other forms of digital money Other innovations currently being explored that will likely shape the future of money and payments

| Carmen Barandela, CBDC Solution Architect, Bank of England | Johannes Turner, Director of the Department of Statistics, Austrian National Bank The regulatory landscape is rapidly evolving, but what benefits does innovation offer, and how can organisations achieve the right balance between embracing innovation and ensuring consistency with relevant regulatory frameworks? In this session of the Suptech Broadcast moderated by Thomas Nilsson, guests Carmen Barandela (Bank of England PRA) and Johannes Turner (Austrian National Bank) focused on the challenges, initiatives and best practices in achieving efficient data flows, highlighting the importance of data consistency across financial institutions. The session also explored the role of regulatory innovation in promoting a more effective, efficient and resilient financial system crucial for supporting economic growth as Carmen and Johannes shared their insights, experience and perspectives with us.

With: | Beju Shah, Head of Nordic Centre, BIS Innovation Hub | Dr Lars Hupel, CBDC Evangelist, Giesecke+Devrient CBDC’s Offline capabilities is a crucial topic that holds significant implications for the future of digital payments and financial systems worldwide. As digital transformation rapidly reshapes the way we conduct transactions, it is imperative that we ensure inclusivity, accessibility, and privacy for every individual and business. CBDCs have emerged as a powerful tool in this transformative landscape, revolutionizing the way we think about money. However, we must address a critical question: How can we ensure that CBDC systems work for everyone in society, regardless of their location or connectivity? The answer lies in exploring and understanding the offline capabilities of CBDCs. The ability to conduct transactions offline not only provides a layer of resilience but also supports crucial objectives, such as financial inclusion, accessibility, and privacy. To discuss the intricacies of CBDC offline capabilities, guests Beju Shah (BIS Innovation Hub) and Dr Lars Hupel (Giesecke+Devrient) joined FNA to explore the technologies, security threats and risks associated with offline payments and delve into the CBDC design criteria that enable privacy, inclusion and resilience.

With: | David Minch-Dixon, Deutsche Bank | Peter Left, Lloyds Banking Group Guests David Minch-Dixon and Peter Left joined FNA for the first session of our new webinar series, the Treasury Broadcast, exploring the key liquidity challenges and risks facing the banking industry today. As two experienced bank treasurers, David and Peter offered an insight into their risk management strategies and how they have since evolved to face challenging market dynamics. We also explored the effectiveness of risk mitigation strategies in response to market events and how they have fostered a risk-aware culture within their organisations.

As the financial industry continues to evolve, the adoption of suptech has become increasingly important for Central Banks as well as financial authority bodies globally. Successfully implementing suptech requires careful consideration of key components such as regulatory efficiency and effectiveness, talent and technology investment, and collaboration with industry stakeholders. In Session #4 of the Suptech Broadcast, two seasoned practitioners, Rafael Gomes, Managing Director at Accenture and Oliver Wünsch, Partner at Oliver Wyman, joined FNA to continue the discussion on the critical factors that contribute to a successful suptech strategy, offering examples of success stories to provide inspiration for those looking to adopt these solutions.

Cross-border payments are traditionally slow, expensive and opaque. So, how is the Bank for International Settlements proposing to overcome these challenges through a multi-CBDC platform based on DLT technology? In session 14 of FNA’s monthly webinar series, The CBDC Broadcast, guests Daniel Eidan (Bank for International Settlements) and Ousmène Jacques Mandeng (Accenture) join FNA to discuss Project mBridge, which aims to solve the challenges associated with cross-border payments through a CBDC platform based on new blockchain technology. The platform aims to facilitate cheap, real-time peer-to-peer cross-border payments and foreign exchange transactions using multiple CBDCs while ensuring compliance with regulations set by each jurisdiction. The session covered: The key objectives of the Project mBridge pilot and how they were achieved Accenture’s role in the development and implementation of Project mBridge, and the expertise offered How mBridge works and how the clearing and settlement of assets take place The customary blockchain developed by central banks for central banks forms the basis of the Bridge platform The results of the Project mBridge pilot in terms of transaction volume, speed, and cost-effectiveness and how they compare with existing cross-border payment and settlement solutions How Project mBridge handle cross-border regulatory compliance and ensure that all participants are following relevant laws and regulations

