Hong Kong regulator welcomes inaugural issuance of ILS

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Hong Kong’s Insurance Authority has welcomed the first-ever issuance of insurance-linked securities (ILS) in the city.

China Reinsurance Group (China Re) and China Property & Casualty Reinsurance have offered a catastrophe bond through Greater Bay Re, the first authorized special purpose insurer (SPI) in Hong Kong. The bond provides protection against losses inflicted by typhoons in Mainland China.

“This decision of a leading state-owned reinsurer not only exemplifies the potential and attractiveness of Hong Kong as an emerging ILS hub, but also demonstrates our crucial role as a global risk management centre,” said Clement Cheung, IA chief executive.

Extreme weather

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Group of influential Central banks explore what retail CBDC might look like

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A group of seven central banks (Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Sveriges Riksbank and Swiss National Bank), together with the Bank for International Settlements, are working together to explore central bank digital currencies (CBDCs) for the public (“general purpose” or “retail” CBDC).

Central banks explore retail CBDC

For central bank digital currencies (CBDC) to work effectively, public and private institutions need to cooperate to ensure integration with existing payments systems; to anticipate customers’ future needs; and to support innovation while preserving public trust, privacy and stability in the broader financial system.

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AISPs and PISPs make their mark in Europe

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PSD2 took its time to be implemented across Europe, but now that the legislation has been adopted and transposed into most markets, it’s beginning to deliver on what it promised.

Digital & Payment Card Yearbooks: AISPs and PISPs make their mark via PSD2

PSD2 aimed to lower high domestic market barriers to banks and trusted fintech partners, and its adoption has now created the conditions for Open Banking in Europe to really gain significant traction.

It’s becoming clear that after a slow, shuddering start, Open Banking is ushering in a wave of account information service providers (AISPs) and payment initiation

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Allianz SE unveils changes to board of management

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Allianz SE has announced changes to its board of management.

Jacqueline Hunt wishes to step back from her day-to-day responsibilities as a member of the board and has been appointed as a strategic consultant to Oliver Bäte, group chief executive, the company has announced. Hunt has been responsible for Allianz’s asset management and US life businesses since joining the group in 2016.

Andreas Wimmer, currently CEO of Allianz Lebensversicherungs-AG (Allianz Leben) has been appointed as a member of the board of management and will succeed Hunt as head of the asset management division and Allianz Life in the US.

“Jackie

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