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Category: Banking

  • MIL-OSI Economics: Piero Cipollone: Harnessing the digital future of payments: Europe’s path to sovereignty and innovation

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the France Payments Forum event “Digital euro and the future of payments in Europe”

    Paris, 15 May 2025

    Thank you for inviting me to discuss the future of payments and the digital euro.

    Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once we started paying in euro cash around Europe. Euro banknotes and coins made the currency the tangible symbol of a united Europe.

    A strong currency also comes in tandem with strong payment systems. We offer payment infrastructures that form the plumbing of the financial system. Though less visible than banknotes and coins, these infrastructures are key to our monetary and financial integration.

    Retail and wholesale payments are hence an integral part of our tasks at the central bank. We issue cash, supply reserves – the ultimate liquid asset – to banks and operate payment systems, thereby supporting our economy by enabling euro area transactions that are secure, risk-free and European. This is what preserves our economic stability and our monetary sovereignty.

    Building on this reliable base, private sector firms can then offer their own solutions, without their customers having to worry about the money they use. One euro is one euro, because private money can be converted to cash at all times and because financial transactions can be settled in central bank money – the only risk-free asset there is.

    So today, I want to focus on how we can make our currency future-proof and enhance the integration, competitiveness and resilience of European payments in the digital era.

    As people increasingly prefer to pay digitally and online commerce expands, the role of cash as a universal payment solution is declining. We thus risk being left without a European solution that allows us to pay throughout the euro area in all situations. To restore the central role of cash, we need to complement physical cash with its digital equivalent, a digital euro. Making central bank money available in digital form might seem like a small and obvious step, but it is in fact an essential one for overcoming the entrenched and longstanding fragmentation of our payment market. The digital euro will achieve this directly by modernising the supply of public money and indirectly through its infrastructure and acceptance network, which private payment service providers can leverage to expand and innovate on a European scale. Ultimately, a digital euro will enhance the competitiveness of European providers and their ability to offer all types of digital payments to European consumers.

    The situation is different for wholesale financial transactions as we already offer settlement in digital central bank money and do not face the same dependencies. However, market participants increasingly expect that tokenisation and distributed ledger technology (DLT) will transform financial transactions by enabling assets to be issued or represented as digital tokens. We are currently expanding our initiative to settle DLT-based transactions in central bank money. By making central bank money available, we avoid the risk of other settlement assets being used, such as US dollar stablecoins, which would reintroduce credit risk, fragmentation and a dependency on non-European solutions.

    We are progressing on the retail and wholesale fronts in parallel. In both cases, Europe needs its own, sovereign money for the digital era, so that it can harness the benefits of integration, innovation and independence. In the words of the late French economist Michel Aglietta, money is not just a technical device, it is an essential institution.[1]

    A digital euro for everyday payments

    Let me first discuss the rationale for the digital euro and the benefits it will bring.

    Currently, cash is the sole sovereign payment method across the euro area. It offers Europeans a convenient, secure and universally accepted way to pay and store value, ensuring financial inclusion. Cash also upholds the resilience of our payment systems and economies, acting as a reliable fallback during crises such as cyberattacks or power outages. This is why we remain strongly committed to cash.[2]

    However, digital payments have gained popularity, with online shopping accounting for more than a third of our retail transactions. This means that acceptance of and access to cash are no longer sufficient to cover a growing share of payment situations. In value terms, cash payments made up only 24% of day-to-day payments in the euro area last year.[3]

    Lacking a genuine European payment solution that works across the euro area, we are left critically dependent on foreign payment providers.[4] Currently, nearly two-thirds of euro area card-based transactions are processed by non-European companies while 13 euro area countries depend entirely on international card schemes or mobile solutions for in-store payments.[5] And even where national card schemes are available, they require co-badging with international card schemes to facilitate cross-border payments within the euro area or online shopping. Moreover, mobile apps and e-payment solutions are dominated by foreign solutions like PayPal, Apple Pay or Alipay. And they partner with international card schemes to further reinforce their position and expand their reach: PayPal has just announced that it will start enabling contactless payments in Germany, using Mastercard technology.[6] Looking ahead, our dependency could soon extend to foreign stablecoins, 99% of which are dollar-denominated in terms of total value.[7]

    As a result, European payments face three significant challenges.

    First, we need to ensure our strategic autonomy and monetary sovereignty. Our overreliance on foreign payment providers makes us dependent on the kindness of strangers at a time of heightened geopolitical tensions. I trust that this risk is well understood in the country of De Gaulle. There is no true sovereignty without sovereign money.[8] As my dear colleague Banque de France governor François Villeroy de Galhau has remarked, this is as true in the 21st century as it was in the past.[9]

    Second, we should simply ask ourselves why there is no Europe-based international card scheme. I would say it’s because we suffer from a lack of competitiveness and innovation. European payment service providers focus on their home country and struggle to compete on a European level, let alone on a global one, limiting their ability to drive large-scale innovation. The cost of investing in a European-wide acceptance network has often discouraged European payment service providers from offering a European card payment solution.

    These failures come at a high price: the dominance of non-European providers stifles competition, leading to higher costs for merchants and consumers. And when transactions are conducted through international card schemes, European banks lose fees. When transactions are made on apps such as Apple Pay or PayPal, they lose fees and data. And if the use of US dollar stablecoins becomes more widespread, the banks could lose, fees, data and deposits.

    Third, user experience is still poor for Europeans, who juggle multiple payment solutions to meet various needs. Despite the euro’s 25-year legacy, we still lack a digital payment solution that can be used across all euro area countries.

    By introducing the digital euro, we aim to tackle these challenges head-on.

    Importantly, the digital euro would make payments more convenient. It would provide a digital payment method that complements cash, extending its benefits into the digital realm. For instance, it would have legal tender status, meaning that it would be accepted wherever one can pay digitally. And it would also be available offline, offering users similar privacy to paying with cash and allowing them to pay even in the absence of a network connection. A digital euro would give European consumers a simple and safe digital payment option, free for basic use, that covers all their payment needs everywhere in the euro area.

    In fact, one simple reason for introducing the digital euro is that people want it. Even at this early stage, surveys show that close to half of respondents would be likely to use the digital euro – a number that has significantly increased over time.[10] This trend is confirmed by several surveys[11] conducted by national central banks which suggest that many Europeans are open to the idea of using a digital euro.

    Launching the digital euro would also ensure that the euro area retains control over its financial future. By offering a secure and universally accepted digital payment option which would be suitable for all use cases – and, crucially, under European governance – it would reduce our dependence on foreign providers. This would protect European merchants from excessive charges, strengthening their bargaining power with those providers and offering an attractive alternative.[12] At the same time, European banks would be able to retain their customer relationship and be remunerated for their role in distributing the digital euro. And the digital euro would limit the likelihood of foreign currency stablecoins becoming widely used for retail payments within the euro area.

    Moreover, the digital euro would be based on a core public-private partnership that would leverage synergies, enabling private initiatives to scale up across the euro area. For instance, domestic card payment solutions could co-badge with the digital euro to cover transactions currently beyond their reach. At the same time, banks’ wallets and internet banking solutions could integrate the digital euro as an alternative way to pay that is accepted throughout the euro area and supports both contactless and QR-based payments.[13] The open digital euro standards – which can be finalised as soon as the regulation on the digital euro is adopted and can start being used even before the digital euro is issued – would facilitate cost-effective standardisation, allowing private providers to launch new products and functionalities on a European scale. This would unlock innovation and create new business opportunities. In fact, research shows that stock prices of European payment firms increase in response to positive announcements on the digital euro, whereas those of US payment firms decrease.[14]

    Last October we issued a call for expressions of interest in innovation partnerships for the digital euro. Some 70 merchants, fintech companies, start-ups, banks and other payment service providers – including four from France[15] – have now joined us in exploring the potential of the digital euro to drive innovation.[16] Our innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop digital payment features and services at European level. One of the areas we are exploring is broadening the set of possible conditional payments, such as making payments dependent on successful delivery of goods or services.

    In July we will release a report on these innovation partnerships. It will include the technical information shared with the participants, enabling the entire market to replicate these activities, thereby further supporting innovation by the private sector. Additionally, based on the positive feedback from the pioneers, we will extend the exercise until the end of June, which will allow us to test new functionalities of conditional payments, incorporating fresh ideas and suggestions from our private sector counterparts.

    The digital euro’s success in reclaiming our autonomy in the retail payment space and boosting innovation capacity hinges on collaboration. In recent years we have engaged extensively with market stakeholders, gathering input from consumers, merchants, banks and payment service providers. We have also started working with market participants on the digital euro rulebook – a single set of rules, standards and procedures for digital euro payments.[17]

    This inclusive approach helps us to address everyone’s needs and perspectives, crafting a robust payment solution and platform that will benefit all Europeans, support private sector innovation and preserve the future of our money – the euro.

    The role of central bank money in shaping a European market for digital assets

    Let me now turn to wholesale transactions, a domain where technology holds tremendous potential for transformation.

    Currently, we facilitate transactions between financial institutions through our TARGET Services: T2 processes over 90% of large payments, while T2S handles securities transactions.

    These services have significantly enhanced the efficiency and integration of post-trade platforms in Europe. And we plan to continue improving them: in 2023 we extended T2 operating times to 22.5 hours on weekdays and we are about to launch a consultation paper investigating stakeholder needs and their interest in a further extension of operating hours. In a month’s time we will also launch the European Collateral Management System, which will provide a single, harmonised framework for handling collateral in the 20 euro area countries.[18] And in October 2027 we will move to T+1, shortening the settlement cycle from two days to one. Meanwhile, emerging technologies such as DLT and tokenisation have the potential to bring about a step change in wholesale markets.

    These technologies are no incremental improvement: they represent a fundamentally new way of operating by allowing assets to be issued or represented in digital token form. This innovation would enable market participants to manage trading, settlement and custody on a single platform, available 24/7, 365 days a year. It would also synchronise trading and settlement. And it would enable new business models, as tokenised money can be used to automate conditional transactions. DLT and tokenisation could also reduce the cost and barriers to access capital markets, in particular for small and medium-sized enterprises.

    In fact, the emergence of these new technologies is an opportunity to establish an integrated European capital market for digital assets from the outset – a digital capital markets union – which would contribute to better channelling our savings into productive uses and boosting Europe’s innovation potential.[19] It could help European capital markets to become a hub for DLT-based financial services.

    European banks are active in this space, with over 60% exploring or using DLT and 22% already implementing DLT applications. On the securities front, there is a growing number of high-profile issuances on DLT.

    The availability of central bank money for settling transactions using these new technologies is crucial for two reasons. First, without central bank money, other settlement assets like stablecoins or tokenised deposits may be used, reintroducing credit risks and fragmentation into the financial system. Second, the market views the ability to settle in central bank money as a key factor in adopting new technologies.

    Last year the Eurosystem conducted exploratory work with DLT for settling wholesale transactions in central bank money, using three different solutions to ensure interoperability between our infrastructures and market DLT platforms.[20] The results were highly promising, with 60 industry participants settling real transactions in central bank money or conducting experiments with mock transactions. A wide range of securities and payments use cases were covered, including the first issuance of an EU sovereign bond using DLT. A total of €1.6 billion was settled over a six-month period, exceeding values settled in comparable initiatives in other parts of the world.

    As the next step, we have already announced plans to provide a solution to settle DLT-based transactions in central bank money in the short term.[21] Looking further ahead, the Eurosystem will explore a more integrated, long-term solution. A critical risk is indeed that DLT application fragmentation and a lack of interoperability could hinder the development of liquid DLT-based markets in Europe, imposing high costs on investors and issuers connecting to multiple platforms. So we need to create a more harmonised and integrated ecosystem.

    One way to achieve this would be to move towards a shared ledger: a programmable platform bringing together token versions of central bank money, commercial bank money and other assets, on which market players can provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable the coexistence of both legacy and new solutions.

    This approach will help us enhance the efficiency of European financial markets through innovation, aligning with the Eurosystem’s goal of achieving a more harmonised and integrated European financial system.

    However, we cannot do this alone. As we enter this new exploration phase, collaboration with public and market stakeholders will be crucial.

    Conclusion

    Let me conclude.

    The journey toward a digital euro and the integration of new technologies in wholesale transactions represents a pivotal moment for Europe. By embracing these innovations, we can strengthen our monetary sovereignty, enhance our competitiveness and pave the way for a more integrated and resilient financial system.

    The digital euro will ensure that Europeans have access to a secure, reliable and universally accepted digital payment solution that complements cash while reducing our reliance on foreign providers. Meanwhile, leveraging central bank money in DLT-based transactions will foster a dynamic and unified digital asset market, driving innovation and unlocking new business opportunities across the continent.

    In this transformative era, collaboration is key. We must bring together all stakeholders – public and private, national and European – to craft solutions that reflect the diverse needs and perspectives of all Europeans. Together, we can harness these technological advancements to build a financial ecosystem that is not only more efficient and innovative but also more inclusive and secure.

    We have inherited a united Europe and a currency embodying this unity. Our legacy should be European sovereignty and a euro that is fit for the future. This is our collective responsibility, in the public and private sector alike.

    Thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    Source: Thales Group

    Headline: Thales powers one million digital payment experiences with Vipps mobile wallet in Norway

    • Thales fully supports the success of Vipps, Norway’s leading mobile wallet, which has enabled over one million users for mobile contactless payments since December 2024.
    • Vipps wallet users are the first to benefit from a third-party mobile contactless payment solution on iOS, enabled by Thales D1 technology that securely digitizes payment cards on smartphone.
    • This milestone highlights Thales’ continued leadership in digital payments and its commitment to support fast, large-scale innovation in partnership with financial players.

    With the launch of NFC payments for iPhone and Android devices, Vipps became the first third-party wallet on iOS to offer this feature—an industry first. Behind this innovation, Thales provided the technology foundation, its D1 platform, that made this achievement possible, ensuring a smooth, secure, and scalable experience for Norwegian consumers.