With: | Catherine Gu, Visa | Carmelle Cadet, Emtech Digital money is not a new thing. It’s been around for decades in the form of reserves at the central bank and commercial bank money. But today, we have additional forms of digital money, such as rCBDCs. We also have what we call challenger forms of money with stablecoins as the main example. With the new entrants to the money ecosystem, we must ask: How will the different forms of money interact? Are they substitutes or complements? Is it competition or coexistence? To answer these questions, FNA was joined by guests Catherine Gu (Visa) and Carmelle Cadet from EMTECH. The session covered: How system providers are looking at rCBDCs as part of their business The key to CBDC success following weak adoption in Nigeria, Bahamas and China How new forms of money and challenger forms of money will reshape the payments ecosystem The roadblocks to the successful integration of rCBDCs with existing systems and infrastructure The use cases for consumers and merchants that could spur adoption without crowding the payments market Whether jurisdictions could blend digital currencies to address multiple use cases, including a central bank’s motivations. Whether the availability of stablecoins and cryptos is pushing some countries to preserve monetary sovereignty Short and long-term predictions about the impact and market share of rCBDC and Stablecoins

Guests Patrica C Mosser (School of International Public Affairs, Columbia University) and Jason Healey (School of International Public Affairs, Columbia University and National Management Centre, US Cybersecurity and Infrastructure Security Agency) joined FNA to provide insights into the various types of cyber risks as we discussed the new responsibilities mitigating cyber risks creates and how it is shaping the future direction of Suptech. The session covered: The vulnerabilities that may lead to a systemic crisis The amplifiers and dampeners of cyber risk Key technological advantages and financial innovations in realigning activity regarding Financial stability analysis The considerations policymakers should make when it comes to designing and piloting a CBDC How central bankers and supervisors make the financial system more cyber resilient

With: | Simon Chantry, Bitt | John Kiff, Satoshi Capital Advisors Many central banks are studying, designing, prototyping, or rolling out retail CBDCs. Motivations differ significantly across jurisdictions, but there is one potential advantage that could be common to all cases. If central banks agree on some basic technological foundations, retail CBDCs could interoperate and become a solution to cross-border retail payments. Is this an overlooked potential benefit of retail CBDCs? We asked guests Simon Chantry (Co-founder & CIO, Bitt) and John Kiff (Head of CBDC/ Digital Captial Markets Advisory, Satoshi Capital Advisors), who joined session #12 of the CBDC Broadcast, to discuss. The session covered: Whether a CBDC could be a catalyst for responsible innovation in the digital economy and ensure interoperability with legacy and future payment solutions for cross-border payments The possibility of a CBDC crowding out other payment instruments Whether achieving full interoperability is likely if retail CBDCs are designed with local use in mind The factors determining if CBDCs could be interoperable How foreign exchanges issues typical of cross-border payments be solved via interoperable CBDCs The competitors of cross-border retail CBDCs- correspondent banking, stablecoins and cryptos or both Whether an FMI’s decision to provide interoperability between a CBDC with another form of money would be a commercial decision based on its business model Whether the type of CBDC issued to the market would impact the willingness of FMIs to provide interoperability The benefits cross-border retail CBDCs bring to the table

With: | Commissioner Hester M. Pierce, U.S. Securities and Exchange Commission | Professor Patrick McCarty, Georgetown University Law Center We are in the midst of studying and discussing the potential effects of a digital dollar, a digital liability issued by the Federal Reserve, available to everyone in the United States-in other words, a retail CBDC for the United States of America. Theoretical benefits around the idea of a CBDC include greater efficiency and redundancy in the payments ecosystem, a field for innovation, greater financial inclusion, and the potential to lay the foundations for better cross-border transactions. But not only are those benefits still to be verified, but there are also risks as well in the form of financial instability, operational, reputational, surveillance, and money laundering risks. The devil is in the details, and CBDCs are not the exception, If a digital dollar is issued, its regulation and design will be particularly responsible for its success. Having explored CBDC motivations and challenges from an Asia-pacific, Latin American, UK and Canadian perspective, we now turn our attention to the United States. In this session, guests Commissioner Hester M. Peirce from the U.S. Securities and Exchange Commission (SEC) and Professor Patrick McCarty, Adjunct Professor, Derivatives/ICOs and Cryptocurrencies at Georgetown University Law Center join FNA to offer an insight into CBDC deployment and its relationship with other digital forms of payment and benefits/implications of a national rollout from a U.S. perspective. The session covered: The regulatory challenges and implications of issuing a digital dollar Whether a digital dollar poses a real risk of disintermediation of banks and financial stability and how CBDC design regulation could avoid this The role of the digital dollar in cross-border payments The advantage and impact of rolling out a digital dollar before other G7 nations Whether new forms of money, such as stablecoins and cryptocurrencies, compete with the digital and physical dollar Whether regulators and supervisors have the knowledge and skills to cope with the evolution of digital money and assets The regulation of stablecoins and cryptocurrencies The demand and readiness for a retail CBDC in the U.S

With | Perttu Korhonen, Qatar Financial Centre Regulatory Authority) | Clara Machado, Banco de la República Session #2 of The Suptech Broadcast featured guests Perrtu Korhonen (Qatar Financial Centre Regulatory Authority) and Clara Machado (Banco de la República), who joined FNA to explore how payments data analytics and anomaly detection have evolved over recent years, focusing on the integration of new datasets for RTGS Stress Testing.

