Kiffmeister’s #Fintech Daily Digest (09/29/2020)

Swiss Senate overwhelmingly passed crypto-friendly policies into law

The Swiss Senate passed a wide-ranging set of amendments to the so-called “Blockchain Act” aimed at increasing legal certainty, removing barriers for applications based on distributed ledger technology and reducing the risk of abuse. 

License to Bank: Examining the Legal Framework Governing Who Can Lend and Process Payments in the Fintech Age

The U.S. House of Representatives Committee on Financial Services convened a hearing to examine the legal framework and regulatory scope governing the oversight of traditional banks and other commercial businesses – especially technology companies – engaged in financial activity and the effect on consumer protection, financial stability, and the traditional separation of banking and commerce. 

Ant Group Unveils Blockchain-Enabled Trading Platform for SMEs

Ant Group has unveiled Trusple, a blockchain based-platform powered by AntChain to help Small to Medium Enterprises (SMEs) with cross-border trade. Trusple works by generating a smart contract once a buyer and a seller upload a trading order on the platform. As the order is executed, the smart contract is automatically updated with key information, such as order placements, logistics, and tax refund options. Using AntChain, the buyer’s and seller’s banks will automatically process the payment settlements through the smart contract. 

Kenya’s golf stablecoin highlights need for Africa-wide regulations

YENTS, a stablecoin developed by the Kenya’s Young Entrepreneurs Network (YEN), has entered into testing under the local regulatory sandbox. YEN, which organizes golfing tournaments to facilitate networking opportunities for Kenyan entrepreneurs, plans on initially using the stablecoin as a means of payment for sporting events and training programs. YEN intends to launch the token in November, and hopes to use it to accept investments into a planned golf course. 

The Standard About to Revolutionize Payments

Over the next ten years, the standards for communicating electronic payments instructions between financial institutions, will transition from the various proprietary messaging standards over to ISO 20022. ISO 20022 will become a global lingua franca for transferring value electronically. The U.S. Fedwire will start transitioning to ISO 20022 over a three-year period beginning in 2022. The European Central Bank’s large value system, Target2, will start its transition in November 2022. The UK will switch in April 2022 in conjunction with a new real-time gross settlement system. The SWIFT global messaging network intends to begin the switch to ISO 20022 near the end of 2022.  

Amazon One: Palm scanner launched for ‘secure’ payments

Amazon has announced a new payment system for real-world shops which uses a simple wave of the hand. Its new Amazon One scanner registers an image of the user’s palm, letting them pay by hovering their hand in mid-air “for about a second or so”, it says. The product will be trialled at two of Amazon’s physical stores in Seattle. 

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