The Prime Minister of India is announcing many welfare schemes for the welfare of the people.This scheme is a National Mission for Financial Inclusion to ensure access to financial services namely banking services like Savings & Deposit Accounts, Remittance, Credit, Insurance, and Pension in an affordable manner.1) Why You Must Consider Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme?1 Lakh along with RuPay Debit card.A minor who is aged above 10 years is also eligible to open the account in any bank under this PMJDY scheme.For that, the bank needs to perform the back ground research and categorize the person into “Low Risk” to open the account under Pradhan Mantri Jan Dhan Yojana (PMJDY) Scheme. https://www.justwebworld.com/pradhan-mantri-jan-dhan-yojana/
It’s currently scheduled for a June 18th release of a white paper explaining its cryptocurrency’s basics, according to a source who says multiple investors briefed on the project by Facebook were told that date.Meanwhile, the company’s Head of Financial Services & Payment Partnerships for Northern Europe Laura McCracken told German magazine WirtschaftsWoche‘s Sebastian Kirsch that the white paper would debut June 18th, and that the cryptocurrency would indeed be pegged to a basket of currencies rather than a single one like the US dollar to prevent price fluctuations.Kirsch tells me “I met Laura at Money2020 Europe in Amsterdam on Tuesday” after she watched fellow Facebook payments exec Paulette Rowe’s talk.The Information’s Alex Heath and Jon Victor also reported yesterday that Facebook’s cryptocurrency project would launch later this month.There is always a chance that the announcement date could fluctuate if snafus with partners or governments arise.It could be used to offer low or no-fee payments between friends or remittance of earnings to familys from migrant workers abroad who are often gouged by money transfer services.
BitMEX Ventures, the investment arm of Seychelles-based HDR Global Trading, poured an undisclosed amount of funding into cryptocurrency exchange Philippine Digital Asset Exchange (PDAX), according to a statement.The investment can help PDAX expand the service capabilities of its platform by supporting a number of digital assets apart from cryptocurrency.It plans to enable the trading of commodities, real estate equities, and debt securities in token form.The exchange, which is licensed by the Bangko Sentral ng Pilipinas, is an order-book exchange focused on the Philippine market.Other crypto exchanges operating in the country include Coins.ph, Remittance Inc., and Virtual Currency Philippines Inc.BitMEX co-founder and CEO Arthur Hayes said the company sees a substantial amount of trading volume from Filipino users.
Nepal Rastra Bank has banned the use of WeChat Pay and Alipay in the country, The Himalayan Times reports.The bank said the country was losing foreign income as Chinese tourists make payments to Chinese vendors through WeChat Pay and Alipay, bypassing the Nepali financial system.This means the payments are made to China because the Chinese digital wallets are not registered in Nepal.The country then cannot register them as foreign income or enforce taxation.Tourist spending is the third largest source of foreign income for Nepal after worker remittance and merchandise exports.(And yes, we’re serious about ethics and transparency.
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Remove this ad space by subscribing.Kuala Lumpur-headquartered MoneyMatch raised an undisclosed amount in pre-series A round led by Cradle Seed Ventures, the VC arm of local early-stage startup financer Cradle Fund.The fintech company also said it looks to raise more money to fund its planned expansion to more markets in the Asia-Pacific region.The funding comes as the company got in-principle approval for a Class B remittance license from Bank Negara Malaysia (BNM), the Southeast Asian nation’s central bank, to offer digital remittance services.MoneyMatch was one of the four companies included in BNM’s regulatory sandbox for fintech applications announced back in May 2017, and aims to become the first startup to graduate from the sandbox by the middle of 2019.
Global money mover Western Union is commonly a target for fintech companies, but the firm is teaming up with a startup to help increase its presence in the world’s third-most lucrative remittance market: the Philippines.Coins, the Manila-based fintech startup that was recently acquired by $10 billion ride-hailing company Go-Jek, said today that it will integrate Western Union, which is valued at $8 billion on the NYSE, into its app to allow Philippines-based users to receive money sent to them from overseas.There are some 10 million Philippines nations based overseas and a recent World Bank report ranked the company the world’s third-most lucrative corridor with an estimated $34 billion sent home from overseas last year.The partnership means Coins users — the company claims five million downloads to date — whose receive money via Western Union won’t need to trudge out and wait in line to collect it.Instead, it can be remitted to the Coins app, from where it can be transferred on to other people (peer-to-peer transfers are free) or used on the Coins platform for other payments.One thing the alliance doesn’t do, however, is to remove Western Union fees, but Coins founder and CEO Ron Hose is optimistic that the deal brings value for both parties and consumers in the Philippines.
