Blockchain
CRFM Explores Fintech Trend: Facial Recognition Payment in China
Facial recognition is springing up in payment industry of China in year 2019. The market continues to heat up after People’s Bank of China announced to support exploration of facial recognition application in payment industry in August 2019. Various payment institutions (Union Pay, Alipay and WeChat Pay), POS hardware manufacturers, OEM mobile phone manufactures, etc have ambitiously followed this innovative payment trend and launched their own products.
Chain Relations Finance Media (CRFM) has noticed, in the current market, each payment institution (UnionPay, WeChat Pay and Alipay) has its own hardware device to process respective facial recognition payment. In other words, on top of existing hardware to process QR code payments, merchants need to install additionally three different devices to enable facial recognition payments of UnionPay, WeChat Pay and Alipay respectively. Unfortunately such development barrier poses a number of pain points to various participants:
- Huge hardware cost pressure (to banks and merchants);
- Cumbersome and unfriendly operation process (to merchants and users);
- Unnecessary setup space occupancy (to merchants).
In visiting various merchants and researching the situation of payment acceptance, CRFM has found some merchants having adopted one single hardware to complete facial recognition payments (UnionPay and WeChat Pay) and also QR code payments (UnionPay, WeChat Pay and Alipay). The hardware is provided by a local acquiring bank, and after diving deeper in the technology used by the bank, CRFM has discovered that the bank is using the middle software provided by Shenzhen Taotaogu Information Technology Co., Ltd. (SZ TTG) (ASX ticker : FTC).
Integrated Facial Recognition Payments Lead The Tide
CRFM has interviewed SZ TTG regarding its view and development in the payment trend in China. In early November 2019, SZ TTG is the first to launch an integrated facial recognition payment solution – “Flounder” using one single hardware to complete both facial recognition payments (UnionPay and WeChat Pay) and QR code payments (UnionPay, WeChat Pay and Alipay). “Flounder” offers stunning merits: (1) Saving hardware cost; (2) Streamlined operation/payment process; and (3) Less space occupancy.
CRFM realises that SZ TTG is currently serving more than 700 banks and over 5 million merchants in China by its patented T-LinxTM Middle Software for banks. The T-LinxTM powered banks export such fintech middle software capability to their various merchants, seamlessly connecting merchants’ operation system with integrated payment solutions in low cost. Moreover, T-LinxTM is furnished with consolidated transaction data with one unified statement and real-time data management (SaaS) for merchants, and many other state-of-art industry applications.
The promotion of the giant institutions/corporates, the follow-up of government supervision, the excitement of the industry, and the questioning of the public are all very similar to the market situation when the QR code payment was becoming popular. CRFM believes that integrated facial recognition payment will be the next development tide after QR code payment.
SOURCE Chain Relations Finance Media Holdings Limited
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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