Kiffmeister’s #Fintech Daily Digest (11/07/2020)

BitMint Digital Payment Without Network Communication

BitMint identity-bearing digital money can be paid in a private transaction between payor and payee without reliance on network authentication. The payee must trust that the paid digital coin is bona fide, presenting a hard wallet (HW) to generate the required trust. Payment issued from the HW can be taken in by a second hard wallet, which will further pay to a third hard wallet, creating a payment ecology of digital money for long periods without the benefit of a communication network. Payment may be tethered to eventual terms of redemption. The hard wallet may be personalized — fitted with ownership security capability. The HW may be engineered in conjunction with a smart phone, so people can use a single device as a phone and as an off-line wallet. 

MMA signs agreement with TietoEVRY to implement an Instant Payments System in the Maldives

Maldives Monetary Authority (MMA) has signed an agreement with TietoEVRY, to implement an Instant Payments System. The project also involves developing a digital bank solution with a mobile application to enable the creation of new services, promote innovation and increase competition in the Maldives. Also it will give nonbank payment service providers access to the account-to-account domestic payments scheme using open APIs, thus enabling digital and integrated payment services.