"I think you're starting to see a growing consensus," said Matt Savare, a partner who works in the technology group of New Jersey-based law firm of Lowenstein Sandler LLP.On the heels of JPMorgan Chase & Co. creating its own stable coin token for use on blockchain distributed ledgers, IBM last week launched its Blockchain World Wire, which will enable banks to transfer tokens and cryptocurrency in near-real time, cutting out banking intermediaries and lowering capital costs and clearing fees.The distributed ledger technology (DLT) network will initially enable cross-border payments and settlements based on the Stellar protocol, a decentralized payment network that uses its own cryptocurrency, Stellar Lumens (XLM).While the IBM network will support XLM, it will primarily use stable coin backed one-for-one by the U.S. dollar and other national currencies.In other words, IBM will run the blockchain infrastructure – the computer nodes and software – and the banks will transmit digital tokens tied to fiat currency over the network.The Rizal Commercial Banking Corporation (RCBC), one of the Philippines' top 10 banks by assets, will be among the first of four using the Blockchain World Wire for remittance payments services.
Cross-border money transfer startup Instarem has announced the close of its US$41 million series C funding round, led by Vertex Growth Fund.New investor Atinum Investment from South Korea joined in.The round takes the Singapore-based startup to US$59.5 million raised to date, making it one of the top-funded fintech startups in Southeast Asia.The proceeds of the latest round will help the firm grow in new and existing markets as it sets its sights on an IPO in 2021.Four-year-old Instarem has developed a payments mesh that helps financial institutions, SMEs, and individuals send money across the world cheaply.It claims to charge lower fees than banks and traditional money remittance services like Western Union or MoneyGram.
IBM today unveiled Blockchain World Wire, a real-time global payments network based on distributed ledger technology (DLT) for regulated financial firms.The blockchain-based network will offer a new way for near real-time cross-border payment exchange and international settlement."As we evaluated our approach to building out the technology, we realized we wanted to focus on other types of [money transfer organizations] and decided not to move forward with KlickEx," the spokesperson said.Initially, the primary electronic currency used on the blockchain ledger will be stable coin, which is backed one-for-one by U.S. dollars and other national currencies.The blockchain network will also allow wholesale players such as banks and market makers to perform foreign exchange settlement of batch financial transactions; the offers far higher value, but lower volume traffic compared with retail remittance, Yong said.The advantage for the peer-to-peer (P2P) World Wire network over traditional payment networks such as VisaNet or SWIFT will be the removal of banking intermediaries; money transfers will go directly from one financial services firm to another.
Future regulation on the world’s biggest tech companies must include the UK’s data watchdog, information commissioner Elizabeth Denham said today.Speaking at the Institute for Government, Denham described MPs’ calls for regulation of tech giants as a “knee-jerk reaction” that, if excessive, could impinge on freedom of expression.Her comments came as platforms such as Facebook’s Instagram came under fire from ministers last month, after it was revealed that inappropriate content was being directed at young people due to algorithms harvesting their personal data.Read more: Hancock: Social media firms face ban if they fail to remove harmful contentThe Information Commissioner’s Office (ICO) has largely been the sole regulator of internet giants to date, having fined Facebook last year for its role in the Cambridge Analytica scandal.The penalty was capped at £500,000, as the incident occurred before the introduction of the General Data Protection Regulation (GDPR).
SendFriend, a US-based blockchain-powered remittance service, announced it has raised US$1.7 million in total capital to better enable overseas Filipino workers to securely transfer US dollars to Philippine pesos at the lowest rate available.The funding comes from MIT Media Lab, Barclays, Mastercard Foundation, Ripple, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital.SendFriend claims it is the “smartest” way to send money to the Philippines from the US.The company plans to use the fresh capital to build its team, increase marketing efforts, and focus on community engagement.SendFriend offers users 65 percent lower fees than the industry average as it replaces the frictions and fees of the banking system by leveraging on blockchain startup Ripple’s xRapid technology.
Ant Financial, the financial services giant affiliated with Chinese e-commerce giant Alibaba, has made its first big move into Europe.It’s acquired London-headquartered payments company WorldFirst in a deal that sources tell us is valued at around $700 million.This isn’t your average multi-hundred million dollar acquisition.One of a number of globally active money remittance services, 15-year-old WorldFirst lets businesses and consumers move money between countries at prices that are lower than regular banks.WorldFirst is a player in the competitive remittance market, in which migrant workers send money home to family, who can make transfers online or in person at WorldFirst outlets.Ant Financial is best known for its Alipay service, which is China’s dominant mobile payment app with over 550 million registered users.
Adroit Market Research studied Anti-Money Laundering Software Market Size by Deployment Type (On-Premise and Cloud), by Product Type (Transaction Monitoring Software, Currency Transaction Monitoring, Customer Identity Management, Compliance Management and Others), by Application, Financial institution (Tier -1 Commercial Banking, Tier -2 Credit & Finance institution, Tier -3 Micro Finance Institution and Tier -4 Loan Lending institution), by Region.Increased frauds in Fintech services & digital transactions and increased spending on IT solutions by financial institutions is expected to drive the growth of global anti-money laundering software market.Additionally, strict rules and regulations by Financial Action Task Force (FATF), International monetary funds, Bank Secrecy Act in the U.S. to increase the adoption of anti-money laundering software driving the AML software market growth.Request a sample copy of this report: https://www.adroitmarketresearch.com/contacts/request-sample/342On-premise is projected to be a preferred deployment type over cloud during the forecast period.This is expected to drive the growth of transaction monitoring systems within the global anti-money laundering software industry.According to the United Nations Office on Drug and Crime, money laundering worldwide is estimated to be 2% of the global GDP.For instance, in North and Central America, USA Patriot Act and Bank Secrecy Act in the U.S., Proceeds of Crime (Money Laundering) in Canada and Federal Law for the Prevention and Identification of Operations in Mexico are the reason major financial institutions in the region have widely adopted to anti-money laundering software.Thus, North and Central America had the largest market in 2017 and is projected to grow at a CAGR of 8.46% during the estimated period in global anti-money laundering software market.Technological developments such as machine learning which is capable of constructing algorithms that shall help in the predictive analysis are expected to revolutionize the anti-money laundering software.
