P2p lending services – Market DCD http://market-dcd.com/ Just another WordPress site Fri, 17 Sep 2021 16:44:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://market-dcd.com/wp-content/uploads/2021/06/icon-2021-06-29T174343.113.png P2p lending services – Market DCD http://market-dcd.com/ 32 32 Is encrypted P2P a flash in the pan? https://market-dcd.com/is-encrypted-p2p-a-flash-in-the-pan/ https://market-dcd.com/is-encrypted-p2p-a-flash-in-the-pan/#respond Fri, 17 Sep 2021 15:03:35 +0000 https://market-dcd.com/is-encrypted-p2p-a-flash-in-the-pan/ Czech platform Bondster announced yesterday that it has started offering Bitcoin-backed loans, joining the limited ranks of peer-to-peer lenders embracing cryptoassets. But is this an emerging trend or a flash in the pan? Both crypto lending and P2P lending come with risks and opportunities, but there is a point to be made that together they […]]]>

Czech platform Bondster announced yesterday that it has started offering Bitcoin-backed loans, joining the limited ranks of peer-to-peer lenders embracing cryptoassets. But is this an emerging trend or a flash in the pan?

Both crypto lending and P2P lending come with risks and opportunities, but there is a point to be made that together they are more than the sum of their parts. Both asset classes trade in advanced financial technology and both offer the potential for high returns, albeit with some element of risk.

Investors should be aware that crypto can be volatile like stocks and stocks, with prices changing continuously. According to Morningstar data, the price of Bitcoin is £ 34,411.17 today (September 17), up from £ 38,041.47 at the start of the week, down nearly 10% in a matter of days.

However, P2P crypto-backed loans have the potential to make crypto trading and crypto-backed loans less risky.

Yesterday, the Prague-based P2P platform Bondster announced just this, that it has started offering Bitcoin-backed loans, and these are subject to a redemption guarantee, which is applied in the case. where the borrower stops repaying the loan. In this case, the originator would pay the investors the full amount they invested, including the interest received.

This seems to make Bondster’s P2P crypto loans less risky and more attractive to investors, but there is some question as to whether this model with a buyback guarantee is sustainable.

Read more: Blockchain and crypto: building blocks of the future

Lee Birkett, founder and CEO of JustUs and sister company Moneybrain, which has its own cryptocurrency BiPs, said cryptocurrency-backed P2P loans bring together the best aspects of both asset classes.

“It’s a risky asset class, riskier than P2P loans,” he said.

“In many cases, there is nothing behind it, but P2P loans are asset backed. Our currency BiPs takes the best of P2P and brings it to crypto and it’s asset backed.

Lenders should always take the time to find out whether their crypto lender is regulated or not.

In July, the Financial Conduct Authority (FCA) banned one of the largest cryptocurrency exchanges, Binance, from operating in the UK, but there are still many unregulated crypto lenders.

Birkett called for the government’s online security bill to be expanded to include financial services and give the FCA more power to take action against unregulated crypto lenders, and warned lenders to invest in unregulated lenders. regulated crypto-backed.

Read more: JustUs founder defends Andrew Bailey over crypto issues

“If it’s not regulated, you shouldn’t be investing,” he said.

“Crypto is a speculative asset. And the P2P loan well done is one of the best asset classes in the world. “

Lenders should always be aware of the risks when investing and perhaps even more so in the exciting world of crypto.

While there are exciting opportunities on regulated platforms that offer P2P crypto-backed loans, this is an investment class that still has a lot of room to grow.


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Hero Vired launches into the upgrading of business skills https://market-dcd.com/hero-vired-launches-into-the-upgrading-of-business-skills/ https://market-dcd.com/hero-vired-launches-into-the-upgrading-of-business-skills/#respond Tue, 14 Sep 2021 13:06:17 +0000 https://market-dcd.com/hero-vired-launches-into-the-upgrading-of-business-skills/ Hero Group’s edtech company, Hero Vired entered the business development space with the launch of its B2B arm called Vired for Business. This new Hero Vired vertical will help companies develop their employees, seek talent, recruit new talent, implement internal learning programs and set up internal knowledge academies. Hero Vired for Business will also offer […]]]>

Hero Group’s edtech company, Hero Vired entered the business development space with the launch of its B2B arm called Vired for Business.

This new Hero Vired vertical will help companies develop their employees, seek talent, recruit new talent, implement internal learning programs and set up internal knowledge academies. Hero Vired for Business will also offer a personalized program in Full-Stack Development, Data Science, Machine Learning, Artificial Intelligence, Finance & Fintech, Game Design and Leadership, Entrepreneurial Thinking and Innovation.

Programs will be customizable to suit businesses across all verticals at each stage of their growth cycle. Hero Vired has integrated the MITx MicroMasters programs into its PG certificate programs. Hero Vired is a Hero Group start-up that offers career relevant programs in partnership with universities to make learners more proficient and industry ready for emerging jobs and professions under Industry 4.1. .