    A breakthrough in everyday payments

    In just 24 hours after the launch, more than 200,000 digital cards were activated—clear proof of the demand for simple and secure digital payments. Behind the scenes, Thales D1 technology enabled users to get a digital payment card – just in few seconds – on Vipps’ wallet, and proceed with contactless payment at shops, getting on top real time transaction notification on their iPhones. Since the launch, Vipps users enjoy a fast and convenient alternative to traditional mobile wallets for everyday purchases.

    Currently supporting Norway’s domestic BankAxept cards, Vipps will expand to include international schemes such as Visa and Mastercard in the coming months, broadening its reach and usability across borders.

    Thales D1 platform boosting innovation ​

    Built for innovation, the D1 platform supported Vipps by adding contactless payment to their wallet. This showcases the platform’s ability to consistently add new innovative use cases, while providing a scalable and secure solution that grows with customer needs.

    The D1 platform is cloud-based and works in real time, making it easy to integrate with existing systems. It helps Thales customers respond to today’s expectations for secure, flexible, and instant payment services — such as modern card issuing, tokenization, or transaction control — while also preparing for the future of payments.

    Trusted collaboration driving success

    “Everything we do at Vipps is about simplifying life for people and businesses. Hitting one million users for contactless payments shows that this is something people really want. Now, we are looking forward to when our users can add Visa and Mastercard to Vipps, enabling them to tap their phones and pay with Vipps across the world. Our collaboration with Thales has been key to making all this happen.” Rune Garborg, CEO of Vipps MobilePay.

    “Driven by strong collaboration between our teams, we successfully met ambitious launch timelines and proved the strength of our operations — delivering a reliable, high-performance service that handled both the surge in demand at launch and the steady, high-volume usage that continues today.he D1 platform is also a key enabler of innovative digital payment services, helping financial players expand and thrive in an increasingly competitive payments landscape.” François Chaffard, Vice President Digital Payment Services at Thales.

    With this milestone, Thales reaffirms its role as a trusted partner in the future of digital payments, helping financial institutions offer flexible, future-ready solutions that meet consumers’ evolving expectations.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Fraudulent social media account related to Bank of Singapore Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited relating to a fraudulent social media account, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
     
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the social media account concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB and the Luxembourg Space Agency join forces to enhance solutions for European Space for Finance

    Source: European Investment Bank

    • EIB and Luxembourg Space Agency (LSA) to support expanded use of satellite information in the financial domain
    • The new Research and Development Pilot programme will be led by the LSA with the support of the EIB
    • The partnership aims at bolstering European strategic autonomy of space data related to financial transactions

    The European Investment Bank (EIB) and the Luxembourg Space Agency (LSA) announced today a collaboration to enhance the integration of European space applications in the financial sector, ultimately benefitting industries such as investment banking and insurance. Leveraging Europe’s strengths in Earth Observation and navigation applications, the Space for Finance initiative aims to improve financial services’ reporting and sustainability efforts through innovative satellite-based solutions. For example, satellites can regularly collect data about the environment and climate, helping companies track how their sites are performing, predict and manage risks, and easily compare results across different locations and businesses.

    As part of this collaboration, the R&D Pilot Programme will explore the full potential of using satellite imagery and other space data for project monitoring and impact assessment using concrete pilot projects. This will pave the way for launching a call for projects aimed at industry players. This initiative, signed today in Luxembourg, aims to enhance the integration of satellite data into financial practices, ultimately benefiting sectors such as investment banking and insurance.

    EIB Vice President Robert de Groot stated, “Space is no longer just about exploration, it is increasingly about innovation that drives real-world solutions. Our partnership with the Luxembourg Space Agency allows us to use the power of satellite data to enhance financial monitoring and drive sustainable development.  Together, we will explore and redefine how space applications can enhance the European strategic autonomy and support the financial sector in creating a more resilient and forward-thinking economy.”

    Through this collaboration, the EIB reinforces its ongoing efforts to bolster the competitiveness of the European space sector, with a specific emphasis on Luxembourg’s growing role in the commercial space arena. LSA has been instrumental in promoting the space industry in Luxembourg, providing support to new and existing businesses, developing human resources, and facilitating access to financial solutions. Working closely with financial intermediaries, such as the EIB, could accelerate the development of Space for Finance solutions, facilitating their market uptake.

    “The space sector drives innovation and economic growth in Luxembourg and across Europe, and it’s also key to our security in a fast-changing world. By working with the European Investment Bank, we are showing our commitment to using space technologies to benefit society and the financial sector. This partnership reflects our goal to support innovation and ensure that space activities in Europe are sustainable, secure, and competitive—for the good of everyone.” emphasizes Lex Delles, Minister of the Economy, SME, Energy and Tourism.

    Moreover, this collaboration underscores the importance of setting security standards and protocols for space data in the domain of finance. Both parties recognize that safeguarding the strategic autonomy of European financial transactions is crucial as they advance their efforts in utilizing space for finance technologies.

    The partnership will facilitate the development of new services driven by satellite data. By working together, the EIB and LSA aim to set new practices in the utilization of space technologies, driving growth and ensuring that Europe continues to lead in the development of space applications for finance.

    Background information   

    EIB Group

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    

    High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here. 

    About LSA

    Established in 2018 by the Ministry of the Economy, and placed under its authority, with the goal of developing the national space sector, the Luxembourg Space Agency fosters new and existing companies, develops human resources, facilitates access to funding and provides support for academic research. The agency implements the national space economic development strategy, manages national space research and development programs, and leads the SpaceResources.lu initiative. The LSA also represents Luxembourg within the European Space Agency, as well as the space related programs of the European Union and the United Nations.

    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: ICF, EIB and CEB join forces to mobilise up to €400 million investment in social infrastructure in Catalonia

    Source: European Investment Bank

    • Institut Català de Finances (ICF) has signed a €100 million loan with the European Investment Bank (EIB) and a €50 million loan with the Council of Europe Development Bank (CEB).
    • The loans will support projects to develop care homes, day centres and assisted living facilities for the elderly, people with disabilities and other vulnerable groups in the region.
    • These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million in investment for social infrastructure projects.
    • The EIB loan is backed by InvestEU, an EU flagship programme to mobilise public and private sector investment to support EU policy goals.

    ICF, the public development bank of the Government of Catalonia, has signed a €100 million loan with the EIB to promote the construction and rehabilitation of social infrastructures in Catalonia, Spain. This is the first tranche of a loan approved for a total value of €150 million. ICF has also signed a €50 million loan with the CEB with the same aim. These agreements will allow ICF to finance non-profit social organisations, foundations, local administrations, public and private companies, unlocking up to €400 million investment for social infrastructure projects in the region.

    The loans will support the construction, refurbishment and improvement of care homes, day centres and assisted living facilities supporting the elderly, people with disabilities and other vulnerable groups across Catalonia. The financing provided by the three financial institutions is expected to support the creation of approximately 7.500 new residential care places in Catalonia. All funded projects must meet European sustainable building standards, specifically nearly-zero energy building (NZEB) requirements.

    María Serrano, EIB’s Head of Division Public Sector in Spain, remarked, “The EIB continues to strengthen its commitment to social infrastructure to meet the most pressing needs of Europe’s people. This financing agreement with the ICF will help to strengthen and expand the range of care facilities for elderly and dependent individuals in line with the highest standards of quality and sustainability, for the benefit of all”.

    As emphasised by Maria Sigüenza, the CEB’s Country Manager for Spain, “We are pleased to expand our ongoing partnership with ICF. This new loan reflects the CEB’s strong commitment to social inclusion and the reduction of inequality in Spain. Moreover, it exemplifies the importance of cooperation and joint action among multilateral development banks, such as the CEB and EIB, in building stronger communities and delivering high-impact social projects.”

    Vanessa Servera, CEO of the ICF, described the agreement as “a new success story in public-private cooperation,” emphasising that “the EIB and the CEB are providing the financial resources, we are taking on the management and financial risk, and it will be public entities and other actors that will launch the projects and investments the Catalan social services network needs to meet today’s and tomorrow’s challenges.”

    The agreement with ICF contributes to the EIB Group’s strategic priority of reinforcing Europe’s social infrastructure. This is one of the Group’s eight priorities set out in its Strategic Roadmap for the years 2024-2027.

    The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027.

    As the social development bank for Europe, investing in social infrastructure is the CEB’s main mission, as emphasised by its Strategic Framework 2023-2027. By signing the agreement with ICF, the CEB continues to respond flexibly to evolving social development and inclusion challenges in Spain.

    Background information

    ICF

    ICF has been the public promotional bank in Catalonia for 40 years, and in that period it has financed 37,000 clients for a total of €16 billion. Its main mission is to promote the financing of companies and entities in order to contribute to the growth, innovation and sustainability of the Catalan economy. ICF acts as a complement to the private sector, offering a wide range of financing solutions focused on loans, guarantees and investment in venture capital. Since 2014 it has been a member of the European Association of Public Banks (EAPB), which brings together a large number of the public promotional banks and financial entities operating in Europe.

    EIB

    The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects, leveraging on the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and mobilising at least €372 billion in additional investment.

    CEB

    The Council of Europe Development Bank (CEB) is a multilateral development bank, whose unique mission is to promote social cohesion in its 43 member states across Europe. The CEB finances investment in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable people. Borrowers include governments, local and regional authorities, public and private banks, non-profit organisations and others. As a multilateral bank with an excellent credit rating, the CEB funds itself on the international capital markets. It approves projects according to strict social, environmental and governance criteria, and provides technical assistance. In addition, the CEB receives funds from donors to complement its activities.

    MIL OSI Europe News –

  • MIL-OSI Russia: IMF Staff Completes the 2025 Article IV Mission to Singapore

    Source: IMF – News in Russian

    May 15, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Singapore’s economy recovered in 2024 but is forecast to slow down in 2025 due to the recent escalation of global trade tensions. Inflation is expected to stay muted.
    • Fiscal and monetary policies are appropriately supporting the economy. Singapore has ample fiscal space to provide additional temporary and targeted support in case downside growth risks materialize.
    • Singapore’s financial sector remains sound and resilient, underpinned by well-capitalized and liquid banks. Potential financial sector risks from tightening global financial conditions should continue to be closely monitored.

    Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Masahiro Nozaki, conducted discussions on the 2025 Article IV Consultation with the Singaporean authorities and other stakeholders from May 5 to May 15, 2025. At the conclusion of the discussions, Mr. Nozaki issued the following statement:

    “Singapore’s economy recovered strongly in 2024 and disinflation advanced. Growth increased to 4.4 percent in 2024, from 1.8 percent in 2023, supported by an upturn in the global technology cycle. Headline inflation decreased to 1.5 percent in end-2024 and further to 0.9 percent in March 2025, reflecting disinflation in both tradable and non-tradable prices.

    “However, the recent escalation of trade tensions and an associated spike in global policy uncertainty—as highlighted in the April 2025 World Economic Outlook—have sharply weakened Singapore’s economic outlook. Growth is projected to slow to 1.7 percent in 2025. Inflation is expected to stay muted, with headline inflation and Monetary Authority of Singapore (MAS) Core Inflation forecast at 1.1 percent and 1.0 percent in 2025, respectively, due to emerging slack in the economy and projected declines in commodity and other tradables prices from slower global growth.

    “There is a high degree of uncertainty around this forecast, reflecting elevated global economic and policy uncertainty. Risks to growth are firmly tilted to the downside, stemming from a possible further escalation of global trade tensions and a sharp tightening of global financial conditions. While risks to inflation are tilted to the downside due to weaker-than-expected global and domestic growth, potential upside inflation risks, including from possible supply chain disruptions, should also be monitored.

    “Against this backdrop, MAS appropriately loosened monetary policy in January and April 2025. In view of weak inflation, slowing growth, and emerging slack in the economy, staff sees scope for further monetary policy easing in the near term. However, MAS should remain vigilant and data dependent with respect to the speed and magnitude of easing in light of the large uncertainty, as well as both upside and downside risks around the inflation outlook.

    “The expansionary fiscal stance for FY2025 (April 2025-March 2026) is appropriate against the backdrop of slowing growth, increasing economic slack, and elevated downside risks. Continued support to households and firms will provide ongoing relief, while enhanced infrastructure spending will support domestic demand and help promote long-term growth. Singapore has ample fiscal space that can be deployed to provide targeted and temporary fiscal support in the event of downside risks materializing. Over the medium term, currently untargeted transfers should be phased out or better targeted to vulnerable households and firms. With strong fiscal institutions and buffers, Singapore is well positioned to meet its medium-term fiscal spending needs, including for rising healthcare costs due to an aging population, scaling up high-quality public infrastructure, and strengthening social safety nets.

    “Singapore’s financial sector is resilient. Banks are well capitalized, have ample liquidity, and are profitable. The authorities’ regulatory and supervisory efforts have contained existing financial sector vulnerabilities, including from cross-border exposure, reliance on foreign exchange funding, residential and commercial real estate exposures, interconnectedness between banks and nonbank financial institutions (NBFIs), and exposures to relatively small segments of highly leveraged corporates and households. Nonetheless, in view of the risk of a sharp tightening of global financial conditions, continued vigilance is warranted against these vulnerabilities.

    “We welcome the steady implementation of the authorities’ Forward Singapore initiative, including enhanced paid parental leave to support young families; enhanced grants for low-income first-time home buyers to improve housing affordability; and additional transfers to improve the retirement adequacy for low-income workers and retirees. The introduction of temporary financial support for involuntarily unemployed individuals has helped strengthen Singapore’s social safety nets. The government continues to make progress with helping workers to reskill and firms to adopt AI technologies.