With: | Anneke Kosse, Bank for International Settlements | Illaria Mattei, Bank for International Settlements Today, 90 per cent of central banks are exploring Central bank digital currencies, with over half already developing digital currencies or conducting experiments. In Session #10 of FNA’s 60-minute webinar series, The CBDC Broadcast, guests Anneke Kosse and Ilaria Mattei from the Bank for International Settlements joined FNA to discuss the recent report ‘Gaining Moment – Results of the 2021 BIS Survey on Central Bank Digital Currencies and the report “Options for access to and interoperability of CBDCs for cross-border payments.” The session covered: * The current state of CBDCs * Emerging trends surrounding bank engagement, motivations and intentions * The critical questions to address when developing a CBDC * Common interoperability models and the likelihood they are to succeed * Wholesale CBDCs and cross-border payments * The cross-border frictions CBDCs could address * The importance of international cooperation to the success of a CBDC

With: | John Velissarios, Accenture | Raoul Herborg, Giesecke + Devrient CBDC is a very particular product. An extremely successful rollout, with massive adoption, could affect financial stability as deposits could migrate to CBDCs. On the other hand, poor adoption could mean a reputational risk event for the central bank. Therefore, unlike most central bank products, it looks like CBDC design should be user-oriented, with consumers and merchants as the main users and commercial banks as distributors. This means that before CBDCs are rolled out, there has to be a design phase that studies under which design options the CBDC will be used will be convenient, as well as safe, reliable, and efficient. Guests John Velissarios (Accenture/DEA/DDP) and Raoul Herborg (Giesecke + Devrient) joined FNA for session #9 of The CBDC Broadcast as we discussed how some design options could shape the rollout and adoption of CBDCs. The session played close attention to the particular balance CBDCs must achieve to be successful, that is, being effectively adopted without jeopardizing the stability of the financial system. The session covered: * How to achieve a digital version of cash to provide an instant and secure payment option for everyone, everywhere * The obstacles in making CBDCs accessible to all groups of society and factors considered to ensure inclusivity during the design and pilot phases * Whether central banks should develop global standards to ensure interoperability between jurisdictions * CBDCs and offline payment capabilities * Whether banked people with easy access to commercial bank money feel the need to hold and use a CBDC balance

With: | Larissa de Lima, Oliver Wyman Forum | Erica Salinas, Amazon Web Services In previous sessions of The CBDC Broadcast, we focused on the many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies. Session #8 of the CBDC Broadcast featured guests Larissa De Lima (Oliver Wyman Forum) and Erica Salinas (Amazon Web Services), who joined FNA to discuss their joint report: Retail Central Bank Digital Currency: From Vision to Design. The report sets a framework to support policymakers in evaluating the interdependencies between policy and technological choices and highlights the importance of ensuring CBDC motivations, design principles and policy decisions are properly aligned. The session covered: * The principles that influence CBDC design choices * Key policy trade-offs when designing a CBDC * What services a Central Bank may offer if it positions itself close to identify-based services * The role the private sector plays in designing a CBDC * How central banks can make CBDCs as attractive as possible without threatening financial stability * The choices around ledger technologies for CBDCs * The risks associated with the implementation of a CBDC system * Whether a G7 bank is likely to introduce a CBDC in the next five years

With: | Masaki Bessho, Bank of Japan | Dr Steven Hu, Standard Chartered Bank, Singapore There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies. Each country has a different set of features and objectives that make the CBDC’s design and roll-out a tailor-made process. In the seventh session of FNA’s CBDC Broadcast, we talked to two guest speakers from the Bank of Japan and Standard Chartered Bank Singapore, who offer an insight into CBDCs from an Asia-Pacific perspective. The Session Covered * An overview of CBDCs in Japan and Singapore * The motivations and challenges, and expected outcomes of introducing a retail CBDC * Whether there is a first-mover advantage when it comes to rolling out a CBDC * Should CBDCs serve as a complement to or substitute for cash? * The implications of introducing a CBDC on custodians like Standard Chartered and the securities services industry * An insight into the Bank of Japan’s CBDC ledger design alternatives * Can a central bank balance the delicate trade-off between the privacy of transactions and anti-money laundering considerations. * How can central banks and relevant stakeholders assess the potential outcomes and effects that influence CBDC design choices?

