Tencent has launched its credit scoring service, Tencent Credit Score, Tencent's counterpart to Ant Financial's Sesame Credit; for now, only QQ Vips can have access to their score (QQ is a social network tool developed by Tencent, popular among teenagers); credit scores range from 300 to 850; the score measures a person on five different aspects including credit history, security, wealth, consuming habits and social network. Source (Chinese)
Head of the IMF, Christine Lagarde, said she thinks it is inevitable that global regulators come up with new regulations for cryptocurrencies; the IMF has been primarily focused on how the new currencies are being used for money laundering and funding illicit activities; this isn’t the first time the IMF has hinted at and discussed cryptocurrency regulations; trends in the direction of new legislation have been hinted at for some time though nothing widespread has occurred yet. Source.
Sam Bankman-Fried became the regulators' "face of crypto" supposedly bringing clarity to the space - despite this, confusion is rife.
BTCC, one of China’s biggest bitcoin exchanges, on September 14 announces that it will stop new user registration immediately, and will shut down cryptocurrency exchange business from September 30 onwards; its mining pool business will stay intact though; for now, BTCC only trades four “mainstream” cryptocurrencies, being Bitcoin, Litecoin, Ethereum, and BCC. Source
Fintechs committed to compliance in all forms will be well-positioned for positive future growth and reputation management.
In addition, the startup is launching a platform that promises to reduce recruitment costs by up to 50%.
While most companies are looking for further deregulation they are increasingly looking towards regulators for more clarity on data sharing;...
The figures come from Monzo’s annual report which outlined a number of statistics showing the bank’s growth strategy is paying off....
According to a new research report by KPMG and CB Insights, the number of deals and total value of venture capital investment dropped in Q3 to $2.9 billion down from $9.4 billion in Q2; the report points out that the significant drop was due in large part to a $4.5 billion investment to Alipay owner Ant Financial in Q2; while Asia investment remains strong, UK investment was hurt due to Brexit uncertainty and the US market saw a decline due in large part to the presidential election; overall investment trends remain positive as the amount invested for 2016 is on track to surpass 2015. Source
Hu Liang, former director at State Street Bank and Trust's Emerging Technologies Center, tells CoinDesk he is building "the first large-scale institutional infrastructure specifically targeted towards crypto assets"; the company will be an infrastructure platform to provide software and hardware to connect with institutional order and execution management systems; he is looking to eliminate large buyers of cryptocurrencies having to create on the fly technology solutions to make their orders; Liang tells CoinDesk, "I am building a traditional financial services application that can serve the needs of anybody looking to be involved in crypto assets, whether that's holding it for the long term, whether that's trading it for the short term, whether that's transforming it or using it for a rail for something else." Source