Banking and Finance

Mobile Payments Still Far From Replacing Cash in Southeast Asia

Mobile Payments Still Far From Replacing Cash in Southeast Asia

According to recent data by research firm IDC, mobile payments are still facing an uphill battle against cash in the Southeast Asian region where more than 70% of the 600 million-plus people do not use banks. IDC found that 44% of total e-commerce transactions last year was still made in hard currency. Some obstacles to the adoption of mobile payment is low monthly income, which is around $200 on the average in Vietnam and Indonesia, the lack of a dominant player in the space, slow and spotty internet connectivity, and the impression of customers that such kind of payment method […]

Socially Conscious Firms Sell, Rethink Facebook Holdings

Socially Conscious Firms Sell, Rethink Facebook Holdings

A number of socially conscious investment firms are reportedly dumping or rethinking their Facebook holdings, prompted by the social network company’s unsatisfactory response to the privacy and data protection issues it had recently been involved in. On its plan to sell 111,000 Facebook shares, Domini Fund’s Adam Kanzer said that the tech giant’s problems were founded on a lack of sufficient attention to consumer privacy and data security, compounded by inadequate governance. Meanwhile, Emma Doner from April Eaton Vance Corp unit Calvert Research and Management said that Facebook’s lax controls meant that  the company had clearly violated users’ fundamental right […]

Grab, Maybank Partners for Adoption of Mobile Wallet in Malaysia

Grab, Maybank Partners for Adoption of Mobile Wallet in Malaysia

Ride-hailing firm Grab and Malayan Banking Bhd revealed last Monday that they will be partnering to push the adoption of the GrabPay mobile wallet in Malaysia which will be launched in beta in the next few weeks.   Grab, which received its e-money license from Bank Negara Malaysia in 2017, has already made GrabPay available in other countries in various applications. However, Malaysia will be the second market where the wallet can be used to pay in restaurants and shops Source: Reuters

New Report Says $1 Billion Already Invested in Fraudulent ICOs

New Report Says $1 Billion Already Invested in Fraudulent ICOs

A new report from the Wall Street Journal said that investors had already put in around $1 billion into initial coin offerings that bore a number of red flags for fraud. According to the WSJ, 271 out of 1,450 digital coin offerings raised red flags such as fake executive information or plagiarized documents, while 111 had re-written or fully plagiarized white papers. In one case, a Polish banker named Jenish Mirani even said that his photo was used to portray the co-founder of an online payment project called Denaro. It is said that while coin sales or initial coin offerings […]

Twitter’s Jack Dorsey Supports Adoption of Bitcoin

Twitter’s Jack Dorsey Supports Adoption of Bitcoin

Twitter CEO Jack Dorsey recently expressed his interest in cryptocurrencies such as Bitcoin and said that he would like to see it adopted as global means of payment. Dorsey, who is also CEO of Square, said that he believes Bitcoin, or another cryptocurrency, will become the internet’s native currency. It is said that Dorsey wants to have his company at the forefront of cryptocurrency adoption as it would lower the barrier for Dorsey’s payments company to enter new markets. According to Nomura Instinet, Square’s mobile payment app, which was launched in January, is growing faster than PayPal’s Venmo partly due […]

Crypto Payments Still Not Legal Under Russia’s “Digital Law”

Crypto Payments Still Not Legal Under Russia’s “Digital Law”

Izvestia, the news portal of the Russian Ministry of Information Technologies, recently reported that cryptocurrencies will still not be considered a legitimate method of payment under the country’s “digital bill” which is expected to establish a legal basis for digital rights and digital transactions. President Vladimir Putin had previously ordered the central bank and the government to submit an assessment of cryptocurrency, including the risks involved and the technological solutions it may offer in banking. However, it may follow from the bill that such currencies may be used as payment “in controlled quantities” in the future. It is said that […]

Mexico Central Bank Forms Cybersecurity Team After Hacking Incident

Mexico Central Bank Forms Cybersecurity Team After Hacking Incident

The central bank of Mexico revealed Tuesday that it has created a cybersecurity unit after a hacking incident last April on a domestic payments system that affected a number of banks in the country. Central bank Governor Alejandro Diaz de Leon said that he expects the measure will prevent such attacks from happening again. Fermin Gonzalez, head of forensic services at PricewaterhouseCoopers in Mexico.added that the attack was quite similar to the Bangladesh central bank cyber heist in 2016 where the hackers got away with around $81 million The central bank did not reveal which banks had been affected, but […]

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

HSCB Claims “World’s First” Trade Finance Transaction Via Blockchain

Lat Monday, HSBC says that it has conducted the world’s first trade finance transaction using blockchain technology when it issued a credit letter for U.S. food and agriculture company Cargill. The letter of credit, which is a guarantee from one bank to another, was Issued by HSBC to Dutch firm ING for a bulk shipment of soybeans from Argentina to Malaysia. HSBC and ING revealed that the transaction, which normally would take 5 to 10 days, was done within 24 hours. The transaction was performed on a platform developed by blockchain start-up R3 called Corda which is already being used […]

China Targets National Blockchain Standards by 2019

China Targets National Blockchain Standards by 2019

It was revealed in an interview this week that China is already working on a national standard for blockchain technology. The Electronic Industry Standards Research Institute under China’s Ministry of Industry and Information Technology said that the standards will be developed for implementation in multiple sectors encompassing various decentralized designs. Director of the Blockchain Research Office Li Ming also confirmed a nationwide ‘Blockchain and Distributed Accounting Technology Standardization Committee’ is already being established by the combined effort of a number of relevant government departments. He added that basic standards, business and application standards, process and method standards, credible and interoperable […]

Australia Considers Blockchain for Trade Supply Chain Visibility

Australia Considers Blockchain for Trade Supply Chain Visibility

Australia’s Department of Home Affairs (DHA) has reportedly proposed the use of blockchain technology to modernize the government’s approach to the country’s trade process. The DHA told the Joint Standing Committee on Trade and Investment Growth last Thursday that it is looking at emerging technologies such as blockchain, artificial intelligence, and Internet of Things (IoT) for a suitable framework. A department spokesperson said that since a majority of traders are trusted and interact in a secure and transparent supply chain, the use of blockchain technology should improve the veracity, validation, and analysis of intelligence and trade data. Source: ZDNet

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