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The rise and risk of private digital currencies

the rise and risk of private digital currencies

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Monica Singer is the creator of opportunities at ConsenSys, a US-based blockchain software technology company

I am concerned that central banks are so worried about protecting commercial banks that they don’t realise that the risk of inaction is greater than that of embracing innovation. The real risk comes from private companies that are in the process of issuing payment mechanisms that might entice depositors to never again have to use a legacy bank as they exist today.

A shift to the use of private digital currency or “stablecoins”—currency collateralised by fiat, cryptocurrencies, gold,  an algorithm or combination of financial instruments—could result in less use of fiat currency (currency issued by a central bank). Once this takes place, central banks will lose their ability to affect monetary policy and all their supply and distribution controls of the fiat currency will be thrown out the window. 

In addition to projects such as Libra, driven by Facebook, and Apple Pay, other major players including Google and Amazon want to come into this space and provide quasi-financial products. With Alipay and WeChat in China, people have slowly but surely stopped using cash. The Central Bank of China will soon release its …

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Marstone Inc. To Participate in Goldman Sachs Global 10th Annual Financial Technology Conference

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Marstone, Inc., a leading, independent digital wealth management platform, will be participating in Goldman Sachs Global 10th Annual Financial Technology Conference on September 10, 2020. Marstone’s Founder and CEO, Margaret J. Hartigan, as well as its Chief Financial Officer, Christopher LaVine, will

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US Federal Reserve Actively Working on Digital Dollar | Bitcoin News

us federal reserve actively working on digital dollar | bitcoin news

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The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. Legislation has proposed that each American could have an account at the Fed for transacting in the central bank digital currency.Several Digital Dollar InitiativesThe president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, outlined the Fed’s work on the country’s central bank digital currency (CBDC) during a speech at the 20th Anniversary Chicago Payments Symposium on Wednesday. Noting that the experience with emergency payments led by the coronavirus pandemic has accelerated the work in this area, Mester detailed:Legislation has proposed that each American has an account at the Fed in which digital dollars could be deposited, as liabilities of the Federal Reserve Banks, which could be used for emergency payments.She added that “Other proposals would create a new payments instrument, digital cash, which would be just like the physical currency issued by central banks today, but in a digital form and, potentially, without the anonymity of physical currency.”Mester explained that some designs of the digital dollar allow the central bank to directly issue the CBDC into end users’ wallets using central-bank-facilitated transfer and redemption …

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Quad countries deliberating on common approach on 5G technology

quad countries deliberating on common approach on 5g technology

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“Noting the importance of digital connectivity and secure networks, the officials discussed ways to promote the use of trusted vendors, particularly for fifth generation (5G) networks,” a statement by the US said on Friday after the meeting.The US, India, Japan and Australia are exploring to evolve a common approach on 5G telecom technology, expanding their strategic cooperation under the framework of Quadrilateral coalition or “Quad” which was primarily focused on the Indo-Pacific region.Officials of the four countries discussed the issue at a virtual meeting of the ‘Quad’ on Friday in the backdrop of growing reluctance by a significant number of countries in Europe and elsewhere to allow Chinese telecommunications giant Huawei Technologies to operate in their territories.Related NewsIt is learnt that India is already in touch with Japan for the development of 5G technology, and the issue was deliberated upon extensively during the first foreign and defence ministerial dialogue between the two strategic partners in November last year.“Noting the importance of digital connectivity and secure networks, the officials discussed ways to promote the use of trusted vendors, particularly for fifth generation (5G) networks,” a statement by the US said on Friday after the meeting.The US …

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A Look At The Power Shift From FinTech To TechFin

a look at the power shift from fintech to techfin

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KEY POINTSFinancial services is a sector with high entry barriers and traditionally meant for players with deeper pockets given the cost of compliance, physical distribution costs and issues of data-security.FinTech startups played a pivotal role in the entire chain and a sector that was not touched earlier suddenly became everyone’s play. With millennials becoming more and more comfortable using smartphones to pay for Uber, AirBnB, Amazon etc, the need for customer disintermediation arose and was well addressed by the FinTechs who had no overheads of physical distribution and were sitting on a lot of data.When Giovanni Caselli invented pantelegraph in 1865 little did he know there would be a fancy phrase “financial technology” coined 130 years after his invention. Pantelegraph, an early precursor to modern-day facsimile, was used for signature verification in banking transactions. Mind you, it would take 85 more years after the pantelegraph for the world’s first credit card to be introduced and the invention of the ATM machine was still 100 years away. Till the “tech” in FinTech was just an enabler, the equation was quite different. The technology disruption within the financial services industry has been quick over the last decade. So much that finance seems …

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California Governor Approves Debt Collection Licensing Act and State Consumer Protection Agency

california governor approves debt collection licensing act and state consumer protection agency

