Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [May 08, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Without an insurance license, saling jaga, an internet mutual aid platform in Indonesia, announced its closure

Recently, according to local media Kompas, saling jaga, an online mutual aid platform in Indonesia, will be temporarily closed due to lack of insurance license. The novel coronavirus pneumonia, Saling Jaga, was created by Kitabisa, an online donation platform in Indonesia. By the end of March 2021, it has attracted 650 thousand users, providing 2 billion rupees (140 thousand yuan) for 500 major diseases, including new crown pneumonia. Kitabisa previously said that the saling jaga platform has been registered through the financial regulatory sandbox of the Indonesian Financial Services Authority (ojk). At present, kitabisa is communicating with ojk on this issue, and the saling jaga platform will no longer accept new user registration applications.

[2]. World Economic Forum: blockchain or subvert 867 trillion US dollars of traditional market

According to a report released by the world economic forum, many people expect that the line between traditional public shares and token private company shares will become blurred in the future. The report estimates that the scale of the traditional market to be changed may reach US $866.9 trillion, including the stock market, debt market, securitization products and derivatives. For the cryptocurrency industry which has developed rapidly, the opportunity may be huge. But, according to the world economic forum, it may take some time. The report said that although greater digitization is inevitable, great resistance may continue to limit the adoption of distributed ledger technology solutions, including limited leadership support and uncertain business cases, and the need for major restructuring of business operations.

[3]. ADA, a chat robot service provider, received $130 million in financing

Recently, ADA, a chat robot service provider, announced that it will obtain US $130 million in financing, and spark capital will lead the investment. ADA was founded in 2014 and is headquartered in Toronto. Prior to this financing, ADA had accumulated financing of US $60.6 million. In 2020, ADA has assisted customer organizations to complete more than 1.5 billion user exchanges. Well known Internet service providers such as zoom, Facebook and square all use ADA’s services.

[4]. Bank of Japan report: risks and advantages of defi coexist

The Bank of Japan (BoJ) payment and settlement system department recently released a review report, discussing the potential risks and advantages of defi. The report points out that the potential advantages of defi include: (1) intensifying competition in the financial sector( 2) Create new financial services( 3) Improve access to financial products and services. In addition, the report also points out some potential risks, including: (1) lack of supervision, which may lead to problems in the case of leverage agreement( 2) The smart contract has the risk of failure( 3) Due to the lack of centralized audit institutions, the protection of users is complicated. The report also deals with the issue of regulatory policies for the defi industry, pointing out that due to the nature of the defi industry, it will be extremely difficult to ensure the effectiveness of the supervision implemented by the central bank, financial regulators and the government.

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