Fintech Daily Information Briefing on [August 31, 2020]
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The following is the Fintech Daily Information Briefing on [August 31, 2020] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.
[1]. Malaysia and Indonesia signed an agreement to expand regional cooperation in financial science and technology
On August 24, 2020, the Securities Commission Malaysia signed a financial technology cooperation agreement with otoritas JASA keuangan (hereinafter referred to as ojk). In the future, the two sides will provide a variety of support for the construction of financial science and technology ecosystem, including promoting information sharing, providing opportunities for joint innovation projects, and recommending domestic financial technology enterprises to each other’s market. With a population of 670 million, ASEAN is expected to reach 4.7 trillion US dollars by 2025, which is one of the fastest growing regions in the world. The emerging middle class in ASEAN region and the high penetration rate of mutual benefit network provide a huge potential market for innovation and entrepreneurship. Since 2017, the Malaysian Securities Commission has signed financial technology cooperation agreements with six national / regional financial regulators, including the monetary authority of Singapore (MAS) and the Australian Securities and Investment Commission (ASIC). In order to promote the development of domestic financial technology, Malaysia has launched a number of regulatory measures, involving equity crowdfunding, P2P lending, digital investment management, digital asset exchange and other fields.
[2]. UK human resources technology platform Storm2 received 2.5 million euro investment
Recently, Storm2, a UK human resources technology platform, announced that it had obtained 2.5 million euro financing provided by puffin point investments. Established in 2019, Storm2 is committed to the recruitment of talents in the field of financial technology. The team has expertise in products, sales, finance, operations, engineering, development and network security. Since its inception, Storm2 has reached cooperation with more than 100 financial technology companies around the world, expanding its business to European and North American markets. In the future, Storm2 will focus on Asia Pacific and North America.
[3]. Us home insurance technology platform Kin received $35 million in round B financing
Recently, kin, a home insurance technology platform, announced that it had obtained $35 million in round B financing. This financing is led by commerce ventures, with Hudson structured Capital Management Ltd., florish ventures, QED, alpha Edison, allegis NL capital, avanta ventures, August capital and the venture capital plan of the University of Chicago. Founded in 2016, kin mainly provides home insurance services for climate disaster prone areas such as California and Florida. After the completion of this financing, kin’s accumulated financing amount has reached 86 million US dollars, and the total insured value has exceeded 4 billion US dollars. In the future, kin will continue to use this financing to expand its business and conduct further recruitment in Chicago, St. Petersburg and Phoenix.
[4]. Central Bank of Vietnam: promoting remote account opening to realize the goal of Digital Banking
Recently, the National Bank of Vietnam has solicited opinions on the supplementary notice (Draft) of some clauses in Circular No. 23. Among them, the most attractive one is that customers are allowed to open bank accounts through the electronic identity authentication information system (ekyc), and customers do not need to go to the bank to open an account directly. Under the background of novel coronavirus pneumonia (COVID-19) spread, the Vietnamese State Bank leader said that remote account opening system helps customers reduce outbound and avoid the risk of epidemic transmission, which is also an opportunity for banks to increase their customers. In addition, the system also creates convenient conditions for people in mountainous and remote areas to open bank accounts. The National Bank of Vietnam supports cashless payments, with a special focus on promoting mobile payment functions. According to a survey, e-payment customers use three times as much banking as traditional customers. According to the report of the payment Department of the National Bank of Vietnam, great changes have taken place in the quality and quantity of online payment methods in the past period of time. On the basis of information technology, a variety of convenient and fast new payment methods and products have come out one after another. The technology infrastructure related to cashless payment, especially electronic payment, has attracted more and more attention. At present, there are 78 organizations providing internet payment services and 47 organizations providing mobile payment services in Vietnam.
[5]. Several federal agencies, such as FDA and the Ministry of finance, are trying blockchain technology
Several federal agencies, such as the U.S. Food and Drug Administration (FDA) and the U.S. Department of finance, have begun to use blockchain technology. Henry Francis, deputy director of research at FDA’s Center for drug evaluation and research, has successfully developed a blockchain based application that can automatically obtain encrypted data in real time from many sources. In addition, the Ministry of finance’s office of financial innovation and transformation (FIT) is also experimenting with blockchain, with its first application for tracking mobile devices and the second for software license management. Fit also worked with the National Science Foundation to test whether the use of blockchain can improve the funding payment process. Previously, the US Department of agriculture (USDA) has certified beefchain, a blockchain company that tracks the beef supply chain.
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