5.10.19 Your morning briefing

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The information you need to start your day, from PaymentsSource and around the Web:

Casting call
Swift hopes to add up to 150 IT people as the network responds to security threats and new fintech competitors.

The jobs include agile coaches, developers and operations specialists, reports Finextra, adding Swift is interested in bolstering its talent bench in areas such as blockchain, APIs, open source and data analytics.

Swift recently appointed Javier Perez-Tasso to be its CEO. Perez-Tasso is a Swift veteran who worked on the network's response to cyberthreats and also deepened Swift's engagement with its member banks.
License to bank
Tencent and Ant have received banking licenses in Hong Kong, enabling the companies to offer a wider range of financial services to accompany their already considerable payment products.

Tencent and Ant will likely create virtual banks on top of their existing services, reports Techarati, adding other joint ventures backed by Standard Chartered, Ctrip and ZhongAn have also received similar licenses in Hong Kong recently.

Hong Kong has been relatively slow to provide banking licenses to online-only companies, having started issuing such licenses in March of this year.

Googling identity
Google is expanding its digital ID technology for Android, adding to the hundreds of technology projects underway to improve authentication for digital wallets and mobile commerce, and reduce reliance on static IDs such as usernames and passwords.

The search giant will create ID tools that developers can use to build apps that can be used as a form of digital ID, reports VentureBeat, which adds Google has mandated all Android Q devices to encrypt user data.

Google has been working on new authentication technology for several years, including the use of FIDO Alliance specifications to extend Google's internal digital ID for staff for customer-facing apps.

Google cash
Beyond its security upgrade, Google is also making changes to accommodate cash payments. Not wanting to leave behind those without payment cards in emerging markets, Google is offering "pending transactions" as a cash payment option for users purchasing Android apps.

The option will appear in the latest Google Play Billing Library update, according to Android Central.

In the past, these users were only able to use free-to-play or ad-supported games and apps. A user choosing the cash option during the purchase process is given a payment code to show when making the cash payment at a nearby store. Within 10 minutes, the user will receive their purchase along with a receipt in their email.

Rules for dapps
Decentralized applications, or dapps, could be regulated as money transmitters and have to follow extra rules and obtain state licenses.

Dapps often support or are part of blockchains, and under certain circumstances fall under Bank Secrecy Act and other money laundering regulations, reports Coindesk, citing FinCEN documents.

Dapps are not controlled by a single party, but if the dapp accepts and transmits value, then it falls under AML guidelines, as do the owners and operators of the dapp.

From the Web

New Financial Apps Aim to Protect the Elderly
The Wall Street Journal | Thu May 9, 2019 - A small but growing crop of financial-technology companies are offering online tools meant to help adult children manage and monitor their parents’ finances and well-being. The rise of these services comes as financial companies look to technology to cater to the changing needs of an aging population.

Banks waking up to fintech threat throw billions into digital
The Business Times | Fri May 10, 2019 - Scrappy online financial startups have spent the past few years building buzz, backing and the beginnings of a customer base. For a while, the world's banking giants largely ignored them. Now they're starting to feel the heat - and fighting back with the most formidable weapon in their arsenals: cash.

Justice Department charges Chinese hacker for 2015 Anthem breach
TechCrunch | Thu May 9, 2019 - U.S. prosecutors have brought charges against a Chinese national for his alleged involvement in the data breach at health insurance giant Anthem announced in 2015 that resulted in the theft of 78.8 million records.

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