Saudi Arabia’s and the United Arab Emirates’ (UAB) central banks have teamed up to test a new cryptocurrency.The Saudi Arabian Monetary Authority (SAMA) and the Central Bank of the UAE confirmed the news in a joint statement released today.The proof-of-concept will see the two nations trial Aber, a digital currency, to see whether they can leverage the technology to reduce remittance costs.According to the statement, the project will also explore whether blockchain-based financial settlements between the two nations are viable.It’ll also seek to find out if a blockchain system can serve as an additional reserve for domestic payments.The project will initially focus on the technicalities associated with the technology and the use of Aber will be restricted to a set number of banks in each country.
Bitspark has officially launched Sparkdex.HKD, the world’s first stablecoin “pegged” to the Hong Kong dollar.The Hong Kong-based startup initially developed its cryptocurrency remittance platform to help the territory’s large numbers of foreign domestic workers wire money back home.However, big-name tokens such as Bitcoin and Ether have experienced massive price fluctuations, making them largely unattractive to the majority of immigrant workers (for the time being, at least).Bitspark is the latest crypto startup to opt for stablecoins as a possible solution for this volatility.Stablecoins are crypto coins that have values directly linked to the price of an underlying “real-world” asset such as gold, another cryptocurrency, or a fiat currency.Sparkdex.HKD is an example of the last of these, as it is backed by the Hong Kong dollar (which is pegged to the US dollar.)
ZhongAn and Grab clutch at SE Asia’s digital insurance market – Banking TechWhat happened: Chinese online insurer ZhongAn has created a joint venture with Singapore-based mobile platform Grab to enter the digital insurance distribution business in Southeast Asia.The joint venture will offer insurance products in a range of categories directly to users through the Grab mobile app.The service will be launched in Singapore in the first half of 2019, before being rolled out in other markets.Why it’s important: ZhongAn’s partnership with Grab, a leading online-to-offline mobile platform in Southeast Asia, comes as more and more Chinese tech companies are trying to build their presence beyond the domestic market.At the same time, it also fits into Grab’s plan to cover more services from food delivery to parcel delivery, grocery delivery, and financial services.
Grab is Southeast Asia’s top ride-hailing firm, thanks in no small part to its acquisition of Uber’s local business last year, but the company also houses an ambitious fintech arm, too.That just added another vertical to its business after Grab announced it is teaming up with China’s ZhongAn to introduce insurance.Grab and ZhongAn International, the international arm of the Chinese insurance giant, said today they will create a joint venture that will provide digital insurance services across Southeast Asia.Chubb — a company that already works with Grab to offer micro-loans to its drivers — is the first partner to commit, it’ll offer insurance for Grab drivers starting in Singapore.ZhongAn is widely-lauded for being China’s first digital-only insurance platform.It’s backed by traditional insurance giant PingAn and Chinese internet giants Tencent and Alibaba.
TEL AVIV, Israel–(BUSINESS WIRE)–January 14, 2019–COTI, the world’s first blockchain protocol optimized for payments and stable coins, has just launched its TestNet.The move will bring enterprises, merchants, governments, decentralized payment networks and stable coin issuers that much closer to making digital currencies viable for everyday mainstream use.A number of companies will soon begin using COTI’s technology, including payment processors like Processing.com, top remittance companies such as Millenning, stable coins like Ormeus Cash (OMC), and countless others.Orme’s Trustchain integration will enable OMC to be accepted by merchants all around the world as payment for goods and services while bypassing the roadblocks experienced by traditional blockchain-based payment networks.As for Millening, it will be utilizing COTI’s Trustchain technology to supply users with optimized remittance solutions from Singapore to European countries and other locations around the world.
TransferGo, an international money transfer service based in London, has raised $17.5 million in a series B round of funding led by San Francisco VC firm Hard Yaka and Vostok Emerging Finance, with participation from Revo Capital, U-Start Club, and Practica Capital.Founded in 2012, TransferGo is one of a number of London-based fintech startups to raise VC cash for services involving transferring money to individuals or businesses in other countries.WorldRemit has raised north of $230 million, including a $40 million tranche last year, while Azimo raised $20 million earlier this year.Elsewhere, TransferWise nabbed a whopping $280 million last November, taking its total funding past the $400 million mark.A couple of months back, TransferGo launched a “free” international money transfer service, which is subsidized in part by its premium “same day” service.According to World Bank data, the remittance market — payments made by an individual working abroad to someone in their home country — grew 7 percent last year to $617 billion and are likely to grow a further 10.3 percent this year to around $690 billion.