Kiffmeister’s #Fintech Daily Digest (09/03/2021)

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Singapore Tells Binance to Halt Service in Latest Crypto Hit

“Binance must stop offering services regulated in Singapore after a potential breach of local payment rules, adding to a mounting list of jurisdictions scrutinizing the world’s largest cryptocurrency exchange. The Monetary Authority of Singapore reportedly said Binance may be in breach of the Payments Services Act for providing payment services to, and soliciting business from Singapore residents without an appropriate license.”

7 Korean banks go live with blockchain decentralized identity service

“Korea’s BankID, a decentralized identity (DID) solution called MyInfo, went live on August 27 with seven banks. The solution was a joint development between the Korea Financial Telecommunications and Clearings Institute (KFTC) and Raon White Hat, a subsidiary of Raon Secure, the developer of the OmniOne blockchain… Users create a digital identity with any of the banks by providing the usual sort of documents. The details of the digital identity that’s created are securely stored on the user’s smartphone. The customer can use the DID for bank logins and if the person wants to make an application at a different bank, they can share selected details from MyInfo with the other bank. The wallet stores details such as mobile phone number, address and e-mail. It also includes a bio identity, which may involve facial recognition.”