A library of snippets
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there is indeed every possibility of competition between these approaches stimulating innovation in the short-term but then a longer-term convergence as the platforms for exchanging digital asset tokens are used to implement both private tokens and public tokens (including CBDCs).
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As for data flowing to and from banks, the benefits of sharing are indisputable. “The value of information coming from a network of banks is thousands of times higher than the information any one bank has, because you can see not just where the money came from, but where it went, and where it went from there, and so on. It gives you a picture of the network,” says the head of a large international bank.
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Three big problems hobble the fight against financial crime: a lack of transparency; a lack of collaboration; and a lack of resources.
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As a result, the numbers tell of a war being lost. The “Global Threat Assessment”, a report by John Cusack, an ex-chair of the Wolfsberg Group, an association of banks that helps develop AML standards, estimates that $5.8trn-worth of financial crime was perpetrated in 2018—equivalent to 6.7% of global GDP. Statistics on how much is intercepted by authorities are patchy. A decade-old estimate by the United Nations Office on Drugs and Crime put it at just 0.2% of the total. In 2016 Europol estimated the confiscation rate in Europe to be a higher but still paltry 1.1%
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use of fintech is likely to rise with the launch of the sovereign digital currency, since individuals without a bank account will be able to access the digital currency and therefore be poised to use other fintech products.
From How Will China’s Sovereign Digital Currency Affect Fintech? – The Diplomat:
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Successfully implementation and scaling up the DCEP (within China and eventually beyond its borders) would empower China to potentially rewrite international norms, values, and ethics in financial technology.
From China’s Digital Currency: Implications for the US – The Diplomat:
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The Prudential Control and Resolution Authority (ACPR), which operates under the Banque de France, issued a statement on 6 April. It stated that “the term ‘neobank’ must necessarily qualify a credit institution”.
From France’s central bank warns fintech industry of rules using term “neobank”:
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The company’s Chapter 11 filing attributes Cred’s decline to former Chief Capital Officer James Alexander and his decision to on-board an asset manager who was later alleged to have committed fraud. The firm also singles out Alexander’s alleged “misappropriation” of customers’ digital assets, which, the filing claims, limited the company’s ability to hedge against fluctuating crypto prices.
From Bad Loans, Bad Blood: How Crypto Lender Cred Really Went Bankrupt- CoinDesk:
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On March 8, an examiner looking into the failure of Cred – Alexander’s most recent company – claimed that Alexander had escaped from a UK prison in 2008 while serving time for fraud. His oversight of Cred’s assets is currently under scrutiny, and the company’s creditors have asked a court to issue a warrant for his arrest.
From Fugitive to Fintech? Examiner Says Cred Exec Hid a Criminal Past:
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The only detainee listed as having escaped on October 15, 2008 is James Demorges. The examiner also cited a name-change document filed in Minnesota; Minnesota state court records show that one James Alexander changed his name in 1994 to James Alexander De Morges, court spokesman Kyle Christopherson told Insider.
From Fugitive to Fintech? Examiner Says Cred Exec Hid a Criminal Past:
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The contactless change also impacting employee pay for the better: servers are no longer reliant on tips
From Some restaurants thriving after going fully contactless:
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Matt Harris, an Orum investor and partner at Bain Capital, says the “most aggressive” implementation of a digital dollar would be where every American has a bank account at the Federal Reserve and could move his money instantly.
From Orum Raises $21 Million To Speed Up Bank Payments From Five Days To One:
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