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A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.
China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan. [9] [2] In 2016, Fan Yifei, a deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". [10]
Tonik Digital Bank, Inc., commonly known as Tonik, is an all-digital bank which was launched in the Philippines in 2021, [1] notable for being the first all-digital bank, or "neobank" in Southeast Asia. Its consumer products range from deposits, payments, debit cards, and loans.
"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry.This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as ...
The Digital Rupee (e₹) [6] or eINR or E-Rupee is a tokenised digital version of the Indian Rupee, issued by the Reserve Bank of India (RBI) as a central bank digital currency (CBDC). [7] The Digital Rupee was proposed in January 2017 and launched on 1 December 2022. [ 8 ]
In 1997, Bank NISP entered a joint venture with OCBC Indonesia, with the opening of PT Bank OCBC-NISP, with an initial paid-up capital of 150 billion rupiah. [6] Since then, OCBC has been buying shares from shareholders within the bank and also from President Director and CEO, Parwati Surjaudaja, who sold 22.5% of her shares to OCBC in 2004. [7]
The term digital economy came into use during the early 1990s. For example, many academic papers were published by New York University’s Center for Digital Economy Research. The term was the title of Don Tapscott's 1995 book, The Digital Economy: Promise and Peril in the Age of Networked Intelligence.