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Weekly News Highlights – 31 December 2020

This week’s news article brings you the latest trends from fintech. We look at the status of the Ant Group Case, follow the rally of Bitcoin, dive into Digital ID services, analyze the latest cyber attack on a crypto wallet provider, explore how Germany legalized electronic securities on the blockchain, and take a closer look at AltFi’s year in review highlightst. Happy reading!

New developments on the Ant Group case…

Ant Group is drafting a plan to set up a financial holding firm

China’s central bank reported earlier this week that Alibaba’s fintech affiliate Ant Group is drafting a plan to set up a financial holding firm, warning that the company should take into consideration the proper regulatory supervision for its financial practices. The People’s Bank of China added that due to the fact that Ant Group controls a range of financial institutions, including securities and insurance firms, the firm should set up a financial holding company according to law. Read more

Bitcoin follows in the footsteps of ETH 2.0’s success…

Bitcoin has continued rally, surging to a new high of more than $28,500

Bitcoin cryptocurrency announced that it has gained more than 5% to hit $28,572 earlier this week. It is up 47% since the start of December and is on track for its biggest monthly gain since May 2019. Especially with the decline of the US dollar’s value, Bitcoin has become more popular, in times of uncertainties regarding government stimulus packages prompted by the coronavirus pandemic, which are expected to lead to high levels of inflation. Read more

The first fintech to receive government stimulus payments…

On the newest Digital ID service: iAM Smart…

Hong Kong Monetary Authority Launches Digital ID Service iAM Smart

The Hong Kong Monetary Authority (HKMA) has announced the launch of iAM Smart (internet Access by Mobile in a Smart way), a digital identity service that allows users to leverage the biometrics in their smartphone to act as proof of identity for all types of digital services including financial firms. iAM Smart has been available for testing by financial institutions in the sandbox program. Read more

Cyber attack on crypto wallet provider…

Ledger crypto wallet provider experienced security breach

Ledger, a crypto wallet provider, has apparently experienced a cybersecurity attack, warning users about potential phishing scams. The security breach did not endangered any direct crypto-thefts and the company emphasized that funds were safe, but the hack enabled scammers to attempt to con Ledger customers into handing over access to wallets. Read more

Germany & Blockchain regulations…

Germany Legalizes Electronic Securities on the Blockchain

The German government cabinet passed new legislation, which will enable all-electronic securities to be recorded using blockchain technology. The new law does away with the previous requirement for a paper-based certificate and comes as part of the nation’s blockchain strategy blockchain. “The paper certificate may be dear to some for nostalgic reasons, but the future belongs to its electronic version,” said German Finance Minister Olaf Scholz. Read more

Final year review: Fintech & AltFi

2020 Highlights for fintechs and alternative lenders 

For this year, marked Brexit uncertainty, fintechs and alternative lenders managed to succeed and also adapt to the unexpected obstacles imposed by the Covid-19 pandemic. This article takes a look back at the stories which set the pace over the last year, such as partnerships and collaborations, new financial apps, open banking solutions, SMEs, funding rounds, fintech regulatory initiatives, neobanks and more. Read more

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