Commenting on the development, Akshay Munjal, Founder and CEO of Hero Vired, said, “With technology changing the way we work, all areas of business, from talent management to recruiting, from business operations to learning. and development, the workplace has undergone rapid change. In the past two years. To be successful, organizations must be faster and more agile. However, most companies are not prepared in terms of skills or resources. With Vired for Business, we want to tackle the skills gap challenge in a holistic way. Vired for Business expands Hero Vired’s reach in the country by addressing the challenges businesses face in training, onboarding or qualifying their employees. “

In addition to this, Srikrishnan V, Vice President, Enterprise, Hero Vired, said, “The need to continually upgrade employee skills is an issue facing all human resources and business leaders. With the programs we develop for organizations, organizations can quickly improve their employees’ career paths and prepare them for the next big step. Vired for Business provides businesses with the most comprehensive end-to-end solutions, from sourcing, hiring to training. In short, the content and delivery is provided by Vired while the context comes from the organization ”.

Established and new age companies in IT services, P2P lending platforms, manufacturing networks powered by new age technologies, creative agencies, health and wellness brands, businesses of IT logistics, learning, e-learning and fintech companies have partnered with Hero Vired for business. Some of these companies include Arvind Internet Limited, Kale Logistics, Avizva Solutions, NG-Next Tech, Grappus, LedDenClub, Credenc, among others.


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Bank Mandiri, Pinhome launch application; Modalku BukuWarung Partners https://market-dcd.com/bank-mandiri-pinhome-launch-application-modalku-bukuwarung-partners/ https://market-dcd.com/bank-mandiri-pinhome-launch-application-modalku-bukuwarung-partners/#respond Fri, 10 Sep 2021 15:34:01 +0000 https://market-dcd.com/bank-mandiri-pinhome-launch-application-modalku-bukuwarung-partners/ Mandiri Bank, together with real estate start-up Pinhome, has launched a property listing app called RIKu, while P2P lender Modalku has partnered with accounting app BukuWarung to provide loans to users of this property. last. Bank Mandiri and Pinhome launch a real estate ads application Bank Mandiri, one of the largest asset lenders in Indonesia, […]]]>

Mandiri Bank, together with real estate start-up Pinhome, has launched a property listing app called RIKu, while P2P lender Modalku has partnered with accounting app BukuWarung to provide loans to users of this property. last.

Bank Mandiri and Pinhome launch a real estate ads application

Bank Mandiri, one of the largest asset lenders in Indonesia, has partnered with real estate startup Pinhome to launch a real estate listing app called Rumah Idamanku (RIKu) as part of efforts to facilitate the access of potential buyers to properties and stimulate mortgage lending in a lukewarm market climate.

With many Indonesians stuck at home due to the pandemic, RIku allows users to find properties, book a tour and apply for a mortgage from their phones.

The listings, which consist of apartments, houses and business units, are provided by Pinhome and Mandiri’s real estate brokerage partners.

Mandiri Bank hopes the new app will increase its mortgages to 45 trillion rupees ($ 3.2 billion) by the end of 2021, the lender said in a statement.

Pinhome was founded in 2019 by former Gojek executives Dayu Dara Permata and Ahmed Aljunied, according to the company’s website.

Modalku partners with BukuWarung to provide loans to MSMEs

Indonesian P2P lender Modalku has partnered with accounting app BukuWarung to provide loans to 6.5 million BukuWarung users.

BukuWarung users include micro, small and medium enterprises (MSMEs) with limited access to financial services. Through this cooperation, BukuWarung users can apply for loans of up to 100 million rupees without collateral for up to 30 days.

Modalku, formerly known as PT Mitrausaha Indonesia Grup, was founded in 2016. The company raised $ 40 million in a Series C round from undisclosed investors in 2020. Modalku secured $ 25 million in Series B financing in 2018 from SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures and Golden Gate Ventures.

BukuWarung had raised $ 60 million in its Series A round led by US venture capital firms Valar Ventures and Goodwater Capital this year. BukuWarung intended to use the new capital, which brings its total funding to $ 80 million, to enhance its technology and product capabilities in its core accounting, digital payments and commerce products.


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The peer-to-peer lending market could see a big move https://market-dcd.com/the-peer-to-peer-lending-market-could-see-a-big-move/ https://market-dcd.com/the-peer-to-peer-lending-market-could-see-a-big-move/#respond Tue, 07 Sep 2021 19:19:00 +0000 https://market-dcd.com/the-peer-to-peer-lending-market-could-see-a-big-move/ The latest business intelligence report released on the Global Peer-to-Peer Loans Market covers various industry pieces and growth trends that help in predicting the market forecast. The report enables a comprehensive assessment of current and future top-to-bottom survey scaling scenarios on market size,% share of key and emerging segment, major development and technological advancement. Further, […]]]>

The latest business intelligence report released on the Global Peer-to-Peer Loans Market covers various industry pieces and growth trends that help in predicting the market forecast. The report enables a comprehensive assessment of current and future top-to-bottom survey scaling scenarios on market size,% share of key and emerging segment, major development and technological advancement. Further, the statistical survey elaborates detailed comments on changing market dynamics which includes market growth drivers, obstacles and challenges, future opportunities and influential trends to better understand the prospects for the market of loans between individuals.

