Fintech Daily Briefing

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

[1]. The Moscow Metro face recognition system Sfera identified more than 200 wanted persons

Moscow’s Ministry of transport reported that the subway face recognition system helps find criminals and missing persons. In July, with the help of the system, the authorities found 221 people. Most of the people identified by subway smart cameras are wanted. Face recognition technology is based on converting the passenger’s face into a biometric key: if the system detects a match with the search database during scanning, it will immediately notify the police. The data of other passengers is encrypted and 100% anonymous. Data is stored in information processing centres accessible only to law enforcement agencies. It was previously reported that Moscow Metro Line 4 launched the test of face pay system. Initially, only subway employees could experience the new payment service. During this period, they successfully passed the gate more than 1 million times. By the end of this year, Moscow Metro plans to expand this service to other lines.

[2]. Lifepal, an Indonesian D2c insurance retail company, completed round a financing of US $9 million

It is reported that lifepal, an Indonesian D2c insurance retail company, has recently completed a round of financing of US $9 million. This round of financing is led by probatus capital and invested by Cathay innovation, insignia venture partners, ATM capital and hustle fund. Lifepal, founded in 2019, is an online platform focusing on D2c health life insurance. It is reported that the new funds will be used to develop new products.

[3]. Fragmented transactions and embedded financial services provider drivewealth received $450 million in round D financing

On August 19, 2021, drivewealth, a fragmented trading and embedded financial services institution, announced that it had obtained a round D financing of US $450 million, and the valuation of the platform reached US $2.85 billion. It is reported that this investment was jointly led by insight partners and accel, and participated by Greyhound capital, Softbank vision fund and point72 ventures. Drivewealth said that this investment will be mainly used in product and service expansion, talent recruitment, technological innovation, strategic acquisition and other fields.

[4]. Moody’s report: China is far ahead of other countries in launching the central bank’s digital currency

Recently, Moody’s investors said in a report that China has been far ahead of other countries in launching the central bank digital currency (CBDC), thanks to the widespread adoption of electronic payment by consumers, the almost “cashless” social environment and extensive mobile coverage. Li Xiujun, vice president of Moody’s and senior credit rating director, said that the wide adoption of digital RMB (e-cny) will improve the bank’s data collection capacity and expand the user base, which will help to enhance its role in the electronic payment system. In addition, banks can also benefit from the use of public payment infrastructure. The report said that although other countries are also developing digital currencies, China has many unique characteristics, which makes it one of the first countries to create and test central bank digital currencies. Data show that China leads the world in the use of digital and mobile wallets, accounting for 72% of e-commerce payments in 2020, while the shares of the United States and Europe are only 30% and 26% respectively. At present, China has almost entered a cashless society, with perfect network infrastructure and extensive mobile coverage. These advantages have become the driving factors for the application of digital RMB in China.

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