Facebook Launches Mobile Payments in Indonesia / Bitcoin Powered Venmo of Africa / U.K., China, and Dutch Digital Currencies
April 29, 2020
This week in the landscape…
Facebook has planned to collaborate with three digital FinTech firms from Indonesia named Gojek’s GoPay, Grab-backed Ovo, and state-owned LinkAja, aiming at applying for regulatory approval to launch mobile payments in the country. It would become the first such service under the social media giant’s Facebook Pay application allowing users to make payments through various platforms, including WhatsApp and Instagram, if approved by the country’s financial regulator…read more
The approach towards central bank digital currencies (CBDC) by 235-year-old Bank of England (BoE) outlines an entirely different picture rather than as a stodgy and stuffy institution. However, different emerging payment channels like Facebook’s Libra entering the marketplace, the Bank of England grows concerned that these developments will impact its mission of maintaining monetary and financial stability…read more
FinTechs VCs recently surveyed on the state of the FinTech industry, market signals tracking, and opportunity areas within the already-crowded pool of financial services during the COVID-19 pandemic. The collection of themes noted from the investors being followed is investing pace, flight to quality, varied impacts, and uncertainty…read more
Global tech giants like Facebook compete to bring cryptocurrency-enabled financial services to Africa, a rising tide of indigenous projects, including bitcoin payments app Bundle and musician-entrepreneur Akon’s akoin, are taking steps of their own to leap-frog traditional finance altogether. Bundle joins numerous tech giants working on ventures in Africa…read more
McDonald’s, along with coffee giant Starbuck and Subway, have been named as one of the 19 retail firms and restaurants that will be first to try out China’s Digital Yuan in the new district of Xiong’An. The pilot project is considered to be the next step in China’s DCEP plan, and the PBoC as state-owned commercial banks have already begun developing digital wallet applications and designing the Digital Yuan…read more
The hype of blockchain has ebbed in the past few years but its promises are still very real. Cost savings, transparency, and new paradigms for financial services (i.e. new sources of revenue) are closer than most people would imagine — even though countless, over-hyped proofs of concept have led to more reluctance than revenue…read more — by John Wu of AVA
There are groups of blockchain projects that are coming together to fight the battle against COVID-19 and bring back ‘normalcy’ to our world. The different projects are like MiPasa blockchain consortium launched to track COVID and identifying hotspots; COVID-19 Credentials Initiative (CCI) to verify the citizens with blockchain-powered ‘Immunity Passes’; Stanford University’s Folding@home distributed computing project to pool GPU power to search for a COVID-19 cure, and many other projects…read more — by BLOCKDATA
DeFi (Decentralized Finance)
The AVA blockchain protocol has reportedly introduced the framework for a public testnet, mainly referred to as “the internet of blockchains. The key feature of the framework is “empty framework,” allowing interoperability between AVA and any blockchain networks. The main motto is to create an open ecosystem where things of value can be currencies, can be assets, can be gold, can be whatever it may be, are created and shared, and moved around freely.…read more
Dharma has just launched new functionality that allows people to send money to any Twitter handle, even if recipients don’t have a Dharma account. The recipients will start earning interest on it as soon as the money arrives. The company enables users to tap into the Compound’s liquidity pool rather than offering a platform built on its proprietary smart contract…read more
Digital Currencies / Stablecoins
Continuing the expansion of highlighting the activity around Central Bank Digital Currencies (CBDCs) and Stablecoins. While this section may not always appear, this week had a lot of activity.
The Dutch central bank has released a report stating that it was “ready to play a leading role” with research and development into its own digital currency as well as a Europe-wide digital currency. The bank considers money as a risk both physically due to the transmission of COVID-19 and financially with an uncertain economic future as the race for CBDCs accelerates…read more
More For Your Week:
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