Throughout history, technological developments, economic growth and the requirement for the effective execution of payments have driven changes to currencies and the financial system- from the first transatlantic cable to the rise of ATMs and credit cards 100 years later. Today, as new technologies and innovations continue to emerge with the potential to transform the financial system, such as CBDCs, we ask, what historical and modern lessons are shaping the future of CBDCs? To answer this question guests John Kiff, Managing Director at the CBDC Think Tank and Harish Natarajan, Lead Financial Sector Specialist, Finance, Competitiveness & Innovation at The World Bank joined FNA for Session #6 of The CBDC Broadcast. The session covered: The stability of the banking sector and consequences of instability Whether banks are likely to see declines in profits or increased funding costs when a new form of central bank currency arrives Why G7 economies are still in the Research & Development phase of their CBDC projects whereas small, emerging economies like The Bahamas, which seem to be leading the deployment of CBDCs Whether other nations will follow China in introducing a non-DLT-based retail CBDC What CBDCs promise and what they are likely to deliver

With: | Ludmilla Buteau Allien, Bank of the Republic of Haiti | Dr Adolfo Sarmiento, Central Bank of Uruguay There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies. Each country has a different set of features and objectives that make a CBDC’s design and roll-out a tailor-made process. Having heard about the challenge and motivation from a G7 perspective in Session #4 with the Bank of England and the Bank of Canada, we turn our attention to Latin America as we hear from Ludmilla Buteau Allien (Bank of the Republic of Haiti) and Dr Adolfo Sarmiento (Central Bank of Uruguay)

With: | Francisco Rivadeneyra, Bank of Canada | Mehregan Ameri, Bank of England There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash, and by countering the entrance of new private forms of digital currencies. Each country has a different set of features and objectives that influence a CBDC’s design, making the roll-out a tailored process. In this fourth session of FNA’s CBDC Broadcast, we talk to Dr Francisco Rivadeneyra from the Bank of Canada and Mehregan Ameri from the Bank of England to gain an insight into CBDCs from a G7 perspective

The successful test of an advanced token and digital wallet settlement capability encompassing direct transactions between two central bank digital currencies (CBDCs) in a hybrid cloud environment How the project executed a complex, multi-asset transactional scenario across ledgers Multi-assets: CBDCs, eBonds (primary and secondary DvP), FX (PvP) Ledgers: IBM’s Hyperledger Fabric & R3’s Corda, integrated using IBM’s Research’s Weaver interoperability tool The key to reducing time and market risks and improving security for transactions between central banks, commercial banks and clients.

The difference between retail CBDC and Wholesale CBDC Why Central Banks are looking at issuing CBDCs and what can they do to attract users CBDC Design: is blockchain a requirement? What about the difference between two-tier and single-tier models and the growth of privately issued digital money? Balancing anonymity and privacy

Dr Kimmo Soramäki and Dr Carlos León joined host Will Towning to explain how central banks, commercial banks and other organisations can use simulation technology to understand the impacts of introducing a CBDC? The presentations covered: A brief introduction to simulating payment systems The advantages of using an agent-based model for modelling complex adaptive systems FNA’s model for simulating CBDCs How FNA’s simulator works and how it can help organisations understand the impacts of introducing a CBDC The presentations also include a brief demonstration of the CBDC Simulator.

Adrian Waddy, Data Consultant at Australian Prudential Regulation Authority and Developer at the Bank of England, joins host Adam Csabay to discuss his contribution to the Risk books publication, Data Science in Economics and Finance for Decision-makers. Adrian's chapter, Implementing Big Data Solutions, provides an insight into implementing Big Data platforms and the decisions that must be made along the way to ensure the platform is efficient, effective and user-friendly. The book, published in March this year, edited by the ECB's Per Nymand-Andersen, provides an overview of how digital transformation and Data Science can support decision making. It offers a variety of perspectives, from over 20 contributors to manage digital data. FNA'ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tomas Takko and Adam Csabay and David Bolder from Nordic Investment Bank also feature in the publication. The latter also discusses his chapter in a previous FNA Talks episode. Episode breakdown: 1:10: An introduction to Adrian’s background 1:50: What does David’s chapter cover and why is the topic important? 3:00: What are the two main insights for demystifying Data Science 4:42: What are the key takeaways from the chapter, and what advice would you give to decision makers starting Data Science? 6:37: What are the two main lessons you would draw from your chapter? 7:49: What is your vision for Data Science and its evolution?

