Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [October 22, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. The IMF lowered its economic growth forecast for the Asia Pacific region in 2021 to 6.5%

It is reported that the International Monetary Fund (IMF) released the Asia Pacific Economic Outlook report on October 19, 2021. According to the report, by the influence of COVID-19 and other factors, the Asia Pacific region’s economic growth is expected to be 6.5% in 2021, down 1.1 percentage points from the April forecast.

[2]. Us: cfpb investigates payment data applications of large technology companies such as Amazon

On October 21, 2021, the U.S. Consumer Financial Protection Bureau (cfpb) sent a notice to Amazon, apple, Facebook, Google, paypal and square, requiring them to submit information about the data application plan of the company’s payment system, including data access and profitability, whether restricted access and other consumer protection measures are involved. Cfpb said that in recent years, many large technology enterprises have begun to provide digital payment services, which not only brings convenience to consumers, but also may bring new risks in market fairness, transparency and competition. Cfpb hopes to use this survey to help monitor the risks faced by consumers and introduce research results and policies in line with the public interest.

[3]. The British government launched a consultation on the regulation of the “buy first and pay later” industry

In recent years, the “buy before pay” (bnpl) industry has developed rapidly, with the emergence of industry giants such as klarna and confirm, and the banking industry is also actively involved. Statistics show that since covid-19, 5 million of the UK consumers have used BNPL services, with a total value of 2 billion 700 million. Although this innovation provides consumers with an alternative to more expensive credit, because the industry itself has not been regulated, consumers may plunge themselves into a debt crisis due to excessive consumption. Therefore, on February 2, 2021, the financial conduct authority (FCA) announced that it planned to introduce new regulations to regulate the bnpl industry. On October 21, 2021, the British government announced a public consultation on the regulation of this industry, mainly focusing on the regulatory perspective, regulatory policy options, etc. the deadline is January 6, 2022.

[4]. Bank of France conducts national debt test on CBDC

An institutional consortium led by Euroclear has successfully tested the central bank digital currency (CBDC) to settle French government bonds on the test blockchain. The experiment was commissioned by the Bank of France, including Agence France tr é SOR, BNP Paribas CIB, Cr é DIT Agricole CIB, HSBC and Societe Generale. IBM provides Euroclear with design expertise and all platform capabilities, including privacy protection tokens and hybrid cloud capabilities. The purpose of this experiment is to evaluate whether a wide range of operations and functions can be run on the blockchain platform, and determine the added value of blockchain technology from the perspective of users. The pilot scope covers a series of core securities settlement businesses such as securities issuance, primary and secondary market transactions, repurchase, interest payment and other liquidity optimization mechanisms. The experiment also shows that the blockchain platform can coexist and interoperate with the existing market infrastructure.

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