Fintech Daily Briefing

Fintech Daily Information Briefing on [January 05, 2021]

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The following is the Fintech Daily Information Briefing on [January 05, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. Coassets, Singapore’s online investment and lending platform, stopped operation

Coassets, a Singapore Financial technology platform, was established in 2013 and has launched crowdfunding and SME lending services. In 2016, coassets was listed on the Australian Stock Exchange. However, due to the problems of low liquidity and cost, coassets (later renamed CA financing) delisted in 2020. Tech in Asia reported last week that coassets had transferred $30 million to sunfits, a debt recovery company. This week, coassets officially announced the bankruptcy process of the platform through its official website.

[2]. Cred, India’s credit card payment and consumption rebate platform, received $81 million in round C financing

Recently, cred, an Indian financial technology platform, announced that it will obtain US $81 million in round C financing. DST global led the financing, Sequoia Capital, rabbit capital, tiger global and general catalyst participated. Cred, founded in 2018, is a member based mobile payment service platform. Users can get exclusive rewards through credit card payment. After the completion of this financing, the accumulated financing amount of cred reached US $806 million.

[3]. Office of the Comptroller of currency: federal bank can use blockchain and stable currency for settlement

In an explanatory letter, the office of the Comptroller of the currency said that the federal bank and the Federal Savings Association could use public blockchain and stable currency for settlement. The letter pointed out that banks and savings associations can now run encryption nodes and use the relevant stable currency for “permitted payment activities.”. This means that banks can use public blockchains to validate, store, record and settle payment transactions as long as they comply with existing laws. OCC further explained that banks can use stable currency to facilitate customers’ payment transactions on the verification network of independent nodes, including issuing stable currency and converting it into legal tender.

[4]. Haven, a joint health care program between Amazon, JPMorgan and Berkshire, has been closed

According to foreign media reports, haven, a health insurance program jointly founded by Amazon, Berkshire Hathaway and JPMorgan Chase, will be officially closed in February 2021. Established in 2018, the project aims to improve access to basic medical care through new methods, reduce medical costs and provide better medical care for employees of the three founding companies. However, it is very difficult to promote the project because it involves many interests, such as doctors, insurance companies and so on. In the future, 57 employees of haven may be placed in the three founding institutions respectively, and the three institutions will continue to explore medical and health insurance separately.

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