HSBC
HSBC and IBM create successful multi-ledger CBDC demo
On Thursday, HSBC and IBM announced the successful test of an advanced token and digital wallet settlement between two central bank digital currencies, or CBDCs, in a cloud environment. The experiment consisted of transactions between CBDCs, eBonds, and forex. IBM’s Hyperledger Fabric and enterprise technology provider R3’s Corda served as the basis of the distributed ledger facilitating the transactions. The project was overseen by central bank Banque de France as part of a series of tranche projects to implement a digital Euro. Previously the French and Swiss central banks reported positive results on a pilot run of the digital Swiss Franc and Euro. Nevertheless, the two financial institutions issued caution on the subject, citing regulatory concerns. Mark Williamson, managin...
Major banks moved vast sums of illicit money – investigation
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations. “Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financi...
Canadian court disappoints Huawei over CFO’s case
A Canadian court ruled against Huawei’s chief financial officer, Meng Wanzhou, on Wednesday in her extradition case to the US on fraud charges. However, the company said it has faith her innocence will ultimately be maintained. Meng, the CFO of the telecom giant and eldest daughter of its founder is wanted by the U.S for alleged fraud. The US authorities alleged that she lied to HSBC Bank about Huawei’s relationship with its Iran-based affiliate Skycom, putting the bank at risk of violating US sanctions against Tehran. In a statement posted on Twitter, Huawei Canada said; “Huawei is disappointed in the ruling today by the Supreme Court of British Columbia, we have repeatedly expressed confidence in Ms Meng’s innocence”. “Huawei continues to stand with Ms Meng in her pursuit for justice and...
