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Post-COVID recovery held back by CDR draft rules: Moneytree

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Draft rules for the management of the Consumer Data Right (CDR) prevent Australian consumers and businesses from realising the full benefits of open banking, according to Moneytree KK, the parent company of Australian open banking player Moneytree Financial Technology Pty Ltd.

The draft rules, released on 22 June by the ACCC, do not authorise the disclosure of CDR data to accredited data intermediaries while allowing “outsource providers” to help accredited recipients.

Moneytree is advocating for a tiered CDR accreditation system that will enable more entities to participate in open banking and thereby level the playing field in financial services in Australia.  This will provide healthier competition and increased choice for consumers.

Ross Sharrott, founder, CTO, and Executive Director for Moneytree Australia said while the draft rules are a step in the right direction towards allowing intermediaries to use CDR data longer term, the rules as drafted will significantly curtail the effectiveness of open banking in Australia by unnecessarily delaying the  creation of a robust CDR ecosystem.

“The CDR’s purpose is to provide people with control over their data to help them become more efficient and successful, and data intermediaries are a key part of making this purpose a reality,” said Mr Sharrott.

“The ACCC has strongly acknowledged the importance of data intermediaries to collect CDR data from data holders as they support the uptake of the CDR and the development of innovative new products and services.  We fully agree with these comments but believe the importance of swiftness in including data intermediaries to successfully facilitate innovation has been overlooked.

“One important benefit of the data intermediary model over the outsource provider model is that the intermediary model accelerates more participants in open banking, leading to faster innovation.

“Delaying the full disclosure of CDR data to intermediaries, will discourage innovators from participating in open banking and will not make the Australian finance sector more competitive. By introducing a tiered accreditation system from the outset, more entities will be able to participate enabling consumers to receive the full benefits of open banking,” he added.

“The delay is particularly disappointing given that greater participation in the CDR, aided by intermediaries, could assist Australian consumers and businesses in the post-COVID-19 recovery. By providing lenders with automated and accurate data over and above what is available on credit scores, data intermediaries can help improve the flow of credit to Australians at a time when it is needed most and minimise the potential risk of fraudulent activities.

“For people to derive the greatest value from open banking, they need to have the ability to share their data with intermediaries at their discretion which will help them compare offers, access cheaper products and switch to new services.”

Data intermediaries are already a central element of open banking systems overseas. In the United Kingdom, companies that wish to use data can become an “agent” of a fully accredited recipient without having to do the costly and time consuming steps of building, testing, and getting their own systems accredited. This has led to many intermediary companies providing innovative solutions faster to the market without compromising the security or privacy of open banking.

In Japan where open banking has been evolving since 2015, standardisation and enrichment of data carried out by companies like Moneytree has been a powerful enabling force for the success of open banking and led to the creation of innovative value-added services for consumers.

“Many of Australia’s major incumbent financial institutions have publicly stated they are supportive of the full participation of intermediaries in the Australian CDR ecosystem if appropriate security requirements are in place,” Mr Sharrott added. “As the rules stand, ADIs will have fewer choices with whom to partner as outsourced providers are limited and don’t have the open banking experience that data intermediaries can provide.

“I urge the ACCC and Treasury to resolve this unintended policy outcome and reconsider the draft rules to authorise the full disclosure of CDR data to intermediaries. This will encourage greater innovation in financial services which will assist people and business, as well as the overall economic recovery from the COVID-19 crisis.”

Source: https://australianfintech.com.au/post-covid-recovery-held-back-by-cdr-draft-rules-moneytree/

Blockchain

Revenue Report: XTRA’s T17 ASICs Are Mining In A Canadian Hosting

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FRUITLAND, ID, March 5, 2021 – OTC PR WIRE – XTRA Bitcoin Inc, (OTC Pink: CBTC) announces today to received 37 new ASIC T17 55 TH/s miners at their RINK facility in Manitoba, Canada in April 2020. Due to Covid-19 pandemic, Canada closed the border and XTRA’s American staff was unable to enter Canada to perform installation and deployment. As this was originally seen as a temporary measure, XTRA waited. When Canada extended the restrictions to the 3rd and 4th Quarters of 2020, with no end in sight, XTRA arranged to have their miners hosted in a third-party facility. XTRA signed a 6-month hosting agreement and paid the electrical deposit in December 2020. Host installed the miners and began mining on December 21, 2020.