The list of major players presented in the study includes market overview, business strategies, financial data, development activities, market share and SWOT analysis: Peerform, Inc. (US), Funding Circle Limited (UK), Prosper Marketplace, Inc. (US), Zopa Limited (UK), CommonBond Inc. (US), Upstart Network Inc . (US), onDeck Capital, Inc. (US), Faircent (India), Daric Inc. (US), Pave, Inc. (US), Social Finance Inc. (US) )

Download a free sample PDF brochure (including full table of contents, table and figures) @ https://www.advancemarketanalytics.com/sample-report/2937-global-peer-to-peer-lending-market

Brief overview on Peer-to-peer loan: With the increasing accessibility of peer-to-peer loans across the globe, the global peer-to-peer lending market will experience sustained growth across the globe. Peer-to-peer (P2P) lending is a recently introduced money lending platform or “sharing economy”. These platforms help connect money lenders and investors with borrowers without the bank acting as a middleman.

Key Market Trends: Growing accessibility of peer-to-peer loans around the world

Introduction to peer-to-peer loan services with minimized interest rates

Opportunities: Growing adoption of highly automated and artificially intelligent P2P lending software

Minimum origination fees and increased competition among providers will reduce interest rates

Market growth drivers: Minimizes the overall operating cost required for conventional loans

Provides higher returns to investors compared to other types of investments

Challenges: Lack of awareness of P2P lending in underdeveloped regions

Strict government laws for P2P lenders, such as mandatory compliance with investment regulations

Segmentation of the world Peer-to-peer loan Marlet: by type (on-premises, cloud-based), business model (traditional P2P model, market lending model), end user (consumer credit, small business, student loan, real estate)

Pandemic Offer for Our Customers: Buy this report now with up to 10-35% discount on various license types plus free consultation. Limited time offer.

Share your budget and get an exclusive discount @: https://www.advancemarketanalytics.com/request-discount/2937-global-peer-to-peer-lending-market

Geographically, the following regions as well as the national / local markets listed are fully investigated:APAC (Japan, China, South Korea, Australia, India and rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam and Sri Lanka) • Europe (Germany, UK, France, Spain, Italy, Russia, rest of Europe; the rest of Europe is divided into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia , Hungary and Romania) • North America (United States, Canada and Mexico) • South America (Brazil, Chile, Argentina, Rest of South America) • MEA (Saudi Arabia, United Arab Emirates, South Africa)In addition, the years considered for the study are as follows: Historical data – 2016-2020 The base year for the estimate – 2020 Recent estimated year – 2021 Forecast period** – 2021 to 2026 [** unless otherwise stated] Browse the complete table of contents in depth @: https://www.advancemarketanalytics.com/reports/2937-global-peer-to-peer-lending-market

Summary excerpts from the Global Peer-to-Peer Lending Table of Contents Market research

Chapter 1: Exclusive Summary of Peer-to-Peer Loans Market Chapter 2: Study Objective and Research Scope of Peer-to-Peer Loans Market Chapter 3: Porters Five Forces, Supply / Value Chain, PESTEL Analysis, Market Entropy , Patent / Trademark Analysis Chapter 4: Market Segmentation by Type, End User and Region / Country 2016-2026 Chapter 5: Decision Making Framework Chapter 6: Market Dynamics – Drivers, Trends and Challenges Chapter 7: Competitive Landscape, Peer Group Analysis, BCG Matrix and Company Profile Chapter 8: Appendix, Methodology and Data SourceBuy a full copy Peer-to-peer loan Market – 2021 Edition @ https://www.advancemarketanalytics.com/buy-now?format=1&report=2937

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Tags: Peer-to-Peer Lending Market Forecast, Peer-to-Peer Lending Market Trends, Peer-to-Peer Lending Market Size, Peer-to-Peer Lending Market Growth, Peer-to-Peer Lending Market Analysis, Peer-to-Peer Opportunity of the peer-to-peer loan market

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Bankwest cuts personal loan rate by 2 percentage points https://market-dcd.com/bankwest-cuts-personal-loan-rate-by-2-percentage-points/ https://market-dcd.com/bankwest-cuts-personal-loan-rate-by-2-percentage-points/#respond Mon, 06 Sep 2021 02:08:47 +0000 https://market-dcd.com/bankwest-cuts-personal-loan-rate-by-2-percentage-points/ Bankwest cut its unsecured personal loan rate by two percentage points on Monday. The rate change applies to Bankwest’s unsecured personal loan, with fixed terms ranging from three to seven years, borrowing a minimum amount of $ 3,000 and a maximum of $ 50,000. The rate is now 8.99% per year (comparison rate of 9.33% […]]]>

Bankwest cut its unsecured personal loan rate by two percentage points on Monday.

The rate change applies to Bankwest’s unsecured personal loan, with fixed terms ranging from three to seven years, borrowing a minimum amount of $ 3,000 and a maximum of $ 50,000.

The rate is now 8.99% per year (comparison rate of 9.33% per year *).

