Wells Fargo, which agreed to pay a $575 million settlement at the end of last year in connection with systemic wrongdoing, joins a long list of banks and financial institutions that are implementing innovative fintech solutions to maintain their edge in the digital economy. As the bank strives to stay competitive in the digital economy, TransferMate, one of the world’s leading cross-border B2B payment providers, will deliver its Global Invoice Connect platform for Wells Fargo clients.
The Facebook (a social media dominator which needs no introduction) has recently launched their startup Libra at Switzerland, may be to materialise its plans regarding its USD-pegged coin. Albeit Facebook has not commented on the situation yet, the company is registered in Geneva and the Crypto Valley located in Zug is also close by and it prefers to keep project secretive.
Dunamu & Partner a subsidiary of South Korean Fintech Duniamu has achieved investing about $46 million in 26 different blockchain. Ryan Lee, CEO of Dunamu & Partners said, “Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation.”
Microsoft has reportedly currently worked on establishing a decentralized identity network based on the Bitcoin blockchain. The executive program manager for the Microsoft Identity Division, Daniel Buchner explained, “The code for the ion reference node is still in rapid development, and many aspects of the protocol still need to be implemented before it can be tested on the main Bitcoin network.”
The facebook owned subsidiary has released a recent update patch to prevent the pegasus malware to gain access to personal information stored on smartphones. WhatsApp spokesperson in his statement: “WhatsApp encourages people to upgrade to the latest version of our app, as well as keep their mobile operating system up to date, to protect against potential targeted exploits designed to compromise information stored on mobile devices,”
In a panel discussion at Consensus 2019 called “Custody: The New Global Competitive Landscape” predicted that collaboration between crypto and traditional custodians to grow. CEO of Coinbase Custody Sam McIngvale agreed with the other speakers, adding that selling custody is ultimately selling trust and a track record. The lack of trusted custodial solutions remains a deterrent to potential professional and institutional investment in crypto assets.
3 more pilot banks have been signed by Finastra to Fusion LenderComm, a DLT platform for the syndicated loan market developed in collaboration with R3. The global head of corporate banking operations at BNP Paribas, Philippe Boulas commented, “With the creation of this community and a collaborative mindset we have a unique opportunity to tackle the operational pain points we have all been experiencing for years and that constrain syndicated loan market expansion.”
An announcement has been made by the executive director of Hyperledger, Reed and Brian Behlendorf that its newly launched-management system, Aries is blockchain-powered identity management. Behlendorf explained regarding existing management tools, “All these involve exchanging permits and credentials. If you had to wait for all those governments to integrate all those systems you’d be waiting forever.”
An announcement has been made by Flexa, regarding the launching of its network and mobile app which will provide an instant cryptocurrency payment in stores and online and will be made available for several retail merchants. The CEO of Flexa, Tyler Spalding explained, “This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for millions of citizens globally.”