In this latest episode of the FNA Talks podcast series, David Bolder, Director of Model Development and Economic Capital and FNA’s Central Bank and Academia Programme Manager, Will Towning, discuss one of the most awaited Fintech publications of 2021: Data Science in Economics and Finance for Decision Makers, edited and co-authored by the ECB’s Per Nymand-Andersen. David – who co-authored the book – and Will review the key themes of David’s contributions, highlighting the practical implications and demystifying common disillusions of where data science fits into a decision maker’s tool kit. The book, published in March this year, provides an overview of how digital transformation and data science can support decision making and offers a variety of perspectives on managing digital data. Contributions from FNA’ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tuomas Takko and Adam Csabay also featured in the book. The chapter FNA authored, Prudential Stress Testing in Financial Networks, provides a taxonomy of organizational problems facing firms operating in financial markets, and offers a comprehensive approach to information system design that addresses stress testing in networks. The FNA Team’s work sits amongst contributions from over 20 global experts from both the private and public sectors. The book can be purchased here: https://riskbooks.com/data-science-in-economics-and-finance 0:00 – Introductions 2:05 – What David’s chapter covers and why it is important for decision-makers 4:13 – Two insights for demystifying data science 6:48 – Advice for decision-makers for starting data science 9:23 – Core lessons decision-makers should draw from David’s chapter 13:05 – David’s vision for data science and its evolution

It's the one topic that's been on everyone's mind since the start of 2020, Covid-19. But what impact have Covid-19 disruptions had on the financial sector, and what technological innovations have arisen as a result? In this episode of FNA Talks, Kevin Gardiner, Managing Director and Global Investment Strategist at Rothschild & Co joins host Adam Csabay to highlight the key lessons from the Covid-19 crisis, assess its impact on the future of Fintech and explore the implications of CBDCs on the roles and responsibilities of Central Banks and Financial Services providers. 00:00: Introduction 01:19: To what extent has your business been affected by the COVID-19 crisis, and what key lessons would you highlight for our listeners? 04:05: Has Fintech- or innovative technology in general- provided any useful tools for tackling these disruptions? 05:13: Which key areas should fintech innovation focus on going forward? 08:12: In what ways will the financial industry be affected by developments related to CBDCs and the rise of digital money in general? 11:04: Can the Libras- or digital money issued by BigTechs- challenge Central Banks’ monopoly over monetary policy?

Together, Clair and Bella, discuss Clair’s diverse career leading up to her current role as Chief Operating Officer for the Prudential Regulation Authority within the Bank of England, her experience of gender diversity and advice to women interested in a career in finance and technology. Clair Mills is currently, the Chief Operating Officer for the Prudential Regulation Authority (PRA), within the Bank of England. Clair is responsible for the PRA operations, this includes the delivery of the PRA’s Operating Strategy, Budget, Internal Communications and Investment Portfolio. Other areas of responsibility include managing Data innovation, Regulatory and Business Change, Workforce planning and Diversity and Inclusion. Clair has over 20 years’ expensive financial services experience, operating at board level and leading successful strategic and transformational change in a number of complex organisations, having started her career in the Building Society and Retail Banking sector, before moving into Operational and Technological Change Management Consultancy. Clair joined the Financial Services Authority in 2011 to lead the Internal Twin Peaks programme to transition to the PRA and FCA regulatory model, moving across to the Bank of England with the PRA. In her current role, as well as providing the leadership, management and vision necessary to support the business and to ensure that the proper operational controls are in place. Clair is also responsible for driving a demand-led data approach for the PRA, this includes giving keynote speeches both in the UK and internationally on topics such as Regulatory Technology (RegTech) and how regulators can take advantage of the advances in technology in the work we do. Clair is one of the few senior women in Central Banking and Regulation that work in the sphere. Alongside this role, Clair is a trustee for two charitable organisations, the Addington Fund and the Chartered Institute of Securities and Investments, where she also sits on the Audit and Risk Committee. Clair’s home is a working farm in rural Devon, which she shares with her husband and son. Her passion since childhood is horses, together with helping out on the farm, this provides a great way to recharge batteries and is a very different challenge. 00:16: What is your background and how did you come to work in your current role? 08:39: Would you say that your current role is more FinTech, RegTech or SupTech oriented? 11:24: Do you think diversity is a problem in the industry anecdotally? 14:37: Has the lack of diversity affected your actions? 16:37: Why is diversity important especially in managerial positions and finance and technology? 19:34: Did you notice this diversity gap in your education or in entering the workforce or was there a time where it became more apparent to you? 21:20: Are there any steps we as a generation can take to minimise the gap? 25:20: How do you see the role of women in fintech evolving over the next few years? 26:26 What steps can younger generations of women interested in STEM take to be more proactive about creating changes? 28:43: What advice would you give to young women int arrested in finance or technology?

