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Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, National Association that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment offers deposit products, mortgage and home equity lending products, credit cards, business loans, wealth management, and investment services; and auto, education, and point-of-sale finance loans, as well as digital deposit products. This segment serves its customers through telephone service centers, as well as through its online and mobile platforms. The Commercial Banking segment provides various financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, and interest rate and commodity risk management solutions, as well as syndicated loans, corporate finance, mergers and acquisitions, and debt and equity capital markets services. This segment serves government banking, not-for-profit, healthcare, technology, professionals, oil and gas, asset finance, franchise finance, asset-based lending, commercial real estate, private equity, and sponsor finance industries. It operates approximately 1,200 branches in 14 states and the District of Columbia; 114 retail and commercial non-branch offices in national markets; and approximately 3,300 automated teller machines. The company was formerly known as RBS Citizens Financial Group, Inc. and changed its name to Citizens Financial Group, Inc. in April 2014. Citizens Financial Group, Inc. was founded in 1828 and is headquartered in Providence, Rhode Island.

Citizens Financial Group

In decentralization, we trust, and in our community, we believe! This interview is part of the ! For those who are reading about it for the first time, HackerNoon has built a partnership with Everscale (Formely Free Ton) - a decentralized, community-powered blockchain movement for free internet! This is the last month to participate in the contest. You can see all here. #Decentralized-Internet writing contest #Decentralized-Internet stories So without further ado, let’s start the interview. Thank you for joining us! Please tell us about yourself. Hi! I’m Dema, a FinTech Doctor from Cyprus, and I currently live in Dubai. I work for CFI Financial Group – a financial broker offering trading and investment services in the Middle East. Whereas most people differentiate between business and pleasure, for me, my business is my pleasure. I absolutely love what I do, and I’m glad for the opportunity to share my passion with the world. Currently, I work in Fintech – the apex of finance and technology. It is a relatively new industry that encapsulates a diverse set of concepts and skillsets, but one that is on track to change the world. I’m passionate about developing and implementing the tools that can guide society away from persistent scarcity and towards unlimited abundance - via technology. Let's discuss centralized internet first. What is your opinion on the centralized internet? What are its pros/cons? The Internet had to begin with a centralized model to be seen as usable and viable as a proof of concept. Centralization was the beginning, but decentralization is the future. I regard centralized systems as simpler and more user-friendly compared to decentralized since the concept relies on a single point of reconciliation. Furthermore, centralized systems are time-saving because individual servers mean fewer admins and more straightforward management. Also, tracking and collecting data is more accessible given there are fewer interjection points. The main disadvantage of centralized networks is in cases of even slight disruption. In such cases, the entire system can fail because all nodes are bottlenecked in one server. Relying on a single server can be extremely problematic, especially in highly important critical tasks. Given that our various societies are becoming digitally interconnected at a rapid rate, it makes sense that increasingly more digital functions are being considered “critical”. Given this trend, it makes sense for internet-ready functions to become decentralized as much as possible. Such as shift would also boost the rate at which various systems can be upscaled to meet regional and global demands. What does decentralization mean to you? First and foremost, decentralization opens the door to what is now being hailed as “Web 3.0” – a seamless user experience where users are not only browsing the internet in a read-only fashion (Web 1.0), or sharing their data as part of a dynamic architecture (Web 2.0), they will be able to truly own their content and maintain full control over its digital presence. Odyssey is a good example of how the Web 3.0 concept is being applied in practice. It’s a blockchain alternative to YouTube, where video creators can earn library tokens as a reward system for watching videos. Odyssey cannot prevent anyone from posting videos, even offensive ones, because the hosted video is not held on one computer but rather is distributed among thousands of computers as part of a de facto peer-to-peer network. Unlike centralized connectivity, computing power is used to process the distributed control. Decentralizing a network tends to improve the speed and