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- Poland's BLIK Mobile Payments Platform Continues Slovakia Expansion
- South Korea, Indonesia Local Currency Agreement Goes Live
- Stricter Regulations Needed For Cash Services, Says Sweden's Riksbank
- Cross-Border Payments Linkage Between Cambodia, South Korea Goes Live
- California Passes First AI Safety Legislation In US
- Latvia Woos Crypto Firms With MiCA Pre-Licensing Consultations
Poland’s BLIK Mobile Payments Platform Continues Slovakia Expansion
Mobile payments platform BLIK has announced that it can now be used by customers of Tatra Banka, one of the largest banks in Slovakia, to make e-commerce payments.
Slovak users of the Tatra Banka VIAMO mobile application can now make mobile payments when shopping online using a six-digit code.
In partnership with PayU, a provider of online payment services in Central and Eastern Europe, the first online stores in Slovakia have already implemented the BLIK payment method.
BLIK was introduced to the Slovak market in 2023 after merging with VIAMO. Tatra Banka was the first Slovak bank to enable BLIK mobile payments at point of sale (POS), and is now the first to implement BLIK’s e-commerce solution.
South Korea, Indonesia Local Currency Agreement Goes Live
The central banks of South Korea and Indonesia have agreed to launch a bilateral local currency agreement for cross-border payments this month.
The initiative follows a memorandum of understanding (MoU) signed in May 2023 and an agreement on the operational guidelines for the local currency framework in June 2024.
The framework enables the Appointed Cross Currency Dealer (ACCD) banks to facilitate current account transactions between Indonesia and South Korea in their local currencies, and to reduce costs for businesses and other users.
This includes, among others, promotion of the direct quotation between the Indonesian rupiah and the Korean won, as well as the relaxation of relevant rules and regulations to enhance the usage of local currencies.
“This initiative will ultimately contribute to promoting trade between Indonesia and Korea, reducing exposure to exchange rate risks, and promoting transaction efficiency in both countries,” said the Bank of Korea.
Stricter Regulations Needed For Cash Services, Says Sweden's Riksbank
The Riksbank, Sweden's central bank, has called for tighter regulations to ensure that businesses required to accept cash payments can access adequate services for daily transactions and petty cash.
This recommendation was made in a written communication to the Ministry of Finance's ongoing inquiry into cash usage, led by MP Dennis Dioukarev.
The Riksbank expressed concerns that banks have largely stopped providing essential cash services to businesses, leaving companies reliant on Loomis, a cash-in-transit firm.
The central bank argued that existing legal requirements for banks to offer deposit services are insufficient, with many banks providing deposit machines that have limits too low for business needs.
"Many businesses continue to accept cash, but without these services they would not be able to do so in practice," said Christina Wejshammar, head of the payments department at the Riksbank.
Cross-Border Payments Linkage Between Cambodia, South Korea Goes Live
The National Bank of Cambodia (NBC) has announced that the first phase of its cross-border payments linkage with South Korea is now live.
On the Cambodia side, the project is a partnership between the central bank, Jeonbuk Bank and Phnom Penh Commercial Bank (PPCB).
In phase 1, South Korean visitors to Cambodia will be able to use Jeonbuk Bank's mobile app to make payments via the country’s national QR code standard, KHQR.
Launched in 2022, KHQR now has more than 3.3m connected merchants, and is the only QR code standard available in Cambodia.
It can switch payments using Bakong, the peer-to-peer (P2P) payments network operated by the central bank.
California Passes First AI Safety Legislation In US
The California State Assembly has passed SB 1047, officially known as the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act.
The legislation introduces stringent new regulations for artificial intelligence (AI) development, and will make California a leader in AI legislation in the US if it is enacted into law.
The bill mandates comprehensive safety protocols, third-party audits and strict oversight by California's Attorney General, aiming to address AI-related threats such as cyberattacks and the creation of weapons of mass destruction
Developers must also ensure the ability to promptly shut down AI systems if necessary.
The bill now heads back to the Senate for a final vote, with Democratic Governor Gavin Newsom expected to make a decision on whether to enact or veto the legislation by September 30, 2024.
Latvia Woos Crypto Firms With MiCA Pre-Licensing Consultations
Latvijas Banka has invited companies interested in becoming licensed crypto-asset service providers in the Baltic state to participate in pre-licensing consultations.
This initiative comes in advance of the EU's Markets in Crypto-Assets Regulation (MiCA), which is set to take effect on December 30, 2024 and establish a unified legal framework for the crypto industry across the EU.
Starting in January 2025, Latvijas Banka will begin accepting applications and issuing licences under this new regime.
To facilitate a smooth licensing process, the central bank is offering free pre-licensing consultations.
During this period, experts will guide companies through the regulatory requirements and assist with initial compliance assessments.
These consultations aim to help businesses prepare high-quality applications, ensuring a swift licensing process.
Latvijas Banka has also released detailed guides on the authorisation process and the classification of crypto-assets under MiCA, and will host a webinar on the matter.