Julapa Jagtiani, Senior Economic and Economist at the FRB Philadelphia, joins Bella to discuss Julapa’s career and her experience of gender diversity in finance and the steps we can take to increase diversity in the finance and technology sector. As well as a Senior Economic Advisor and Economist at the FRB Philadelphia, Julapa Jagtiani, is also a Fellow member of the Wharton Financial Institutions Centre, and a Central Bank Research Fellow at the Bank for International Settlements (BIS). At the Federal Reserve, Julapa has conducted research and participated in several supervisory policies and implementation projects, including Basel capital requirements for banks, CCAR bank stress testing, and more recently Fintech innovations and regulatory policies. She is a member of the Fintech Subgroup of the Risk Council. Julapa has published influential research articles in top finance journals. Her recent research has focused on issues relating to Fintech innovations, the roles of alternative data and AI/ML in the new financial landscape, small business lending, and various consumer finance issues. Jagtiani has a PhD in finance and an MBA from New York University’s Stern School of Business, where she held the Rockefeller Foundation Fellowship. 00:17: What is your current role and how did you start working in it? 04:45: Would you say that your role is currently more Fintech, Suptech or Regtech oriented? 06:53: What is your background and education and how does this relate to your role and the research you’ve done? 08:51: Do you think that there’s a diversity problem in the industry anecdotal speaking? 10:30: How has the lack of diversity affected your actions subconsciously or subconsciously? 13:21: Why is diversity important, especially in the financial and technology field? 14:37: Would you say that there’s any association between women and their skillsets as it pertains to different roles? 15:47: What steps can his generation take to minimise the gap that you’ve seen? 17:47: What advice would you give to young women interested in finance and technology?

Stacey Cunningham, President of the New York Stock Exchange joins host, Bella for the third instalment of FNA’s podcast mini-series, Women in Fintech & Suptech. Stacey Cunningham joins host, FNA’s Isabella Ivanov, to discuss Stacey’s role at the New York Stock Exchange and her experience as a woman in a traditionally male-dominated sector. Stacey Cunningham is President of the NYSE Group and a member of the executive management committee of the parent company, Intercontinental Exchange (NYSE: ICE). NYSE Group includes the New York Stock Exchange, the world’s largest equity exchange and premier venue for capital raising, as well as a diverse range of equity and equity options exchanges. Prior to being named NYSE President, Cunningham served as NYSE Chief Operating Officer and has held several senior positions at global exchanges. Cunningham has a degree in Industrial Engineering from Lehigh University and currently sits on the Board of Directors for Catalyst, and the Partnership of New York City. ​ With conversations and advice from influential women across the Fintech sector, the FNA Talks mini-series, Women in Fintech, aims to bring awareness to the role women play within the financial industry and the importance of gender diversity within the sector. 00:00:21: Stacey’s Background and Role 00:03:12: Current work focus and day to day role 00:05:44: Is Gender diversity an issue? 00:10:26: How has the lack of diversity influenced your actions? 00:14:00: Importance of diversity in finance 00:16:24: Steps we can take to minimize the gender gap 00:19:12: Role of women in Finance over the next 10 years 00:20:03: What steps can women in the younger generations take? 00:22:11: Final advice for women in STEM

Carlos León at Banco de la República and Gilberto Chavez-Velazquez at Deutsche Bank join FNA's Mohesen Namazi and Kimmo Soramäki to share their perspectives on approaches to Intraday Liquidity stress testing. 00:00:00: Introduction 00:02:13: Approaches to applying stress testing to intraday liquidity 00:09:42: What are some of the data and operational challenges in quantifying and measuring stress testing from an Intraday liquidity perspective 00:18:02: Important considerations when building a successful programme to address regulatory requirements 00:24;02: new techniques and consideration in intraday liquidity stress testing programme

