Fintech Daily Briefing

Fintech Daily Information Briefing on [September 24, 2021]

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The following is the Fintech Daily Information Briefing on [September 24, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. FCA, the UK regulator, plans to use blockchain technology to strengthen its regulatory reporting

It is reported that the UK regulator FCA is planning to use blockchain technology to strengthen its regulatory report, because this will help reduce the cost of compliance inspection. According to statistics, there are about 20000 regulatory requirements involved in the UK regulatory report, covering 58000 companies, with an annual cost of 1.5 billion to 4 billion pounds. Nikhil Rathi, head of FCA, pointed out, “this is why we are cooperating with the Bank of England to carry out the digital regulatory reporting initiative. Through blockchain and API technology, connecting with the company and deploying machine-readable and executable regulations, compliance checks can be completed in near real time.” The agency will also use blockchain technology to supervise enterprises that are considered to have a larger amount of data. In addition, as the demand for data increases, enterprises may use, market or restrict data in a way that causes adverse user results.

[2]. Softbank invested in the $2.5 billion private equity fund of former US Treasury Secretary manuchin

According to the Financial Times quoted by the interface, following the Saudi Arabia public investment fund (PIF) and Mubadala in the United Arab Emirates, Softbank group of Japan also invested in a new private equity fund of US $2.5 billion established by former US Treasury Secretary manuchin only eight months after leaving office. It is reported that manuchin founded liberty strategic capital earlier this year to focus on financial services and technology.

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