Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 18, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. The United States actively promotes negotiations on global minimum tax for multinational companies

According to foreign media reports, U.S. Treasury Secretary John Yellen is actively pushing forward the relevant negotiations of the OECD, hoping to reach an agreement on a global minimum tax scheme for multinational companies. Because many international technology giants choose to pay taxes in some low tax countries, their scale and income level are seriously unbalanced, and the new global minimum tax standard is to curb the erosion of tax base and profit transfer caused by the current tax rate.

[2]. Unable to obtain a banking license, digital bank revolut announced its withdrawal from the Canadian market

18 months ago, revolut, the world’s leading digital bank, entered the Canadian market to carry out beta product development. Recently, however, revolut announced that it would withdraw from the Canadian market. Foreign media analysts pointed out that the Canadian banking market is mainly controlled by several traditional large banks, and it is difficult for innovative institutions to obtain licenses, which will cause huge obstacles to their later operation and development. At present, the business of revolut in Europe, Japan, Australia and the United States remains normal.

[3]. Eurasian Economic Union member states do not support the initiative to establish a unified encryption code

Members of the European Economic Union have been unable to reach a consensus on cryptocurrency regulation, according to an official. IYA malkina, assistant chairman of the Council of the Eurasian Economic Commission, said that eaeu member states do not support the recent initiative to establish a unified cryptocurrency regulatory framework within the union. At a news conference on Wednesday, malkina explained that the Eurasian Economic Commission had received several proposals to synchronize the regulation of the blockchain and cryptocurrency industry. The European Economic Community (EEC) also proposes to develop a basically unified regulatory framework within the eaeu, using a single terminology and principle. “However, there is no support for this proposal,” malkina said. He also said that since December 2017, the EEC has been actively analyzing the impact of cryptocurrency on the macroeconomic stability of member states of the European economic community. the Eurasian Economic Union is an economic union of countries located in Eastern Europe, Western Asia and Central Asia. Its members include Belarus, Russia, Kazakhstan, and Armenia. The alliance was established in 2014 to promote the free flow of goods and services and to provide common policies in the macroeconomic field.

[4]. Enfuce, an open banking and financial sustainable service platform, won 7 million euro financing, and Tencent led the investment

Founded in 2016, Finnish venture enfuce mainly provides payment, open banking and financial sustainable development services for banks, financial technology enterprises, financial service operators and businesses. On March 17, 2021, enfuce announced the acquisition of 7 million euro round B financing. This financing is led by Tencent (5 million euro), Participation (2 million euro). At present, the service scope of enfuce has covered 16 countries and regions. In the future, enfuce will use this financing to continue to expand European and global markets, and explore opportunities to accelerate platform growth through corporate acquisitions.

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