Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [April 23, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Cryptocurrency diving or worried about US tax increase plan

At one point, bitcoin fell 8%, close to a one month low, affected by US President Biden’s plan to nearly double the capital gains tax on the rich. U.S. investors who invest in crypto assets, which have risen about 80% since December, are already at risk of capital gains tax if they sell cryptocurrency after holding it for more than a year. The IRS has also increased taxes on the sale of encrypted assets.

[2]. The Bank of Norway plans to test the digital currency solution within two years

The Bank of Norway issued a statement on April 22, 2021, saying that it would test the central bank’s digital currency (CBDC) technology solution in the next two years according to the opinions of the internal working group. At present, Norway’s cash use has reached a lower level in the world, and its research on CBDC has been carried out for four years. In the future, the main purpose of related testing is to find a suitable solution and further analyze the related requirements.

[3]. South Korea: app utilization rate of financial technology platform far exceeds that of banks

According to the statistics of anvie, a global mobile application analysis company, the utilization rate of the five major financial technology apps (such as kakao pay and kakao bank) in South Korea has reached 225 times a month, with an average of seven times a day. In contrast, South Korean people’s utilization rate of apps of the country’s major traditional banking institutions (such as Woori Bank and Hana Bank) is only one ninth of the above figures, and such a gap is rare in the global market. Market analysts pointed out that the outbreak of COVID-19 enabled Korean people to significantly increase their dependence on digital financial services. In 2020, the time spent by South Korean people on stock trading app has increased by 120%, far higher than the global average of 55%. Of course, the active participation of amateur retail investors is also one of the reasons for the sharp rise of APP usage in this wave of stock trading.

[4]. Bank of England: beware of potential risks brought by cloud service providers

On April 21, 2021, the deputy governor of the Bank of England, Dave Ramsden, delivered a speech at the London financial technology week. He said that the rise of financial technology has greatly promoted the digital innovation of the financial industry, but third-party cloud service providers and other technology service providers will also bring certain risks to the stability of the financial system. To this end, the Bank of England is conducting research, and it is possible to strengthen the supervision in this area in the future. Previously, the Bank of England has expressed concern about the excessive dependence of financial institutions (especially financial technology start-ups) on third-party technology companies in their operations. In fact, regulators around the world are paying close attention to the technology outsourcing function because they are worried that the core services provided by financial companies to customers are vulnerable to the interruption of third parties.

[5]. Deel, a digital compensation service provider, received $156 million in round C financing

On April 21, 2021, deel, a digital compensation service provider, announced the acquisition of US $156 million in round C financing. YC continuity led the financing, Andreessen Horowitz and spark capital participated in the financing. Founded in 2018, deel has accumulated financing of US $200 million, with a platform valuation of US $1.25 billion, ranking among Unicorn start-ups. Through its digital process service, deel helps enterprises realize global employee employment plan. Employees can be either independent contract workers or full-time employees. At present, the deel service has covered more than 150 countries and regions, including SMEs and listed companies. In the future, deel will continue to intensify the trial production in the international market, launch a number of new functions including deel API, and release the global salary insight report to help enterprises solve various problems of talent recruitment in the era of nationalization.

[6]. Accenture invests in okra, Africa’s open financial data infrastructure platform

On April 21, 2021, Accenture invested in okra, an African Financial Technology startup, through its venture capital company. Founded in 2019 and headquartered in Lagos, Nigeria, okra is an open financial data infrastructure service provider dedicated to meet the needs of developers and enterprises to build personalized digital financial services for customers. According to a study by Accenture, the market size of financial technology start-ups will reach US $78 billion by 2025, accounting for 3.9% of the global banking and payment market.

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