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Ripple Partners with Ria Money Transfer to Power Instant Global Payments
Ria Money Transfer has joined the RippleNet blockchain-based global payments network. Ria is one of the largest payment service providers in the world, With customers in over 155 countries, and $40 billion in money transfer volume per year.
tags: Fintech Blockchain CrossBorder
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Singapore Central Bank Says It ‘Does Not See Much’ in Ripple’s Cryptocurrency
Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore: “We don’t see much in the Ripple bank digital currency, but definitely still a lot of hope that we can remove a lot of inefficiency […] when it comes to cross-border payments.”
tags: Fintech Blockchain CryptoAssets
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OCC official provides more detail on financial innovation pilot
The OCC Innovation Pilot Program would be offered only to OCC-regulated banks that need regulatory guidance on offering an innovative product or service to the market. A bank can partner with a fintech firm in the pilot or the bank can join others in offering a consortium-backed idea. The program is distinctly different from the OCC’s new special-purpose charter that is open to a nonbank fintechs.
tags: Fintech Regulation
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JP Morgan and Microsoft announce strategic partnership to drive enterprise adoption of Quorum
JP Morgan is tapping Microsoft’s Azure cloud-based services to boost its blockchain-based Quorum platform, aiming to make it easier, faster and cheaper for companies to build and deploy blockchain applications.
tags: Fintech Blockchain Quorum
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Facebook Seeks Reported $1 Billion for FB Coin Amid Talks With Visa, MasterCard
Facebook is looking to raise $1 billion for its rumored cryptocurrency stablecoin, the WSJ reports. Facebook was also said to be talking Visa and MasterCard about potential support, along with payment processor First Data Corp.
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Introducing the “exit coin” for the luxury sector | FT Alphaville
While it is true to say that the great ICOmedy festival has died down a fair bit in recent months, it’s not quite over yet. Dressed up in all sorts of new cryptoclothes and abbreviations, the perpetually preposterous initial coin offering lives on.
tags: Fintech CryptoAssets ICOs STOs
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Thai SEC Deputy Secretary: New Regulation Allows for Digital Shares, Tokenized Securities
The Securities and Exchange Act of 2019, in effect since April 17, aims to help Thailand introduce blockchain use in trade and security tokenization. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=7406&NewsNo=38&NewsYear=2019&Lang=EN
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Bakkt buys crypto asset custody company
Bakkt has acquired crypto custodian, Digital Asset Custody Company, and partnered with custodial bank, BNY Mellon. These developments are part of its strategy to provide a fully regulated, end-to-end crypto asset custody and trading ecosystem for institutional investors.
tags: CryptoAssets Custody Fintech
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US OCC Solicits Public Comment on Proposed Innovation Pilot Program
The US Office of the Comptroller of the Currency proposed an Innovation Pilot Program, designed to provide OCC-supervised entities with regulatory input early in the testing of innovative activities.
tags: Fintech Regulation
Month: May 2019
FinTech Daily 05/02/2019
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22% of Institutional Investors Have Some Digital Asset Exposure: Fidelity
A survey conducted by Fidelity Investments found that, already, around 22% of investors have some exposure to digital assets, while 40% say they are open to taking the plunge in the next five years. Of those that have exposure, most investments were made in the last three years.
tags: Fintech CryptoAssets
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100 organizations to accelerate blockchain deployment with World Economic Forum
The World Economic Forum has teamed up with over 100 global supply chain and logistics leaders to standardize I blockchain apps in the industry. The project aims to co-develop interoperable blockchain applications in the logistics industry and to leverage an open-source toolkit to deploy blockchain responsibly.
tags: Fintech Blockchain
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DTCC Shines Surprising Light On Enterprise Use Of Cryptocurrency
A poll taken by the audience of about 300 DTCC customers and others showed that while 74% of the audience’s employers were participating in blockchain projects expected to be rolled out to customers, only 23% were planning to implement a business solution involving cryptocurrency. The three largest obstacles to the audience deciding to invest in cryptocurrency were regulatory uncertainty (29%), valuation approach (29%) and fraud (21%).
tags: Fintech Blockchain CryptoAssets
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Cross-Border Business Blockchain platform by SAFE of China
The State Administration of Foreign Exchange of China has collaborated with ZhongChao Credit Card Industry Development Co., Ltd, a state-owned monopoly enterprise to built a blockchain-based cross-border financial trade service platform.
tags: Fintech Blockchain CrossBorder
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Central Banks of Canada and Singapore conduct successful experiment for cross border payments
The BoC and MAS linked up their respective blockchain projects, Jasper and Ubin, which are built on R3’s Corda and JPMorgan’s Quorum platforms, respectively. They connected using hashed time-locked contracts that allowed direct PvP settlement without the use of an intermediary.
tags: Fintech Blockchain CrossBorder
FinTech Daily 05/01/2019
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Enabling Deep Negative Rates to Fight Recessions: A Guide
The central message of this IMF paper is that with readily available tools a central bank can enable deep negative rates whenever needed—thus maintaining the power of monetary policy in the future to end recessions within a short time.
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Game of Coins: Why Fighting Strengthens the Crypto Ecosystem
If institutional investors are delaying entering crypto until the industry ‘settles down,’ they will be in for a long wait – as in-fighting and controversy are part of crypto’s DNA. And as with any Darwinian struggle, crypto’s dramas are fundamental to the sector’s overall health and prosperity.
tags: Fintech CryptoAssets
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Brazil accelerates implementation of instant payments
The Brazilian Central Bank is planning to have QR code-based instant payments up and running by 2020, a year earlier than expected.
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Bank of England and FCA Look To Fintech
The Bank of England said some aspects of supervision are amenable to new technologies while the Financial Conduct Authority said its Innovate program has helped new financial services firms come to market more quickly.
tags: Fintech Regulation
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Blockchain Adopted by Canadian Banks to Verify Client Identities
Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services.
tags: Fintech Blockchain Identity
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Current crypto ecosystem not yet viable for institutional investors, says Northern Trust
The current ecosystem for trading cryptocurrencies is still not suitable for institutional investors to expand into the new asset class, according to Northern Trust’s technology expert.
tags: Fintech CryptoAssets Custody
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A General Taxonomy for Cryptographic Assets
Brave New Coin has developed the General Taxonomy for Cryptographic Assets — a tool that seeks to capture the breadth, depth and evolution of distributed ledger technology-based assets across industry sectors globally, as well as to advance the investigation of the assets being classified.
tags: Fintech CryptoAssets
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Bahrain’s Regulatory Sandbox Teeming With Crypto Companies
Thirty companies are currently approved by the Central Bank of Bahrain (CBB) for its regulatory sandbox, half of which are crypto service providers including exchanges.
tags: CryptoAssets Fintech Regulation
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SEC’s Digital Asset Framework Falls Short
Since the US SEC’s FinHub issued its analysis framework for digital investment contracts approximately a month ago, the long-awaited guidance likely has extended the digital asset winter rather than ending it.
tags: CryptoAssets Regulation ICOs Fintech