European Banking Authority's Slavka Eley joins host FNA's Isabella Ivanov to discuss her experience as a woman in finance and the role women will play in the industry in the future. ​ Slavka Eley joined the European Banking Authority in 2013 and currently leads the Banking Innovation and Products Unit, responsible for the EBA's work on financial Innovation, digital finance, capital market union and sustainable finance. As part of her current role, she leads the EBA project team on sustainable finance. Additionally, Slavka represents the EBA at European and international working groups, including the FSB Financial Innovation Network, the European Commission's Platform on Sustainable Finance and Basel Committee's Taskforce on Climate Risk. Over the past few years, Slavka has chaired different working groups at the EBA, such as the Network on Sustainable Finance, the Sub-group on Risk Assessment Systems, the mandate to develop the European Supervisory framework and the Subgroup on supervisory Effectiveness and Convergence. Before joining the EBA, Slavka worked for the National Bank of Slovakia as the Head of Supervisory Division for Banks with Advanced Risk Management Approach, responsible for supervising all large banks in Slovakia. Slavka holds an MBA in general management from the City University of Seattle and a Master's degree in Mathematics and Physics from the Comenius University Bratislava. 00:00:00 Introduction 00:00:26 Slavka's Role at EBA and Introduction to EBA 00:02:02: What topics are you focusing on under the Digital Finance work 00:03:31: Education and the background to your current role 00:07:40: Is diversity an issue in the industry anecdotally speaking 00:12:53: Importance of diversity in Technology and finance

Bank of Lithuania's, Jekaterina Govina joins host, FNA's Isabella Ivanov, to discuss women in the Financial industry, Jekaterina’s own personal experiences throughout her career as a lawyer within fintech and advice to young women interested in finance and fintech. For four years, Jekaterina has developed policies for the fintech industry in Lithuania and prior to her appointment as Executive Director of Supervision Services, she worked as a coordinator of Lithuanian Fintech Strategy and Head of the Innovation Committee. Jekaterina has previously worked as a lawyer across various divisions within the Bank of Lithuania. Responsibilities included insurance, payments, lending, peer-to-peer lending and crowd-funding regulations. She holds various accolades and was awarded Public Sector Lawyer of the Year for developing the concept of crowdfunding regulation in Lithuania, and for preparing a dwarf law on crowdfunding. Jekaterina has also been acknowledged by Lattice80 as one of the Top 100 Women in Fintech. With conversations and advice from influential women across the Fintech sector, the FNA Talks miniseries, Women in Fintech & Suptech, aims to bring awareness to the role women play within the financial industry and the importance of gender diversity within the sector.

In this latest episode of the FNA Talks podcast series, the ECB’s Per Nymand-Andersen joins FNA’s Suptech Lead, Adam Csabay to discuss one of the most awaited Fintech publications of 2021: Data Science in Economics and Finance for Decision Makers. Per - who edited and co-authored the book - and Adam review the key themes of the book and highlight its practical contributions, as well as discuss the role that data science will play in the post-Covid world. Index: 00:00 - Introduction 01:08 - Why does data science matter for decision-makers in 2021? 05:01 - How can data science help us tackle the impacts and implications of disruptions like the Covid-19 crisis? 08:31 - In what ways is data science transforming the work of central banks?

Digital Currencies and Crypto Assets in 2021: Impacts, Implications and Regulatory Responses The first FNA Talk of the year focuses on one of the most prominent FinTech themes of 2021. Join Adam as he chats with with Moad Fahmi, Senior Advisor (Financial Technology) from the Bermuda Monetary Authority. Bermuda is one of the first jurisdictions with a regulatory framework designed specifically for digital asset businesses. We will be discussing the impacts and implications of digital currencies and crypto assets and highlight the new roles and responsibilities of central banks and financial authorities. Index 00:00 - Introduction 01:24 - How is digital money changing the landscape of financial services including payments and settlements? 07:18 - What are the particularities of the digital assets regulation and sector in Bermuda? 12:14 - How do regulators and central banks need to change to be able to supervise and regulate the digital assets businesses? 18:20 - What are the key prerequisites for a successful regulation of digital currencies and digital assets on the cross-jurisdictional level? 23:46 - What are the potential implications of the digital money being issued by a variety of entities including the BigTechs?

Intraday Liquidity Management in Banking - Technology Landscape in Focus Today's FNA Talk is dedicated to one of the most important topics for the banking sector, with FNA's President Phillip Straley and Tucker Dona, Head of Business Development and Client Success at Baton Systems, examining the technological considerations of intraday liquidity. Index 00:00 - Introduction 02:19 - What does the landscape of technology look like for intraday liquidity management for banks in today's market? 05:08 - From a technology enablement perspective what are some of the main building blocks for intraday liquidity? 07:18 - Looking at the evolution of intraday liquidity technology at banks what are some of the key elements that define operational maturity? 10:45 - Looking forward to the next 1-2 years, what are some of the key priorities that banks need to keep in mind to maintain a robust intraday liquidity management program?