There is a monthly loan maintenance fee of $ 5 and a prepayment charge of $ 250 if the loan is closed within 24 months.


See also: Compare peer-to-peer lenders

Elsewhere, the month has been fairly consistent to reduce personal loan rates.

In August, Plenti reduce unsecured personal loan rates for borrowers with “excellent” credit ratings.

The fixed and variable rates are the same: now 5.44% per year (comparison rate of 5.44% per year *).

The minimum loan amount is $ 5,000, while the maximum is $ 50,000.

At the beginning of last month, Easy Street Financial Services reduced his unsecured fixed personal loan by one percentage point, to 7.99% pa (8.26% pa comparison rate *).

Clients can borrow a minimum of $ 3,000, over one to five years, and the loan carries an application fee of $ 195.

IMB made a few changes to a few of his personal loans – secured and unsecured:

  • Secure: Reduction of 47 basis points to 5.98% pa (comparison rate of 6.33% pa ​​*)
  • Unsecured: Reduction of 56 basis points to 8.98% pa (comparison rate of 10.72% pa *)

Both have repayment terms ranging from one to five years, with a minimum loan amount of $ 2,000 – however, the maximum unsecured loan amount is $ 30,000, compared to $ 60,000 for the secured.

See also: Personal loans secured or unsecured

Community First Credit Union also reduced a variety of unsecured personal loans for home improvement purposes by up to four percentage points.

For example, the home improvement loan up to fixed years has been reduced to 3.99% pa (comparison rate of 4.99% pa *).

This loan incurs a monthly account maintenance fee of $ 10.

The credit union also cut rates on its “green loan” in an effort to make green additions to the home, such as solar panels.


Advertising

Looking for a personal loan? The table below shows unsecured personal loans with some of the lowest interest rates in the market.


Photo by Bahnfrend on Wikimedia Commons

The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four Banks, the Top 10 Customer-Owned Institutions and Australia’s largest non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 institutions owned by clients are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management as of November 2019. They are (in descending order): Great Southern Bank, Newcastle Permanent , Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The largest non-bank lenders are those who (as of 2020) have more than $ 9 billion in loans and advances funded by Australia. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and are directed to a product or service provider’s web page, it is highly likely that a commercial relationship exists between that product or service provider and Savings.com .to

Products from some vendors may not be available in all states.

In the interest of full disclosure, Savings.com.au, Performance Drive, and Loans.com.au are part of the Firstmac group of companies. Find out more about how Savings.com.au manages potential conflicts of interest, as well as how we get paid, please click on the website links.

*The Comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.


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Inside EPI: the Pan-European Lending Initiative https://market-dcd.com/inside-epi-the-pan-european-lending-initiative/ https://market-dcd.com/inside-epi-the-pan-european-lending-initiative/#respond Tue, 31 Aug 2021 22:18:36 +0000 https://market-dcd.com/inside-epi-the-pan-european-lending-initiative/ COVID-19 has highlighted the need for a pan-European digital payment solution and plans to establish the European Payments Initiative, also known as EPI, are on track. Launched by 16 Eurozone Tier 1 banks in July 2020, the lending initiative aims to create a unified, Europe-wide payment system to compete with those of U.S. card networks […]]]>

COVID-19 has highlighted the need for a pan-European digital payment solution and plans to establish the European Payments Initiative, also known as EPI, are on track. Launched by 16 Eurozone Tier 1 banks in July 2020, the lending initiative aims to create a unified, Europe-wide payment system to compete with those of U.S. card networks like Mastercard and Visa, as well as large tech companies like Google, Apple, PayPal and AliPay which are active in financial services.

By making their intentions known, the founding institutions, which are from five countries (Belgium, France, Germany, the Netherlands and Spain), announced the creation of a Brussels-based PPE interim company to lead the implementation. of the joint payment initiative, with the appointment of payments expert Martina Weimert as CEO in December 2020.

Read more: European Payments Initiative Seeks to Overthrow US FinTechs

In the same month, Poland’s largest bank, PKO Bank Polski, and Finland’s leading retail bank OP Financial Group, joined the lending initiative as founding shareholders, with PKO being the only EPI member in outside the euro zone. Another consortium formed by a group of 12 Spanish credit institution banks also joined the interim company EPI as a collective founding shareholder.

From 16 banks, the number of institutions has grown to over 30 European banks and credit card processors as well as two major payment service providers – Worldline and Nets, showing growing support from the private sector.

Supported by the European Central Bank, the initiative is expected to become fully operational in 2022.

Here are five things the payments ecosystem needs to know about EPI:

Monnet 2.0 project?

This is not the first time that we have tried to create a pan-continental payment network. In 2008, a group of 24 European banks from seven countries founded the Monnet project with the aim of creating a new SEPA-compliant European card system.

The project was dissolved in 2011 before it even took off, its failure being mainly attributed to a lack of clarity on the regulation of interchange fees.

Related: The Monnet Project and the Future of Payments in Europe Integration

However, in the case of the EPI, it is confirmed that with regard to card transactions, income will come from interchange fees, capped at 0.2% of the value of a transaction for debit cards and 0.3% for credit cards.

