Morning Brief 9.16.19: French politician vows to stop Libra in France and Germany
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The international political pushback against Facebook's Libra cryptocurrency has extended to France, where the government is calling for a public digital currency for the EU and a French politician is saying Libra will be blocked in France and Germany.
Bruno Le Maire, France's minister of economy and finance, said the 28 EU countries should build a common framework, reports Yahoo. Le Maire also attacked Libra, saying it threatens the monetary sovereignty of nations, and said France and Germany will "block" Libra, reports Reuters. Several nations, such as China, have floated the idea of central bank-backed digital currencies to counter Facebook.
Bertrand Perez, the Libra Association's managing director, said Libra's multiple currency stablecoin structure would guard against adverse impact on central banks, reports CoinDesk, citing French media outlets.
Seeing the chance to smooth out sluggish processing, financial institutions and card networks such as Mastercard are getting aggressive about using distributed ledgers such as blockchain to move funds between businesses.
DBS Bank just added a blockchain platform called Rong E-Lian to reach small to medium-sized businesses in China. The bank integrated its onboarding API into the blockchain, reports Finextra, adding this enables suppliers to access payments and financial services within 24 hours.
DBS's Chinese unit says banks often overlook small to medium sized businesses for payments and finance, contributing to a global trade gap for smaller firms, something the bank hopes the blockchain can address.
Incentive payment technology company Meniga has partnered with UN Climate Change to power donation payments to combat climate change based on incentive marketing.
Consumers can use the Meniga rewards app to earn card-linked rewards for using specific retailers, then use that cash back for the donation.
Meniga has about 250,000 users, mostly across Sweden, Finland and Iceland, with retailers including Nelly, Homeroom, Royal Design and Vapiano.
Digital currency fintech Swipe has launched its Swipe Wallet on iOS and Google Play, enabling users to create a multi-asset and multicurrency wallet to buy, sell, manage and make payments with digital currencies.
Swipe is built on the Ethereum platform, which is used to verify fees and activities tied to SXP, Swipe's digital currency token.
Swipe, which is based in London with operations in the U.S., has also introduced a debit card that's tied to the Swipe Wallet.
From the Web
Start-ups to grab $280 billion in banking payments revenues by 2025, study says
REUTERS | Mon September 16, 2019
Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.
Deutsche Bank joins JPMorgan-led blockchain network
FINANCIAL TIMES | Sun September 15, 2019
The JPMorgan Chase-led Interbank Information Network (IIN) will announce Deutsche as a new recruit to a network of 320 banks which have agreed to swap information on global payments over blockchain, the mutually distributed ledger technology behind cryptocurrencies.
Visa Direct Offers Real-Time Claims Payments With Insurance Partners
FORBES | Fri September 13, 2019
Visa is working with insurance companies who want to use its Visa Direct real-time payment system to send insurance payouts to their customers. In the U.S.,Visa uses card credentials, said Bill Sheley, SVP and global head of push payments at the company.
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