What The FinTech #94: 1 May 2022
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DBS Foundation’s flagship grant programme is now open for applications!
Since 2014, DBS Foundation has been supporting social enterprises (SEs) grow their businesses and create positive impact. With our grant funding and access to the bank’s resources, which include skills- and capacity-building, networking and business opportunities, many SEs have deepened their social and environmental impact.
Recognising that small to medium-sized enterprises (SMEs) are crucial engines of growth in many economies, we are extending our DBS Foundation Grant Programme to help SMEs transform their existing businesses into sustainable and inclusive models to drive impact.
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What was the FinTech this week in: 📰
HONG KONG
Standard Chartered leaps into the metaverse
Hong Kong virtual insurer OneDegree widens cryptocurrency coverage to NFTs, signs three-year deal with Munich Re
HKMA launches regtech knowledge hub, bitcoin rises
Standard Chartered leaps into the metaverse
Standard Chartered has acquired a virtual plot of land at The Sandbox metaverse’s Mega City district, a culture hub inspired by Hong Kong creative artists. Led by SC Ventures, Standard Chartered Group’s innovation, fintech investment and ventures arm, SCBHK will actively engage its clients, partners, staff, and the tech community, to explore cocreation opportunities in this space, with the goal of experimenting and building new experiences for clients, as well as bringing the local sports and art communities into the metaverse. Standard Chartered joins HSBC, CaixaBank's Imagin, Siam Commercial Bank and JPMorgan in making an investment in the metaverse, a thriving virtual economy which Citibank analysts believe could be worth $13 trillion by 2030.
Hong Kong virtual insurer OneDegree has partnered with Munich Re to cover a wider array of digital assets, amid expectations of more demand from non-fungible token (NFT) holders seeking protection against hacks and theft. Through its three-year partnership with the Munich-headquartered reinsurer, OneDegree is expanding its OneInfinity cryptocurrency insurance service to clients such as firms dealing with NFTs, asset managers and banks. Growth in the value of such digital assets has made their owners more vulnerable to hacks and theft. In 2021, the 10 largest hacks accounted for 56% of the total US$3.2 billion in cryptocurrency stolen from individuals and service platforms.
HKMA launches regtech knowledge hub, bitcoin rises
The Hong Kong Monetary Authority (HKMA) launched the Regtech Knowledge Hub to encourage greater sharing of Regtech adoption experience and expertise within the Regtech ecosystem in Hong Kong. This Hub would provide an online platform for the regtech community, including banks and regtech providers, to share success stories and implementation experiences. The Hub’s launch is accompanied by three innovative Regtech use cases. These include: A Digital Ledger Technology-based foreign exchange (FX) settlement solution that helps to reduce FX settlement risk; Alternative credit risk assessment solutions for small- and medium-sized businesses made possible by Application Programming Interface and Federated Learning; And, solutions based on artificial intelligence for assessing the credit risk of corporate loans; Elsewhere, Trace Network Labs, a crypto exchange, has announced that it will list the Metaverse Token “TRACE” on its platform. Trace is a widely popular metaverse token used for accessorising digital avatars.
SINGAPORE
Nium to Acquire Alternative Payments Network Platform Socash
OCBC partners MVGX; aims to roll out new green financing solutions later this year
Revolut Singapore’s Customers Will Soon Be Able to Trade Crypto Within the App
Nium to Acquire Alternative Payments Network Platform Socash
Global payments platform Nium announced a definitive agreement to acquire Socash, a Singapore-based alternative payments network platform. Socash brings together financial institutions and digital commerce merchants into a network that allows consumers to deposit, withdraw, and make payments with cash from more than 30,000 local shops, cafes, and grocery stores. The acquisition of Socash allows Nium to accept cash for online transactions. This move also provides Nium with the team and technology to enable multiple forms of local payment acceptance for digital commerce, especially in emerging markets.
OCBC partners MVGX; aims to roll out new green financing solutions later this year
OCBC announced yesterday its partnership with a Singapore-based carbon exchange as it aims to roll out new green financing solutions for large corporates looking to simplify their path to carbon neutrality later this year. The partner, Metaverse Green Exchange (MVGX) – previously known as Cyberdyne Tech Exchange – is a digital green exchange regulated by the Monetary Authority of Singapore. The companies said the financing solutions are devised as carbon credits have become particularly important for companies in hard-to-abate industries such as shipping, steel and energy. They will involve tokenised carbon credits issued by MVGX. These tokens are supported by the exchange’s distributed ledger technology that can provide companies with a verifiable, immutable and constantly updated record of the carbon performance of the climate-action projects that they have invested in.
