Morning Brief 11.13.19: Libra exec says the project won't profit off of data

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Corporate wall

The developers of Facebook's Libra project contend the digital currency and corresponding financial data will not be connected, an attempt to answer the considerable pushback that project has gotten.

Christian Catalini, the head economist of Calibra, which Facebook set up to oversee the stablecoin, said the venture will not profit from advertising or the sale of private data, reports Computerworld.

David Marcus, the head of Calibra, has also defended the project, contending Libra's structure will not result in the creation of new currency. Much of Libra's criticism has contended the venture will operate outside of central bank control.

Rate lockdown

In its mission to expand the technology tools large corporations use to the small-business sector, cross-border B2B payments startup Veem has rolled a service to lock in exchange rates for 90 days at a time.

Users may opt for the locked-in rate or any other rate on a transaction-by-transaction basis, in what Veem says is the first time such controls are available to smaller enterprises.

CEO Marwan Forzley, who founded Veem in 2014 after launching eBillme and selling it to Western Union, said in a press release that recent trade negotiations have caused China and other countries to manipulate their currencies, wreaking havoc for small businesses planning cross-border transfer.

Payment press

Publishing platform WordPress has added a subscription feature to support repeat or recurring payments from readers, fans, or other parties.

The technology is available for all WordPress-affiliated sites, and allows weekly newsletters, monthly donations, yearly access, or a set billing schedule, reports TechCrunch.

Boosted by streaming content companies such as Netflix, digital payment technology for subscription services has expanded in the past few years.

Complaint central

Chargebacks911's customer facing subsidiary eConsumer Services has set up a processing center to handle claims related to Thomas Cook, the U.K. vacation booking and airline company that collapsed earlier this fall.

Concardis, one of Thomas Cook's acquirers, hired eConsumer services to manage a process through which travelers can track the status of a claim, chargeback or other payment that was made around the time Thomas Cook went into liquidation.

Concardis is attempting to reduce errors and invalid chargebacks which it contends are often the result of a sudden liquidation of a company, typically because consumers wait to file claims or are forced to use multiple parties to track payments down.

From the web

OCBC Bank Malaysia the first to offer all-in-one digital payment terminals
NEW STRAIT TIMES | Wed November 13, 2019
OCBC Bank (Malaysia) Bhd (OCBC Bank) has become the first foreign bank in the country to offer all-in-one digital payment terminals for merchants to integrate and accept all cards and e-payment transactions on a single device. The initiative was made possible through the bank’s recent partnership with cashless payment solutions provider Revenue Group Bhd (RGB).

Ho Chi Minh City to Develop Blockchain Regulations for Smart Cities
COIN TELEGRAPH | Tue November 12, 2019
Ho Chi Minh City will develop a blockchain-oriented regulatory framework for the development of smart cities. Tran Vinh Tuyen, Vice Chairman of the Ho Chi Minh’s People's Committee, announced the news during the sixth annual international conference of Saigon High-Tech Park (SHTP), Viet Nam News reports Nov. 11.

Alibaba’s Ant Financial Starts Pre-Launch Testing of Business Blockchain
COIN DESK | Tue November 12, 2019
Ant Financial, the fintech arm of Chinese tech giant Alibaba Group, has launched the testing stage for its blockchain network aimed to support small and medium-sized businesses. Speaking at the World Blockchain Summit at Wuzhen, China, Jieli Li, senior director of technology and business innovation at Ant Financial, said the tech underlying its Ant Blockchain Open Alliance is set to go live three months after the testing period, according to a report from Sina Finance.

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