Fintech Daily Briefing

Fintech Daily Information Briefing on [June 04, 2021]

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The following is the Fintech Daily Information Briefing on [June 04, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. British pet insurance company bought by many won 286 million euro round D financing

According to foreign media EU startups, the Internet insurance company focusing on pet insurance, bought by many, has obtained 286 million euros in round D financing, making the company’s valuation exceed 1.6 billion euros. This round of financing was led by EQT growth, followed by Willoughby capital, FTV capital, octopus ventures and other companies. The company will use this round of financing to promote further global expansion and new product development plans.

[2]. The Financial Services Committee of the U.S. House of Representatives released its June agenda, and CBDC and encryption industries were listed one after another

On June 3, 2021, the Financial Services Committee of the US House of Representatives announced the agenda of the hearing in June, including the theme of financial technology. For example, the online hearing on “dollar Digitization: the central bank’s digital money technology infrastructure, privacy, and financial inclusion” to be held on June 15, and the online hearing on “will encryption craze lead to financial independence, early retirement, or financial destruction” to be held on June 30 Online hearings. In addition, in view of the recent upsurge of discussion on green finance and green development, the issue of climate change has also been included in the agenda of the hearing, such as the online hearing entitled “coping with systemic risks: building the climate adaptability of banking and financial industry” held on June 30.

[3]. Digital RMB is more competitive than digital dollar

On May 30, 2021, ray Dalio, the founder of Bridgewater fund, gave an interview to CNBC and talked about the central bank digital currency (CBDC) of China and the United States. The digital yuan issued by the central bank is a pioneer in state supported digital currencies and is expected to be launched before next year’s Beijing Winter Olympics, he said. In the past three years, China has conducted extensive tests on the legality and technical strength of digital RMB. According to reports, millions of dollars worth of transactions took place in the first month of testing alone. Dario believes that the rise of the digital RMB will make it “more competitive” than the potential digital dollar, and he predicts that the digital RMB may one day become one of the world’s major reserve currencies. According to the International Monetary Fund (IMF), the US dollar is currently the world’s largest reserve currency, accounting for nearly 60% of the total global reserve currency. According to the International Monetary Fund, the Yuan’s current share is about 2%, second only to the euro, yen and pound sterling. But Dario expects the share of the yuan to increase to about 10-15 per cent in five to 10 years.

[4]. UK chancellor of the exchequer calls for G7 cooperation to achieve green recovery of global economy

On 28 May 2021, British Chancellor of the exchequer Rishi sunak and Bank of England governor Andrew Bailey co hosted the online meeting between G7 finance ministers and central bank governors. At the meeting, Rishi sunak hoped that all parties would strengthen cooperation to ensure a green and sustainable global economic recovery and to give priority to climate change in economic and financial decision-making. In addition, he also called for promoting the role of global financial markets in the transition to a net zero economy by improving the disclosure of climate related financial information and supporting the establishment of international sustainable financial reporting standards. The substantive meeting of G7 finance ministers will be held in London from June 4 to 5, 2021.

[5]. FCA: a large number of encryption companies do not meet the anti money laundering requirements and will extend the registration application to the end of March next year

On June 3, 2021, the British financial regulator FCA said that a large number of companies related to cryptocurrency business did not meet the anti money laundering standards, resulting in a large number of withdrawal of their registration applications. To this end, the FCA issued a statement saying that the deadline for the temporary registration system will be extended from July 9 to the end of March next year. The FCA said the extension would allow crypto asset companies to continue their business as regulators carry out further inspections. According to previous news, John Glen, the UK Treasury Secretary for economics, issued a statement that as of May 24, five cryptocurrency companies had registered. These companies are ziglu, archax, digivault and two Gemini entities. According to glen, there are 167 UK cryptocurrency companies waiting to be registered. There are also 77 new cryptocurrency startups whose applications are waiting for a full evaluation.

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