flexibility of how various tasks are processed by distributing processing power to individual users. How decentralization changes the internet? Decentralizing the internet will mean ending the reliance on large centralized organizations that have monopolized not only the internet but other interconnected industries such as banking, software development, and hardware manufacturing. On the other hand, the decentralized approach has created small but highly successful communities that serve as alternatives to the traditional status quo. These grassroots internet-based communities have coalesced organically and are investing their time and energy to provide users with a chance and the capacity to control their data - rather than relying on intermediaries. Decentralization wrestles back control of the internet from the few to the many and then delivers it to the individual. What is the best thing about decentralized internet? The most exciting aspect is the inherent blend of stability and empowerment offered by the system architecture. Once the most critical aspects are decentralized, the likelihood of system failure falls to almost zero – even for notoriously fiddly systems such as payments, cloud access, reconciliations, and real-time system updates. Decentralization essentially means both service providers and users can expect flawless uptime and zero data loss in case of system failure. In the unlikely event of a system failure affecting multiple nodes simultaneously, redundancy measures will ensure downtime is minimized while server recovery could be better automated to avoid the need for human involvement. In other words, a critical system failure that would currently affect an entire organization globally will only affect a handful of terminals at one representative office. Also important is that a decentralized internet helps usher in the development of the next generation of platforms, offering unique tools, services, and products such as “decentralized finance” (DeFi) and non-fungible tokens (NFTs). NFTs may seem like a gimmick for the time being, but that’s what they said about Bitcoin in 2008. Eventually, growing demand is likely to push up prices because the supply of NFTs is often limited. To demonstrate what I mean, meet my newly-acquired “Desperate Ape Wife #1274” – she may be a mindless digital avatar with some severely challenging aesthetic issues, but I’m still confident she can show me some appreciation over time. Are you currently directly or indirectly working on the decentralized internet use case? We would love to know more about it. Already, decentralization-focused developers are working on what’s known as “open development” platforms which allow individuals to personally build new tools, products, and services that they can then offer to other people or even sell for a profit in a transparent marketplace. What all this means is that decentralized systems can offer significant opportunities for start-up businesses seeking to grow their audience on the internet – and fast. Good examples would include behemoths like Amazon, a company that grew its capacity and obtained millions of new clients as a result of decentralized systems. Another example is Graphite Docs – a far more intuitive and workable application that can also secure all data, including encryption. The software enables users to access their information at multiple points and allows for greater user switching – a boon for large organizations. It is rather saddening to admit that the governments of the world are becoming increasingly authoritarian when it comes to controlling social media and the internet in general. Decentralized networks offer a means for the people to push back by creating a level playing field that even governments cannot skew. What are the biggest challenges in the way of the decentralized web? One particular challenge is that decentralized systems face the problem of coordination given that every node is isolated, and therefore, it can be problematic to achieve collective tasks, especially at greater distances. Decentralization offers unbounded freedom of operation and limitless scalability, which is great when it comes to freedom of expression. However, there is also the possibility of “excess freedom” leading to adverse effects, given that the fruits of decentralization will also empower malicious users. Decentralized systems can be a panacea to many different problems for many different users, but by the same token (no pun intended), greater empowerment creates greater room for people to bend or break the rules and regulations set by authorities. Therefore, any notions of a decentralized internet will depend on a domain name system, thereby allowing participants to obtain individual IP addresses and hosts. Subversive attacks on independent nodes can pose significant problems – and there will always be the possibility of service outages – but the underlying risk of failure is severely reduced while the capacity for next-gen applications is expanded. Another issue is an oversight. In a centralized system, it is possible to filter and eradicate unwanted messages such as offensive social media