Fintech Updates

Database Triggers
  • In a previous post, we suggested a blockchain could be thought of as a 'secure database'. But what about blockchain's smart contracts?
  • Databases have a similar concept in the form of triggers. Example: a card purchase of $100 (trigger) causes 10 points to be added to the bonus account (triggered action).
  • Another (theoretical) illustration is a digital bank that offers money management by having salary deposits trigger auto fund allocations. Say, 5% fixed deposit, 5% investment, 5% emergency fund or insurance, 5% education and hobbies, 30% ewallet (for meals etc), 50% lodging & transport.

Smart Contracts
  • While database triggers are similar to if-then-else logic, smart contracts are broader-based by being able to link to events in the external world. Example: upon buying an ebook, the ebook reader app may automatically trigger epayment when more than 10 pages of the book are read.
  • Smart contracts work better with digital plays than physical ones. To illustrate: upon buying an item of clothing, delivery of the package may not be considered sufficient to release payment, fit and and finish will need to be confirmed as well.

KYC and KYT
  • Speaking of blockchains and digital banks, EU's 5AMLD (5th AML directive) came into force a couple of weeks back (10 Jan 2020).
  • One of the main thrusts of the directive is to require cryptos and crypto exchanges to implement KYC and KYT (know your customer and transaction) similar to banks. [Ditto US' proposed CA2020.]
  • For more on KYC and digital banks, check out 'Digital Bank eKYC' below.

Latest Fintech Updates
  • Google - Enters banking business by offering deposit accounts
  • Visa - Buys plumber for Venmo, TransferWise, Coinbase [post image]
  • Libra - Takes next steps in revving up development
  • ZA Bank - Offers 6% interest rate for deposits
  • Alipay - Expands to Austria, WeChatPay to Indonesia



Pick of Events (W5-Jan-2020)

General
Link Digital Bank eKYC @ KL tix
Link Zero to One @ KC 1 2
Link Industry Briefings @ KL 1 2 3
Link Startup Landscape @ KL
Link JD Store Intro @ KL tix

Arts & Misc
Link Self Publishing @ KL
Link Data Privacy Day @ KL vid
Link Symphony Circle @ KL tix

Around The Region
Link 21st Century Digital @ BKK tix
Link Humanitarian Tech @ JKT tix
Link Addictive Apps @ HK tix
Link IoT Accelerator @ SG
Link Slow Quantum @ SG