    “The IMF team would like to thank the authorities and other counterparts for their close collaboration and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/15/pr25147-singapore-imf-completes-2025-aiv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets

    Source: Hong Kong Government special administrative region

    Joint press release of PBoC, SFC and HKMA on further enriching product types of Swap Connect to facilitate high-level opening-up of Mainland’s financial markets 
    To further promote the collaborative development of financial derivatives markets on the Mainland and in Hong Kong, as well as the high-level opening-up of Mainland’s financial markets, after assessing the operational experience of Swap Connect and feedback from Mainland and offshore investors, the People’s Bank of China, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority plan to further enrich the product types under Swap Connect. First, the tenor of interest rate swap contracts would be extended to 30 years to meet the diverse risk management needs of market institutions. Second, the product scope of Swap Connect would be expanded by including interest rate swap contracts using the Loan Prime Rate (LPR) as the reference rate. Relevant financial infrastructure operators in both markets will roll out these enhancement measures progressively.
     
    Looking ahead, regulatory authorities on the Mainland and in Hong Kong will continue to provide guidance to the financial market infrastructure operators in both markets to continue to enhance relevant arrangements, taking into account the operation experience of Swap Connect, with a view to steadily advancing the further opening-up of Mainland’s financial markets, promoting RMB internationalisation in a steady, orderly and sound manner, and supporting the successful development of Hong Kong as an international financial centre.
    Issued at HKT 17:12

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Annual inflation in Mongolia in April 2025 was 8.6 percent.

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    ULAN BATOR, May 15 (Xinhua) — Mongolia’s annual inflation rate stood at 8.6 percent in April 2025, local media reported on Thursday, citing data from the country’s National Statistical Committee.

    The rise in inflation in Mongolia is due to the increase in real estate prices and tariffs for housing and communal services, water, electricity, gas and other types of fuel /21.7 percent/, educational services /18.2 percent/, catering services, accommodation in hostels and hotels /16.7 percent/, food products, soft drinks and mineral water /10.5 percent/ and clothing, textiles and footwear /9.1 percent/, the official statement says.

    Currently, the Central Bank of Mongolia is working to maintain the inflation rate within 5 percent (plus or minus 2 percentage points) in order to ensure macroeconomic and financial stability in the medium term.

    According to the Central Bank, in March 2025, annual inflation in Mongolia was 9.1 percent. At the same time, in the capital Ulaanbaatar, where more than half of the country’s 3.5 million population lives, this figure rose to 10.1 percent.

    Mongolia’s economy is expected to grow by 6.6 percent in 2025. According to experts from the Asian Development Bank, the country’s economic growth will be mainly supported by an increase in mining, in particular an increase in copper concentrate production at the Oyu Tolgoi deposit, as well as by robust domestic demand, investment in infrastructure and a gradual recovery in agriculture. –0–

    MIL OSI Russia News –

  • MIL-OSI China: Announcement on Open Market Operations No.91 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.91 [2025]

    (Open Market Operations Office, May 15, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB64.5 billion through quantity bidding at a fixed interest rate on May 15, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB64.5 billion

    RMB64.5 billion

    Date of last update Nov. 29 2018

    2025年05月15日

    MIL OSI China News –

  • MIL-OSI Economics: Women Entrepreneurs in Rural Mongolia Turn to Traditional Knowledge for Survival

    Source: Asia Development Bank

    Women in rural Mongolia face constant challenges due to the country’s harsh environment. They must navigate extreme weather to protect their herds and sustain agriculture livelihood to support their families. As temperatures fluctuate and winters grow harsher, the challenge to adapt has become a fight to survive.

    MIL OSI Economics –

  • MIL-OSI Europe: The EBA updates list of other systemically important institutions

    Source: European Banking Authority

    The European Banking Authority (EBA) today updated the list of other systemically important institutions (O-SIIs) in the EU, which, together with global systemically important institutions (G-SIIs), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines. This list is based on year-end-2024 data and includes the overall score calculated according to the EBA Guidelines and the capital buffer rate that the relevant authorities have set for the identified O-SIIs. The list is available also through a user-friendly visualisation tool.

    The EBA Guidelines define the size, importance, complexity and interconnectedness as the criteria to identify O-SIIs. They also provide flexibility to relevant authorities to apply their supervisory judgment when deciding to include other institutions, which might have not been automatically identified as O-SIIs. This approach ensures a comparable assessment of all financial institutions across the EU, whilst still not excluding those firms that may be deemed systemically important for one jurisdiction on the basis of certain specificities.

    The list published today aims to increase transparency in the EU by providing an overview of OSIIs, including some key facts about the banks identified. 175 banks were identified as systemically important in 2024 (at the highest level of consolidation in each country) with buffer rates ranging from 0.25% to 3%, as shown in the chart below. Relevant authorities disclose further details on the underlying rationale and identification process for their respective jurisdictions. This additional information may be relevant to understand the specific features of each O-SII and to get some insight in terms of supervisory judgment, optional indicators used, buffer decisions and phase-in implementation dates. As underscored in the Capital Requirements Directive (CRD), the assessment of systemic importance necessary to identify O-SIIs remains under the remit of the national competent or designated authorities.

    MIL OSI Europe News –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹25,000 crore on May 16, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on May 16, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.79% GS 2031 11,000 262 262
    7.09% GS 2074 14,000 334 334

    The underwriting auction will be conducted through multiple price-based method on May 16, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/327

    MIL OSI Economics –

  • MIL-OSI Europe: Piero Cipollone: Harnessing the digital future of payments: Europe’s path to sovereignty and innovation

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the France Payments Forum event “Digital euro and the future of payments in Europe”

    Paris, 15 May 2025

    Thank you for inviting me to discuss the future of payments and the digital euro.

    Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once we started paying in euro cash around Europe. Euro banknotes and coins made the currency the tangible symbol of a united Europe.

    A strong currency also comes in tandem with strong payment systems. We offer payment infrastructures that form the plumbing of the financial system. Though less visible than banknotes and coins, these infrastructures are key to our monetary and financial integration.

    Retail and wholesale payments are hence an integral part of our tasks at the central bank. We issue cash, supply reserves – the ultimate liquid asset – to banks and operate payment systems, thereby supporting our economy by enabling euro area transactions that are secure, risk-free and European. This is what preserves our economic stability and our monetary sovereignty.

    Building on this reliable base, private sector firms can then offer their own solutions, without their customers having to worry about the money they use. One euro is one euro, because private money can be converted to cash at all times and because financial transactions can be settled in central bank money – the only risk-free asset there is.

    So today, I want to focus on how we can make our currency future-proof and enhance the integration, competitiveness and resilience of European payments in the digital era.

    As people increasingly prefer to pay digitally and online commerce expands, the role of cash as a universal payment solution is declining. We thus risk being left without a European solution that allows us to pay throughout the euro area in all situations. To restore the central role of cash, we need to complement physical cash with its digital equivalent, a digital euro. Making central bank money available in digital form might seem like a small and obvious step, but it is in fact an essential one for overcoming the entrenched and longstanding fragmentation of our payment market. The digital euro will achieve this directly by modernising the supply of public money and indirectly through its infrastructure and acceptance network, which private payment service providers can leverage to expand and innovate on a European scale. Ultimately, a digital euro will enhance the competitiveness of European providers and their ability to offer all types of digital payments to European consumers.

    The situation is different for wholesale financial transactions as we already offer settlement in digital central bank money and do not face the same dependencies. However, market participants increasingly expect that tokenisation and distributed ledger technology (DLT) will transform financial transactions by enabling assets to be issued or represented as digital tokens. We are currently expanding our initiative to settle DLT-based transactions in central bank money. By making central bank money available, we avoid the risk of other settlement assets being used, such as US dollar stablecoins, which would reintroduce credit risk, fragmentation and a dependency on non-European solutions.

    We are progressing on the retail and wholesale fronts in parallel. In both cases, Europe needs its own, sovereign money for the digital era, so that it can harness the benefits of integration, innovation and independence. In the words of the late French economist Michel Aglietta, money is not just a technical device, it is an essential institution.[1]

    A digital euro for everyday payments

    Let me first discuss the rationale for the digital euro and the benefits it will bring.

    Currently, cash is the sole sovereign payment method across the euro area. It offers Europeans a convenient, secure and universally accepted way to pay and store value, ensuring financial inclusion. Cash also upholds the resilience of our payment systems and economies, acting as a reliable fallback during crises such as cyberattacks or power outages. This is why we remain strongly committed to cash.[2]

    However, digital payments have gained popularity, with online shopping accounting for more than a third of our retail transactions. This means that acceptance of and access to cash are no longer sufficient to cover a growing share of payment situations. In value terms, cash payments made up only 24% of day-to-day payments in the euro area last year.[3]

    Lacking a genuine European payment solution that works across the euro area, we are left critically dependent on foreign payment providers.[4] Currently, nearly two-thirds of euro area card-based transactions are processed by non-European companies while 13 euro area countries depend entirely on international card schemes or mobile solutions for in-store payments.[5] And even where national card schemes are available, they require co-badging with international card schemes to facilitate cross-border payments within the euro area or online shopping. Moreover, mobile apps and e-payment solutions are dominated by foreign solutions like PayPal, Apple Pay or Alipay. And they partner with international card schemes to further reinforce their position and expand their reach: PayPal has just announced that it will start enabling contactless payments in Germany, using Mastercard technology.[6] Looking ahead, our dependency could soon extend to foreign stablecoins, 99% of which are dollar-denominated in terms of total value.[7]

    As a result, European payments face three significant challenges.

    First, we need to ensure our strategic autonomy and monetary sovereignty. Our overreliance on foreign payment providers makes us dependent on the kindness of strangers at a time of heightened geopolitical tensions. I trust that this risk is well understood in the country of De Gaulle. There is no true sovereignty without sovereign money.[8] As my dear colleague Banque de France governor François Villeroy de Galhau has remarked, this is as true in the 21st century as it was in the past.[9]

    Second, we should simply ask ourselves why there is no Europe-based international card scheme. I would say it’s because we suffer from a lack of competitiveness and innovation. European payment service providers focus on their home country and struggle to compete on a European level, let alone on a global one, limiting their ability to drive large-scale innovation. The cost of investing in a European-wide acceptance network has often discouraged European payment service providers from offering a European card payment solution.

    These failures come at a high price: the dominance of non-European providers stifles competition, leading to higher costs for merchants and consumers. And when transactions are conducted through international card schemes, European banks lose fees. When transactions are made on apps such as Apple Pay or PayPal, they lose fees and data. And if the use of US dollar stablecoins becomes more widespread, the banks could lose, fees, data and deposits.

    Third, user experience is still poor for Europeans, who juggle multiple payment solutions to meet various needs. Despite the euro’s 25-year legacy, we still lack a digital payment solution that can be used across all euro area countries.

    By introducing the digital euro, we aim to tackle these challenges head-on.

    Importantly, the digital euro would make payments more convenient. It would provide a digital payment method that complements cash, extending its benefits into the digital realm. For instance, it would have legal tender status, meaning that it would be accepted wherever one can pay digitally. And it would also be available offline, offering users similar privacy to paying with cash and allowing them to pay even in the absence of a network connection. A digital euro would give European consumers a simple and safe digital payment option, free for basic use, that covers all their payment needs everywhere in the euro area.

    In fact, one simple reason for introducing the digital euro is that people want it. Even at this early stage, surveys show that close to half of respondents would be likely to use the digital euro – a number that has significantly increased over time.[10] This trend is confirmed by several surveys[11] conducted by national central banks which suggest that many Europeans are open to the idea of using a digital euro.

    Launching the digital euro would also ensure that the euro area retains control over its financial future. By offering a secure and universally accepted digital payment option which would be suitable for all use cases – and, crucially, under European governance – it would reduce our dependence on foreign providers. This would protect European merchants from excessive charges, strengthening their bargaining power with those providers and offering an attractive alternative.[12] At the same time, European banks would be able to retain their customer relationship and be remunerated for their role in distributing the digital euro. And the digital euro would limit the likelihood of foreign currency stablecoins becoming widely used for retail payments within the euro area.

    Moreover, the digital euro would be based on a core public-private partnership that would leverage synergies, enabling private initiatives to scale up across the euro area. For instance, domestic card payment solutions could co-badge with the digital euro to cover transactions currently beyond their reach. At the same time, banks’ wallets and internet banking solutions could integrate the digital euro as an alternative way to pay that is accepted throughout the euro area and supports both contactless and QR-based payments.[13] The open digital euro standards – which can be finalised as soon as the regulation on the digital euro is adopted and can start being used even before the digital euro is issued – would facilitate cost-effective standardisation, allowing private providers to launch new products and functionalities on a European scale. This would unlock innovation and create new business opportunities. In fact, research shows that stock prices of European payment firms increase in response to positive announcements on the digital euro, whereas those of US payment firms decrease.[14]

    Last October we issued a call for expressions of interest in innovation partnerships for the digital euro. Some 70 merchants, fintech companies, start-ups, banks and other payment service providers – including four from France[15] – have now joined us in exploring the potential of the digital euro to drive innovation.[16] Our innovation platform simulates the envisaged digital euro ecosystem, in which the ECB provides the technical support and infrastructure for European intermediaries to develop digital payment features and services at European level. One of the areas we are exploring is broadening the set of possible conditional payments, such as making payments dependent on successful delivery of goods or services.

    In July we will release a report on these innovation partnerships. It will include the technical information shared with the participants, enabling the entire market to replicate these activities, thereby further supporting innovation by the private sector. Additionally, based on the positive feedback from the pioneers, we will extend the exercise until the end of June, which will allow us to test new functionalities of conditional payments, incorporating fresh ideas and suggestions from our private sector counterparts.

    The digital euro’s success in reclaiming our autonomy in the retail payment space and boosting innovation capacity hinges on collaboration. In recent years we have engaged extensively with market stakeholders, gathering input from consumers, merchants, banks and payment service providers. We have also started working with market participants on the digital euro rulebook – a single set of rules, standards and procedures for digital euro payments.[17]

    This inclusive approach helps us to address everyone’s needs and perspectives, crafting a robust payment solution and platform that will benefit all Europeans, support private sector innovation and preserve the future of our money – the euro.

    The role of central bank money in shaping a European market for digital assets

    Let me now turn to wholesale transactions, a domain where technology holds tremendous potential for transformation.

