Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [April 24, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Egypt’s central bank allows local banks to issue digital currency

According to Egyptian media reports, the Central Bank of Egypt announced on the 22nd local time that it will allow local banks to issue digital currencies under its supervision for mobile payment services and store them in electronic media. In addition to the issuing bank, other individuals or entities can use digital currency for payment operations. This kind of digital currency will be issued in accordance with the rules issued by the Central Bank of Egypt, which can be converted into Egyptian pounds in cash and equivalent to Egyptian pounds. On March 28 local time, the Central Bank of Egypt issued a statement warning its citizens not to conduct cryptocurrency transactions, stressing that “Egypt can only use the official currency approved by its central bank for transactions”.

[2]. South Korean securities brokerage companies compete to apply for mydata license

In response to the challenge of “the fourth industrial revolution”, the South Korean government launched the mydata program, hoping to promote the digital process in the financial field. Through the mydata program, relevant financial service providers can collect and analyze personal data distributed in different fields according to the requirements of consumers, and create customized services and products. On April 23, 2021, the financial supervisory service of South Korea (FSS) began to conduct the second batch of qualification examination and approval of mydata institutions, mainly for banks, insurance companies, credit card issuers and other technology companies interested in this business. However, it seems that the major securities brokerage companies are also interested in this business, because in January 2021, mirae asset securities was the only one of the first selected institutions of mydata. It is reported that Shinhan investment, SK securities and Kyobo securities participated in the application. At present, these institutions are actively optimizing the mobile platform and expanding the digital talent team. Market observers believe that the mydata license is likely to be a guarantee of the asset management capabilities of brokerage firms, which is why so many institutions are attracted to compete.

[3]. Standard Chartered group announces investment in currencyfair

Standard Chartered announced that it has completed the investment in the combined business of Irish global payment platform currencyfair and Singapore payment process automation platform assembly payments (to be approved by shareholders and regulators). Paul Byrne, chief executive of currencyfair, will lead the merged business. With the emergence of novel coronavirus pneumonia, businesses and consumers around the world are increasingly concerned about online trading markets. Global e-commerce sales are expected to grow further on the basis of nearly $26 trillion in 2018. Among them, a large number of transactions occur between different countries and markets, which makes the process of digital payment more complicated because it involves multiple steps, systems and interactions. Enterprise customers increasingly hope that their payment service providers can provide more value-added services to integrate different levels of their payment value chain into a seamless and cost-effective product, so as to meet the demand of payment flow. Under this opportunity, the new company after the merger will be committed to solving the key pain points, including the fragmentation of the payment ecosystem, the complexity of implementing different payment systems from the perspective of technology, operation, finance and supervision, the privacy and security of data, and the requirements of e-commerce for multi market and multi currency collection.

[4]. IDC: China’s cloud service market has reached 19.38 billion US dollars, with the highest growth rate in the world

IDC’s latest “global and China’s public cloud service market (2020) tracking” report shows that in 2020, the overall market size of global public cloud service will reach US $312.42 billion, with a year-on-year growth of 24.1%. The overall market size of China’s public cloud service will reach US $19.38 billion, with a year-on-year growth of 49.7%, with the highest growth rate in all regions of the world. In 2020, the global IAAs market will reach US $67.19 billion, with a year-on-year growth of 33.9%. AWS, Microsoft, Alibaba, Google and IBM are among the top five in the market, accounting for 77.1% of the market share.

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