Initial Testing of new miners revealed 4 defective miners, each containing 3 failed hash boards. Initial hash rate achieved was 1.673 PH/s with ongoing chip and power supply equipment failures reducing performance to 1.0215 PH/s by February 25, 2021. XTRA is sourcing replacement power supply units (psu) to restore performance.

Bitcoin revenue for 2 months of mining thru February 25, 2021 is 0.612325 bitcoin.

XTRA is working to raise capital and increasing its mining capacity. We will be engaging an attorney, accountant, and auditor to prepare a Reg A offering to raise funding to develop our facilities and increase our mining hash-power. We expect attorney letter to be completed next week to bring OTC to PINK current reporting.

XTRA Bitcoin Inc has moved its office to 912 Bobwhite Street, Fruitland, Idaho 83619 and installed a new telephone number: 1-208-452-4566.

Our discussion may include predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. You should also review our most recent filings for a more particular discussion of these factors and other risks, particularly under the heading “Risk Factors”.

If you would like more information about this topic, please call Paul Knudson at 1-208-452-4566, or email paul@xtrabitcoin.com., www.xtrabitcoin.com Twitter: @xtrabitcoin

SOURCE: XTRA Bitcoin Inc.

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Source: https://otcprwire.com/revenue-report-xtras-t17-asics-are-mining-in-a-canadian-hosting/

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Digital Wallet Eco Secures More Than $26 Million Through Latest Investment Round Led a16z Crypto

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Ecoa U.S.-based digital wallet for saving and spending, announced on Friday it raised more than $26 million through its latest investment round, which was led by a16z Crypto with participation from Founders Fund, Activant Capital, Coinbase Ventures, and Slow Ventures. Eco reported that the investment round comes after it raised over $8.5 million from Expa and Pantera Capital.

Founded in 2018, Eco describes itself as a digital wallet for saving and spending. The platform states it replaces checking accounts, credit cards, and more with a single product that rewards customers every time they save, spend, or send money. 

“With Eco, users earn up to 5% annually on their deposits and also get 5% cashback on spending at major merchants. Eco is developing features to help users pay bills, send money to friends, and more — all from the same, single wallet. But today, there’s a second trend at play: trust in institutions is plummeting. Not only is everyone looking for alternatives, but they are open to new ideas from non-institutional players.”

While sharing more details about the company’s services, Andy Bromberg, CEO of Eco, explained:

“Eco is arriving at the moment we need it most, existing financial infrastructure is failing us, and we deserve something better. Eco puts your money back to work for you. It’s not a bank, checking account, or credit card — we’re building something better than all of those combined.”

Eco added it is now focused on expanding the benefits offered to users, meeting the increasing demand for the product, and building towards the future of novel, aligned financial services business models. The funds will be used for the continuous growth and development of the Eco products.

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Source: https://www.crowdfundinsider.com/2021/03/172895-digital-wallet-eco-secures-more-than-26-million-through-latest-investment-round-led-a16z-crypto/

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ShopeePay Mobile Wallet Added to Digital Payments Acceptance Options Supported by Malaysia’s GHL Systems

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GHL Systems Berhad’s Malaysia-based business operations have reportedly added the ShopeePay mobile wallet to their digital payments acceptance options. The new payments service has been added after a recent partnership with ShopeePay Malaysia Sdn Bhd.

Through the partnership, GHL will enable its offline merchant base and new merchants with the option to take digital payments for purchases via the ShopeePay mobile wallet.

ShopeePay mobile wallet users are able to make payments at 104,300 selected GHL Transaction Payment Acquisition (TPA) merchant touchpoints based in Malaysia.