Revolut Singapore’s Customers Will Soon Be Able to Trade Crypto Within the App
Challenger bank Revolut has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate a fully regulated cryptocurrency service, along with merchant acquiring services. Revolut Technologies Singapore (RTS) is already licensed as a Major Payment Institution (MPI) in Singapore, while its sister company Revolut Securities Singapore (RSS) holds a Capital Markets Services (CMS) license. As a result of this approval, RTS will be able to provide digital payment token services, which include allowing customers in Singapore to buy, sell, and hold cryptocurrency in their Revolut app.
CHINA
WeBank's New Brand, WeBank Blockchain, to Promote ESG Strategies
Meituan launches livestreaming assistant App
Baidu contributes to launch of World’s first digital collection featuring Lunar Soil
WeBank's New Brand, WeBank Blockchain, to Promote ESG Strategies
WeBank, the Chinese digital bank, announced its new brand, WeBank Blockchain, which will develop financial infrastructure and blockchain technology to promote environmental, social and governance (ESG) investment strategies. WeBank Blockchain’s goals include promoting high-quality development, digital economy and carbon neutrality. A press release noted that WeBank has been looking into blockchain to boost efficiency of digital and inclusive finance services. The bank has extended its FinTech capabilities into government affairs, healthcare and agriculture.
Meituan launches livestreaming assistant App
Chinese e-commerce platform Meituan has recently launched a product called “Meituan Livestreaming Assistant,” a free tool intended for online merchants and internet influencers. Livestream hosts can broadcast at any time using this app. This new service has improved the previous livestreaming functions offered by Meituan. For example, it can now send out advanced notices for livestreaming sessions, and support hosts through various methods for selling products, such as group purchases, exchange vouchers, tickets and group orders. Through this new app, many new fields have been added to the livestreaming platform, including group purchase, e-commerce and food delivery functions. It can be seen that the company is paying close attention to the development of its livestreaming business.
Baidu contributes to launch of World’s first digital collection featuring Lunar Soil
The online launch ceremony for China’s Space Day 2022 was held on Sunday. An AI-composed version of “The East is Red” (Dongfanghong) paid tribute to the history of China’s space program, and the Zhurong and Space Rabbit digital characters announced the winners of design activities for the Chang’e-7 mission and asteroid exploration. On the day, the Chinese Lunar Exploration Program (CLEP) also released the world’s first digital collection featuring lunar soil on Baidu Xuper Chain, a highly flexible blockchain architecture with great transaction performance. In 2020, the Chang’e-5 spacecraft returned from space with 1,731 grams of moon samples, realizing China’s first unmanned lunar sampling return.
ASIA
Bank Negara Malaysia Announces Much Anticipated Digital Banking License
India’s ICICI Bank Opens Digital Banking Services to All Small Businesses
Philippines BDO Unibank urges tough Cybercrime oversight
Consumers in Malaysia get NFC top-up for contactless fare, toll and parking payments cards
Adyen payments platform selected by Amazon Japan
Bank Negara Malaysia Announces Much Anticipated Digital Banking License
Bank Negara Malaysia (BNM) wishes to announce the five successful applicants for the digital bank licences as approved by the Minister of Finance Malaysia. The first three applicants are to be licensed under the Financial Services Act 2013 (FSA), and the last two applicants are to be licensed under the Islamic Financial Services Act 2013 (IFSA).
a consortium of Boost Holdings Sdn. Bhd. and RHB Bank Berhad;
a consortium led by GXS Bank Pte. Ltd. and Kuok Brothers Sdn. Bhd; and
a consortium led by Sea Limited and YTL Digital Capital Sdn Bhd.
a consortium of AEON Financial Service Co., Ltd., AEON Credit Service (M) Berhad and MoneyLion Inc.
a consortium led by KAF Investment Bank Sdn. Bhd.
India’s ICICI Bank Opens Digital Banking Services to All Small Businesses
ICICI Bank will be rolling out India’s first comprehensive “digital ecosystem” for all SMEs in the country. That will include customers of other banks, according to a press release yesterday. The ecosystem will come with three pillars, “1) enhanced banking services for existing customers, 2) banking services to SMEs, who are customers of other banks, iii) a range of value-added services for all,” according to the report. This is a change from the current practice in which the banks only offer services for their customers. Users can get these benefits by downloading the new version of the InstaBIZ app, which is a super app for businesses.
Philippines BDO Unibank urges tough Cybercrime oversight
The country’s biggest bank, BDO Unibank Inc., is asking that the next president ratchet up legislation and enforcement to thwart cybercrime. BDO Unibank President Nestor Tan said during an annual general meeting that many financial service providers operating now don’t fall within the scope of central bank regulations. For the safety of consumers and the constitution of the banking industry, officials must examine how new financial players should be regulated relative to banks. He added that lawmakers also need to have laws in place that serve as a deterrent to cybercriminals. The family of the late billionaire Henry Sy owns BDO, and the bank recently lost money after an online fraud channeled funds to accounts at another Philippine lender. BDO Unibank is continuing to sustain digital innovation while making its business strategies stronger.