There will be “an alternative business model that does not rely on an exchange” for other types of payments, EPI CEO Martin Weimert reportedly told UK-based Raconteur Media, adding that he would offer also more transparency and would be more economical for traders.

See also: The Monnet Project – Our challenge

Benefits for consumers

The EPI will use instant payments in the form of the European Central Bank’s SEPA Instant Credit Transfer, with a card service and digital wallet available to consumers and merchants across Europe to cover all types of transactions from retail, including online, in-store and between individuals. – Peer-to-peer (P2P) payments in one convenient app.

Consumers will have either bank account linked to the app to ensure full transparency, with the ability to view their transaction history and select a payment method of their choice.

In addition to instant payments, consumers will also have the option of using alternative payment methods like buy now, pay later (BNPL) and the EPI will have a currency conversion system, which will be tested first. Poland.

Incentives for traders

Interim company EPI has shared very little about incentives for merchants, other than that it will “enrich merchant and consumer choice in terms of payment solutions,” as reported on the website created to inform the consumer. audience of the project launch. .

He adds that “PPE, as a new and innovative player in the market, is expected to increase competition in terms of quality and conditions”, suggesting that PPE lacks certainty as to the extent to which it can. help traders compete effectively in the market.

As it prepares for implementation, the EPI is working on a collaborative approach and interacting with merchant associations in Europe to gather feedback on the solution and on how best to meet their needs.

Challenges involved

Even if European banks plan to collectively create the EPI through pooling of resources, there could be a significant risk from a distribution point of view as prices will always differ from institution to institution. This defeats the goal of creating a unified system and would make it difficult to achieve its goal of supporting active systems and Big Techs in Europe.

Another challenge would be to get consumers to want to use the network, which will determine the value that merchants and issuers see in issuing the EPI, and whether they choose to adopt it.

FinTechs will also have to see the value of getting on track and issuing the products, which will add to the list of challenges ahead.

After that ?

The EPI seeks to expand beyond the seven countries currently involved, targeting more financial institutions, banking associations and payment service providers in other European countries who can apply and join the initiative. .

Converting PPE to PPE Target Holding Company is the next goal the company is aiming for later this year, which is a milestone symbolizing a firm commitment to its market launch.

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NEW PYMNTS DATA: 58% OF MULTINATIONAL COMPANIES USE CRYPTO-CURRENCY

On: Despite price volatility and regulatory uncertainty, a new study from PYMNTS shows that 58% of multinational companies are already using at least one form of cryptocurrency, especially when transferring funds across borders. The new Cryptocurrency, Blockchain and Global Business survey, a PYMNTS and Circle collaboration, probing 500 executives about the potential and pitfalls that crypto faces as it becomes part of the mainstream financials.


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OJK permit in hand, TaniFund aims to double loan disbursements – Sat August 28, 2021 https://market-dcd.com/ojk-permit-in-hand-tanifund-aims-to-double-loan-disbursements-sat-august-28-2021/ https://market-dcd.com/ojk-permit-in-hand-tanifund-aims-to-double-loan-disbursements-sat-august-28-2021/#respond Fri, 27 Aug 2021 18:03:24 +0000 https://market-dcd.com/ojk-permit-in-hand-tanifund-aims-to-double-loan-disbursements-sat-august-28-2021/ Share this article bookmark article share on Facebook Share on twitter share on Linkedin share on whatsapp share by email Share this article WhatsApp Facebook Twitter Linkedin To share (The Jakarta post) PREMIUM Jakarta ● Sat 28 Aug 2021 TaniFund, the fintech arm of Indonesian agricultural tech start-up TaniHub, aims to nearly double loan disbursements […]]]>
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(The Jakarta post)

PREMIUM

Jakarta ●
Sat 28 Aug 2021

TaniFund, the fintech arm of Indonesian agricultural tech start-up TaniHub, aims to nearly double loan disbursements to 700 billion rupees ($ 48.5 million) over the next few years after receiving peer lending license -to-peer (P2P) from the Financial Services Authority (OJK).

Natalia Rialucky “Ria” Marsudi, chief strategy officer of TaniHub, said the license would make the company “more confident” in its partnerships with state-owned enterprises (SOE), regional enterprises (BUMD) and other technology companies funding to recruit more farmers.

TaniFund said it has disbursed 326.9 billion rupees to around 15,000 lenders to more than 4,000 borrowers since its inception in 2017. Most of the borrowers are from the islands of Java and Bali.

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Will Facebook’s relaunched digital wallet change the future of payments? https://market-dcd.com/will-facebooks-relaunched-digital-wallet-change-the-future-of-payments/ https://market-dcd.com/will-facebooks-relaunched-digital-wallet-change-the-future-of-payments/#respond Tue, 24 Aug 2021 04:10:02 +0000 https://market-dcd.com/will-facebooks-relaunched-digital-wallet-change-the-future-of-payments/ Subscribe to The Financial Brand FREE by email! Facebook has taken a big step towards launching its long-delayed digital wallet. The company’s chief financial officer said in mid-August that the tech giant was ready to activate its Novi wallet and believed it could address the concerns of all regulators. As the pandemic further digitizes financial […]]]>
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Facebook has taken a big step towards launching its long-delayed digital wallet. The company’s chief financial officer said in mid-August that the tech giant was ready to activate its Novi wallet and believed it could address the concerns of all regulators.

