Central banks and financial regulators urgently need to get to grips with the growing influence of 'Big Tech', according to top officials from central bank umbrella group the Bank for International Settlements (BIS). Global watchdogs are increasing wary that the huge amounts of data controlled by groups such as Facebook, Google, Amazon and Alibaba could allow them to reshape finance so rapidly that it destabilises entire banking systems. In a paper led by its head Agustin Carstens, the BIS pointed to examples such as China where the two big tech payment firms now account for 94% of the mobile payments market. In many other jurisdictions, tech firms are rapidly establishing footprints too, with some also lending to individuals and small businesses as well as offering insurance and wealth management services. "The entry of big techs into financial services gives rise to new challenges surrounding the concentration of market power and data governance," the BIS paper … [Read more...] about realme india: Financial regulators urgently need to get a grip on ‘Big Tech’: BIS
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The $10,000 bill is the most valuable U.S. currency now in circulation, according to the U.S. Department of the Treasury. The Treasury stopped printing it, along with the $500, $1,000 and $5,000 denominations, during World War II, and all such bills were declared obsolete on July 14, 1969. Today, Federal Reserve Banks destroy these notes when they receive them, but they remain legal tender while in circulation. The $10,000 bill is also the most valuable circulating global currency, according to Roberto Cacciamani, former director of the International Bank Note Society. Tied for second place are the 10,000 SGD (Singapore dollar) note and the 10,000 BND (Brunei dollar) note, each equal to around $7,400 as of this writing, according to rates provided by Citibank N.A. via the Google Currency Convertor. Runners-up include the 500 LVL (Latvian lats) and 1,000 CHF (Swiss franc) notes, each worth around $1,000. Higher denominations exist as limited-edition … [Read more...] about Which Single Piece of Currency is Worth the Most?
The fact that groups of people typically choose to expel selfish individuals is no surprise. But new research suggests such troops often want to kick out generous members as well. This counterintuitive behavior could be rooted in how such giving people make others feel bad, or simply in how they stand out from the crowd, researchers suggest. Kicking out do-gooders Initially, psychologists were investigating if groups would tolerate individuals who contributed little toward group endeavors but also mooched little of the subsequent payoffs. The researchers told 104 college students they were each in groups of five, in which each member interacted via computer. In reality the other four members were played by the computer -- three of the programmed members made consistently moderate choices, while the fourth typically made more extreme decisions. Each group member was given 10 points. The students were told they could invest as many of the points as they wanted … [Read more...] about Moochers and Do-Gooders Both Shunned, Study Finds
Mumbai: One of India's leading private sector general insurers HDFC Ergo recently delisted its products from web aggregators and online third-party brokers, including the largest player in the segment, Policybazaar . In withdrawing its health and motor insurance policies, the insurer joined a small yet growing band of incumbents in India’s legacy insurance industry, which include largest private sector general insurer ICICI Lombard and public sector behemoth Life Insurance Corporation of India, which have either partially or completely stayed away from listing their products on third-party online brokers. These "strategic" calls by insurers may seem counterintuitive as the Covid-19 pandemic-led digitisation of the consumer economy is driving significant traffic to online sales of insurance plans. But insurance industry insiders say this could be an indication of a larger pushback from insurance companies to gain more autonomy in the increasingly digitising world … [Read more...] about Online Insurance: Why legacy insurance brands are logging off from online marketplaces