High precision time protocols, originally designed for Europe's Big Science, guarantee honest financial transactions

It was European scientists who, more than a decade ago, developed extremely precise network time distribution procedures for CERN. Numerous sectors, including banking, have recently begun using them. John Fischer, Oralia’s v. p. of advanced research, holds his hands approximately 30 centime...

RBI’s auto-debit rules impact online transactions

Highlights

• Reserve Bank of India laid down the Auto-debit rules in 2019
• Various banks have implemented changes as per the new rules

The Reserve Bank of India laid down the auto-debit rules in 2019. These rules came into effect from O...

RBI enhanced guidelines for card Tokenisation in India

Highlights

• The RBI to conduct Tokenisation of card data
• Tokenisation of card data shall be done only with the customers consent

On Tuesday, The Reserve Bank of India, has improvised the guidelines of card tokenisation services. This ...

MICAHEL MOSIER WILL TAKE OVER AS DIRECTOR FinCEN ON APRIL 11

Highlights:

• Mosier was the CTO of Chainalysis before he joined FinCEN
• The move to include Mosier who has a blockchain background as a professional means that the government is seriously pursuing illegal crypto-exchanges

Kenneth A Blanco, the current ...

S. KOREA’S HOME TRANSACTION SANK 25 PERCENT IN FEBRUARY 2021

Highlights –

• S. Korea’s home transaction sank 25 percent in February 2021.
• The number of home transactions in Seoul metropolitan area was 47,433 in February.
• In remaining parts of the country home transactions came to 39,588 in ...

AMBANI TO PARTNER WITH FACEBOOK AND GOOGLE

HIGHLIGHTS

• Mukesh Ambani is going to forge a partnership with Facebook and Google.
• Three partners seek to obtain a license to enter India’s digital payments business.

Reliance Industries Ltd., led by Asia’s richest man Mu...

LENDERS TO JOIN HANDS TO DEVELOP DIGITAL BANKING INFRASTRUCTURE

HIGHLIGHTS

• Public sector banks are planning to build and share digital infrastructure.
• Not just software, banks are likely to share the hardware used for setting up the back office and servers.

In response to the rapid digital adopti...

FMCG COMPANIES CONTINUE TO BENEFIT FROM ONLINE SALES

HIGHLIGHTS

• FMCG companies are getting benefits due to online sales.
• A report by Unicommerce said that sales on e-commerce grew 36% in volume terms compared to FEB 2020.
• In DEC 2019 quarter, 30% growth was witnessed.
• In DEC 2020 q...

PAYPAL TO SHUT DOWN DOMESTIC PAYMENTS BUSINESS IN INDIA

HIGHLIGHTS

• PayPal is going to shut down domestic payments business in India from 1 APR 2021.
• International payments business is still going to continue for now.
• PayPal has partnered with many Indian businesses in past to increase its market...

SOUTH KOREA RECORDS FRESH HIGH IN ONLINE SHOPPING IN DECEMBER

Highlights –

• South Korea records fresh high in online shopping in December.
• In December 2020, online shopping transactions stood at $14.2 billion.
• Smartphones, tablets, and other mobile device purchases rose 33.8 percent.
• O...

UBS MAY INVEST $400 MILLION IN INDIA'S PAYTM

HIGHLIGHTS

• UBS Group might be planning to invest $400 million in Paytm.
• Paytm is owned by Ant Group of India.

According to some media reports, UBS Group may invest $400 million in Paytm, which is owned by India-based Ant Group. With ...

NAVER’S REVENUE JUMPS THREE FOLD ON BACK OF CONTAGION- PRODDED ONLINE SHOPPING

• South Korea's top internet portal operator Naver Corp. said Thursday its net profit nearly tripled in the third quarter from a year earlier on the back of boost in online goods transactions on its platform amid the pandemic.
• Net profit reached 235.3 billion won ($207.5 mill...

DEFAMED CHINESE FIRMS UNDER SCANNER BY I-T SLEUTHS FOR MONEY LAUNDERING

• The income tax department found that over 40 bank accounts were made through mock units.
• The tax department found the shady deals linked to money laundering involving bank employees and chartered accountants.

The income tax department on Tuesday stepped up a f...

JAPAN PASSES ‘SUPER CITIES’ BILL

HIGHLIGHTS

• To ensure timely technology roll-out, Japanese Parliament has passed a bill, clearing the plan to create ‘super cities’ in Japan.
• Municipalities need to create plans and get support from residents in their area. After proving su...

How Blockchain Can be The Solution to Trade Finance Issues in India

The scale of acceptance of digital transactions by Indian businesses is far and large. With a population of nearly 1.4 billion and 1.9 million registered businesses, there is constant dialog in support of an increased need to protect the digital business space.

Progressive companies are...

China and Japan will promote more use of their local currencies in bilateral trade and investment agreements

(Tokyo) — China and Japan will promote more use of their local currencies in bilateral trade and investment agreements as global trade uncertainty has boosted foreign-exchange instability and the expense of using third-party currencies, the Chinese central bank official said Thursday.

Large electronic spot foreign exchange trades

When placing massive electronic spot foreign exchange transactions through a liquid market in recent days, the focus has been on restricting the market impact to prevent the price from moving away from the customer. To do this, the phenomenon has been to split huge trades into instalments as smal...

Foreign banks don't seem very appreciative of US-China agreement

The Zacks International Banks Market frequently covers foreign banks based in the U.S. As an international banking company in the U.S. can have both state-chartered and federal branches, the Federal Reserve plays a major role in managing its activities in the U.S.

Such companies not onl...

Russia bags new deals

Russia has been seen expanding its horizons and trades through new deals that it has been making in recent times. The current and the latest new contracts that the nation has been making are with the Middle Eastern countries where the Russian president Vladimir Putin is visiting currently.

Make sure to pay net bills to get the best out of online transactions this winter

Cyber Monday 2019 is approaching pretty fast; this year, it falls on December 2, the Monday after Black Friday, which will commence on November 29.

While Cyber Monday is later than expected, dunking into December, it's never too soon to begin contemplating the sort of arrangements y...