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.

  • 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)

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