The June 2020 fintech and banking technology news summary
from Startup News Asia
A wide-ranging overview of fintech and bank-tech news reported in June 2020, focusing where possible on Asia-Pacific.
Articles in June 2020 touched on digital currency, blockchain-backed systems, social impacts of financial tech, government responses to cryptocurrency and more.
Each headline links to the original article it was pulled from; each article was also posted to Startup News Asia’s news feeds on social media and to the Startup News Asia app.
- ICYMI: “The Bank of Canada is embarking on a program of major social significance to design a contingent system for a CBDC…a banknote, but in digital form”
- A look at the tax problems at the heart of Facebook Libra 1.0, and the moves taken to address these in April’s Libra 2.0 White Paper
- ICYMI: US Federal Reserve recognises stablecoins like Facebook Libra could improve consumer welfare in certain economic scenarios
- Bank of Thailand developing prototype payments system based on central bank digital currency, aiming for procurement and financial management integration with test firm
- India: Reserve Bank creates $66M Payments Infrastructure Development Fund to improve payments ecosystem in rural and operationally expensive locations
- Indonesia: Gojek digital payments and ride-hailing giant invested in by WhatsApp and Paypal, adding to Facebook’s moves into Asia
- Philippines: Grab launches digital-first pre-paid GrabPay Card backed by Mastercard, targeting contactless payments
- An overview of Southeast Asia’s e-payments space, the companies operating in it and the impacts of both recent and likely approaching mergers
- South Korea: Central bank forms legal advisory team to research digital currency
- India: A quick overview of WhatsApp Pay’s challenges, and challengers, in the country’s e-payments space
- Enterprise Singapore and Singapore Standards Council launch Technical Reference 76, first Singapore-focused standard providing guidelines for e-commerce transactions
- National Bank of Cambodia unveils technical details of Project Bakong, blockchain-based payments system seen as revamp of Khmer Riel and move away from US dollar
- ICYMI: Superhero Project non-profit launched by Aeternity blockchain to provide content creators with e-wallet and decentralized social media monetization
- Digital currency: “Many cities like Philadelphia, San Francisco, and New York have recently passed legislation banning merchants from accepting only card and contactless payments.”
- Hong Kong: MINY blockchain startup launches platform to facilitate cryptocurrency mining, including Cloud Mining Pool allowing users to combine resources
- India: Gov’t may move to introduce law banning private cryptocurrencies
- Japan: SynchroLife raises $2.6M Series A with restaurant review platform rewarding users in SynchroCoin crypto token, claiming 2120K reviews across 100K restaurants
- Australia: Customers of BitcoinComAu crypto exchange will be able to pay for Bitcoin at over 3500 Australia Post offices
- Russia’s Tinkoff Bank, one of the country’s first neobanks, launches Investment Box micro-investing service, automating small portfolio investments from everyday purchases
- Cambodia: UN Conference on Trade and Development’s Rapid eTrade Readiness Assessment (pdf)
- The Philippines’ Ayannah fintech merges with India’s Electronic Cash and Payments Solutions to focus on digital financial services to SEA’s growing middle class
- China: Xiaomi launches Xiaomi Huzhu, mutual aid platform, crowd-funding healthcare cover with focus on low/middle income rural populations
- ICYMI: Human Rights Foundation now funding Bitcoin-focused privacy development, with CoinSwap protocol the recipient of first $50K grant
- Australia: Kraken, US cryptocurrency exchange, launches in Australia, allowing users to trade in crypto, following January acquisition of Australia’s Bit Trade exchange
- Singapore-based blockchain startup Ontology to collaborate with Bitcoin Suisse cryptocurrency financial services platform, with ONTO wallet supporting CryptoFranc stablecoin
- ICYMI: National Science Foundation, an independent agency of US Gov’t, awarded KRNC blockchain startup $225K grant to design cryptocurrency features for US dollar
- ICYMI: Italian Banking Association of over 700 institutions keen to explore implementation of digital currency backed by European Central Bank
- ICYMI: EY launches CryptoPrep app to aid with cryptocurrency aspects of tax filings, allowing US users to aggregate crypto transactions and calculate capital gains or losses
- Hong Kong: InvestHK unveils daily schedule for StartmeupHK Festival 2020, set for July 6-10 and running virtually
- Singapore: A snapshot of Singapore’s tech startup news from May 2020
- China: Tencent investment portfolio has surpassed $66BN with stakes in music, fintech and more, increasingly resembling an investment bank
IN OTHER TECH NEWS
Other subject-specific news from across Asia-Pacific:
• Blockchain news across Asia-Pacific
• Artificial Intelligence news, Asia
• Cybersecurity and data security news
ASIA’S TECH NEWS, DAILY
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