Intraday Liquidity Management in Banking: Key Trends and New Opportunities Today's FNA Talk is dedicated to one of the most important topics for the banking sector - with FNA's President Phillip Straley, and Jesse Drennan, Senior Vice President at HSBC, discussing key developments in the area of intraday liquidity management. Index 00:00 - Introduction 02:33 - How do you see the market dynamics of 2020 having impacted the plans of large global banks? 05:13 - What have been the key focuses related to intraday liquidity in the market over the last 2-3 years, and what do you see as priorities for the next year or two? 09:39 - How are challenger financial institutions impacting the market & banks’ thinking? - particularly from the standpoint of impact on client expectations and systemic risks? 14:54 - Looking forward… Can you describe "End State" outcomes in the market ? And what does this mean for individual large bank’s capabilities? 19:10 - Could you provide a summary of how you see internal processes optimized, plus any final points on the broader ecosystem?

Maintaining Resilience during Systemic Disruptions: A User Guide for FMIs and Overseers - Part 2 In today’s FNA Talk, John Hagon, Chief Operating Officer at CLS and FNA’s Adam Csabay focus on how to maintain resilience during systemic disruptions. In the second part of the episode,John discusses whether the COVID-19 Crisis has changed his team's approach to business and operational resilience; outlines his views on the implications for coordination and collaboration between the FMIs and their overseers; as well as highlights the sources of systemic disruptions that will need to be paid attention as a priority to going forward. Index 00:00 - Introduction 01:25 - What lessons has the COVID-19 crisis taught us in relation to systemic disruptions, and the processes and procedures for tackling their impact? 04:08 - What will be the implications for coordination and collaboration between the FMIs and the authorities that oversee them? 06:49 - Which sources of systemic disruptions should the FMIs and overseers focus on as a priority going forward? 09:32 - How will the future of work change in Finance in response to the current pandemic?

Maintaining Resilience during Systemic Disruptions: A User Guide for FMIs and Overseers - Part 1 In today's FNA Talk, John Hagon, Chief Operating Officer at CLS and FNA's Adam Csabay discuss how to maintain resilience during systemic disruptions. The first part of the episode focuses on the impact of the COVID-19 Crisis on the FMI landscape, the implications for CLS' operations and the taxonomy of its response; as well as the practical applicability of technology-based tools and frameworks. Index 00:00 - Introduction 01:25 - How has the COVID-19 crisis impacted the FMI landscape? 04:06 - What were the implications on CLS's operations? And which areas have been the most affected ones? 08:56 - What immediate steps has the operations team taken to tackle the impact of the COVID related disruptions? 11:58 - Has FinTech - or innovative technology in general - provided any useful tools or frameworks

Five Digital Currency Questions for 2020 Part 2 - Impact of Digital Currencies on the Use of Cash, Financial Stability and Monetary Policy Today’s FNA Talk is dedicated to one of the most prominent FinTech themes of 2020. Together with Daniel Heller from Fnality International we discuss Digital Currencies and their impact and implications. In the second part of the episode, we focus on the Impact of Digital Currencies on the Use of Cash, Financial Stability and Monetary Policy. Index 00:00 – Introduction 01:31 – What will digital currencies mean for the use of cash? 03:54 – Which traditional cash related risks can digital currencies help to solve? 06:33 – What will be the implications of digital currencies for financial stability? 09:14 – In what ways will the existing regulatory and supervisory procedures need to change? 10:38 - How will digital currencies impact formulation and implementation of monetary policy? 14:05 - Can the Libras (digital currencies issued by the BigTechs like Facebook) challenge central banks’ monopoly over monetary policy?

Five Digital Currency Questions for 2020 Part 1 - Taxonomy of Digital Currencies and the Impact on Payments and Settlements Today’s FNA Talk is dedicated to one of the most prominent FinTech themes of 2020. Together with Daniel Heller from Fnality International, we discuss Digital Currencies and their impact and implications. In the first part of the episode, we focus on the Taxonomy of Digital Currencies and their Impact on Payment and Settlement Systems and Infrastructures. Index 00:00 - Introduction 01:31 - Taxonomy: How to distinguish between various types of Digital Currencies? 05:55 - Central Banks' response to the non-bank providers of money 08:21 - How are digital currencies changing traditional payment and settlement systems and infrastructures? 11:57 - How to ensure that the benefits of Digital Currencies are not outweighed by their risks?

In the first episode of the FNA Talk series we focus on the RegTech & SupTech applications of financial cartography; with Kimmo Soramäki and Adam Csabay discussing how this technology can be used to better understand the impact of systemic disruptions like the COVID-19 crisis, and help to build and maintain the financial as well as operational resilience of systems and players. Index 00:00 – Introduction to FNA Talk 01:34 – Financial Cartography 05:01 – Maps of Trade Networks 10:47 – Maps of Financial Markets 15:31 – Maps of Financial Market Infrastructures