The Reserve Bank of Australia (RBA) is seeking to update its customer transaction processing and settlement system to manage the transactional activity of its 60 overseas customers for settlement in the domestic High-Value Payment System, Austraclear, and other domestic payment streams such as the New Payments Platform (NPP).
The RBA said seeking a new system is part of ongoing plans to migrate domestic payments messages to International Organization for Standardization (ISO) 20022 standard.
“The Reserve Bank’s existing system does not support the new message formats,” the RBA outlined in its invitation for EOIs.
It comes after SWIFT announced plans to migrate cross-border and correspondent banking payments to the ISO 20022 standard.
In announcing an invitation for expressions of interest (EOI), the RBA said the new internal system must be able to cater for the coexistence of SWIFT FIN messaging and the transition to ISO 20022 messaging standards for domestic and cross border payments and reporting plus (CBPR+) messages, and be able to easily incorporate ISO 20022 message formats for securities messages in the future if required.
To read more, please click on the link below…
MAS completes multi-currency blockchain testing
The Monetary Authority of Singapore (MAS) has completed its fifth and final testing phase for a multi-currency blockchain payments network.
Codenamed Project Ubin, the blockchain network is jointly developed with JP Morgan and investment firm Temasek.
MAS announced the fifth phase of the project on 11 November 2019, following the successful development of a blockchain-based prototype for multi-currency payments.
Phase five of the test saw payments successfully settled in different currencies on the same network.
It validated the use of smart contracts on the payments network prototype for settlement, conditional payments and escrow for trade.
MAS believes that the prototype could enable faster and cheaper transactions than “conventional cross-border payments channels”.
The regulator adds that its current system can serve as a test network for collaboration with other central banks for developing “next generation cross-border payments infrastructure”.
To that end MAS has made technical specifications public to “further industry development”.
“As with all innovation adoption, there is a time for experimentation, and a time for commercialisation,” says Sopnendu Mohanty, chief fintech officer at MAS.
“Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning.
“Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.”
AMTD Announces A Flurry of Partnerships and the Name of Its Digibank
AMTD Group announced today several industry partnerships that it has established in efforts to better serve SMEs in Asia.
It has entered into two separate partnerships, one of which is with GlobalLinker that is aimed at helping Asian SMEs in their digitalisation and global expansion while, the other is with Funding Societies and CIMB to explore collaboration opportunities in offering digital finance solutions to SMEs in Singapore and South East Asia.
The partnership with GlobalLinker will see ATMD becoming the preferred financial services partner on the former’s SME focused platform. In their statement, AMTD said that it will deploy the entirety of the ecosystem to serve SMEs on the platform which includes its Hong Kong-based virtual bank Airstar and also its potential digital wholesale bank consortium in Singapore.
The AMTD-led consortium includes Funding Societies, SP Group, and Xiaomi that is subject to approval from the Monetary Authority of Singapore. They revealed that their Singapore-based digibank will be named Singa Bank.
Meanwhile, the partnership between ATMD, CIMB and Funding Societies will include areas like payroll, mortgage loans, unsecured loans, remittance, and brokerage. It also aims to utilise CIMB’s wide range of banking and capital market services to complement AMTD’s digital solutions to provide SMEs with a one-stop, cross-regional, cross-product financial solution.
These partnerships seem to provide hints as to the shape that AMTD’s digital bank in Singapore will have a particular focus towards serving the SME segment.
US buy now, pay later fintech Sezzle in $60m raise on ASX
Sezzle, a US-founded buy now, pay later fintech, is raising AUD 86.3 million ($60 million).
The total comprises of an institutional placement which raised AUD 79.1 million.
Under this placement, 14.1 million CHESS Depositary Interests (CDI) were issued, representing 8.4% of Sezzle’s existing capital.
CDIs allow non-Australian companies like Sezzle to list on the Australian Stock Exchange (ASX).
The other AUD 7.2 million is a non-underwritten share purchase plan which is now in the process of completion.
Sezzle’s move to Australia
The start-up launched its lending platform in 2017 in the US. It then expanded its offering to Canada.
In July 2019, the US fintech launched an oversubscribed initial public offering (IPO) on the Australian Securities Exchange (ASX).
Australia already has a handful of buy now, pay later competitors which are surging in growth.
This month alone, Afterpay launched a AUD 1 billion capital raising and founder sell-down, Brisbane-based Fu opened its Series A funding round, and Laybuy launched its second pre-IPO raising.
“We appreciate the continued support of our existing institutional investors, particularly those that have remained as CDI holders and supporters since our ASX IPO, around one year ago,” says Sezzle’s CEO, Charlie Youakim.
The new capital will help strengthen Sezzle’s balance sheet, as well as fuel international growth, customer numbers, marketing and new products.
