Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [August 26, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. South Korea will pass the telecommunications business law, pointing to Google and Apple’s own payment systems

According to the latest media reports, the legislative and judicial committee of the South Korean parliament is expected to pass an amendment to the telecommunications business law on Tuesday, namely the “anti Google act”. The amendment will prohibit market dominant app stores (such as app stores) from forcibly using certain payment systems to collect commissions. If the bill is approved by the committee, a final vote will be held on Wednesday. It is reported that legislators in the South Korean parliament have put forward proposals on the commission income structure of the two technology giants since the middle of last year. Apple and Google are now facing criticism from around the world because they require software developers using their app store to use a proprietary in app payment system and charge up to 30% commission for in app services or products.

[2]. Cora, a Brazilian financial technology company, completed round B financing of US $116 million and Tencent participated in the investment

It is reported that Cora, a Brazilian financial technology company, has recently completed a round B financing of US $116 million. This round of financing is led by greenoaks capital and invested by Tiger global, Tencent, kaszek, ribbon capital and other existing investors. It is reported that Cora raised US $26.7 million in round a financing in early April. In addition, the newly raised funds will be mainly used for the research and development of new products.

[3]. Ramp, an enterprise credit card service platform, completed round C financing of US $300 million

On August 24, 2021, enterprise credit card service startup ramp announced the completion of round C financing of US $300 million. This financing is led by founders fund, and participated by redpoint, thrive capital, D1 capital partners, coat, spark capital, strategy, box group, conversion capital, lux capital, ICONIQ capital, altimeter capital, Vista public strategies, a * partners, definition capital, honeycomb, flexport, Lachy growth fund, olive tree, and kinetic. The ramp platform has just been put into operation for 890 days, but the valuation of the platform has reached US $3.9 billion. Through automated analysis services, ramp can help enterprises effectively plan expenses and reduce unnecessary expenses.

[4]. BIS cooperates with HKMA to launch green bond token service

On August 24, 2021, the innovation center of the bank for International Settlements (BIS) and the Hong Kong Monetary Authority (HKMA) launched a new initiative Project Genesis, which aims to encourage sustainable investment and reduce the investment threshold of such bonds through the token of green bonds. The project will focus on the complete bond life cycle, including the issuance process, interest payment and redemption process. The project has two parallel tracks. One uses multiple licensed blockchains and is operated by digital asset (Switzerland) and its partner GFT technologies Hong Kong. The second is the liberty consortium that uses the license free public chain. Its members include SC ventures, Standard Chartered Bank and shareable asset. Alliinfra in Hong Kong will be responsible for verifying sustainable use cases using blockchain.

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