Glazomer says it’s an affordable eye-tracking system that can measure user focus and attention. The TC Top Picks program showcases outstanding early-stage startups across these categories: AI/Machine Learning, Biotech/Healthtech, Blockchain, Fintech, Mobility, Privacy/Security, Retail/E-commerce, Robotics/IoT/Hardware, SaaS and Social Impact & Education.
Mt Pelerin Holds its First General Assembly on Blockchain in Geneva Via its New Bridge Wallet Mobile Wallet
On June 26th, Mt Pelerin, the Swiss Fintech expert in asset tokenization and digital compliance building, held its first general assembly in Geneva. Together with its shareholders and via its new Bridge Wallet mobile wallet, Mt Pelerin discussed its ongoing mission to provide digital solutions to democratize access to financial securities of unlisted companies. This may come as no surprise given the origin of the company’s name, which derive from the Mont Pèlerin Society. This was a group of brilliant economists and intellectuals advocating for an open society and economy driven by free market principles, personal and political liberty as well as freedom of expression.
More than 630 shareholders were able to participate the first general meeting of shareholders for Mt Pelerin’s 2019 financial year. Presentations from the board of directors were viewed via video streaming and votes were cast in a secure manner on various subjects submitted for approval. For example, “the amount of MPS tokens held by shareholders (in Bridge Wallet or elsewhere) determined the number of votes that they had (1 MPS token = 1 vote), and the yes/no votes made in Bridge Wallet were carried through blockchain transactions with the MPS token’s voting smart contract”. According to a recap of the meeting posted on the company’s website, presentations also included topics on: The MPS token, equity tokenization service, Quantum Vault developments, the company’s licensing and funding strategy, security token offering services and others.
Logistically, everything was run through the Fintech company’s Bridge Wallet mobile wallet – which was publically announced on its Twitter today. Moreover, the APP was specifically designed by Mt Pelerin to offer a simple and accessible way for all those implcated to interact with the company’s ongoings. Bridge Wallet not only makes it easy to acquire cryptocurrencies by bank transfer, but it can be used to buy, sell and manage assets such as investment tokens.
This real-life demonstration to shareholders reinforced Mt Pelerin’s committment to managing blockchain securities. Thanks to Bridge Wallet, “any company can now issue shares and bonds that comply with the law and distribute them globally, instantly and at low cost” the Fintech company stated in a recent press release. The management of these securities (compliance, transfers, digital meetings and payment of dividends, etc.) is then carried out through the cockpit provided by Mt Pelerin for the issuer, and through Bridge Wallet for the investors. Hence, this provides a real and feasible alternative to the stock market for issuing, distributing and managing securities at considerably lower costs.
In the meeting, Mt Pelerin also unveiled their plans for 2020 and beyond. The most important seemed to be obtaining the new Fintech license from FINMA, the Swiss banking regulatory authority, which serves as a stepping stone with a view to obtaining later a full banking license later on. Such a license would enable Mt Pelerin to accept deposits from the public up to a maximum amount of 100 million Swiss francs (approximately $105 million USD or £85 million GBP) . With much lighter requirements than a full banking license, a Fintech license will allow Mt Pelerin to offer its revolutionary banking ecosystem much more quickly to the general public and to continue its promising trajectory.
How 5G will revolutionise consumer banking
Technology has been driving changes in consumer behaviour for years. While it may be a few more years until 5G wireless technology is readily available in the UK for consumers and institutions, we are moving, albeit slowly, towards this milestone. When 5G is part of our nationwide infrastructure, it will transform products and services. Banking will inevitably follow.
For a while brands have been competing to win and retain customers on the speed, smoothness and easy of use of their services. Consumers around our digital world demand immediate gratification. 5G, with its superfast connectivity and wide reach, will aid the banking deliver on these expectations and ultimately to serve customers better.
Facilitating banks to provide their customers with flawless, lightning speed experiences and exceptional response times, 5G has the potential to revolutionise banking. More specifically, here are four ways that banks can get ahead with this technology in coming times:
Improved mobile experience
5G may reduce latency times to under one millisecond, which will provide for a true real-time mobile banking experience. Exciting and creative new mobile banking use cases, such as the ability to scan an image of an item in a catalogue or on a website for instant purchase, are no longer just cool ideas, but imminent services.
