Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [July 12, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. South Korea’s HKMA launched a guide to the use of artificial intelligence technology in financial services industry

On July 8, 2021, the digital financial consulting institution of South Korea held a teleconference to announce the introduction of a guide to the use of artificial intelligence technology in the financial services industry, so as to enhance the public’s trust in this emerging technology and promote the continuous innovation of the financial industry. The guidelines require relevant institutions to:

[2]. Payment infrastructure service platform stripe or plan to go public directly

Recently, according to Reuters, stripe, a payment infrastructure service platform, has hired cleary Gottlieb Steen & amp; Hamilton law firm assisted in the preparation for listing. At present, stripe has not responded to this. After the completion of a financing in March this year, stripe’s valuation reached $95 billion, which once became the highest valued “unicorn” venture in Silicon Valley. Market sources said that stripe may choose to go public directly instead of IPO. At present, the relevant preparations are still in the early stage, and the listing plan is unlikely to be completed this year.

[3]. Lagarde: the European Central Bank Management Committee may agree to enter the “exploration stage” of the central bank’s digital currency next week

In an interview, Christine Lagarde, President of the European Central Bank, delved into the prospect of a digital euro. She said the ECB’s Governing Council could agree next week to enter the “exploratory phase” of the central bank’s digital currency. This means that it will take several years before deciding whether to implement the plan.

[4]. Singapore monetary authority and French Central Bank jointly launch CBDC cross border payment and settlement test

On July 8, 2021, the monetary authority of Singapore (MAS) and the Bank of France (Banque de France) jointly announced the successful completion of the wholesale cross-border payment and settlement experiment using the central bank’s digital currency (CBDC). This is also the first m-cbdc experiment applying automated market making and liquidity management functions to achieve cross-border payment and settlement efficiency. At present, cross-border payment is currently dependent on Tonghui bank. This mechanism may be affected by the limited transparency of foreign exchange rate, the limited operation time of payment infrastructure and the delay of currency settlement caused by time zone differences. In order to meet these challenges, this experiment uses a general m-cbdc network to promote 24 x 7 real-time cross-border payment. Although only two central banks participated in this experiment, the design structure of this m-cbdc network enables it to expand its scale to support multiple central banks and commercial banks in different jurisdictions to participate in it, which provides great potential for simplifying integration and significantly improving cost efficiency.

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