As the pandemic further digitizes financial services, there is an urgent need for cheaper, interoperable and more accessible digital payments, said David Marcus, head of the financial services unit at Facebook.

“Novi is ready to hit the market. It is regulated and we are confident in our operational ability to exceed the high standards of compliance that will be required of us, ”said Marcus.

A small portfolio with large-scale potential

Novi is a digital wallet that will use its own crypto payment system, called Diem. It is rooted in Libra, Facebook’s first blockchain-based payment system that was suspended amid regulatory scrutiny when it was announced in June 2019. At the time, regulators and central bankers were concerned about this. undermines sovereign currencies and allows money laundering. The original digital wallet associated with the Libra cryptocurrency was called Calibra. It was renamed Novi in ​​mid-2020.

But Facebook says things are different now. Novi is a small-scale project overseen by an outside non-profit group, the Diem Association, which is seeking the necessary government approvals. Novi will allow users to add money to their wallet which will then be converted into a Diem digital currency that can be sent to others or used to make purchases.

Second round:

As some had predicted, Facebook hasn’t given up on its mobile wallet. Now with an American banking partner, it is ready to switch.

As part of the original plan, the value of the Libra coin was to be compared to an assortment of more stable global currencies, with a single Libra worth roughly the same value as a dollar. Novi, as Marcus explained, is a stable coin pegged only to the US dollar. (Unlike Bitcoin, where the price fluctuates, a stablecoin stays at the rate of the currency to which it is pegged.)

Mobile wallets are no longer a new thing, but Facebook has three billion users worldwide and the potential to drive things on a scale that could drive mass adoption. The fact that the tech giant already has money transfer licenses in almost every state and brings billions of “pre-authenticated KYC” users is a huge development, said Richard Crone, CEO of Crone Consulting. The financial brand.

“They are ready to go,” Crone says. “They can get started here with Diem USD and then roll out new payment systems in 160 other countries. This is a big step forward for the larger financial services market.

Facebook says the unbanked are a key market

In a detailed article on Medium, David Marcus wrote that it is “time to change our failing payment infrastructure” because existing systems are expensive, slow and not interconnected. He points to 1.7 billion unbanked people in the world, including 62 million Americans, who are left behind in the current system and “stuck in the money economy.”

On average, legacy payment systems cost consumers 6.5% with end-to-end payment times that can span up to three days, Marcus argues. As the pandemic has accelerated the digital switchover and the transfer of money around the world, the need for such a wallet is even greater, he said.

Of course, Facebook ultimately cares about itself and its shareholders. But the fact that it now brings Novi to the market with such a huge social benefit may make it even more attractive to regulators around the world. “What could be more significant from this point of view? said Crone. “Facebook can say that every life counts and we are going to give them access to the financial system.”

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Digging into the details of Novi

Facebook is already a major player in the payments industry. Facebook payments have supported more than $ 100 billion in transactions over the past year and are used in more than 150 countries with 55 currencies, Marcus said.

But Novi is different because it brings the bank in-house with a whole new system. The Diem Association, through its subsidiary Diem Networks US, announced in May 2021 that Silvergate Bank, a California state chartered bank, will become the exclusive issuer of the Diem USD stable coin and manage the Diem USD reserve. . Silvergate specializes in serving the digital currency industry. Along with the announcement of the partnership with Silvergate, Diem said it would simplify its plans by moving operations from Switzerland to the United States.

“We are committed to a secure payment system for consumers and businesses that makes payments faster and cheaper, and leverages blockchain technology to bring the benefits of the system to more people around the world. financial, ”said Stuard Leve, CEO of Diem. , in the May announcement.

What this means:

The potential game changer with Novi is Facebook’s ecosystem of 90 million businesses and 3 billion pre-authenticated consumers.

While supporting P2P payments would already be a revolutionary development, the real change would be the adoption by merchants of the Novi Wallet within the Facebook ecosystem. Facebook would instantly open the door for over 90 million businesses on its platform that could accept US Diem and trigger the use of currency and crypto in general. “With pre-authenticated users, this will create a registered user base that will pollinate everything Facebook has. This paves the way for a basis for a great app, ”says Crone.

Sailing smoothly? Probably not

Even though Facebook now has the product, the infrastructure and the ambition to bring Novi to market, obstacles remain. The first is a non-cooperative banking sector other than Silvergate. it’s understandable that the industry fears and hates the idea that Facebook is digging deeper into financial services. It’s possible that the digital wallet and new payment system will lay the groundwork for a future where Facebook offers loans, deposit accounts, and more. The company also announced in August that it was teaming up with an online lending company in India to provide loans to small businesses.

Second, regulators are not only skeptical of Facebook, but stablecoins as well. The President’s Financial Markets Task Force, a watchdog team led by Treasury Secretary Janet Yellen, has expressed concern that stablecoins are too large and are often used to facilitate transactions. illegal transactions.

