Snippings

xxx

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:

xxx

xxx

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:

xxx

xxx

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:

xxx

xxx

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:

xxx

xxx

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:

xxx

xxx

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:

xxx

xxx

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:

xxx

xxx

“We do not have sufficient visibility as to the impact of the DCEP on consumers’ payment behavior and the payment industry,” the company said in its IPO prospectus. “It is not clear how the DCEP will fit into or change the current digital payment industry landscape.”

Chinese tech titan Jack Ma: digital currencies may be wave of future:

xxx

xxx

Norges Bank conducted a new payments survey three weeks ago. Only 4 percent of payments are now made using cash.

From Ida Wolden Bache: Central bank digital currency and real-time payments:

xxx

xxx

Cointelegraph reported on two mysterious transactions that each spent $2.6 million in fees to transfer roughly $130 worth of Ether. Analysts offered various explanations for the transactions, including a potential bug in a money laundering bot, revenge against a former employee, or simple human error.

From ‘I destroyed my life’: Uniswap trader spends $9,500 in fees on $120 transaction:

xxx