Further Brexit-related rumblings this morning, as the FT reports (FT paywall) that executives from a number of Japanese financial institutions have requested a firm timetable regarding the UK's withdrawal from the EU, or some roles may be moved from London within six months.
The long-running Banca Monte dei Paschi di Siena saga is set to run a little longer, as Bloomberg reports that the oldest bank in the world has received regulatory approval to extend a debt-for-equity swap until December 21st. In other Italian banking news, Intesa Sanpaolo has been fined $235 million by New York State's financial regulator for anti-money laundering failures and violations of bank secrecy laws.
Finextra reports that Visa and Mastercard have reached an agreement to "request the other's tokenised payment credentials." This will mean that both card associations will accept tokens from the other, thus allowing interoperability in the sphere of tokenisation, boosting its utility to both merchants and consumers.
In Australia, the RBA has defended the AUS $100 note, after the Australian government called for a review of these bills, saying that they are used in the black economy. However, the RBA has defended the AUS $100 bill only on the basis that it is in fact the AUS $50 bill that is mostly used in the black economy.
One of the most important events of 2016 happened on the eighth of November — when the demonetisation of higher-value notes in India was announced. For an on the ground analysis on the current situation, read 'India's Digital Payments Push — the Sum of all Fears', by Indian payments expert Sriram Natarajan.
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