Still, David Marcus believes Facebook can alleviate many of the concerns of regulators. He says using a stablecoin backed by individual cash reserves offers stronger protections for consumers and provides faster access to funds than traditional bank accounts. Marcus says it’s also a misconception that digital assets are anonymous, and when configured the right way, digital portfolios put customer due diligence at the center of the approach.

It also doesn’t hurt that the tech giant is bringing Novi to the market on a mission to cater for the unbanked. In fact, Facebook says it won’t initially charge person-to-person payments (even across borders) and currently has no plan to monetize Novi.

“We will continue to persevere and demonstrate that we can be a trusted player in this industry – and one that brings positive change by being in it,” said Marcus.


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DeFi regulation must not kill the values ​​behind decentralization https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization/ https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization/#respond Sun, 22 Aug 2021 13:36:11 +0000 https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization/ Cryptocurrency has brought us peer-to-peer payments that continue to increase participation in the global economy for millions of people without access to traditional banking services. The rise of decentralized finance (DeFi) promises to further expand access to financial services, including savings, loans, derivatives, asset management and insurance products. This innovation, which strengthens financial inclusion, is […]]]>

Cryptocurrency has brought us peer-to-peer payments that continue to increase participation in the global economy for millions of people without access to traditional banking services. The rise of decentralized finance (DeFi) promises to further expand access to financial services, including savings, loans, derivatives, asset management and insurance products.

This innovation, which strengthens financial inclusion, is expected to thrive in a regulated environment where individuals and institutions are protected and suspicious activity is identified and reported. But how to regulate these decentralized products without completely removing the fundamental attributes of financial inclusion and decentralization?

Know Your Customer (KYC) procedures are a critical function to assess the risk and a legal obligation to comply with anti-money laundering laws (AML) which vary by jurisdiction. Most of these anti-money laundering laws are instituted for good reasons: to deter criminals by making it more difficult for them to launder money obtained through illegal activities (for example, trafficking in human beings or drugs, terrorism, etc.). Anti-money laundering regulations require financial institutions to know the true identities of their customers, monitor transactions, and report suspicious financial activity.

Why regulators see DeFi as a major problem

Since decentralized applications (DApps) do not have a central controlling entity, there is not much clarity as to who is responsible for ensuring that DApps, including DeFi applications, comply with existing laws and regulatory requirements. Let’s say a ransomware attacker uses a decentralized exchange (DEX) to launder his stolen funds. Who is responsible for reporting their transactions? Who goes to jail or pays the fine for not reporting? The members of the decentralized autonomous organization (DAO) who govern the DApp? The developers who developed the code?

While these questions remain mostly unanswered, the global money laundering watchdog, the Financial Action Task Force (FATF) recently proposed guidelines making it clear that “the owner (s) of the DApp probably fall within the definition of a VASP. [virtual asset service provider] […] even if other parts play a role in the service or if parts of the process are automated. […] Decentralization of any individual element of operations does not eliminate VASP coverage if elements of part of the VASP definition remain in place.

This suggests that DApps (DEX and other DeFi applications) will be responsible for complying with country specific laws applying FATF, AML, and Counter Terrorism Financing (CTF) standards.

Related: The draft FATF guidelines target DeFi with compliance

The Bitcoin Mercantile Exchange (BitMEX) serves as an example: although BitMEX is a centralized exchange, the enforcement actions taken against the founders of the platform by the Commodity Futures Trading Commission (CFTC) and the US Department of Justice (DOJ) have implications for DeFi. The CFTC accused the operators of violating anti-money laundering laws while the DOJ accused the founders of violating the Bank Secrecy Act (BSA). As a result, DeFi platforms offering financial products to US residents would be required to register for appropriate business licenses, failing which, potential enforcement action against founders / creators or operators. identifiable could be engaged.

Regulation vs privacy: do they really disagree?

Remember that the regulations are currently aimed at businesses rather than individuals. So your peer-to-peer transactions aren’t a big concern for regulators, unless you’ve laundered millions of dollars in cryptocurrency and routed them through a platform’s payment network. -cryptographic form. At this point, the exchange would be required to identify the transaction as suspicious and alert the regulator in its jurisdiction.

At this high phase of the investigation, if law enforcement requests certain Personally Identifiable Information (PII) in correlation with the transaction, the exchange is obligated to provide it. This is why centralized exchanges need users to complete the KYC – so that they have this personal information if it is requested. But, the vast majority of DEXs do not have fully compliant processes. Should DEXs dismantle the freedoms of our decentralized revolution to meet evolving compliance standards?

Related: Will regulation adapt to crypto or crypto to regulation? Expert response

Give control to users

By leveraging those same values ​​of user control and privacy that drew millions of people to crypto in the first place, we can give users the ability to selectively share PIIs when needed and give DApps a layer integrated identity that will help them achieve compliance. goals. While compliance is certainly more complicated in a decentralized environment, the effective use of digital identity to enable authorized access to DApps is how we ensure the long-term viability of the largest crypto economy and financial inclusion for millions.