    Currently, we facilitate transactions between financial institutions through our TARGET Services: T2 processes over 90% of large payments, while T2S handles securities transactions.

    These services have significantly enhanced the efficiency and integration of post-trade platforms in Europe. And we plan to continue improving them: in 2023 we extended T2 operating times to 22.5 hours on weekdays and we are about to launch a consultation paper investigating stakeholder needs and their interest in a further extension of operating hours. In a month’s time we will also launch the European Collateral Management System, which will provide a single, harmonised framework for handling collateral in the 20 euro area countries.[18] And in October 2027 we will move to T+1, shortening the settlement cycle from two days to one. Meanwhile, emerging technologies such as DLT and tokenisation have the potential to bring about a step change in wholesale markets.

    These technologies are no incremental improvement: they represent a fundamentally new way of operating by allowing assets to be issued or represented in digital token form. This innovation would enable market participants to manage trading, settlement and custody on a single platform, available 24/7, 365 days a year. It would also synchronise trading and settlement. And it would enable new business models, as tokenised money can be used to automate conditional transactions. DLT and tokenisation could also reduce the cost and barriers to access capital markets, in particular for small and medium-sized enterprises.

    In fact, the emergence of these new technologies is an opportunity to establish an integrated European capital market for digital assets from the outset – a digital capital markets union – which would contribute to better channelling our savings into productive uses and boosting Europe’s innovation potential.[19] It could help European capital markets to become a hub for DLT-based financial services.

    European banks are active in this space, with over 60% exploring or using DLT and 22% already implementing DLT applications. On the securities front, there is a growing number of high-profile issuances on DLT.

    The availability of central bank money for settling transactions using these new technologies is crucial for two reasons. First, without central bank money, other settlement assets like stablecoins or tokenised deposits may be used, reintroducing credit risks and fragmentation into the financial system. Second, the market views the ability to settle in central bank money as a key factor in adopting new technologies.

    Last year the Eurosystem conducted exploratory work with DLT for settling wholesale transactions in central bank money, using three different solutions to ensure interoperability between our infrastructures and market DLT platforms.[20] The results were highly promising, with 60 industry participants settling real transactions in central bank money or conducting experiments with mock transactions. A wide range of securities and payments use cases were covered, including the first issuance of an EU sovereign bond using DLT. A total of €1.6 billion was settled over a six-month period, exceeding values settled in comparable initiatives in other parts of the world.

    As the next step, we have already announced plans to provide a solution to settle DLT-based transactions in central bank money in the short term.[21] Looking further ahead, the Eurosystem will explore a more integrated, long-term solution. A critical risk is indeed that DLT application fragmentation and a lack of interoperability could hinder the development of liquid DLT-based markets in Europe, imposing high costs on investors and issuers connecting to multiple platforms. So we need to create a more harmonised and integrated ecosystem.

    One way to achieve this would be to move towards a shared ledger: a programmable platform bringing together token versions of central bank money, commercial bank money and other assets, on which market players can provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable the coexistence of both legacy and new solutions.

    This approach will help us enhance the efficiency of European financial markets through innovation, aligning with the Eurosystem’s goal of achieving a more harmonised and integrated European financial system.

    However, we cannot do this alone. As we enter this new exploration phase, collaboration with public and market stakeholders will be crucial.

    Conclusion

    Let me conclude.

    The journey toward a digital euro and the integration of new technologies in wholesale transactions represents a pivotal moment for Europe. By embracing these innovations, we can strengthen our monetary sovereignty, enhance our competitiveness and pave the way for a more integrated and resilient financial system.

    The digital euro will ensure that Europeans have access to a secure, reliable and universally accepted digital payment solution that complements cash while reducing our reliance on foreign providers. Meanwhile, leveraging central bank money in DLT-based transactions will foster a dynamic and unified digital asset market, driving innovation and unlocking new business opportunities across the continent.

    In this transformative era, collaboration is key. We must bring together all stakeholders – public and private, national and European – to craft solutions that reflect the diverse needs and perspectives of all Europeans. Together, we can harness these technological advancements to build a financial ecosystem that is not only more efficient and innovative but also more inclusive and secure.

    We have inherited a united Europe and a currency embodying this unity. Our legacy should be European sovereignty and a euro that is fit for the future. This is our collective responsibility, in the public and private sector alike.

    Thank you for your attention.

    MIL OSI Europe News –

  • MIL-OSI Submissions: Australia – Holidays boost household spending in April, but consumer rebound remains sluggish – CBA

    Source: Commonwealth Bank of Australia (CBA)

    A soft consumer and global uncertainty have led to a downgrade to GDP expectations, with additional interest rate cuts needed to improve spending momentum.

    The CommBank Household Spending Insights (HSI) Index rose 0.2 per cent in April, a very modest lift following a soft first quarter of spending in 2025. (ref. https://www.commbankresearch.com.au/apex/researcharticleviewv2?id=a0NDo000000wOzu )

    Seven of the twelve HSI categories recorded spending growth for the month, led by Insurance (+1.6 per cent), Hospitality (+1.4 per cent) and Communications & Digital (+0.7 per cent). The increase seen in hospitality spending was likely driven by the Easter-Anzac Day ‘super holiday’ period. April also featured the lead-up to the Federal election, recovery from ex-Tropical Cyclone Alfred, and newly announced tariffs by the Trump administration.

    Spending on Utilities fell 2.0 per cent in the month, the largest decline across all categories, with decreases seen in electricity, gas, water and council services. Transport (-0.8 per cent), Education (-0.7 per cent) and Household Services (-0.7 per cent) also declined.

    “Another soft month for household spending reinforces our view that a slower than expected consumer recovery is unfolding. This trend, along with global economic uncertainty, led us to recently downgrade our Australian GDP forecast for 2025,” said CBA Senior Economist, Belinda Allen.

    “While moderating inflation, February’s RBA rate cut and lower utility and petrol bills are improving purchasing power, households clearly remain deliberate with their spending choices. The recent pause of additional tariffs between the U.S. and China could improve sentiment going forward, however we expect it will take additional interest rates cuts to improve momentum in consumer spending.

    “We maintain our call for the RBA to cut rates by 25 basis points next week , with a forecast end of year cash rate of 3.35 per cent.”  

    The annual rate of spending across home ownership status saw a surprising shift in April – renters have typically recorded the weakest spending over the past two years however this has now switched with renters leading annual growth in spending (+2.4 per cent), followed by those with a mortgage (2.2 per cent) and outright homeowners most sluggish (+0.7 per cent).

    “Renters in particular have increased discretionary spending which suggests that while consumers are making cutbacks in some areas, many are still making trade-offs and allocating a share of their wallet to areas like hospitality and recreation and more so in April given the additional public holidays,” commented Ms Allen.

    Queensland recorded the strongest household spending growth in April of the states and territories, rising 0.8 per cent following a rebound from ex-tropical cyclone Alfred in March, when the state posted the softest growth of all states at just 0.2 per cent.

    MIL OSI – Submitted News –

  • MIL-OSI New Zealand: Africa – 2025 Civil Society Forum: African Development Bank and Civil Society Reaffirm Alliance for Africa’s Transformation

    SOURCE: African Development Bank Group (AfDB)

    The forum provided an opportunity for the Bank to present its Civil Society Engagement Action Plan (2024–2028), reaffirming its commitment to an inclusive and participatory development process

    ABIDJAN, Ivory Coast, May 14, 2025/ — The African Development Bank www.AfDB.org has reaffirmed its unwavering commitment to collaborating with African civil society to advance the continent’s development agenda. This was a key message of the 2025 Civil Society Organizations (CSO) Forum, which was successfully held on Thursday, May 8, 2025, in Abidjan.

    The forum, organized under the theme: “Celebrating the Contribution of Civil Society to Africa’s Development,” brought together over 150 participants at the Bank’s headquarters, with thousands more connected online across Africa and the diaspora.

    A Novel Action Plan to Deepen Engagement

    This edition of the CSO Forum marked a pivotal step in reinforcing a solid, transformative, and trust-based partnership between the African Development Bank and civil society organizations. This enduring alliance is essential for collectively serving African populations and achieving impactful development across the continent.

    The forum provided an opportunity for the Bank to present its Civil Society Engagement Action Plan (2024–2028), reaffirming its commitment to an inclusive and participatory development process.

    Zeneb Touré, Manager of the Civil Society and Community Engagement Division, presented the strategic framework to Beth Dunford, the African Development Bank Group’s Vice-President for Agriculture, Human, and Social Development, who accepted it on behalf of the institution’s President, Akinwumi Adesina.

    Demonstrating the Bank’s commitment to a diverse and inclusive partnership, Dunford shared the Action Plan with representatives of key civil society components: the Bank-Civil Society Committee, the Climate and Energy Coalition, and a continental network of women entrepreneurs’ associations.

    Augustine Njamnshi, a prominent voice in the civil society climate and energy movement, welcomed its adoption: “The approval of this Action Plan marks a historic turning point in our collaboration with the African Development Bank Group. Born from a shared vision, this document becomes our collective legacy. We express our sincere gratitude to the Bank for this profound act of trust.”

    Highlighting the essential role of civil society as an integral part of Africa’s progress, Kolyang Palebele, representative of the Platform of Farmers’ Organizations of Africa, expressed the spirit of collaboration, praising “the Bank’s unique power to unite the continent’s driving forces around a common vision of improving the lives of African people.” “Civil society is not on the margins of development dynamics; it is the very essence, its living memory and its engine for change,” Mr. Palebele stated.

    “Over the years, civil society engagement has become a cornerstone of the African Development Bank’s work. What was once an aspiration has become evolved into a structured, institutionalized, and results-oriented collaboration partnership.” Ms. Dunford emphasized.

    Empowering Communities Through Decentralized Engagement

    During the forum, an important session highlighted the progress made in decentralizing the Bank’s engagement with civil society. Successful experiences from the five regions of Africa were presented. This localized approach was strongly commended by the Vice-President for Regional Development, Integration and Service Delivery, Nnenna Nwabufo, who appreciated a transformative cross-border initiative between the Central African Republic and the Democratic Republic of Congo. The project has provided over 2.4 million people with access to clean water, sanitation, and hygiene, while strengthening community resilience and fostering cooperation.

    Fostering Mutual Accountability Through Open Dialogue

    The forum culminated in an unprecedented and frank dialogue between senior representatives from seven strategic departments of the Bank and leaders of civil society organizations. Discussions focused on crucial areas such as access to information, environmental and social safeguards, climate action, agriculture, gender equality, youth empowerment, and grievance mechanisms. This essential interaction highlighted a shared commitment to transparency, responsiveness, and mutual accountability in the pursuit of sustainable development outcomes.

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    MIL OSI New Zealand News –

  • Sensex, Nifty open lower on mixed global cues

    Source: Government of India

    Source: Government of India (4)

    India’s benchmark indices opened in the red on Thursday, with selling pressure seen in heavyweight stocks such as Power Grid, Kotak Mahindra Bank, and Sun Pharma.

    At 9:26 am, the Sensex was down 208 points or 0.26 per cent at 81,122, while the Nifty declined by 54 points or 0.22 per cent to 24,612.

    Buying was seen across midcap and smallcap stocks. The Nifty Midcap 100 index was up 169 points or 0.30 per cent at 56,306, and the Nifty Smallcap 100 index rose 96 points or 0.56 per cent to 17,243.

    On the sectoral front, auto, PSU bank, metal, media, infra and commodities were major gainers. Conversely, IT, FMCG, realty and energy sectors were the main losers.

    In the Sensex pack, Adani Ports, Tata Motors, Bharti Airtel, Tech Mahindra, Tata Steel, UltraTech Cement and Bajaj Finance were major gainers. Power Grid, IndusInd Bank, Sun Pharma, Infosys, Eternal (Zomato), and Axis Bank were major losers.

    Most Asian markets were trading in the red. Tokyo, Shanghai, Hong Kong, Bangkok and Seoul were among the major losers, while Jakarta was in the green.

    Meanwhile, the US market closed mixed on Wednesday. The Dow Jones fell 0.21 per cent, while the technology-heavy Nasdaq gained 0.72 per cent.

    On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth ₹931 crore on May 14, while domestic institutional investors (DIIs) purchased equities worth ₹316 crore.

    IANS

  • MIL-OSI: Instant Withdrawal Casinos UK: Aztec Paradise Picked as The Fastest in 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSÉ, Costa Rica, May 15, 2025 (GLOBE NEWSWIRE) — Online players in the UK have had enough of long withdrawal wait times. With the rise of instant withdrawal casinos, British gamblers are now demanding quicker access to their winnings—and they’re getting it. Leading the charge into 2025 is Aztec Paradise, a next-generation online casino that offers lightning-fast payouts, often within just 5 minutes.

    JOIN AZTEC PARADISE CASINO

    In this guide, we’ll break down why Aztec Paradise is setting a new standard for fast-paying online casinos in the UK, and what features to look for when choosing a casino with no withdrawal delays.

    What Are Instant Withdrawal Casinos?

    Instant withdrawal casinos UK are platforms that process and approve payout requests immediately or within an hour, as long as the player is verified. These casinos eliminate the 1–3 day “pending” periods still used by many traditional operators.

    With fast KYC systems and real-time payment integration, casinos like Aztec Paradise allow players to cash out instantly using popular methods such as:

    • PayPal
    • Skrill & Neteller
    • Faster Payments (UK Bank Transfer)
    • Cryptocurrency (Bitcoin, Ethereum)
    • Revolut

    Aztec Paradise Casino Welcome Bonuses

    CLAIM AZTEC PARADISE BONUS

    Aztec Paradise Casino offers a comprehensive suite of bonuses and promotions designed to enhance the gaming experience for both new and existing players. Here’s an overview of the key bonuses available:

    Welcome Bonus Package

    New players at Aztec Paradise Casino can take advantage of a generous four-part welcome bonus:

    1. 200% First Deposit Bonus – Up to €1,200/£1,200/$1,200
    2. 100% Second Deposit Bonus – Up to €1,000/£1,000/$1,000
    3. 100% Third Deposit Bonus – Up to €1,000/£1,000/$1,000
    4. 200% Fourth Deposit Bonus – Up to €2,000/£2,000/$2,000

    Each deposit bonus requires a minimum deposit of €25/£25/$25. Wagering requirements are set at 30x for both the bonus and deposit amounts. Notably, players can only claim one bonus at a time, and any active bonus must be canceled before a new one can be activated.

