Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 19, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Payfit, a French human resources and compensation management venture, won 90 million euro round D financing

On March 17, 2021, payfit, a French human resources and compensation management startup, announced that it had won a $90 million D round of financing. This financing is led by eurazeo growth and participated by large venture and BPI France. Founded five years ago, payfit helps small and medium-sized enterprises solve the problems of salary payment, labor cost and gender difference analysis through its automated services. At present, payfit has more than 5000 user enterprises, including financial technology start-ups such as revolut, Starling bank and treatwell.

[2]. Federal Reserve Chairman Powell: central bank digital currency needs to coexist with cash and other currencies

In his speech at the virtual payment meeting hosted by the Basel Committee on banking supervision, Federal Reserve Chairman Colin Powell quoted the report on CBDC from the bank for International Settlements and seven central banks including the Federal Reserve. “One of the three main principles highlighted in the report is the need for CBDC to coexist with cash and other types of currencies in a flexible and innovative payment system,” Powell said. Improvements in the global payment system will come not only from the public sector, but also from the private sector. ” It is reported that in recent months, Powell repeatedly stressed that due to the status of the physical dollar as the global reserve currency, the United States will not take action soon in issuing digital dollars.

[3]. South Korea’s new financial consumer protection law will come into effect on March 25

On March 17, 2021, South Korea’s Financial Services Commission (FSC) approved regulatory regulations on financial consumer protection in South Korea. According to the FSC, the implementation of the financial consumer protection act will (a) extend the scope of application of six major sales regulations to all financial products; (b) require financial institutions to establish internal control standards for consumer protection; (c) introduce fines of up to 100 billion won and other criminal penalties; and (d) include the cancellation of service subscription or unfair / illegal contracts into consumption (E) strengthen the remedial measures for consumers. Although the bill will come into effect on March 25, due to internal control standards and system development and other factors, the specific implementation will be delayed for another six months.

[4]. Seon, a fraud prevention platform in Hungary, has completed a round of financing of US $12 million

According to techcrunch, Seon, a Hungarian technology venture, recently announced the completion of a $12 million round of financing. This round of financing is led by creadum, and portfolion of OTP bank is also involved. This financing is a large-scale round a financing in Hungary so far. Seon is a fraud detection start-up that prevents fraudulent transactions by building users’ digital footprints to clean up fake accounts.

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