posts – something that could be difficult in a decentralized network. Users in a decentralized system will have inherent anonymity and could potentially misuse this boon to conduct malicious activity. Sadly, the proliferation of a decentralized internet will create more opportunities for misuse by bad-faith actors, but the ethical and practical justification is that any abuse will be better tracked and reconciled, thereby leading to a stronger deterrent over time. Do you have any apprehension or fear related to the decentralization of the internet? Although transitioning from centralization to decentralization bears risks, I think they are well worth taking, considering the opportunities created for everyone. However, I am apprehensive of the cost involved with installing and operating decentralized systems worldwide. There is also a suitability consideration for small users. Lacking a superior node to regulate the system could also pose problems when it comes to troubleshooting and ad-hoc repairs. Decentralized networks require more computing knowledge and understanding, which many users may not be capable of acquiring at a local scale. Excess freedom could also create difficult moral dilemmas and will raise the question of who bears responsibility for malicious acts. If a criminal uses a decentralized network to convince financially illiterate people to give away their money or promises outlandish riches that are too good to believe – yet people still believe in them and invest anyway: should the service provider bear responsibility or the end-user? To many, decentralization of the internet is a radical approach that poses as many risks as it does benefits, and neither has been investigated to any great depth. What developers have created so far isn’t being communicated to the public at large or regulators, which eventually leads to knee-jerk reactions and a perception that fintech developers’ ambitions are outpacing the market’s ability to regulate them. It’s a move I completely support. How do you see the future of the decentralized internet? I’m confident that the future of the Internet lies in decentralization. There is a growing demand for dependable privacy, digital data-keeping, and cybersecurity at the individual level – not just corporates. Millions, if not billions of people, are suspicious of Big Data, Big Tech, and Big Government. They don’t want to delegate their data – whether it be top-secret algorithms or family photos – to centralized gatekeepers such as Google and Amazon. The tech giants of today will ultimately lose their grip on the monopoly they’ve created, especially as cybercrime continues to affect larger corporations to a great degree than their smaller siblings. To me, it seems many people prefer to trust fintech companies such as Revolut with their money rather than the traditional big banks. The same applies in the tech sector. People are trusting big tech companies less and less as they see a growing litany of privacy encroachment cases stuffing the courts. On a mass scale, people want more control over their own lives and greater protection of their inherent sovereignty and personal autonomy. Decentralization is a genuine vehicle that delivers power back into the hands of the people and re-empowers individuals to better handle their assets. Thank you for your time! Any closing thoughts/advice for the readers? The debate between centralized and decentralized will not end anytime soon. However, despite the naysayers and the skeptics, the Internet is switching to a more decentralized alternative. Primarily, this is because of the trust issues that have emerged as a result of rampant ‘oligopolization’ in all industry sectors. The overarching question is whether people should have the right to govern themselves and obtain full control over their digital footprint – I, for one, side with personal responsibility in the hands of the individual, rather than collective protections enforced by governments. Given that the needs and wants of every individual can be very different, it’s better to allow everyone to weigh up their own requirements and decide which system works best for them. But will governments allow their citizens to refuse government oversight over their digital activities? This seems like a sticking point and remains the core point of contention among most market participants. The switch to a decentralized system takes away some of the collective safety net provided by authorities and puts the onus on individual users when it comes to responsibility, culpability, and ethical conduct. A decentralized internet creates greater opportunity for misuse, but it also delivers the solutions to deterring, tracking, and convicting malicious actors. If we truly shift the onus of responsibility to the individual, there will be less room for malicious actors to operate (while helping to create a culture of mindfulness). Ultimately, all stakeholders must agree to and then commit to a mechanism that ensures suitable user protections against harmful online activities. However, no solution is perfect, and some degree of malicious activity will, sadly, always take place.