    Reload Bonuses

    Aztec Paradise Casino provides reload bonuses to keep the excitement going:

    • Monday Reload Bonus – Details vary; players should check the promotions page for current offers.
    • Saturday Reload Bonus – Details vary; players should check the promotions page for current offers.

    These bonuses typically require a minimum deposit and are subject to wagering requirements. Specific terms can be found on the promotions page.

    Weekly Cashback

    Players can receive up to 20% cashback on their net losses every week, depending on their VIP level. This offer provides a safety net for players, allowing them to recoup a portion of their losses. The cashback amount remains valid for 10 days after activation.

    VIP Program

    Aztec Paradise Casino rewards loyal players through its VIP program

    • Level Up Rewards – Earn points with every bet placed to climb the VIP levels.
    • Exclusive Benefits – Higher levels unlock personalized bonuses, faster withdrawals, and dedicated VIP support.

    The program consists of five levels, each offering progressively better rewards.

    Weekly Tournaments

    Engage in weekly tournaments with prize pools up to €50,000. These competitions allow players to compete against each other for a chance to win substantial prizes. Details on the current tournament themes and requirements can be found on the promotions page.

    Daily Cashback

    Players can receive daily cashback based on their VIP level, offering up to 20% back on net losses. This daily incentive helps players mitigate losses and continue enjoying their gaming experience.

    For the most up-to-date information on bonuses and promotions, players should regularly check the Bonuses and Promotions pages on the Aztec Paradise Casino website. Always ensure to read the full terms and conditions associated with each offer to understand the requirements and limitations.

    Aztec Paradise: UK’s Fastest Casino Withdrawal in 2025

    Aztec Paradise stands out in 2025 for offering verified instant withdrawals across nearly all payment methods, with no manual delays once identity is confirmed.

    Key Features:

    • Payout Time: As little as 3–5 minutes (PayPal, Skrill, Crypto)
    • Min Withdrawal: £10
    • Max Daily Limit: £20,000
    • Verification: Instant KYC during registration
    • Games: Slots, Live Casino, Sports, Fantasy, Virtuals
    • License: Curacao (UKGC white-label compliant)
    • Support: 24/7 live chat & email

    Unlike some operators that still place limits or freeze withdrawals for “review,” Aztec Paradise’s automated systems ensure a seamless withdrawal experience with no hold-ups.

    Top Instant Withdrawal Payment Methods

    Method Time to Receive Common in UK? Casino Fee
    PayPal 1–5 minutes Yes £0
    Skrill/Neteller 2–10 minutes Yes £0–£1
    Crypto (BTC/ETH) 5–20 minutes Increasing Network fee
    Faster Payments 30–60 minutes Yes £0
    Revolut Under 30 minutes Yes £0
           

    Tip: Use e-wallets like PayPal or Skrill for the fastest and most reliable experience.

    Game Selection Doesn’t Slow Things Down

    At Aztec Paradise, instant withdrawals apply to all categories of games, including:

    • High RTP Slots
    • Jackpot Games
    • Live Dealer Tables (Blackjack, Baccarat, Poker, Roulette)
    • Virtual Sports & Fantasy Leagues
    • Sports Betting (with cashout options)

    So whether you hit a big win on MegaWays slots or go on a hot streak at the blackjack table, your funds are yours almost immediately.

    Pros and Cons of Instant Withdrawal Casinos

    ✅ Pros:

    • Super fast access to your winnings
    • Greater trust and transparency
    • Lower temptation to reverse withdrawals
    • Ideal for responsible gambling

    ❌ Cons:

    • Requires full verification
    • Some banks may still delay receipt
    • Crypto users may pay blockchain network fees

    How Aztec Paradise Compares to Other Fast-Paying Casinos

    Casino Withdrawal Speed Top Method Bonus
    Aztec Paradise 3–5 mins PayPal/Crypto £7,500 Bonus Package
    MrQ Casino Under 1 hour PayPal 100 Free Spins
    PlayOJO 1–3 hours Skrill No Wagering Bonus
    LeoVegas 1–12 hours Visa/Neteller £100 + Free Spins
    Slots Dynamite 15–60 mins Revolut/Crypto Huge VIP Program
           

    Aztec Paradise edges ahead not just in speed, but in overall payout reliability and 24/7 processing.

    What UK Players Are Saying

    “Aztec Paradise changed the game for me—5 minutes and the cash was in my Revolut. Never going back to casinos with pending times.”
    — Ben R., Leeds

    “They really mean instant. Cashed out Saturday night and had my winnings before Match of the Day started!”
    — Hannah P., London

    ️ Security and Responsible Gambling

    Fast doesn’t mean reckless. Aztec Paradise uses SSL encryption, two-factor authentication, and adheres to UK responsible gambling regulations. You’ll also find tools to:

    • Set deposit & loss limits
    • Enable reality checks
    • Use self-exclusion if needed

    ✅ Final Thoughts: Aztec Paradise is the Best Instant Withdrawal Casino UK Players Can Choose in 2025

    For players who value speed, transparency, and top-tier games, Aztec Paradise is hands-down the best choice for instant withdrawals in the UK. With verified lightning payouts, mobile compatibility, and a stellar gaming selection, it delivers on every front.

    As more casinos race to improve their withdrawal speeds, Aztec Paradise has already set the benchmark. Whether you’re a casual player or a regular high-roller, you deserve to be paid instantly—and now you can be.

    Want fast, secure payouts? Join Aztec Paradise and withdraw your winnings in under 5 minutes.

    Play at Aztec Paradise Now

    Project Name: Aztec Paradise Casino
    Website: https://aztecparadise.com/
    Contact Person: Roger Chambers, rogerc@aztecparadise.com.
    Email ID: sales@aztecparadise.com
    Address: Centro Corporativo Plaza Roble, Edificio 5
    San Rafael de Escazú, San José Province, Costa Rica 10203

    Disclaimer & Affiliate Disclosure

    This article is for general information and promotional purposes only and shouldn’t be taken as legal, financial, or professional advice. While we aim for accuracy, we can’t guarantee everything is up-to-date or complete. Please double-check details before acting. Some links may be affiliate links, meaning we could earn a commission at no extra cost to you, but this doesn’t affect our content or opinions. Online gambling is for adults of legal age (typically 19+) and carries financial risk. Play responsibly and seek help if needed. Brand names mentioned belong to their respective owners. By reading this, you accept full responsibility for how you use the information.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/82bbc6ce-845b-4aeb-b527-49f15365c0ef

    The MIL Network –

  • MIL-OSI Banking: Result of the Daily Variable Rate Repo (VRR) auction held on May 15, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 5,198
    Amount allotted (in ₹ crore) 5,198
    Cut off Rate (%) 6.01
    Weighted Average Rate (%) 6.01
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/326

    MIL OSI Global Banks –

  • MIL-OSI Russia: China’s first RRR cut for financial institutions in 2025 comes into effect

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, May 15 (Xinhua) — A 0.5 percentage point reduction in the reserve requirement ratio (RRR) for eligible financial institutions took effect on Thursday, which is expected to provide about 1 trillion yuan (about 139 billion U.S. dollars) of long-term liquidity to the financial market.

    Last week, the People’s Bank of China (the central bank of China) announced it was prepared to cut the RRR, which was the first such move since the beginning of this year.

    The RRR cut is one of a host of support measures, which also include interest rate cuts and increased financial support through additional lending, recently announced by monetary and financial authorities as the world’s second-largest economy steps up efforts to stabilize markets and support the economic recovery amid challenges to the external environment.

    In addition, starting Thursday, the reserve requirement for companies engaged in auto finance and financial leasing fell to zero from the previous 5 percent, effectively increasing their credit supply in these sectors. -0-

    MIL OSI Russia News –

  • MIL-OSI: Best Ethereum Casinos: JACKBIT Listed As Top ETH Casino Site For Fast Payouts And Instant Withdrawal!

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 15, 2025 (GLOBE NEWSWIRE) — JACKBIT has earned its reputation as the best Ethereum casino through a rigorous evaluation by iGaming experts. Assessed across critical player-focused criteria, JACKBIT delivers a seamless, secure, and rewarding experience. Whether you’re looking to gamble with Ethereum or explore the best Ethereum gambling site, JACKBIT stands out for its innovation and dedication to players.

    <<>>

    The casino offers a compelling welcome package, featuring a 30% Rakeback and 100 wager-free spins on the first deposit. This promotion, combined with access to over 7,000 games, makes JACKBIT a top choice among the best Ethereum casinos for players.

    “Our goal is to connect players with platforms that are safe, engaging, and rewarding,” said a review panel expert. “JACKBIT excels as the best ETH online casino due to its extensive game variety, instant payouts, and commitment to player privacy.”

    For crypto enthusiasts, the search for the best Ethereum casino often begins with speed, security, and flexible rewards. JACKBIT embraces these priorities, offering ETH-friendly bonuses, no-deposit promotions, and smooth, anonymous gameplay with no KYC barriers.

    In 2025, JACKBIT elevated the Ethereum casino experience by delivering lightning-fast ETH payouts, full mobile compatibility, and a loyalty program designed to reward every level of play- all while maintaining top-tier privacy, fairness, and a vast selection of games that appeal to both casual users and high rollers.

    Getting Started with JACKBIT

    Joining JACKBIT is simple and fast and perfect for casino players ready to experience one of the best Ethereum casinos has to offer:

    1. Visit the official JACKBIT website.
    2. Click “Sign Up” in the top-right corner.
    3. Fill in minimal details (email, password, and preferred currency).
    4. Choose a payment method (crypto or fiat) and make your first deposit.
    5. Claim your 30% Rakeback and 100 Free Spins instantly.
    6. Start exploring over 7,000 games or jump into the sportsbook.

    Whether you’re a casual player or a crypto-savvy gamer, JACKBIT’s seamless setup and fast rewards make it a standout choice in Canada’s online casino scene.

    Bonuses and Promotions

    JACKBIT’s promotional offerings are a key reason it ranks among the best Ethereum casinos for players. Newcomers are welcomed with a 30% Rakeback and 100 wager-free free spins on their first deposit. Ongoing promotions include:

    • Weekly giveaways with $10,000 and 1000 free spins.
    • VIP Rakeback up to 30%, scaling with loyalty tiers.
    • Pragmatic Drops & Wins with a €2,000,000 prize pool.
    • Social media bonuses for engaging on platforms like Twitter.
    • Regular slot and table game tournaments with cash prizes.

    These bonuses are designed with fair terms, ensuring players maximize value when they gamble with Ethereum. The wager-free free spins, in particular, are a rare and valuable feature, setting JACKBIT apart from competitors.

    The platform also runs seasonal promotions, such as holiday-themed tournaments, keeping the experience fresh and engaging. These creative incentives make JACKBIT a leader in the best Ethereum casino sites.

    <<>>

    Why Choose JACKBIT for Ethereum Casino Gaming?

    JACKBIT’s rise to the top of the best Ethereum casinos is no accident. Its focus on crypto-friendly features, such as instant Ethereum withdrawals and no-KYC policies, caters to modern players. The platform’s intuitive design and robust security measures ensure a hassle-free experience, making it a go-to for those seeking the best Ethereum casino sites.

    A Comprehensive Review of JACKBIT’s Strengths

    The selection of JACKBIT as a leader among top Ethereum casinos in 2025 was based on an in-depth review of key factors:

    • Licensing and Regulation
    • Game Variety and Quality
    • Bonuses and Promotions
    • Payment Speed and Flexibility
    • Security and Fairness
    • Mobile Gaming Experience
    • Customer Support
    • Sportsbook Features
    • Responsible Gambling Tools
    • No-KYC Benefits
    • Community Engagement
    • VIP and Loyalty Program
    • Cryptocurrency Integration
    • User Interface and Navigation
    • Global Accessibility

    This thorough evaluation confirms JACKBIT as a trusted platform that excels across all aspects, making it a prime destination for players seeking the best Ethereum casinos online.

    Licensing and Regulation

    JACKBIT operates under a Curacao Gaming License, a respected credential in the crypto gambling industry. This license guarantees adherence to fair play and security standards, with regular audits ensuring transparency. While some players may favor stricter licenses like those from Malta or the UKGC, the Curacao framework enables JACKBIT to serve a global audience, reinforcing its status as a secure choice among the best Ethereum casinos.

    The Curacao license also allows JACKBIT to offer flexible features like no-KYC gaming, which is a significant draw for players prioritizing privacy. This regulatory balance makes JACKBIT a standout in Ethereum casino gaming.

    Game Variety and Quality

    A cornerstone of the best Ethereum casinos, JACKBIT boasts an impressive library of over 7,000 games from 85 top-tier providers, including NetEnt, Microgaming, Evolution Gaming, and Pragmatic Play. The platform caters to diverse preferences, offering:

    • Slots: Over 5,000 titles, from classic fruit machines to modern video slots like Gold Party, Chilli Heat, and Wolf Gold. With 180+ Megaways games and progressive jackpots, players can pursue massive wins.
    • Table Games: A wide selection, including blackjack (Power Blackjack, Infinite Blackjack), roulette (European, Lightning), poker (Texas Hold’em, Caribbean Stud), baccarat, and craps.
    • Live Dealer Games: Powered by Evolution Gaming, the live section features Live Blackjack, Live Roulette, Live Baccarat, and game shows like Dream Catcher and Crazy Time.
    • Sportsbook: A comprehensive sportsbook covering 140+ sports, with 82,000+ live monthly events and 4,500+ betting types, including football, basketball, and e-sports.
    • Specialty Games: Casual options like Shamrock Bingo, scratch cards, and crypto-friendly mini-games such as Aviator and Plinko.
    • Virtual Sports: 24/7 betting on simulated events like virtual football and horse racing.

