Spice Money: Industry Monitoring 19 June 2019
- Priyanka Kanodia
- Jul 8, 2019
- 5 min read
Spice Money
Competitors
Industry News
Central banks leading global fintech rush
Publication- The New Indian Express
Edition- Online
Date- 19 June, 2019
The fintech revolution has spread far and wide across the world with both developed and developing countries taking giant strides in adoption. Among the Asian countries, Singapore is fast emerging as the leading hub for fintech activities with the Monetary Authority of Singapore (MAS) leading the way in implementing state-of-the-art data analytics tools such as Artificial Intelligence (AI) and Machine Learning (ML) to spot market manipulation, while its advanced data science tool Apollo uses data on past misconduct cases to spot suspicious patterns. In fact, the Bank of Canada and MAS conducted an experiment on cross-border and cross-currency payments using central bank digital currencies. The first such trial, it has the potential to increase efficiencies and reduce risks in cross-border payments.
Besides this, Singpore’s Application Programming Interface Exchange (APIX) platform — announced last year as a collaborative effort among ASEAN Bankers Association, IFC and MAS — enables financial institutions to discover and connect with fintech firms through Application Programming Interfaces (APIs) on a globally curated platform. As a sandbox, it provides a platform for financial institutions and fintech firms to collaborate and experiment on solutions in a contained environment, according to the RBI.
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NPCI ties up with TS's MeeSeva
Publication- The Hans India
Edition- Online
Date- 19 June, 2019
The National Payments Corporation of India (NPCI) has entered into an agreement with the Government of Telangana to offer the users of the MeeSeva portal the option of UPI Collect Request, RuPay Debit & Credit Cards as a mode of payment for services rendered on the portal. The MeeSeva portal, an initiative by the Government of Telangana, has over 150 government services listed therein and surpassed 100 million transactions last year.
Commenting on the development, Praveena Rai, COO, NPCI said, "Digital India has been a massive success over the years and NPCI is proud to have played a part in it. We want every Indian to experience the ease of doing digital payments and our products are designed towards that. Our partnership with MeeSeva will help the people of Telangana to reap the benefits of our first-of-its kind domestic debit and credit card payment network in India and will be a true Make in India collaboration."
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How CTOs are combining blockchain with IoT, ML & AI to grow businesses in diverse sectors
Publication- BW CIO
Edition- Online
Date- 19 June, 2019
The new-edge technologies like IoT, blockchain and AI have come a long way since inception. Although each technology has grown in their own definitive range, IT leaders are striving to reach a confluence for these technologies. While IoT has sensors with billions of connected devices, AI is the reasoning part that analyses and makes decisions and blockchain is responsible for creating a secure, indelible record of transactions and data exchanges. This heady mixture creates real-time actionable insights, deepens connectivity and achieves unprecedented visibility. The trick is to connect AI and IoT with block-chain based platforms. Advantages of each technology can be fully leveraged by integrating it with other leading-edge technologies and this synergy will allow covering most of the problem areas. Blockchain can provide solutions for long-standing efficiency and security issues. Integration of blockchain technology with IoT and AI can have a far-reaching effect in healthcare, supply chain, agriculture, manufacturing, banking, logistics, retail and industrial sectors.
How blockchain can drive change
A good working model could be IOT generating data from a multitude of sensors and analytics, blockchain storing data and, AI/ML drawing intelligence from the same data. An example of the above is in a supply chain where IOT can measure a lot of different metrics from environment to trip record to motion sensing, use blockchain to store that data and then use AI on that data to make human-like decisions. The purpose of blockchain in this solution is to provide transparency across organization and immutability of data as well as executing smart contracts.
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Volante launches SEPA instant payments as a service on Microsoft Azure
Publication- Money Control
Edition- Online
Date- 19 June, 2019
Volante Technologies, a global provider of software to accelerate digital transformation and modernization, announced that it is providing end-to-end SEPA (Single Euro Payments Area) instant payments processing as an on-demand managed service on Microsoft Azure. Volante's SEPA Instant Payments as a service will provide all payment service providers (PSPs) certified access to the two principal pan-European schemes, EBA CLEARING's RT1 and ECB's TIPS, through the high-speed, secure messaging and low-latency SIAnet network.
Powered by VolPay, Volante's ecosystem of business services for the entire payments lifecycle, the service allows any market participant to send and receive instant payments through TIPS and RT1, avoiding costly and time-consuming in-house deployment of RTP infrastructure projects. Institutions can instead focus on accelerating the delivery of new services to their end-customers, and speeding onboarding across a variety of retail and commercial use cases. The service's multi-network architecture ensures that institutions can easily support both today's SEPA instant payments networks and future ones, without onerous rework.
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Farfetch joins in blockchain initiative as founding member
Publication- Fashion United
Edition- Online
Date- 19 June, 2019
Luxury e-commerce platform Farfetch is getting in on blockchain technology as a Founding Member of the Libra Association, which is responsible for operating and developing the Libra Blockchain. According to an announcement from the online retailer, Farfetch will be working closely with other Founding Member organizations in anticipation of the initiative’s launch in 2020. As a Founding Member, Farfetch will be participating in the ongoing technical, architectural, and operational development of the Libra Association.
Libra Association will be responsible for "operating and developing the Libra Blockchain" and will support a wide range of business uses as well as a digital currency. “Farfetch is delighted and honored to join the Libra Association as a Founding Member,” said Stephanie Phair, the chief strategy officer of the brand, in a statement. “We have been looking at blockchain technology to help solve a range of fashion industry issues.” Phair also shared that they believe being part of the Libra Association and its blockchain initiative will help to bring seamless e-commerce to customers around the world.
While the brand will be working with Libra Association in the technical development of the blockchain, it hopes to also learn from the experience to develop its own blockchain projects, according to Farfetch CEO and co-chair Jose Neves. “We believe blockchain will benefit the luxury industry by improving IP protection, transparency in the product lifecycle and — in the case of Libra — enable global frictionless e-commerce,” he said in a statement.
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