GHL said that it would introduce ShopeePay payment acceptance services in different phases with the initial batch going live in early February 2021.

GHL’s management claims they’re one of the ASEAN region’s largest non-bank merchant acquirers. They aim to provide a comprehensive range of cashless payment acceptance options and support transactions with credit and debit cards, mobile wallets and direct bank transfers for online and offline merchants.

Sean S. Hesh, Group CEO aat GHL, stated:

“With the addition of another e-wallet is definitely the way forward to enable our merchants reach a larger consumer base, and the base continues to grow along with ShopeePay’s promising scalability. We hope to help ShopeePay mobile wallet holders move beyond their use online to the offline merchants. At the end of the day, consumers are the clear winners from the wide range of choices and an enhanced payment experience.”

Alain Yee, Head of ShopeePay, remarked:

“Through our partnership with GHL Malaysia, ShopeePay will be integrated further for a seamless payment experience for offline transactions. And with our added cashback benefits, we will make the adoption of our mobile wallet a win-win for all sides by leading our users to support businesses through good deals, subsequently improving traffic for their outlets and helping them retain even more customers in the long run.”

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Source: https://www.crowdfundinsider.com/2021/03/172865-shopeepay-mobile-wallet-added-to-digital-payments-acceptance-options-supported-by-malaysias-ghl-systems/

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Indonesian Fintech PAYFAZZ Invests $30M into Singapore’s Xfers to Enable Financial Inclusion in Southeast Asia

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Indonesia-based Fintech firm PAYFAZZ has revealed that it invested $30 million in Xfers, a Singapore-headquartered business. The investment was made to establish a new financial entity, known as the Fazz Financial Group (FFG).

PAYFAZZ stated that the companies will be keeping their respective names while operating under the new financial entity. FFG will be responsible for overseeing their shared goal or mission of enabling financial inclusion via modern Fintech services across the Southeast Asia region.

With this latest investment, Xfers will be serving as the business-to-business (B2B) division of FFG, which mainly focuses on connecting different merchants to the payment infrastructure and FFG’s user network.

In Indonesia, Xfers helps businesses or companies access various payment methods which includes bank transfer, e-wallets and offline channels like agent banking networks and convenience stores.

With PAYFAZZ and various other agent banking networks as its clients, Xfers has been able to reach more than 10 million underbanked Indonesian consumers, the company claims.

PAYFAZZ operates as an “agent-driven” banking network with over 250,000 registered agents.

During Q2 2021, the FFG will mainly be focused on improving its infrastructure and enhancing its product offerings.

FFG has hired Hendra Kwik, Co-Founder and CEO of PAYFAZZ, to serve as Group CEO which will involve leading the overall direction and strategy from both companies. Tianwei Liu, Co-founder and CEO at Xfers, will be joining as the Group’s Deputy CEO.

The two will continue as Chief Executives of their respective firms. The Group has also hired Robert Polana, former-CFO of Tiket.com, to serve as the Chief Financial Officer.

Hendra Kwik, Group CEO of Fazz Financial Group, stated:

“Leveraging PAYFAZZ’s vast local Indonesia network and Xfers’ robust payments infrastructure in the region, it was a natural next step for both firms to band together and work towards a common goal. With the newly-formed FFG group, our team will be broadening the combined capabilities to accelerate inclusion through financial services in Southeast Asia.”

Tianwei Liu, Deputy CEO of Fazz Financial Group, remarked:

“We are thrilled to further deepen our partnership with PAYFAZZ, and for Xfers’ new role as the B2B and regional arm of Fazz Financial Group. With more resources on hand, we are also looking forward to helping more brands enter Southeast Asia. Especially for businesses looking to access the underserved consumer segment in Indonesia.”

PAYFAZZ had finalized a $53 million Series B investment round in 2020. The round was led by B Capital and Insignia Ventures Partners, along with contributions from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.

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Source: https://www.crowdfundinsider.com/2021/03/172863-indonesian-fintech-payfazz-invests-30m-into-singapores-xfers-to-enable-financial-inclusion-in-southeast-asia/

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