Faster and simpler payments will like make mobile and digital payments even more appealing to the masses and merchants alike, further boosting usage. It’s also probable that many standard banking operations will extend to new channels such as wearables, internet of things (IoT) devices and virtual reality (VR) devices as these become more common and more sophisticated.
To capitalise on these technologies, it’s imperative that banks start thinking about how they can leverage these new possibilities.
Next-gen customer service
Awareness of 5G is high. Consumers are already quite clued up on what it can offer, such as hyper-personalised and instant service for users. Banks need to make sure they have the confidence in their ability to utilise the technology when it does become available. They must stay ahead of consumer expectations to ensure customers aren’t tempted by a more nimble rival.
With 5G connectivity, consumers are likely to expect banks to instantly resolve issues across all channels. Artificial intelligence (AI) and VR will likely become table stakes for the customer offering, so banks need to decide now how they will leverage automated capabilities while still offering a personalised, human touch for key clients.
Smarter security and fraud detection
Putting aside the well documented security concerns over 5G, there are ways it will greatly enhance security for both institutions and end consumers. For institutions, 5G will allow real-time updates without customer intervention and usage-disruptions. It will enable increased use of multi-modal biometric security measures that combine nuances like the user’s gait and the position in which one holds their mobile phone to carry out identity checks.
5G can significantly improve proactive fraud prevention. Tasks such as processing data in real-time, authenticating transaction amount, customer geolocation, and merchant ID all reduce fraud detection errors and false positives.
On the flip side rules around data management, protection and privacy are increasingly stringent. Banks need to conduct self-analysis on their data collection and usage practices and policies. Given that data protection regulation will only get stricter, banks need to be absolutely certain they are operating within the new rules if they are to successfully bring new 5G-enabled offerings to the market.
Streamlined lending and big-ticket purchases
5G has the potential to simplify cumbersome processes associated with obtaining credit for big-ticket purchases. Banks can handle higher volumes of requests. From applications to credit checks to tailored financing offers to loan sanction, 5G can make banks more efficient and profitable. The importance of this has been highlighted by the coronavirus pandemic, where banks are struggling to deal with the sheer volume of applications for loans.
Banks should invest in tools to marry AI, data and 5G – to run dozens of parallel processes in real-time. This will bring improvements in the speed and precision of lending decisions, and also enables personalised lending rates based on customer risk and reality.
Consumers should not lose sight of the tangible gains the banking and financial sectors will see from the next generations of wireless technology. To maximise the benefits, financial institutions need to ahead and taking steps to put relevant strategies in place now. Developing new processes and products can help banks to stay ahead of consumer demands and bring novel offerings once the technology reaches the consumers.
JD Digits, the Fintech Division of Chinese Online Marketplace JD.com, to Conduct IPO at China’s STAR Market
JD Digits, the Fintech-focused division of Chinese online marketplace JD.com, is reportedly planning to conduct an initial public offering (IPO) at China’s STAR Market, which is based in Shanghai. This, according to a filing submitted by several securities companies.
As first reported by TechNode, the planned IPO appears to be a part of JD.com’s business plan which involves taking its affiliates public in the coming years. JD.com may soon be floating shares of JD Digits and also its courier business (JD Logistics). The e-commerce giant’s own secondary listing took place in Hong Kong in June of this year.
JD Digits’ listing on the STAR Market will most likely involve a new technology board, which launched on the Shanghai Stock Exchange in July of last year. The board reportedly prefers firms specializing in the semiconductor and manufacturing sectors.
Four Chinese securities companies reportedly entered “pre-listing tutoring agreements” with JD Digits on June 28, 2020. The agreements should help the firm with filing an IPO on the STAR Market, according to a filing submitted to the China Securities Regulatory Commission (CSRC), the nation’s main securities regulator.
The CSRC notes that firms must be tutored by licensed or authorized brokers before they are allowed to launch IPOs in Chinese stock markets.
Established in August 2017, JD Digits is valued at RMB 133 billion (appr. $18.8 billion) after securing RMB 13 billion in capital back in 2018.
JD Digits was previously known as “JD Finance.” The company currently manages several loan businesses and also offers AI and blockchain-focused products and services which mainly involve city governance and agriculture initiatives.
JD.com, which is already listed on Nasdaq, also began listing on the Hong Kong stock exchange on June 18, 2020. It’s only the third Chinese technology company to introduce a secondary listing in the city-state after competitors Alibaba and gaming firm Netease.
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