Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 23, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. The governor of the Bank of England proposes to take advantage of technology giants to crack down on financial fraud

Recently, according to foreign media reports, Andrew Bailey, President of the Bank of England, has been lobbying Priti Patel, home secretary, to add provisions to the online harms bill, asking internet technology giants such as Google to help crack down on financial fraud websites. In response, a spokesman for the Bank of England said the issue was within the purview of the financial conduct authority, not the Bank of England. It is reported that the online harm act only stipulates the responsibility of Internet giants to help fight terrorism, and the increasingly serious problem of online financial fraud since COVID-19 has not yet been included. Earlier, Google had said it would shut down fraudulent websites after receiving notice, and expressed dissatisfaction with the difficulty of implementing the anti fraud regulations provided by regulators.

[2]. Danish Red Cross cooperates with several companies to launch catastrophe bonds supported by blockchain

Recently, the Danish Red Cross announced that it has cooperated with blockchain technology company repexus, insurance company Howden group and risk management platform mitiga solutions to issue the first $3 million blockchain supported catastrophe bond for volcano related disasters. The volcanoes are located in Cameroon, Chile, Colombia, Ecuador, Guatemala, Indonesia and Mexico. Once the volcano erupts, the Danish Red Cross can immediately obtain funds to support the countries concerned.

[3]. UK digital bank Zopa gets 20 million pounds financing

Recently, Zopa, the UK digital bank, announced that it will obtain 20 million pounds of financing. The financing was led by IAG silvertripe and participated by Augmentum, waterfall and venture foundations. Zopa started as a P2P loan business and gradually grew into a leading force in the field of online loan. In June 2020, Zopa bank officially obtained a full banking license and operated independently of the P2P loan business Zopa limited. At present, Zopa bank has launched time savings accounts and innovative credit card services, attracting deposits of 250 million pounds.

[4]. Digital bank revolut submits license application in the United States

Recently, digital bank revolut announced that it has formally submitted an application for a U.S. banking license on the first anniversary of its landing in the U.S. market. At present, revolut is cooperating with metropolitan commercial bank to carry out business, and this mode of jointly authorizing banks has become a common practice for many financial technology enterprises to enter the U.S. market. Founded in 2015, revolut has accumulated $1 billion in financing, with a platform valuation of $5.5 billion and about 15 million users worldwide. In December 2018, revolut obtained the EU banking license issued by Lithuanian regulatory authorities, and carried out banking services in Central Europe. In January 2021, revolut submitted a license application to the financial conduct authority (FCA) of the UK, preparing for seizing the Digital Banking Market in the post brexit era.

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