The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Christophe harding is Civic’s Chief Compliance Officer. After spending a decade with leading accounting firm KPMG in various risk management roles around the world, he joined digital banking company Lending Club where he developed, formalized and implemented new governance structures. risks and new risk management processes.


Source link

]]>
https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization/feed/ 0
DeFi regulation must not kill the values ​​behind decentralization https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization-2/ https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization-2/#respond Sun, 22 Aug 2021 12:17:00 +0000 https://market-dcd.com/defi-regulation-must-not-kill-the-values-%e2%80%8b%e2%80%8bbehind-decentralization-2/ Cryptocurrency has brought us peer-to-peer payments that continue to increase participation in the global economy for millions of people without access to traditional banking services. The rise of decentralized finance (DeFi) promises to further expand access to financial services, including savings, loans, derivatives, asset management and insurance products. This innovation, which strengthens financial inclusion, is […]]]>

Cryptocurrency has brought us peer-to-peer payments that continue to increase participation in the global economy for millions of people without access to traditional banking services. The rise of decentralized finance (DeFi) promises to further expand access to financial services, including savings, loans, derivatives, asset management and insurance products.

This innovation, which strengthens financial inclusion, is expected to thrive in a regulated environment where individuals and institutions are protected and suspicious activity is identified and reported. But how to regulate these decentralized products without completely removing the fundamental attributes of financial inclusion and decentralization?

Know Your Customer (KYC) procedures are a critical function to assess the risk and a legal obligation to comply with anti-money laundering laws (AML) which vary by jurisdiction. Most of these anti-money laundering laws are instituted for good reasons: to deter criminals by making it more difficult for them to launder money obtained through illegal activities (for example, trafficking in human beings or drugs, terrorism, etc.). Anti-money laundering regulations require financial institutions to know the true identities of their customers, monitor transactions, and report suspicious financial activity.

Why regulators see DeFi as a major problem

Since decentralized applications (DApps) do not have a central controlling entity, there is not much clarity as to who is responsible for ensuring that DApps, including DeFi applications, comply with existing laws and regulatory requirements. Let’s say a ransomware attacker uses a decentralized exchange (DEX) to launder his stolen funds. Who is responsible for reporting their transactions? Who goes to jail or pays the fine for not reporting? The members of the decentralized autonomous organization (DAO) who govern the DApp? The developers who developed the code?

While these questions remain mostly unanswered, the global money laundering watchdog, the Financial Action Task Force (FATF) recently proposed guidelines making it clear that “the owner (s) of the DApp probably fall within the definition of a VASP. [virtual asset service provider] […] even if other parts play a role in the service or if parts of the process are automated. […] Decentralization of any individual element of operations does not eliminate VASP coverage if elements of part of the VASP definition remain in place.

This suggests that DApps (DEX and other DeFi applications) will be responsible for complying with country specific laws applying FATF, AML, and Counter Terrorism Financing (CTF) standards.

Related: The draft FATF guidelines target DeFi with compliance

The Bitcoin Mercantile Exchange (BitMEX) serves as an example: although BitMEX is a centralized exchange, the enforcement actions taken against the founders of the platform by the Commodity Futures Trading Commission (CFTC) and the US Department of Justice (DOJ) have implications for DeFi. The CFTC accused the operators of violating anti-money laundering laws while the DOJ accused the founders of violating the Bank Secrecy Act (BSA). As a result, DeFi platforms offering financial products to US residents would be required to register for appropriate business licenses, failing which, potential enforcement action against founders / creators or operators. identifiable could be engaged.

Regulation vs privacy: do they really disagree?

Remember that the regulations are currently aimed at businesses rather than individuals. So your peer-to-peer transactions aren’t a big concern for regulators, unless you’ve laundered millions of dollars in cryptocurrency and routed them through a platform’s payment network. -cryptographic form. At this point, the exchange would be required to identify the transaction as suspicious and alert the regulator in its jurisdiction.

At this high phase of the investigation, if law enforcement requests certain Personally Identifiable Information (PII) in correlation with the transaction, the exchange is obligated to provide it. This is why centralized exchanges need users to complete the KYC – so that they have this personal information if it is requested. But, the vast majority of DEXs do not have fully compliant processes. Should DEXs dismantle the freedoms of our decentralized revolution to meet evolving compliance standards?

Related: Will regulation adapt to crypto or crypto to regulation? Expert response

Give control to users

By leveraging those same values ​​of user control and privacy that drew millions of people to crypto in the first place, we can give users the ability to selectively share PIIs when needed and give DApps a layer integrated identity that will help them achieve compliance. goals. While compliance is certainly more complicated in a decentralized environment, the effective use of digital identity to enable authorized access to DApps is how we ensure the long-term viability of the largest crypto economy and financial inclusion for millions.

The views, thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Christophe harding is Civic’s Chief Compliance Officer. After spending a decade with leading accounting firm KPMG in various risk management roles around the world, he joined digital banking company Lending Club where he developed, formalized and implemented new governance structures. risks and new risk management processes.