The Future of the Internet Lies in Decentralization: Dr. Zamboglou

Updated & Revised to include over 400 Banks & Financial Institutions using blockchain technology in 2020 ________________________ The below article is from: . The list has been updated, however, to include over double the banks originally listed. At the time of publishing, the list contains 414 banks and Financial Institutes from around the world that have invested in blockchain technology to some degree. Comprehensive List of Banks Using Blockchain Technology One of the industries which have been the most opposed to blockchain technology is the finance industry, but specifically banks. Initially, they saw the concept of blockchain as direct competition, actively removing the control they have over the funds and accounts of their customers. However, major players in the finance industry have increasingly begun to warm up to blockchain. Financial institutions and other major companies are inherently slow in adopting any new technology, but have actually been exploring various use cases for some time now. So let’s take a look at which institutes have already implemented the change or are looking into it as we speak. According to CEBNet in early 2019, of the 26 publicly listed banks in China, 12 have already adopted blockchain technology for various use cases within their systems. These banks vary from state owned ones like the Bank of China, China Construction Bank and the Agriculture Bank of China, to privately owned ones, including China Merchants bank. This is just China, before the strong public drive for blockchain adoption in late 2019, but the sentiment remains positive throughout the rest of the world. ALFA Bank from Russia, Yes Bank from India, UOB (United Overseas Bank) from Singapore, CommonWealth Bank from Australia, and LatiPay from New Zealand are a few banks that have collaborated with a US based blockchain company. The Federal Bank from India & Lulu Exchange have partnered with a Bengaluru based fin-tech company. Axis Bank, RAK Bank, & Standard Charter Bank have connected with another blockchain network. Kotak Bank, which enables blockchain based trade finance operation, partnered with Deloitte & JP Morgan Singapore. Other use-cases within the financial sector which have been developed include simplying and speeding up cross-border payments, improving trading accuracy, reliability and shorter settlement processes. Smart contracts have created benefits with the processing of transactions by removing the need of the middle man, as well as being used to develop loyalty and rewards systems. There are a lot more banks working within multiple technology & service providers to integrate blockchain in their Use Cases. This just demonstrates the demand in all industries for the adoption of blockchain technology. is making this possible with the ecosystem and the aelf Innovation Alliance which will enable blockchain technology to be adopted and integrates into mainstream organizations large and small. This has enabled the alliance to be successful with partnerships from experts and influencers like and , , and . Not only do organizations now have a platform to build upon, but they have resources, capital and expert advisors at their fingertips, which is all made possible through the this revolutionary initiative. Aelf aelf Michael Arrington Arrington XRP Capital Huobi Labs FBG Capital aelf ________________________ Below is a list of over 400 banks and financial institutes using or soon to be using blockchain technology: Banks 77 Bank ABN AMRO AEON Bank AIB Akbank Akita Bank Al Rajhi Banking & Investment Corporation Alawwal Bank Alfa Bank Allied Irish Bank ANZ (Australian and New Zealand Bank) Aomori Bank Al Rajhi Bank Ashikaga Bank ATB Financial Axis Bank Awa Bank Alipay Ant Financial B3 Banco Bilbao Vizcaya Argentaria (BBVA) Banca Intesa Sanpaolo Banca Mediolanum Banca Mifel Banco BICE Banco Bisa Banco Bradesco Banco de Crédito del Perú Banco de Investment Global Banco de Sabadell Banco de Galicia y Buenos Aires Banco Industrial Banco Mercantil del Norte Banco Mercantil Santa Cruz Banco Nacional de Bolivia Banco Popular Dominicano Banco Regional Banco Santander Bangkok Bank Bank ABC Bank Al Habib Limited Bank Busan Bank Dhofar Bank Frick & Co Bank Of America|Merrill Lynch Bank of Cyprus Bank Of England