Kiffmeister’s FinTech Daily Digest (07/02/2020)

Brazil antitrust agency revokes decision blocking WhatsApp, Cielo venture
Brazils’s Administrative Council for Economic Defence (CADE) lifted the injunction that effectively blocked the partnership between Facebook and Cielo aimed at enabling payment by WhatsApp. The measure was reconsidered after the companies provided the antitrust authority with information that eliminated any concerns regarding the transaction. Cade is, however, still deciding whether or not the companies must notify the agency about the transaction. However, WhatsApp payments remain suspended as a result of parallel action taken by Brazil’s central bank.

UAE Central Bank and ADGM invite FinTech firms for an innovation challenge
The Central Bank of the UAE and the Abu Dhabi Global Market, the capital’s international financial hub, invited fintech companies to compete in the annual FinTech Abu Dhabi Innovation Challenge. This year’s challenge aims at developing innovative solutions to serve the financing needs of small and medium-sized enterprises. It also seeks to drive the adoption of regulatory technology solutions to “improve compliance outcomes and enhance regulatory processes”.

Wirecard’s real business relied on small number of customers
Wirecard relied on a small number of customers for the majority of its genuine sales, according to an internal company spreadsheet that shows for the first time the real business behind the fintech group’s facade. In 2017 Wirecard claimed publicly to serve 33,000 large and medium-sized merchants, and 170,000 small businesses, a global reach that helped make the company an investment sensation. The internal file, entitled “Customer list — Jan-Jun 2017 (global)”, suggests Wirecard’s customer base was in fact much smaller, and far more lopsided,  showing only 100 clients generating the majority of revenues.

Lithuania to Launch CBDC This Month — Intended for Collection Purposes, Not Trade
The Bank of Lithuania (BOL) will launch a pre-sale of its LBCOIN CBDC on July 9. The coin will be issued and sold on July 23. While LBCOIN is technically a CBDC based on the NEM blockchain and issued by the BOL, the BOL prefers to call it “the world’s first blockchain-based digital collector coin.”

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