    This extensive range ensures JACKBIT remains a top Ethereum casino for players seeking variety and quality. The platform’s partnerships with leading providers guarantee high-quality graphics and smooth gameplay, enhancing the overall experience.

    <<>>

    Payment Speed and Flexibility

    As a premier ETH casino, JACKBIT supports over 17 cryptocurrencies, including Ethereum, Bitcoin, Tether, Solana, and Dogecoin. Crypto transactions are instant and fee-free, providing unmatched convenience. Traditional banking options include:

    • Visa and MasterCard (instant deposits, 1-3 day withdrawals).
    • Google Pay and Apple Pay (instant mobile deposits).
    • Bank transfers (3-5 day withdrawals).

    With high withdrawal limits (up to $10,000 weekly) and robust SSL encryption, JACKBIT ensures secure and flexible banking. The platform’s emphasis on instant Ethereum payouts makes it a top choice for players seeking the best Ethereum gambling site.

    JACKBIT’s payment system is designed for speed and ease, allowing players to focus on gaming rather than waiting for transactions to process. This efficiency is a hallmark of the best Ethereum casinos online.

    Security and Fairness

    Security is a top priority at JACKBIT, one of the best Ethereum gambling sites. The platform employs SSL encryption and blockchain technology to safeguard player data and transactions. Provably fair games and Random Number Generators (RNGs) ensure unbiased outcomes, making JACKBIT a trusted choice for Ethereum casino gaming.

    The no-KYC policy enhances privacy, offering instant withdrawals without verification. Regular third-party audits further reinforce JACKBIT’s commitment to fairness, ensuring players can gamble with confidence.

    Mobile Gaming Experience

    JACKBIT’s mobile-optimized platform delivers a seamless experience on iOS and Android without requiring a dedicated app. Players can access the full game library, make instant deposits, and claim bonuses on the go. The responsive design ensures smooth navigation, making JACKBIT a top pick among the best Ethereum casinos for mobile players.

    The mobile platform retains all desktop features, from live dealer games to sportsbook betting, ensuring a consistent experience. This accessibility is crucial for modern players who value flexibility in Ethereum casino gaming.

    Customer Support

    JACKBIT offers 24/7 live chat support in multiple languages, including English, German, French, and Spanish. The team is highly responsive, resolving queries within minutes. Email support and a comprehensive FAQ section provide additional resources. Player feedback praises the support team’s professionalism, cementing JACKBIT’s reputation as a trusted ETH casino.

    The multilingual support caters to a global audience, making JACKBIT a standout among top Ethereum casinos. The FAQ section covers common topics like deposits, withdrawals, and bonus terms, ensuring players have quick answers.

    Sportsbook Features

    JACKBIT’s sportsbook is a major draw, covering 140+ sports, including football, basketball, tennis, and e-sports like Counter-Strike. With 82,000+ live monthly events, 75,000+ pre-match events, and 4,500+ betting types, it caters to sports betting enthusiasts. Live streaming and competitive odds make JACKBIT a leader among the best Ethereum casinos for sports fans.

    The sportsbook’s user-friendly interface allows players to navigate markets easily, from moneylines to prop bets. This versatility enhances JACKBIT’s appeal as a comprehensive Ethereum gambling site.

    Responsible Gambling Tools

    JACKBIT prioritizes player well-being with tools like deposit limits, self-exclusion, reality checks, and links to organizations like GamCare and Gambling Therapy. These features ensure a safe and enjoyable experience, aligning with the standards of the best Ethereum casino sites.

    The platform’s proactive approach to responsible gambling includes monitoring for problematic patterns and offering prompt support. This commitment builds trust among players seeking a safe ETH casino.

    No-KYC Benefits

    The no-KYC policy is a game-changer, allowing players to enjoy instant withdrawals and full anonymity. This feature, combined with fast crypto payouts, makes JACKBIT a top choice for privacy-conscious players among the best Ethereum casinos online. The streamlined registration process further enhances accessibility.

    <<>>

    Community Engagement

    JACKBIT fosters a vibrant community through:

    • Social Media Bonuses: Free spins and cash rewards for engaging on Twitter and Telegram.
    • Tournaments: Competitive slot and table game events with leaderboards and prize pools.
    • Player Feedback: Positive reviews on platforms like Trustpilot and AskGamblers highlight community trust.

    This engagement creates a dynamic and interactive experience, making JACKBIT a top Ethereum gambling site. The social media bonuses encourage players to stay connected, adding value to their gaming journey.

    VIP and Loyalty Program

    JACKBIT’s VIP program rewards dedicated players with tailored benefits:

    • Up to 30% Rakeback based on loyalty tier.
    • Exclusive bonuses, including free spins, deposit matches, and tournament entries.
    • Priority support with dedicated account managers.
    • Higher withdrawal limits for high rollers.

    Players earn points through wagers, progressing through tiers for better perks. This program enhances the value of playing at one of the best Ethereum casinos for players, ensuring loyal users are well-rewarded.

    The VIP program’s scalability makes it accessible to both casual players and high rollers, offering incentives at every level. This inclusivity is a key strength of JACKBIT’s loyalty system.

    Cryptocurrency Integration

    JACKBIT’s support for over 17 cryptocurrencies, including Ethereum, positions it as a leader in crypto gambling. The platform’s seamless integration of blockchain technology ensures secure and transparent transactions. Players can deposit and withdraw using Ethereum with zero fees, making JACKBIT a top ETH casino.

    The platform also supports emerging cryptocurrencies, catering to tech-savvy players. This forward-thinking approach keeps JACKBIT at the forefront of the best Ethereum casino sites.

    User Interface and Navigation

    JACKBIT’s intuitive user interface simplifies navigation, allowing players to find games, promotions, and support effortlessly. The clean design and fast load times enhance the experience, making it ideal for both new and experienced players. This user-friendly approach is a hallmark of the best Ethereum casinos online.

    The platform’s search and filter tools make it easy to explore the 7,000+ game library, ensuring players can quickly access their favorites. This attention to usability sets JACKBIT apart.

    Global Accessibility

    With multilingual support and a mobile-optimized platform, JACKBIT serves players worldwide. The casino’s global reach, combined with its crypto-friendly features, makes it a top choice for international players seeking the best Ethereum gambling site. The Curacao license further enables JACKBIT to operate in multiple jurisdictions.

    Exploring JACKBIT’s Game Categories in Depth

    • Slots: A World of Spins

    JACKBIT’s slot collection, with over 5,000 titles, ranges from classic fruit machines to modern video slots like Gold Party and Chilli Heat. Progressive jackpots like Mega Moolah and Divine Fortune offer life-changing payouts. Regular tournaments and free spins promotions make slots a core part of the best Ethereum casinos’ appeal.

    The variety of themes and mechanics, from high-volatility games to low-stakes options, ensures every player finds something to enjoy. This diversity solidifies JACKBIT’s position as a top ETH casino.

    • Table Games: Strategy and Skill

    For players who enjoy strategy, JACKBIT offers a robust selection of table games. Blackjack variants like Power Blackjack and Infinite Blackjack provide low house edges, while roulette options like Lightning Roulette add excitement with multipliers. Poker fans can play Texas Hold’em or Caribbean Stud, and craps brings fast-paced dice action. These games cater to both casual and seasoned players, reinforcing JACKBIT’s status as a trusted Ethereum casino gaming platform.

    The table games section is regularly updated with new variants, keeping the experience fresh. This commitment to innovation is a key strength of the best Ethereum casino sites.

    • Live Dealer Games: Real Casino Vibes

    JACKBIT’s live dealer section, powered by Evolution Gaming and Pragmatic Play, delivers an authentic casino atmosphere. Live Blackjack and Live Roulette offer multiple tables for all budgets, while game shows like Dream Catcher and Mega Wheel add interactive fun. High-definition streaming and real-time chat create an immersive experience, making JACKBIT a leader among the best Ethereum casinos for live gaming.

    The live dealer games are available 24/7, ensuring players can enjoy a real casino experience anytime. This accessibility enhances JACKBIT’s appeal.

    • Sportsbook: Betting Beyond the Casino

    JACKBIT’s sportsbook covers traditional sports like football and basketball, as well as niche options like cricket and e-sports. With 82,000+ live events and 4,500+ betting types, players can wager on everything from moneylines to prop bets. Live streaming for select events enhances the experience, making JACKBIT a top Ethereum casino for sports betting enthusiasts.

    The sportsbook’s integration with the casino platform allows seamless transitions between gaming and betting, offering a unified experience. This versatility is a major draw for players.

    • Specialty Games: Casual Fun

    JACKBIT’s specialty games cater to players seeking low-stakes entertainment. Bingo titles like Shamrock Bingo and Burning Pearl Bingo offer quick play, while scratch cards provide instant-win thrills. Crypto-friendly mini-games like Aviator and Plinko are popular for their simplicity and high RTPs, adding diversity to the best Ethereum gambling site.

    These games are perfect for players looking to unwind, offering a relaxed alternative to high-stakes gaming. Their inclusion broadens JACKBIT’s appeal.

    • Virtual Sports: 24/7 Action

    Virtual sports at JACKBIT include simulated events like virtual football and horse racing, powered by advanced algorithms for realistic graphics and quick results. Available 24/7, these games offer constant betting opportunities, making JACKBIT a versatile platform for all types of gamblers seeking Ethereum casino gaming.

    The virtual sports section is ideal for players who enjoy fast-paced betting, complementing the casino’s broader offerings. This variety strengthens JACKBIT’s position among top Ethereum casinos.

    The Future of Ethereum Casino Gaming with JACKBIT

    Since its launch in 2022, JACKBIT has rapidly become a frontrunner among the best Ethereum casinos. Its integration of 17+ cryptocurrencies and provably fair games positions it as a trailblazer. The no-KYC policy and instant payouts cater to the growing demand for privacy and speed, ensuring JACKBIT remains a leader in Ethereum casino gaming.

    As the crypto gambling market evolves, JACKBIT plans to expand its game library, introduce new promotions, and enhance its platform. The casino’s commitment to innovation and player satisfaction makes it a reliable choice for both new and experienced players seeking the best ETH online casino.

    JACKBIT is also exploring emerging technologies like blockchain-based loyalty programs and decentralized gaming features, which could further revolutionize the industry. This forward-thinking approach keeps JACKBIT ahead of the curve.

    Comparing JACKBIT to Competitors

    To understand why JACKBIT leads among the best Ethereum casinos, consider its advantages over competitors:

    • Game Library: JACKBIT’s 7,000+ titles and 85 providers offer unmatched variety.
    • No-KYC Policy: Instant withdrawals without verification are a rare feature.
    • Payout Speed: Instant crypto payouts surpass platforms with slower processing times.
    • Bonuses: The 30% Rakeback and weekly giveaways provide superior value.

    These strengths highlight why JACKBIT is the best Ethereum casino for 2025. While competitors offer strong features, JACKBIT’s combination of privacy, speed, and variety sets it apart.

    Tips for Maximizing Your JACKBIT Experience

    To get the most out of JACKBIT, consider these strategies:

    • Claim All Bonuses: Start with the welcome offer and stay active to unlock weekly giveaways and VIP rewards.
    • Explore the Game Library: Try different categories, from slots to live dealer games, to find your favorites.
    • Use Cryptocurrencies: Ethereum deposits and withdrawals are faster and fee-free, enhancing your experience at this top Ethereum casino.
    • Engage on Social Media: Follow JACKBIT on Twitter and Telegram for exclusive bonuses.
    • Set Limits: Use responsible gambling tools to manage your spending and play safely.

    These tips will help you fully enjoy the best Ethereum casinos online. Staying active and exploring all features ensures a rewarding experience.

    Conclusion: JACKBIT – The Best Ethereum Casino

    JACKBIT’s unique blend of no-KYC gaming, instant Ethereum payouts, and a vast game library makes it unmatched. Its player-centric features, from generous bonuses to robust security, ensure a rewarding and safe experience. The Curacao license, backed by transparency and responsible gambling tools, builds trust among players seeking the best Ethereum gambling site.

    As a relatively new platform, JACKBIT has quickly established itself as an innovator, offering a seamless experience for casual players and high rollers alike. Its global accessibility and vibrant community make it the best Ethereum casino for 2025 and beyond.

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    Frequently Asked Questions About The Best Ethereum Casinos

    1. Can I play at JACKBIT without verifying my identity?

    Yes, JACKBIT supports anonymous crypto gaming with no mandatory KYC for most withdrawals, ensuring full privacy.

    2. Are JACKBIT’s Ethereum payouts quick?

    JACKBIT processes Ethereum transactions within minutes, especially for verified or frequent users.

    3. Can I use bonuses right after signing up?

    Absolutely. New players can instantly claim crypto welcome bonuses upon their first deposit.

    4. Does JACKBIT work smoothly on mobile?

    Yes, JACKBIT’s mobile platform runs seamlessly on Android and iOS, with full access to games and crypto payments.

    5. Can I earn rewards for consistent play?

    Definitely. JACKBIT’s VIP program offers cashback, free spins, and faster payouts for loyal players.

    Email: support@JACKBIT.com

    Disclaimer & Affiliate Disclosure

    This article is for informational and entertainment purposes only and does not constitute legal or financial advice. The content is based on research and user reviews, with no warranties as to accuracy or completeness. Users must verify information before acting.

    Online gambling involves risks and is not suitable for everyone. Confirm you meet the legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We do not promote gambling; participation is at your own risk. JACKBIT is a third-party platform, and we are not liable for losses or disputes.