Bank of France Bank Of Indonesia Bank Of Iwate Bank Of Leumi Bank of Lithuania Bank of Montreal Bank Of Nagoya Bank Of Okinawa Bank Of Thailand Bank Of The Ryukyus Bank Of Tokyo-Mitsubishi UFJ Bank Of Yokohama Bankinter Banorte Banreservas Banque Internationale de Commerce — BRED (Suisse) Banque Thaler Barclays’ investment bank BCI Bexs Banco De Cambio BMO Financial Group (Bank of Montreal) BNP Paribas BNY Mellon BRAC Bank Limited Banco BTG Pactual Bank Mellat Bank Melli Iran Bank Pasargad BBVA CBW Bank (Citizens Bank Of Weir) Central Bank of Brazil Chiba Bank Chiba Kogyo Bank China Banking Association China Merchant Bank China CITIC Bank International Limited China Guangfa Bank Chong Hing Bank Limited Chugoku Bank (Bank of China) CIBC (Canadian Imperial commercial banks) CIM Banque S.A Geneve Citi Coast Capital Savings Commercial Bank of Africa Limited Commerzbank Commonwealth Bank Of Australia Cooperatieve Rabobank Credicorp Bank Credit Agricole Credit Libanais SAL Credit Suisse Cross River Bank CTBC Bank Cuallix Daishi Bank Daiwa Next Bank Danske Bank DBS Bank (Development Bank of Singapore) Deloitte DenizBank A.S. Deutsche Börse DNB Deutsche Bank Ehime Bank Eastern Caribbean Central Bank EQI Bank First America Bank Federal Bank of India Federal Reserve System Fidor Bank Fukui Bank Gazprombank Gunma Bank Goldman Sachs Habib Metropolitan Bank Limited Hachijuni Bank Hiroshima Bank HOKURIKU BANK Hong Kong Monetary Authority HSBC (Hong Kong Shanghai Bank) HYAKUGO BANK ICICI Bank Indovina Bank Ltd IndusInd Bank (Indus India Bank) Intesa Sanpaolo (Intesa Sanpaolo) Itau Unibanco Iyo Bank ING Japan Post Bank Joint Stock Commercial Bank for Investment and Development of Vietnam Joint-Stock Company BCS-Investment Bank JPMorgan JS Bank Limited Juroku Bank KASIKORNBANK Public Company Limited KEB Hana Bank Keiyo Bank Kotak Mahindra Bank Krungsri (Bank Of Ayudhya / Bank of Ayudhya) Kuveyt Turk Katilim Bankasi Kuwait Finance House Macquarie Group MauBank Limited Michinoku Bank Mitsubishi UFJ Trust And Banking Corporation Mizuho Financial Group Monetary Authority Of Singapore Morgan Stanley Musashino Bank National Australia Bank National Bank Of Abu Dhabi (NBAD) National Bank of Cambodia National Bank of Canada National Bank of Egypt National Bank of Kenya Limited National Bank Of Kuwait Natixis NISHI-NIPPON CITY BANK Nomura Trust And Banking Company Norddeutsche Landesbank Girozentrale Nordea Bank Norinchukin Bank North Pacific Bank NPCI (National Payments Corporation Of India) Oita Bank ORIX Bank Oversea-Chinese Banking Corporation PKO BP Prime Bank Ltd. Privatbank IHAG Zurich PT Bank Central Asia Tbk PT Bank CIMB Pakistani Central Bank Rabobank Nederland Raiffeisen Bank RAKBANK (National Bank Of Ras Al-Khaimah PJSC) RBL Bank RCBC RCI Bank & Services ReiseBank Reserve Bank Of India Resona Bank Royal Bank Of Canada Royal Bank Of Scotland San-In Godo Bank Santander Bank Saudi Arabian Monetary Authority (SAMA) SBI Sumishin Net Bank Scotiabank (Nova Scotia Bank) SEB Senshu Ikeda Bank Seven Bank Shanghai Huarui Bank (SHRB / Shanghai HanaMizuho Bank) Shiga Bank Shikoku Bank Shimizu Bank Shinhan Bank Shinkin Central Bank Shinsei Bank Shoko Chukin Bank Siam Commercial Bank Skandinaviska Enskilda Banken (SEB) SMBC Societe General Sony Bank South African Reserve Bank South Indian Bank Standard Chartered Bank Star One Credit Union Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Trust Bank Suruga Bank Sveriges Riksbank Switzerland’s UBS Synchrony Bank Signature Bank Silvergate Bank The First International Bank of Israel Ltd Tochigi Bank Toho Bank Tokyo Star Bank Toronto-Dominion Bank Towa Bank Tsukuba Bank Turkiye Finans Katilim Bankasi Telenor Microfinance Bank UBS Union Bank United Overseas Bank UniCredit Union Bank Of The Philippines US Bancorp Vietnam Joint Stock Commercial Bank for Industry and Trade Volksbank Mittweida Wells Fargo Westpac Bank Woori Bank WEG Bank Yachiyo Bank Yamagata Bank Yamaguchi Bank Yes Bank __________________ Other institutes related to Financial Services Accenture Ainslie Bullion AirWallex ALFAcashier American Express AstroPay Australian Stock Exchange and Depository Trust Banquecorp Physical Gold BCS Information Systems BeeTech Bill & Melinda Gates Foundation BitcoinIRA BitGo Bladex Bluzelle BNY Mellon Bolsa de Madrid BPCE Bradesco Bloomberg BNP Paribas