Snippings

Philippe Gelis
CEO and Co-founder at Kantox

I believe embedded financial services will eventually become the driver of the next wave of disruption across many industries and business models.

From The Next Decade in Fintech is Embedded | LinkedIn:

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The first pillar focuses on European payment solutions that work cross-border and take full advantage of the potential of instant payments. The main policy initiative calls for the roll-out of instant payments by end-2021.
This is supplemented by measures designed to support the emergence of European players and pan-European solutions, also leveraging on digital identity (ID) solutions that marry convenience with safety, and broadening the network of acceptance of digital payments.

From What’s new in the new retail payments strategy for the EU?.

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South Korea’s Financial Services Commission (FSC) announced on Tuesday its decision to ban anonymous digital currencies that possess a high-risk of money laundering.
The regulator has added these new guidelines in its existing under the Special Payment Act, which specifically covers the legality of cryptocurrencies in South Korea. The new rules will come into force in March next year, barring all domestic cryptocurrency exchanges from offering services with such privacy coins.

From South Korea Will Ban Domestic Circulation of Privacy Coins:

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China Construction Bank (CCB) has tapped Hong Kong-based digital asset exchange Fusang for the issuance of $3 billion worth of debt securities over a blockchain.

According to a Wednesday report by the South China Morning Post, tokenized bond certificates will be issued through the state-owned bank’s Labuan, Malaysia, branch over a period of three months.

Notably, the digital securities will be exchangeable for bitcoin on the Fusang exchange, as well as U.S. dollars. Trading is slated to commence this Friday.

From World’s Second-Biggest Bank to Issue $3B in Bonds Tradable for Bitcoin:

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Using big data gleaned from their hold on online payments, firms such as Ant and Tencent have grabbed market share from commercial banks in the lucrative consumer loans space by providing easier access to credit for younger users, many of whom have little income or credit history.

From China Calls for Deeper Anti-Monopoly Oversight of Fintech:

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The UK has long been a pioneer in financial services and will remain at the forefront of technological innovation.

New technologies such as stablecoins – privately-issued digital currencies – could transform the way people store and exchange their money, making payments cheaper and faster.

From Chancellor sets out ambition for future of UK financial services – GOV.UK:

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New technologies such as stablecoins – privately-issued digital currencies – could transform the way people store and exchange their money, making payments cheaper and faster.

To harness the potential benefits of stablecoins, whilst managing risks to consumers and financial stability, the Government will propose a regulatory approach for relevant stablecoin initiatives that ensures they meet the same minimum standards we expect of other payment methods.

And as the UK takes a leading role in the global conversation on Central Bank Digital Currencies, the Chancellor welcomed work by HM Treasury and the Bank of England to consider whether and how central banks can issue their own digital currencies as a complement to cash.

From Chancellor sets out ambition for future of UK financial services – GOV.UK:

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Does the way that individuals pay for a good or service influence the amount of connection they feel after the purchase has occurred? Employing a multi-method approach across four studies, individuals who pay using a relatively more painful form of payment (e.g., cash or check) increase their post-transaction connection to the product they purchased and/or the organization their purchase supports in comparison to those who pay with less painful forms of payment (e.g., debit or credit card). Specifically, individuals who pay with more painful forms of payment increase their emotional attachment to a product, decrease their commitment to nonchosen alternatives, are more likely to publicly signal their commitment to an organization, and are more likely to make a repeat transaction. Moreover, the form of payment influences post-transaction connection even when the objective monetary cost remains constant and when the psychological cost is indirect (i.e., donating someone else’s money). Increasing the psychological pain of payment appears to have beneficial consequences with respect to increasing downstream product and brand connection.

From “Paper or Plastic?”: How We Pay Influences Post-Transaction Connection | Journal of Consumer Research | Oxford Academic:

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China’s Digital Currency Electronic Payment (DCEP) will not compete with WeChat Pay and Alipay, the head of the programme clarified for the first time on Sunday. The two digital wallets had a combined 94 per cent share of the country’s mobile payments industry in the second quarter, according to iResearch.
“They don’t belong to the same dimension. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet,” said Mu Changchun, the head of the research institute for digital currency at the People’s Bank of China.

From China’s digital currency will not compete with mobile payment apps WeChat and Alipay, says programme head | South China Morning Post:

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Experian is tapping Open Banking to help Brits instantly improve their credit scores by using their council tax and Netflix and Spotify subscription payments.

From Experian lets Brits use Netflix subscriptions to boost credit scores:

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