    This article may contain affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content, but our reviews remain unbiased. Always conduct your own research before signing up.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/0bff779d-ad87-4c32-bd23-8d6d659a19bb

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d09554fd-d795-47f1-93cf-23bf653e508f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/afc0ff34-13cc-49c8-a49c-0bf8a71c2277

    The MIL Network –

  • MIL-OSI: KBC Group: First-quarter result of 546 million euros

    Source: GlobeNewswire (MIL-OSI)


    KBC Group – overview (consolidated, IFRS)    		 1Q2025 4Q2024 1Q2024
    Net result (in millions of EUR) 546 1 116 506
    Basic earnings per share (in EUR) 1.32 2.75 1.18
    Breakdown of the net result by business unit (in millions of EUR)      
    Belgium 281 487 243
    Czech Republic 207 238 197
    International Markets 135 175 146
    Group Centre -77 215 -80
    Parent shareholders’ equity per share (in EUR, end of period) 58.8 56.6 54.9

    ‘We recorded a net profit of 546 million euros in the first quarter of 2025. Compared to the result of the previous quarter, our total income benefited from several factors, including increased insurance revenues, trading and fair value income and net other income, while net interest income and net fee and commission income were slightly down as a result of seasonality and some positive year-end effects in the fourth quarter of 2024.
    Our loan portfolio continued to expand, increasing by 2% quarter-on-quarter and by 7% year-on-year. Customer deposits – excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches – were stable quarter-on-quarter (with a shift from term deposits to savings accounts) and up 7% year-on-year.
    Operating expenses were up, since the bulk of the bank and insurance taxes for the full year are recorded – as usual – in the first quarter. Disregarding bank and insurance taxes, operating expenses fell by 8% quarter-on-quarter. Insurance service expenses also fell, as did loan loss impairment charges, resulting in a very favourable credit cost ratio of just 8 basis points for the quarter under review (16 basis points excluding the changes in the reserve for geopolitical and macroeconomic uncertainties).
    Our solvency position remained strong, with an unfloored fully loaded common equity ratio under Basel IV of 14.5% at the end of March 2025. Our liquidity position remained very solid too, as illustrated by an LCR of 157% and NSFR of 140%.

    On 8 May 2025, we paid a final dividend of 3.15 euros per share, bringing the total dividend for full-year 2024 to 4.85 euros per share. We also updated our dividend and capital deployment policy. As from 2025, we will pay a dividend of between 50% and 65% of our consolidated result, 1 euro of which will be paid in November as an interim dividend. We aim to remain amongst the better capitalised financial institutions in Europe. Each year, when announcing the full-year results, our Board will take a decision – at its discretion – on capital deployment. The focus will predominantly be on further organic growth alongside mergers and acquisitions. We see a 13% unfloored fully loaded common equity ratio as the minimum.

    Furthermore, KBC reached an agreement to acquire 98.45% of 365.bank in Slovakia based on a total value for 365.bank of 761 million euros. This investment will allow us to further strengthen our position in the Slovak market while closing the gap with the top three players in the banking sector. 365.bank is a retail-focused bank with subsidiaries in asset management and consumer finance and is very complementary to the business of KBC’s existing Slovak subsidiary ČSOB, leading to significant cost, revenue (cross-selling) and funding synergies. KBC will particularly strengthen its reach in retail banking as well as benefit from access to the unique client base and distribution network of 365.bank and its exclusive partnership with Slovak Post. Closure of the deal is subject to regulatory approval and will reduce our unfloored fully loaded common equity ratio by approximately 50 basis points upon closing, which is expected by the end of this year.

    Recent weeks have been characterised by unprecedented macro-economic (trade) uncertainty as a result of the US policy on trade tariffs and its repercussions on the financial markets. Nevertheless, we confirm our short-term and long-term financial guidance. Last but not least, I would like to express my sincerest gratitude towards our customers, employees, shareholders and all other stakeholders for their continued trust in our group.

    JohanThijs
    Chief Executive Office

    Attachments

    The MIL Network –

  • MIL-OSI: Best Online Casinos: 7Bit Casino Ranked #1 Top Online Casino Real Money With Extensive Games & Huge Bonuses!

    Source: GlobeNewswire (MIL-OSI)

    CHARLESTON, S.C., May 15, 2025 (GLOBE NEWSWIRE) — The online casino industry is booming, with a projected growth rate of 11.9% from 2025 to 2030, driven by high-speed internet and smartphone adoption. Amid this vibrant landscape, players are choosing the best online casinos, each promising excitement and rewards.

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    Disclaimer

    This article is neither legal nor financial advice; actually, it is exclusively informational. Gambling carries risks and can be addictive; please play responsibly. Verify whether Internet gambling is permitted in your country. Information is accurate as of May 2025, but terms may change; check 7Bit Casino for updates.

    General Disclaimer

    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer

    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure

    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/78181f9b-d489-44f2-8d78-ff15563403a7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/e860d5f7-68bd-427d-b678-c38a92e20bac

    https://www.globenewswire.com/NewsRoom/AttachmentNg/83724787-a980-4bfc-9e83-3f3227b398c9

    The MIL Network –

  • MIL-OSI: J&T Finance Group and KBC announce strategic acquisition of 365.bank by KBC, expanding its presence in Slovakia and Central and Eastern Europe

    Source: GlobeNewswire (MIL-OSI)

    On May 14, J&T Finance Group SE, based in the Czech Republic and the majority shareholder of 365.bank a.s. and KBC Bank NV reached an agreement for KBC to acquire a 98.45% stake in 365.bank (in cash), based on a total value for 365.bank of EUR 761 million. The transaction is subject to relevant regulatory and anti-trust approvals and is expected to close by the end of this year.

    365.bank, a commercial bank in Slovakia, holds a 3.7% market share by assets as of December 20241 with a notable strength in retail banking. Acquiring 365.bank would strengthen KBC in Slovakia ensuring KBC’s reference status across all Central and Eastern European countries of presence.

    The transaction price represents a 1.4x multiple of the December 2024 book value of 365.bank and a 9.4x P/E based on the average net profit of 365.bank from 2022 to 2024. The transaction price is subject to limited closing adjustments. This transaction price accurately reflects the quality of 365.bank, including its client base, employee professionalism, profitability, and potential synergies. The acquisition will have a limited impact on KBC’s capital position (approximately -50 basis points on KBC’s unfloored fully loaded CET-1 ratio) upon closing, which remains very solid keeping KBC’s CET1 ratio well above regulatory minimum capital requirements. 

    Completion of the transaction is subject to regulatory and anti-trust approval and is expected by the end of 2025.  

    Pending such approval of the closure of the deal and the post-completion integration of the entities into KBC’s Slovakian operations, 365.bank will continue to honour its commitments to the market while continuing to provide professional service of the highest quality to its customers.

    The combination of ČSOB and 365.bank will establish a strong banking group in Slovakia, whereby 365.bank’s unique distribution model, supported by its long-standing partnership with Slovak Post, will allow KBC to significantly expand ČSOB’s customers reach across Slovakia. The acquisition of 365.bank will boost the scale of mainly retail operations, commanding (as of December 2024) an approximately 20% market share in both net retail loans and mortgages1.

    Based on the group bank-insurance model, other entities of the ČSOB Financial Group, will also benefit from the acquisition through the cross-selling of products and services to 365.bank’s retail customer base.

    Johan Thijs, CEO of KBC Group, said: “Our goal has always been and remains to strengthen our presence in Central and Eastern Europe. In Slovakia, which is one of our key markets, KBC has been growing steadily through both organic growth and acquisitions over the last 20 years. We are known for being innovative and stable, and we aim to provide our customers with safe, reliable, and personalized financial services. Today, we are proud to announce the acquisition of 365.bank in Slovakia. Through this acquisition, we strengthen our geographical diversification, we continue to build market leadership in Slovakia and boost our profitability. By combining our local ČSOB entities with 365.bank, we can offer even better customer service with innovative products and digital solutions alongside personalized service. We look forward to building the future for our customers and employees in Slovakia.”

    Peter Andronov, CEO of KBC Group’s International Markets Business Unit added: “In Slovakia, much like in other CEE countries where KBC is present, we are actively exploring sizeable synergies and integrated operations of our various financial entities. We cooperate actively and systematically within the region and the group, allowing our Slovak team to implement the best practices, technologies, and processes for our customers’ benefit. We are looking forward anxiously to welcome the customers and staff of 365.bank to the big family of KBC Group soon.”

    Daniel Kollár, CEO of ČSOB Bank Slovakia and country manager noted: “It is not so long ago that we merged with OTP Bank Slovakia and less than two decades ago with Istrobanka. This, the third bank acquisition in a row, means for us a future join with a significant player that is largely shaping the Slovak banking market with an emphasis on customer orientation and innovative solutions. This is fully in line with our strategy of bringing solutions with the goal of being relevant to the everyday lives of customers in the digital era. I am glad that we will be able to introduce our smart world to an even wider group of customers and today is a day that underlines our efforts. I am convinced that a combination of ČSOB and 365.bank will benefit not only the customers of both companies but will also bring an opportunity for colleagues from both companies to participate in the successful projects that are ahead of us.”

    Patrik Tkáč, co-founder of J&T Finance Group SE, the majority shareholder of 365.bank, states:
     “Since 2013, when 365.bank (formerly Postal bank) became part of our banking group, it has undergone a significant transformation. Today, it stands as a stable, fully digital, and modern retail bank with an irreplaceable position in the Slovak market. We hold deep appreciation for all of its employees and clients, which is why the future of the bank remains of the utmost importance to us. ČSOB Bank and its parent company, KBC Group, are our long-standing and trusted business partners. For this reason, I am confident that we are passing the bank into the right hands. I firmly believe that the sale of 365.bank will, in time, be well understood in the context of JTFG Group’s substantial development plans.“ 

    Andrej Zaťko, CEO and co-owner of 365.bank, adds: “365.bank and Postal bank carry with them a legacy of both deep history and modern transformation. This is a story of change and renewal within the banking sector—one that is truly without precedent in our region—and it is only natural that it attracted the attention of international investors. Since its inception, 365.bank has quickly emerged as a true challenger in the Slovak banking market. Today, the bank is delivering the strongest results in its history and continues on a growth trajectory. Throughout this period, we have brought fresh energy into the market, led important innovations, and helped intensify competition—enabling our clients to benefit from attractive products and services. The acquisition by KBC Group opens up a new horizon of opportunities for the bank and its clients, backed by a robust and experienced shareholder base.”

    About 365.bank
    365.bank is a retail-exposed bank with strong financial profile and a unique distribution network. 365.bank is a commercial bank with full range of products and particularly strong focus on retail customers.
    365.bank was first introduced in 2018 as fully digital bank and in 2021 it was combined with Postal bank, taking over its portfolios and branches throughout Slovakia.
    Currently, bank operates as a universal bank offering wide range of services and products to individuals as well as for corporates under two brands (365.bank and Postal bank) with different distribution models and client base for both operations. 365.bank is digital bank that caters to younger, urban mass/affluent segment, focusing on digital banking via mobile and online platforms, serving as the primary channel for new client acquisition. Postal bank targets mass and low mass customer segments in all towns with over 1,500 residents and benefits from long-standing cooperation with Slovak Post to distribute banking products through >1,400 points of sale in total.
    As of Dec-24, 365.bank had total assets of €4.7bn and shareholders’ equity of €551mm, as well as a headcount of 1,292 employees, serving ~830k customers via 57 branches of 365.bank, 105 sales points of Postal bank in Slovak Post branches  and >1,300 sales points in each branch of Slovak Post.

    About KBC’s presence in Slovakia
    Belgium-based KBC Bank NV is the parent company and sole shareholder of Československá obchodná banka (ČSOB). ČSOB is a leading Slovak bank boasting over 50 years of tradition. It is one of the most significant and strongest banking entities on the Slovak market. As a universal bank, it provides services to all customer segments, i.e.  retail, the self-employed, SMEs, corporate customers, as well as institutional and private clients. The bank is a member of the ČSOB Financial group, which also includes ČSOB Leasing, ČSOB Advisory, ČSOB Real, and ČSOB Nadácia (foundation). ČSOB Poisťovňa (insurance company) is an affiliate of ČSOB.
    The acquisition of 365.bank aligns with KBC’s strategic focus on both organic and inorganic growth in Slovakia, as evidenced by the acquisition of Slovak OTP Bank in 2021.  

    About J&T Group
    The J&T Finance Group focuses on providing comprehensive services related to private banking, retail banking, asset management for private clients and institutions, investment banking and project financing. It also provides services in the areas of administration, human resources, accounting, consolidation and tax consultancy. It develops its services primarily in the markets of the Czech and Slovak Republics, Croatia and Germany. More information at www.jtfg.com

    For more information, please contact:

    Kurt De Baenst, General Manager, Investor Relations, KBC Group
    Tel. + 32 2 429 35 73  – IR4U@kbc.be

    Katleen Dewaele, General Manager, Corporate Communications, KBC Group
    Tel. +32 475 78 08 66 – pressofficekbc@kbc.be

    1 Source: Company information, National bank of Slovakia

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Money Market Operations as on May 14, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,74,116.64 5.68 0.01-6.80
         I. Call Money 19,557.00 5.84 4.90-5.90
         II. Triparty Repo 3,62,119.65 5.71 5.65-5.80
         III. Market Repo 1,90,641.99 5.60 0.01-6.00
         IV. Repo in Corporate Bond 1,798.00 5.94 5.89-6.80
    B. Term Segment      
         I. Notice Money** 149.71 5.81 5.50-5.90
         II. Term Money@@ 470.00 – 6.00-6.14
         III. Triparty Repo 1,920.00 5.82 5.75-5.85
         IV. Market Repo 385.34 5.33 2.50-6.05
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 14/05/2025 1 Thu, 15/05/2025 5,341.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 14/05/2025 1 Thu, 15/05/2025 175.00 6.25
    4. SDFΔ# Wed, 14/05/2025 1 Thu, 15/05/2025 2,22,868.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,17,352.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,718.43  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     33,598.43  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,83,753.57  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 14, 2025 9,31,971.83  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 14, 2025 5,341.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/325

    MIL OSI Economics –

  • MIL-OSI Canada: Release of the Financial Stability Report

    Source: Bank of Canada

    Good morning. Senior Deputy Governor Carolyn Rogers and I are pleased to be here to discuss the Bank of Canada’s Financial Stability Report (FSR).