Boerse Stuttgart Digital Ventures BP PLC Cambridge Global Payments CBH Compagnie Bancaire Helvétique CGI CIBC Clearing Corporation [DTCC] CLS Group Coil Crypto Facilities Currencies Direct Daiwa Securities Group Davivienda DAYLI Financial Group Deloitte Touche Tohmatsu DH Corporation Dianrong Digiledge Dinex DLocal DBS DTCC Earthport Ernst & Young Everis European Central Securities Depositories Association Exchange4Free Expanse Expertus Technologies EZforex Employees’ Retirement System eToro FairFX FlashFX Fulton Financial Corporation Fidelity Investments Global ID Gold Bullion International GSR Markets Ho Chi Minh City Development JS Commercial HQLA IBM IDT Corporation Infocomm Development Authority Of Singapore Infosys InstaReM IntellectEU International Foreign Exchange (IFX) Intesa Sanpaolo Itaú International Chamber of Commerce International Securities Services Association Jaccoo Jamica Stock Exchange Julius Baer KB Financial Group LatiPay Lianlian Pay Lulu Exchange Linx Partners London Metal Exchange London Stock Exchange Luxembourg Stock Exchange Marqeta Mastercard MIT (Massachusetts Institute of Technology) MoneyMatch Mercury FX MoneyGram Morgan Creek MUFG Natixis New Forest Capital Niaga Tbk Nordea Northern Trust NASDAQ Nomura OANDA Omidyar Network Omni OP Financial Group Paris Europlace Paycase Financial Persistent Systems PolySign Portal Finance Paypal Proof of Capital Qiwi R3 CEV RationalFX Reyl & Cie SA RIALTO.AI Revolut Saldo.Mx SAP Satoshi Systems SBI Holdings SBI Remit SBI Ripple Asia SBI Virtual Currencies Scopus SEB Group Shuttle Holdings SIA Singapore Exchange (SGX) Smart Token Chain SnapCheck Sparro SRI Capital Stock Exchange of Thailand SuMi TRUST SunTrust SWIFT (Society for Worldwide Interbank Financial Telecommunication) SGX SIX Group Société Générale SoFi Square Swissquote TAS Group Tata Consultancy Services (TCS) Telindus Temasek Holdings Temenos The PAR Foundation The Royal Mint TradeCloud TradeIX TradeWind TransferGo Thai Stock Exchange The National Payments Corporation of India Thomson Reuters Eikon Tora UAE Exchange (UAE Exchange) Union FX UniPAY Viamericas Corporation Volante Technologies Virginia’s Police Officer’s Retirement System Visa Western Union Yantra Financial Technologies Zip Remit If you find a bank or financial institute not on this list please comment or message me directly so I can add to this list. At the time of writing this was the most comprehensive list available to the public

Comprehensive List of Banks using Blockchain Technology in 2020  [Updated]

In the spring of 2019, the whole blockchain and crypto industry is emerging again. Various Projects, Financial Institutions, corporates, and governments have started to stretch themselves to hop on to the next level in 2019 and broke the ice of long term bear market behind. Especially, governments, such as Korea and China, who were very skeptical and had a conservative attitude towards blockchain and crypto industries, are likewise pushing back “blockchain card”. Firstly, The one who has been getting magnificent attention from the world, China. On March 15, the largest political festival of China was held in the capital city of China, Beijing, where there have been in-depth conversations on the most innovative technology, blockchain and A total of 34 agendas related to blockchain has been submitted during the Lianghui, the number of agendas increased by about 62% trumping the previous Lianghui period when all of the cryptocurrencies’ price has been pumped up. https://medium.com/sincerelyblockchain/china-all-hands-on-blockchain-again-439419b6886c Last year on April, Xi Jinping officially announced that Chinese Hawaii, Hainan will be next biggest free trade zone (free trade zone + free trade port) of China, And this new government project will be actively supported by the central government and will be a crucial step for the development of China that meets the characteristics of China. Hainan Free Trade Zone will mainly be built upon blockchain, IoT, and big data so that local government has encouraged many blockchain enterprises, Huobi, Baidu, and Ant Financial etc to open their offices and branches in Hainan. Now, they are getting solid and promising from local and central governments and expanding at a rapid pace. Second, A country that can not be missed when discussing the