Fintech Daily Information Briefing on [October 16, 2020]
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The following is the Fintech Daily Information Briefing on [October 16, 2020] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.
[1]. EBA allows banks to include software assets in capital requirements estimates
On October 14, 2020, the European Banking authority (EBA) released the final version of the regulatory technical standards (Draft), which stipulates the prudent treatment of software assets. As the banking industry moves towards a more digital environment, EBA will allow banks to include software assets in their capital requirement calculations to help lenders improve their security buffer. Currently, EBA requires banks to pre deduct the value of software from their capital buffers. But banks point out that this is tantamount to discouraging them from spending money on important areas such as digitization and cyber security. In the future, EBA will closely monitor the development trend of software asset investment, including the link between the proposed Prudential treatment and the necessary investment of EU institutions in it development in areas such as network risk or digitization.
[2]. The New York Monetary Authority launched a technology sprint program to promote the digital process of financial reporting
On October 15, 2020, the New York Department of financial services launched the first technology sprint program (techprint), which aims to bring together relevant regulators and industry stakeholders to achieve the common goal of digital regulatory reporting (DRR), so that regulators can immediately and legally access data from regulated institutions. Previously, financial institutions regularly submit reports to regulators, sometimes once a quarter, sometimes even once a year, and reports are mostly transmitted in the old format, requiring manual processing, and sometimes the data quality is difficult to guarantee. At the time of the review, some of the data submitted may have lost their meaning. Therefore, the regulatory agencies must speed up the pace of reform and obtain the real-time information of the regulated institutions through innovative ways, which is particularly important under the current epidemic situation. It is understood that the plan will focus on virtual currency companies, because they have a clear leading edge in the digital field. The design workshop for this sprint program will be held this autumn, and the plan itself is expected to start in early 2021.
[3]. Ian Jenkins has been appointed chief financial officer and chief risk officer of Libra networks
Libra networks, a wholly-owned subsidiary of the cryptocurrency and payment organization Libra Association, is responsible for the daily operation and management of Libra payment system. Recently, the agency announced the appointment of Ian Jenkins as chief financial officer and chief risk officer of Libra networks. Jenkins has 30 years of senior leadership experience in the field of financial services. He has served as chief financial officer, chief compliance officer and chief operating officer of top international banks such as HSBC, Credit Suisse and Santander bank. In the past few months, Libra association has been expanding its management department, employing a number of senior executives, such as the chief compliance officer, the general counsel of the association, and the chief executive officer.
[4]. Root insurance submitted IPO application
According to a number of international media reports, root insurance, an insurance technology venture, has submitted a prospectus to the US securities regulatory authorities and plans to conduct an initial public offering on NASDAQ with a financing target of US $100 million. Goldman Sachs and Morgan Stanley will be the lead underwriters of the offering. Root insurance was established in 2015 to collect and analyze driving data through applications and smart phone sensors to provide customized automobile insurance services for users. At present, root insurance has been licensed in 36 states in the United States and operates in 30 of them. At the end of last year, root insurance also launched a new tenant insurance product. Root insurance is not the only insurance technology startup seeking open market funding. Lemonade, a housing and rent insurance provider, saw its share price soar on its first day of listing this summer and has continued to soar, with a recent market capitalization of more than $3 billion. In addition, Metro, another auto insurance start-up rival to root insurance, is also said to be considering an IPO.
[5]. EBA launched a public consultation on the revision of psd2 major event reporting standards
On October 14, 2020, the European Banking authority (EBA) launched a public consultation, proposing to amend the reporting criteria for major events in the payment services Amendment Act (Second Edition) (psd2). This proposal aims to optimize and simplify the reporting process, capture other related security incidents, reduce the number of operational events to be reported, and improve the significance of event reports received. The revision also aims to reduce the reporting burden on payment service providers (PSPS). The deadline for this public consultation is December 14, 2020.
[6]. Global agricultural giants join hands to create a blockchain platform covantis to track Brazilian grains
Bunge and Cargill, the world’s largest grain and oilseed companies, have formed a joint venture covantis to use blockchain technology in Brazilian agriculture. Covantis’s members also include other agricultural giants, such as Louis Dreyfus company of France, COFCO international, a Chinese state-owned enterprise, and Glencore agriculture, a Dutch multinational. The goal of the partnership is to unify industry data, promote communication among all participants, improve port logistics processes, etc., all of which will use blockchain technology. It is reported that the official platform is expected to be launched next year and will be tested for the first time in Brazil. Argentina and the United States are the next countries where covantis plans to use blockchain solutions.
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