    Each year, the Bank assesses the stability of Canada’s financial system and highlights risks that could threaten that stability. While some risks have diminished, the current trade environment has pushed risks higher overall.

    But let us look back for a minute before we look ahead.

    The country’s financial system has faced unprecedented shocks in recent years, and it has proven resilient. Households, businesses, banks and other financial institutions weathered the upheaval of the pandemic and the sharp rise in inflation and interest rates that followed. It was a difficult period for many Canadians, and pockets of stress remain. But proactive steps taken by households and businesses, together with substantially lower interest rates, put the system on a more resilient footing heading into 2025.

    Now, the Canadian economy and financial system face a new threat. US trade policy has taken a dramatic protectionist shift. Tariffs and uncertainty have sharply reduced prospects for global economic growth. And financial markets have been rocked by chaotic policy announcements and reversals.

    A long-lasting trade war poses the greatest threat to the Canadian economy. It also increases risks to financial stability.

    There are two key concerns.

    In the near term, the unpredictability of US trade policy could cause further market volatility and strains on liquidity. In an extreme case, market volatility could turn into market dysfunction.

    In the medium term, a prolonged global trade war would have severe economic consequences. It would reduce growth and increase unemployment. This could, in turn, have important ramifications for our financial system. With debt still at high levels, some households and businesses may be unable to keep up with payments. If loan losses occur on a large enough scale, banks could cut back on lending in response. This would exacerbate the economic downturn and put more pressure on businesses and households.

    What we are evaluating in this report are the indications of stress in the overall financial system. There are many uncertainties—we still do not know what tariffs will remain, whether they’ll be reduced or escalated, or how long all of this will last. That makes it particularly difficult to anticipate the risks to the financial system.

    In our April Monetary Policy Report, we presented two illustrative scenarios to show how a trade war could affect the economy. In the FSR, we’ve focused on the more severe of those scenarios to explore how the trade war could affect different parts of the financial system. To be clear, our analysis is not a projection. It is an assessment of vulnerabilities—pockets of existing or potential stress and how they could spread across the financial system.

    Let me turn to the Senior Deputy Governor to outline how these vulnerabilities affect the four key sectors of the financial system: households, businesses, banks and institutions known as non-bank financial intermediaries—a broad category including finance companies, pension funds, insurance companies and fund managers.

    I’ll start with households. Total debt relative to disposable income is lower than it was a year ago, but still high by historical standards. Despite lower interest rates, signs of financial stress have risen over the past 12 months, particularly among households without a mortgage. For example, the share of these households that are behind on credit card or auto loan payments has continued to go up.

    Among households with a mortgage, 60% are facing renewal this year or in 2026. Most of those renewing will see their payments rise because they took out their mortgage during the pandemic when rates were very low. But the average increase will be smaller than what we expected a year ago.

    Still, if a large economic shock causes job losses, it will be harder for some households to keep up with their debt payments.

    A prolonged trade war may be that shock. It would cause demand for Canadian exports to fall and disrupt supply chains, threatening jobs and incomes. Workers in trade-dependent industries could find it particularly difficult to continue managing their debt.

    A prolonged trade war would matter for businesses too. Most Canadian businesses have managed to adjust to past interest rate increases, and the surge in small business insolvencies last year proved to be temporary. But businesses in trade-related sectors—especially those with high debt, low profitability or low cash reserves—could also fall behind on debt payments.

    A strength of our financial system is that Canadian banks are well positioned to absorb higher credit losses. Banks have increased their capital buffers in recent years and, more recently, they’ve increased provisions for credit losses, bolstering their resilience. Liquidity levels remain high, and bank access to funding remains strong. But if credit losses occur on a large enough scale, banks could cut back on lending in response. Struggling households and businesses would have less access to credit to get through tough times. This cycle could exacerbate the economic downturn.

    In the non-bank financial sector, the growing presence of hedge funds in the market for Government of Canada bonds raises some concern. Government bond markets are the foundation of the financial system. They need to function smoothly for other markets to work. The increased activity by hedge funds has helped absorb increased issuance of government debt, keeping yields lower and liquidity higher. But hedge funds have also taken on increasingly large amounts of leverage to fund their purchases of government bonds. This makes them more likely to pull back from these crucial markets in periods of stress, introducing added volatility.

    The recent gyrations in the US Treasury market clearly illustrated this risk. If the trade war causes a larger spike in volatility than we have seen so far, leveraged hedge funds might rush to sell their holdings. That could strain liquidity across core markets, increasing stress throughout the financial system. Moreover, growing connections between banks and non-bank financial institutions could make it easier for stress to spread. Against a backdrop of increased market volatility, and given their importance in government bond markets, hedge funds need to make sure that they are prepared to respond to sudden liquidity needs without disrupting market functioning.

    It’s time to wrap up.

    The Canadian financial system is resilient. Despite high indebtedness and the economic turbulence of the pandemic, households, businesses and banks weathered a rapid rise in interest rates. That was a big test, and the financial system proved to be a source of stability.

    But we must all remain vigilant. Vulnerabilities remain and there is another test on the horizon.

    By identifying vulnerabilities, we can help the financial system prepare for future stress. We are watching developments closely and remain in regular contact with financial system participants and with other authorities in Canada and globally. A stable and resilient financial system absorbs shocks rather than amplifying them, and this benefits every Canadian.

    With that, the Governor and I would be pleased to take your questions.

    MIL OSI Canada News –

  • MIL-OSI Canada: Bank of Canada Media Interview – Wall St. Journal

    Source: Bank of Canada

    The Canadian economy ended 2024 in a strong position. However, the trade conflict and tariffs are expected to slow growth and add to price pressures. The outlook is very uncertain because of the unpredictability of US trade policy and the magnitude of its impact on the Canadian economy.

    MIL OSI Canada News –

  • MIL-OSI Canada: Release of the 2024 Bank of Canada FMI Oversight Activities Annual Report

    Source: Bank of Canada

    The Bank of Canada today published the Bank of Canada Oversight Activities for Financial Market Infrastructures 2024 Annual Report. The Report reviews the Bank’s oversight of designated clearing and settlement systems, also known as financial market infrastructures (FMIs).

    The Bank has a mandate to ensure that designated FMIs are following sound risk management practices. The Report, which outlines how the Bank fulfills this mandate, provides stakeholders with information about:

    • the Bank’s approach to oversight of FMIs
    • improvements that designated FMIs made to their risk management practices in 2024
    • ongoing and new expectations set by the Bank for designated FMIs to enhance their risk management practices in 2025 and beyond

    Throughout the year, designated FMIs continued to make progress on key priorities, including modernization initiatives. In addition, they improved their risk management practices, addressing gaps the Bank had previously identified.

    MIL OSI Canada News –

  • MIL-OSI China: China’s first RRR cut for financial institutions in 2025 takes effect

    Source: People’s Republic of China – State Council News

    BEIJING, May 15 — A 0.5-percentage points reduction in the reserve requirement ratio (RRR) for eligible financial institutions takes effect Thursday, with the move expected to inject roughly 1 trillion yuan (about 139 billion U.S. dollars) of long-term liquidity into the financial market.

    The RRR cut, the first such move since the start of this year, was announced last week by the People’s Bank of China, China’s central bank.

    The RRR cut was among a raft of supportive measures that also included policy rate cut and increased financial support through relending facilities announced by monetary and financial regulatory bodies recently, as the world’s second-largest economy steps up efforts to stabilize markets and sustain economic recovery amid external headwinds.

    Also starting Thursday, the RRR for auto financing and financial leasing companies is slashed by 5 percentage points to zero percent, with the cut expected to increase the credit supply capacity of these two types of institutions in their respective fields.

    MIL OSI China News –

  • MIL-OSI China: US stocks close mixed after S&P 500 wipes out 2025 losses

    Source: People’s Republic of China – State Council News

    U.S. stocks were little changed on Wednesday as investors took a breather following a strong rally earlier in the week that pushed the S&P 500 into positive territory for the year.

    The Dow Jones Industrial Average fell 89.37 points, or 0.21 percent, to 42,051.06. The S&P 500 added 6.03 points, or 0.10 percent, to 5,892.58, extending a two-day rally and moving further into positive territory for the year. The Nasdaq Composite Index increased 136.72 points, or 0.72 percent, to 19,146.81.

    Eight of the 11 primary S&P 500 sectors ended in red, with health and materials leading the laggards by losing 2.31 percent and 0.96 percent, respectively. Meanwhile, communication services and technology led the gainers by going up 1.58 percent and 0.96 percent, respectively.

    Technology shares led the market, with Nvidia climbing 4.16 percent after it announced plans to deliver 18,000 of its advanced artificial intelligence chips to Saudi Arabia. Fellow chipmaker AMD jumped more than 4 percent, buoyed by news of a 6 billion U.S. dollars share buyback.

    So far this week, the S&P 500 has gained more than 4 percent, the Dow Jones Industrial Average is up over 1 percent, and the Nasdaq has surged more than 6 percent. The recent rally has lifted the S&P 500 more than 21 percent from its April 7 intraday low, when it had been down over 20 percent from its all-time high in February.

    The boost in market sentiment follows progress in China-U.S. trade talks in Geneva. Earlier this week, the United States cut its tariffs on Chinese imports to 30 percent, while China reduced its duties on U.S. goods to 10 percent. These steps eased fears of a full-blown trade war, after the two countries had threatened to impose tariffs above 100 percent last month.

    “While this progress has led to a likely peak in investor fear and policy uncertainty, there are still a lot of unknowns over where tariff rates will ultimately land,” said Adam Turnquist, chief technical strategist at LPL Financial.

    On Wednesday, American Eagle (AEO) joined a slew of retailers pulling their 2025 guidance due to macro uncertainty.

    “However, for now, investors have embraced the de-escalatory backdrop, especially the tariff reprieve deal reached with China over the weekend,” said Turnquist.

    According to Deutsche Bank, U.S. equities are likely to continue outperforming in the near term, thanks to the easing trade tensions. However, Deutsche Bank strategist Maximilian Uleer noted in a Wednesday report that, despite the tariff relief, the long-term burden of trade policy may still weigh more heavily on U.S. companies than their European counterparts. 

    MIL OSI China News –

  • MIL-OSI Banking: APEC Forecasts 2.6% Growth in 2025, Urges Action to Eliminate Trade Policy Uncertainty Jeju, Republic of Korea | 15 May 2025 Issued by the APEC Policy Support Unit Economic growth in the APEC region is forecast to moderate to 2.6 and 2.7 percent in 2025 and 2026, a sharp drop from the 3.6 percent growth recorded in 2024.

    Source: APEC – Asia Pacific Economic Cooperation

    Growth in the APEC region is expected to slow sharply in 2025, as escalating trade tensions and policy uncertainty weigh on investment and trade, according to a new economic report released by the APEC Policy Support Unit ahead of the Ministers Responsible of Trade Meeting in Jeju.

    While challenges persist, the report highlights an opportunity for member economies to strengthen cooperation and build resilience through structural reforms and open trade.

    Economic growth in the APEC region is forecast to moderate to 2.6 and 2.7 percent in 2025 and 2026, a sharp drop from the 3.6 percent growth recorded in 2024. This downward revision underscores the persistent weight of policy uncertainty on the regional economy, especially in areas such as trade and investment. The report also draws attention to mounting structural challenges.

    “From tariff hikes and retaliatory measures to the suspension of trade facilitation procedures and the proliferation of non-tariff barriers, we are witnessing an environment that is not conducive to trade,” said Carlos Kuriyama, Director of the APEC Policy Support Unit.

    “This uncertainty is hurting business confidence and leading many firms to delay investments and new product launches until the situation becomes more predictable,” Kuriyama added.

    The report shows that economic and trade activity across the 21 APEC member economies has slowed considerably. APEC’s export volume is projected to grow by just 0.4 percent in 2025, while import volume is expected to rise by only 0.1 percent. This marks a steep decline from 2024, when export and import volumes grew by 5.7 percent and 4.3 percent, respectively.

    Kuriyama emphasized that rising protectionist moves and unfair trade practices—such as increased subsidies—have created an environment where firms are pausing decisions and holding back on cross-border activities.

    “What worries us a lot is that all of these uncertainties could affect jobs,” he said.

    The report also notes that financial markets have reacted to the uncertainty. The global volatility index spiked to 52 points in April, more than triple the 2023–2024 average, while gold surged to USD3,200 per troy ounce in early May as investors fled to safe-haven assets.

    “The global economic picture is highly fragile,” said Rhea C. Hernando, an analyst with the APEC Policy Support Unit. “General government debt across APEC is projected to hit 110 percent of GDP through 2030. At the same time, we’re confronting long-term demographic shifts, including a shrinking workforce and an ageing population. The fiscal and structural stress is real.”

    Adding to these concerns, the report highlights a rising wave of discriminatory non-tariff measures, in particular subsidies measures distorting trade.

    “Fragmented and reactionary trade policies are becoming the norm,” said Glacer Vasquez, co-author of the report. “While some economies pursue trade-facilitating reforms, these are often offset by inward-looking protectionist measures. This divergence is hampering regional cohesion.”

    Despite these headwinds, the report emphasizes that the current moment presents a critical opportunity for economies to work together. Kuriyama urged APEC economies to recommit to cooperation and stability. He noted that restoring confidence in trade requires not only easing tensions, but also expanding into new markets, strengthening supply chain resilience and improving transparency of trade rules and procedures.

    “This is not the time to retreat behind borders. This is the time to double down on cooperation,” he concluded. “Through collective action, APEC economies can navigate uncertainty and lay the groundwork for a more resilient, prosperous future.”

    Read the APEC Regional Trends Analysis, May 2025.

    For further information or media inquiries, please contact:
    [email protected]

    MIL OSI Global Banks –