Kiffmeister’s FinTech Daily Digest (06/11/2020)

Facebook’s Libra appoints Credit Suisse director as compliance chief
The Libra Association has appointed Sterling Daines as its Chief Compliance Officer. Daines will join Libra later this year after stepping down from his current role as Managing Director and Global Head of Financial Crime Compliance at Credit Suisse.

Vanguard completes first phase of securities digitization pilot with Symbiont
Vanguard, in partnership with technology provider Symbiont, announced today the completion of the first phase of a blockchain pilot designed to digitize the issuance of asset-backed securities (ABS). In close collaboration with a large US ABS issuer, as well as BNY Mellon, Citi, and State Street, Vanguard successfully modeled the full lifecycle of an ABS settlement on distributed ledger technology (DLT) network by replicating end-to-end transaction flows.

Microsoft ID System Launches Beta on Bitcoin Network
Microsoft’s decentralized identity network ION is moving to beta testing on the Bitcoin network. The aim of this open-sourced, layer 2 Identity Overlay Network (ION) is to provide users with a decentralized identifier (DID) that could replace the need for usernames. Developed in conjunction with the Decentralized Identity Foundation, ION was developed as a decentralized network to operate independently and doesn’t rely on “special utility tokens, trusted validator nodes, or additional consensus mechanisms”.

World Retail Banking Report 2020: 57% of consumers prefer internet banking in the Covid-19 era
According to the Capgemini/Efma World Retail Banking Report 2020 57% of consumers now prefer internet banking, up from 49% pre-COVID-19, and 55% prefer banking mobile apps, compared with 47% previously. The report also found that platform-based banks find it up to two-times easier to increase operating profits, unlock new sources of value, and improve operational efficiencies. It also found that 80% of bank executives cited cybersecurity and privacy concerns, outdated data management (68%) and identifying the right partners (73%) as primary barriers to moving to a platform system.

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