Consumers in Malaysia get NFC top-up for contactless fare, toll and parking payments cards
Public transport users and motorists in Malaysia can now top up their physical Touch ’n Go prepaid contactless fare, toll and parking payments card directly from their NFC smartphone. Touch ‘n Go has rolled out an upgraded version of the prepaid card that allows holders to transfer funds from their Touch ’n Go eWallet app to their physical card by tapping it on the back of their iOS or Android device. The upgraded Touch ’n Go card can be used to make contactless payments for train and bus fares, parking and road tolls as well as for in-store payments at retailers that support the service.
Adyen payments platform selected by Amazon Japan
Adyen, the global financial platform of choice for leading companies, is now processing payments for Amazon Japan. Using Adyen’s platform, Amazon Japan will further optimize the payment data and checkout experience for its Amazon.co.jp customers. Adyen’s direct acquiring and data-rich insights enable Amazon Japan to provide a more seamless flow for its customers, whether they’re shopping from Japan or overseas.
BLOCKCHAIN - CRYPTO - DIGITAL ASSETS - DE FI
Binance Launches Refugee Crypto Card for Displaced Ukrainians
Fidelity to Offer Crypto in Retirement Accounts This Year
Twitter taps Stripe to let creators get paid in USDC stablecoin
Bitcoin becomes official currency in Central African Republic
Animoca Brands, Planet Hollywood form NFT, metaverse joint venture
Binance Launches Refugee Crypto Card for Displaced Ukrainians
Binance said that it has launched the Binance Refugee Crypto Card (BRCC) for Binance users from Ukraine who were forced to move to the European Economic Area (EEA) countries due to the ongoing war with Russia. The BRCC has been designed to allow displaced Ukrainians to make crypto transactions and complete purchases at EEA retailers. Local non-profit organisations will help in verifying refugees for the BRCC, who will receive 75 BUSD (US$75) in the card per month for three months. Binance has said that the BUSD cryptocurrency will automatically be converted to local currency during the card payment.
Fidelity to Offer Crypto in Retirement Accounts This Year
Fidelity, the largest retirement plan provider in the United States, announced plans to offer bitcoin in 401(k) retirement accounts to its account holders later this year. The company is set to allow investors to allocate up to 20% of their 401(k) accounts to bitcoin. The launch is expected to take place by midyear. The offering, which Fidelity is calling its Digital Assets Account, will hold bitcoin and short-term money market investments to provide the liquidity investors would need to engage in daily transactions if they choose to do so. The currency will be held in custody with Fidelity Digital Assets to ensure “institutional-grade security,” the company said.
Twitter taps Stripe to let creators get paid in USDC stablecoin
Stripe is piloting a new crypto payouts feature with Twitter, letting creators on the social media app collect their earnings in the USDC stablecoin. Eligible users of Twitter's Ticketed Spaces and Super Follows monetisation products will be able to receive their earnings in USDC, the stablecoin issued by Circle. Once creators receive their earnings, they can hold their balance on Polygon, or choose to bridge to Ethereum and exchange it into another currency. Stripe says it plans to add support for additional rails and payout currencies over time and to bring the service to other businesses.
Bitcoin becomes official currency in Central African Republic
The Central African Republic (CAR) has approved Bitcoin as legal tender - the second country to do so. Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency. The country currently uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa. El Salvador became the first country to adopt Bitcoin as an official currency in September 2021 - a move criticised by many economists, including the International Monetary Fund, which said it increased the risk of financial instability.
Animoca Brands, Planet Hollywood form NFT, metaverse joint venture
Blockchain games developer and investor Animoca Brands announced that it was partnering with the Planet Hollywood Group to form ‘MetaHollywood’, a non-fungible token (NFT) and metaverse joint venture. MetaHollywood plans to tokenize and sell over 60,000 of Planet Hollywood’s movie memorabilia, including photography and movie posters. There are also plans to build a marketplace where movie studios and creators can sell NFTs to fans, such as behind-the-scenes clips. A native utility and governance token for MetaHollywood will also be launched. The HWOOD token will allow holders to influence decisions over community development. 12% of the token’s supply will be allocated to MetaHollywood’s marketing fund and 10% to the fashion and content development fund for purchasing licensing rights. Only 0.5% of the token’s supply will be for public sale.
Articles that may interest you on this subject:
Revolut Looks to Expand to Crypto Wallets, Mortgages => here
Portal partners with HighCircleX to tokenize pre-IPO shares => here
Volatile Interest Rates in DeFi May Be A Thing of the Past with iGain IRS => here
Meta to Launch Horizon Metaverse in 2022 => here
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