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California Gov. Gavin Newsom, facing a Sept. 30 deadline, approved the Debt Collection Licensing Act and legislation to create the Department of Financial Protection and Innovation (DFPI)—essentially a state version of the Consumer Financial Protection Bureau—Friday. The DFPI will include oversight of debt collectors and emerging financial technology products.It is welcome news for the accounts receivable management (ARM) industry and ACA International that the governor approved both these measures, allowing for a separate licensing process outside of the DFPI.The Debt Collection Licensing Act (SB 908), from California State Sen. Bob Wieckowski, D-Fremont, makes California one of 35 states to require a license for debt collection.The California Association of Collectors (CAC) advocated to ensure workable options for consumers and the ARM industry in the licensing bill.With the governor’s signature on the licensing bill, starting Jan. 1, 2021, the commissioner of the Department of Business oversight shall take all actions necessary to prepare to be able to fully enforce the licensing and regulatory provisions of this division, including, but not limited to, adoption of all necessary regulations by Jan. 1, 2022.Licenses will be required starting Jan. 1, 2022. Debt collectors that apply for a license before Jan. 1, 2022, would be allowed to operate pending …

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DailyPay’s CMO, Jeanniey Walden, Named as a

dailypay’s cmo, jeanniey walden, named as a

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Jeanniey Walden, Chief Innovation and Marketing Officer for DailyPay, has been named as a “Top 25 Women Leaders in Financial Technology” by the Financial Technology Report.This year’s awardees span executive leadership, marketing, HR, compliance, and security positions, among others, and all have adeptly and passionately fulfilled their unique leadership roles. This award recognizes women who have played a pivotal role in producing innovative, secure, and user-friendly financial technologies during a pandemic and an economically challenging time.”Jeanniey has displayed exemplary leadership and has driven record revenue growth through forward-thinking, innovative marketing campaigns at DailyPay,” said Jason Lee, CEO of DailyPay. “She is a powerhouse that is transforming the on-demand pay industry.”Walden is an award-winning and forward-thinking brand innovator who has played a pivotal role in the meteoric growth of DailyPay, the GOLD STANDARD in the on-demand pay ecosystem. In just over one year at the company, Walden has elevated DailyPay’s awareness with distinctive marketing initiatives that have delivered unprecedented growth for the company. In fact, her efforts have helped drive DailyPay’s revenue up +300% during her tenure while helping to secure partnerships with 80% of the Fortune 100 companies that offer an on-demand pay benefit.Walden has fostered an inclusive atmosphere, building …

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How Jack Ma built China’s money supermarket into a $200 billion company – KTVZ

how jack ma built china’s money supermarket into a $200 billion company – ktvz

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When Jack Ma launched an obscure payment service to boost his online shopping empire 16 years ago, few expected it to succeed. Now that service forms the backbone of Ant Group, a financial behemoth that could be worth more than $200 billion.

Named after a bug because of its founder’s belief that “small is beautiful, small is powerful,” Ant Group is anything but tiny in China. It’s gearing up for a highly anticipated public offering in Hong Kong and Shanghai that could mark the second time Ma sets a record for the biggest IPO ever.

“Ant Group really is the crown jewel of Jack Ma and … of China’s internet industry,” said Edith Yeung, general partner at Race Capital.

It is one of the biggest technology firms in the world and the biggest online payments platform in China. The app has established its presence in every aspect of financial life in China, from investment accounts and micro savings products to insurance, credit scores and even dating profiles.

But it all started out as a side project to plug a hole in China’s nascent online shopping industry. Back in 2004, very few people had debit or credit cards, and buyers and …

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Shanghai now third in ranking of global financial centers

shanghai now third in ranking of global financial centers

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Shanghai has been ranked among the top 3 global financial hubs, following New York and London, according to the 28th edition of the Global Financial Centers Index report launched on Friday.Shanghai moved up one place to third and Tokyo dropped one place to fourth, although only one point separates them in the ratings, according to the report jointly released by the city of London’s think tank Z/Yen Group and Shenzhen’s China Development Institute.Similarly, Hong Kong moved up a place to rank fifth and Singapore fell one place to sixth, again with only one point separating the two cities in the ranking.Shenzhen and Zurich entered the top ten in this edition, replacing Los Angeles and Geneva.Within the top 30 centers, Luxembourg, Boston, Seoul, and Madrid rose by more than five places.The index tracked 121 financial centers globally, with 111 centers in the main index.Regionally, Asia/Pacific Centers had a mixed performance in GFCI 28, with ten centers falling in the rankings and 14 rising. Taipei, Chengdu, and Qingdao all rose more than 30 places in the rankings.In a separate ranking of financial centers as competitive locations for fostering financial technology industry, New York ranked first, followed by Beijing, Shanghai, London, …

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Analysis: How Jack Ma built China’s money supermarket into a $200 billion company

analysis: how jack ma built china’s money supermarket into a $200 billion company

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Named after a bug because of its founder’s belief that “small is beautiful, small is powerful,” Ant Group is anything but tiny in China. It’s gearing up for a highly anticipated public offering in Hong Kong and Shanghai that could mark the second time Ma sets a record for the biggest IPO ever.”Ant Group really is the crown jewel of Jack Ma and … of China’s internet industry,” said Edith Yeung, general partner at Race Capital. It is one of the biggest technology firms in the world and the biggest online payments platform in China. The app has established its presence in every aspect of financial life in China, from investment accounts and micro savings products to insurance, credit scores and even dating profiles.But it all started out as a side project to plug a hole in China’s nascent online shopping industry. Back in 2004, very few people had debit or credit cards, and buyers and sellers using Alibaba’s (BABA) e-commerce platform needed a reliable way to handle payments.Ma tasked Alibaba’s finance team to create Alipay. The service would act as a trusted third party, holding money from buyers in escrow and only releasing it to sellers after the …

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