Share prices rocket
Following the publication of its second quarter update, Sezzle’s share price rocketed to a record high last week. It hit AUD 8.25 before reaching a trading halt.
During the quarter, the fintech’s underlying merchant sales totalled to $188 million. This represented a 58% quarter-on-quarter increase, and a 349% year-on-year increase.
The strong quarter results were down to increased activity amongst both consumers and merchants, as well as to repeat usage.
“Our strong [first half] performance, improving consumer profile, and confidence in reaching an annualised run rate for UMS [underwriting management system] of $1 billion by the end of 2020 allows us to be uniquely positioned to further expand through a number of near-term growth initiatives,” says Youakim.
“Importantly, this capital raising will give us the ability to invest in these initiatives as well as fortify our balance sheet.”
Facebook uses Amazon EC2 to evaluate the Deepfake Detection Challenge
Porsche starts testing 3D-printed pistons, gains 30 horsepower in a 911 GT2 RS
4 BIG Changes For In Death: Unchained
4 Big Changes In Death: Unchained Going From PC To Quest
Best Research Papers From ACL 2020
Wireless aquatic robot could clean water and transport cells
Superhot Dev Continuing To Experiment With VR, But New Game Skips Support
Robot jaws shows medicated chewing gum could be the future
Why the gym of the future is your living room
Couch Potato No More: How the Benefits of Exercise Transfer to the Brain
Chomp Down On Sharks Of Mars: Prologue, Available Now For Rift, Steam Soon
How Conversational AI Helps Insurance Agents
An Overview of Artificial Neural Networks
Marvel Web Scraper & Twitter Bot in Under 50 Lines of Code
Educational Tool HistoryMaker VR Steps Onto Steam in August
PSVR Exclusive Iron Man VR Hangs Onto Top 10 In UK Sales Charts
2021 Ford Bronco First Edition reservations sell out, Bronco website overwhelmed
2021 Ford Bronco Sport vs Jeep Cherokee, Compass Trailhawks | How they compare on paper
Firmament’s 2020 Launch ‘Wildly Optimistic’, now Expected in 2022
Royal Bank of Scotland’s Tyl Contactless Payment Service Reports Solid Uptake
The mother Korean Air’s infamous ‘nut rage’ executive was convicted of assaulting her chauffeur
Square Announces Acquisition of Operations Management Platform Stitch Labs
BANK OF AMERICA: Buy these 7 pharma stocks now as they race to develop COVID-19 treatments and vaccines
2021 Ford Bronco trim breakdown | All seven trims and how they differ
The Canadian biotech Medicago is betting it can make a coronavirus vaccine out of plants, and it just started testing it in humans
6 in 10 US workers support going back to in-person learning in the fall, but a lot of people are worried schools aren’t ready
Under Thomas Kurian, Google Cloud is announcing some heavyweight enterprise customers and it’s a good sign for his ultimate ambitions (GOOG, GOOGL)
Update: Snowball Money Hits $600,000 Maximum Funding Goal Reached on Republic
Fintech in Need of Finance? Report States COVID-19 May Necessitate £825 Million in New Financing
Delta posts second-quarter net loss of $5.7 billion, biggest in more than a decade, driven by coronavirus
Coronavirus updates: Hong Kong grapples with new cluster; U.K. study says immunity may wane after two months
Citigroup is set to report second-quarter earnings. Here’s what Wall Street expects
JPMorgan shares jump after record trading revenue drives stronger-than-expected second quarter profit
Amazon is rolling out grocery carts that let shoppers skip checkout lines, bag their groceries and walk out
VC Funding – Outlook Bumpy, But Some Optimism
Pricefx raises $65M Series C for its cloud-based pricing software
UofL and Penn State bring immersion to education
Liteboxer, the Peloton for boxing, enters the ring
Valor Equity Partners passes $1bn in fifth flagship fundraise
India’s Flipkart secures $1.2 billion from Walmart and other shareholders
Start Ups1 week ago
Elon Musk tweeted a meme of “7 Things Every Kid Needs to Hear”
Business Insider1 week ago
A 36-year-old business owner saw her pandemic sales skyrocket without spending a dime on marketing. Here’s how she tweaked her Etsy shop and used word-of-mouth power to keep revenues high.
Gaming6 days ago
Where to farm Savathun’s Marionettes – Destiny 2
Publications6 days ago
Mary Kay Letourneau: Teacher who married boy she raped dies at 58
Publications1 week ago
Bank of America identifies 3 indicators that could make or break the stock market this summer â and warns they’re all deteriorating fast
Gaming5 days ago
Twitch streamer Ohlana has died by suicide at age 26
Esports7 days ago
Kilo vs M13 Warzone: Which is Better?
Esports7 days ago
Lillia, League of Legends new champion, full reveal