blockchain and the crypto in the world, Korea. On March 15, Korea, Seoul City Mayor Park Won-soon announced that Seoul City will make its way to the forefront of ‘Smart City’ based on Big Data, ICT technology, and blockchain. https://medium.com/sincerelyblockchain/china-all-hands-on-blockchain-again-439419b6886c Seoul city has been providing some various services such as “Owl buses” which have been running for 24/7 for the citizens’ safety and public wi-fi so far. Now the city government is trying to integrate new innovative engines such as the IoT and blockchain to provide new other services like DID(Digital Identity) and etc. This great example of this city scheme is the digital parking system. More than 50,000 ‘IoT (Sensor Internet) Sensors’ are installed in Seoul city, and IoT sensors detect the presence of parking vehicles in real time so that citizens can check parking spaces with smartphone apps. One of the leading banks in Korea, KB Financial Group, has recently begun a blockchain seminar to show its interest again. https://medium.com/sincerelyblockchain/china-all-hands-on-blockchain-again-439419b6886c Another major bank who has participated in this seminar, KEB Hana Bank has also applied for a total of 47 blockchain technology patents that have been reviewed internally and is in the process of commercialization. They will introduce the variety of real blockchain use cases of KEB Hana Bank continuously with participating in a consortium to identify the latest technology trends in real time and discover new business opportunities with global financial companies. As Everone knows, Korea is also called “The Samsung Republic”. Samsung is a major factor that influences the whole industry of Korea. Then, How about Samsung now? Samsung recently announced the launch of the Galaxy S10, and also officially announced that they will have a strategic partner relationship with CryptoWallet Dapp, called Coin Duck. https://medium.com/sincerelyblockchain/ The Smartphone ownership of Korea is massive, 89% of Koreans are using a smartphone. In Korea, Samsung ‘s smartphone market share is over 50%, if Samsung users use the Crypto Wallet app in its product like CoinDock, its influence and impact on the crypto and blockchain field will be significant. The next and last runner is going to be the United States, which also leads the global society in every way. On March 26, according to CoinTelegraph, a market research data platform ‘Research and Market’ recently announced the ‘US BlockChain Business Opportunities and Forecasts Data Book Series (2016–2025)’, which analyzes and predicts the current state of blockchain pf USA. https://www.researchandmarkets.com/research/fs2pbr/blockchain_in_the?w=12 This is a data-driven analytical report consisting of 185 charts and 150 tables, providing a detailed understanding of market dynamics. by blockchain applications, type of blockchain, and technology domain. This report insists that more than 75 areas across 11 industries in the USA such as banking, finance, insurance, medical and pharmaceutical, retail, automotive, aerospace, building, public sector, professional services are integrating blockchain technology aggressively and the capital which flows to the field has increased 110 percent than last year to reach USD 1,651.2 million. This report covers country-level market size/spending forecast (2016–2025) The most well-known luxury brand, Louis Vuitton, which set the United States as a key market, also started to work on the blockchain. https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods According to CoinDesk on March 26, LVMH Group has announced that they will introduce a blockchain-based tracking system in its supply chain. Code-named AURA, the cryptographic provenance platform is expected to go live in May or June with Louis Vuitton and another LVMH brand, Parfums Christian Dior. This way, they can easily prevent their imitation products are floating around the world. The well known KOLs in blockchain and crypto industry mentioned that a long term bear market is passing by, and we have endured it well. What remains to be done is to break down the boundaries of many institutions, governments, and regulators, then not only the individuals but the corporates all around the world will achieve “Mass Adoption”, which we have been hoping for.

