Fintech

(Reuters) : It wasn’t the introduction to high finance that Adi Patel had once anticipated. The stage fright of walking into the imposing offices of a $607 billion asset manager in the heart of a historic financial district? Pandemic era: a five-day induction on Microsoft Teams. The rip-roaring intensity of the trading floor replete with sharp-suited money managers? Not quite - hunched over a laptop with comfy clothes in a flat-share. Client lunches, and perhaps swapping stories after work with fellow graduates embarking on first steps in finance? Not likely. The pandemic has put paid to many initial expectations of the financial industry's Class of COVID-19. That group includes new recruits at finance firms around the world, such as 22-year-old graduate analyst Patel and two ...

The Bank for International Settlements’ (BIS) Innovation Hub joined the Swiss National Bank (SNB) and financial infrastructure operator, SIX, in an experiment that integrates tokenized digital assets and central bank money. SNB announced that it has carried out a successful test of a centrally-issued digital currency. According to BIS, the test which is named 'Project Helvetia' explored the technological and legal feasibility of transferring digital assets through issuing a wholesale CBDC onto a distributed digital asset platform and linking the digital asset platform to the existing wholesale payment system. "The initiative demonstrated the feasibility and legal robustness of both alternatives in a near-live setup," BIS said. However, it ackowledge several challenges that cou...

Class of COVID-19: Next generation of bankers fear for future

Swiss National Bank moves closer towards digital assets