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“It’s important to separate the genuine worries about Libra from the hyperbole. Facebook is a controversial company these days. But French monetary sovereignty is unlikely to fall at the hands of Libra. Let’s not forget that the existing payments networks — the MasterCard and Visa networks as well as the international correspondent banking system — don’t always provide consumers with low prices. Any new competition will help consumers get cheaper and better payments options.”
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“The nature of fixed versus variable costs in robo-advising is likely to democratize access to financial services. Big data is likely to reduce the impact of negative prejudice in the credit market but it could reduce the effectiveness of existing policies aimed at protecting minorities.
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According to the IMF’s Financial Access Survey, while mobile money continues to grow in its epicenter in Africa, it’s also taking off in Asia. The survey also provides a wealth of information on the access to and use of basic financial services, including breakdowns by gender.
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Blockchain-based utility Swiss Digital Exchange has organized a global consortium of financial institutions to back its initial digital offering slated for the middle of next year on the SDX platform.
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PayPal has become the first foreign company to acquire a payments licence in China, after buying a majority stake in a small Chinese online payments firm, Guofubao (NationPay).
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The Revolut payment app plans to expand beyond Europe and Australia, where it built its primary markets, and into the USA, as well as Japan, Brazil, and Russia.
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Crypto exchanges, including Coinbase and Kraken, have developed a system to rate which crypto-assets are likely to be securities. Crypto-assets are rated on a scale of 1 to 5, with the highest value signifying that a token is a security.
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The Central Bank of Egypt (CBE) has authorised 28 banks operating in the Egyptian market to provide mobile payment services, according to the CBE’s Governor Tarek Amer.tags: Fintech MobileMoney
Kiffmeister’s Fintech Daily Digest 09/30/2019