Blockchain is not put to “Rest”, Heading to the Mass Adoption

Disclaimer: This is not financial advice. Article inspired from InWara . For more details visit terms and conditions. was launched by through an Initial Coin Offering-ICO, with the aim of raising funds for developing an alternate decentralized trading platform. The long-awaited tZERO security token trading platform will go live by the end of this week according to CEO Patrick Byrne. Overstock’s ATS (Alternative Trading System) a precursor to tZERO has been operational for two years but with limited volumes. tZERO Overstock.com According to reports from coindesk, “tZERO will be led by Steven Hopkins, who was up until recently the chief operating officer and general counsel at Medici. Hopkins will serve as tZERO’s president, and now is looking to fill two other executive positions: head of issuance and head of an in-house broker-dealer that will serve tZERO’s clients.” Migration from an ICO to a STO Initially tZERO deployed the token contract and created the tokens which the holders could not access until January 10, 2019 — essential compliance with securities regulations that they remain in a custodial wallet for 90 days post-issuance. The three-month lockup period for the tokens is over and investors can opt for either a brokerage account with broker-dealer and tZERO partner Dinosaur Financial Group or put the tokens in their personal wallets. Non-accredited investors are expected to join the party by August 6, 2019, through an approved platform. tZERO also plans to allow secondary trading on international exchanges by registering its securities. Surge in ICO numbers in 2018 despite SEC regulations The number of ICOs worldwide skyrocketed in 2018. According to InWara data 2135 ICOs were conducted around the globe. For comparison in 2017 only 946 ICOs were conducted. Despite this trend, many US citizens were prohibited from taking part in these token sales, this was because these tokens were not compliant with SEC regulations. Key Global partners and funds raised tZERO’s parent company Overstock.com has always been crypto friendly and interestingly was one of the first companies to accept payment in Bitcoins. Overstock.com is a US-based e-commerce giant, founded by Patrick M Byrne, is the acting CEO till date. Chinese private equity firm, GSR capital is leading an ambitious investment round in tZERO and it’s parent company overstock.com. GSR has planned to invest $270 million in tZERO along with buying $30 million worth of tokens, despite investing heavily in tZERO, GSR capital also plans on investing $100 million in Overstock.com. Earlier last month, tZERO subsidiary was reported to be hired by GSR Capital to develop a token for trading cobalt. The objective was tokenization of up to $200 million worth of cobalt, a key component of electric vehicle batteries. tZERO CEO said in a statement: Saum Noursalehi “This funding will allow us to globally scale our blockchain capital market platform on a rapid timeline, ushering in an era of trust through technology for the global economy.” tZERO was able to raise $134 million through the sale of it’s 19.25 million TZRO tokens. Interestingly tZERO had an unusually lengthy ICO sale time that started in December 2017 and lasted several months. The offering started out as a more typical pre-sale ICO towards the end of last year but this became the second stage STO in March, after a comprehensive review by the Securities and Exchange Commission (SEC). Competition on the horizon aims, to build a platform that provides the stability of regulated markets and delivers it to the digital assets market. The company has raised $2.7 million in funding from a diverse group of investment firms such as and , to develop its alternate trading platform. Templum trading Raptor group Blockchain capital Why STOs are picking up pace in USA? As ICOs are largely unregulated and lack viable legal framework, they are not compliant with SEC norms. Rampant clamp down by SEC on ICOs this year could possibly be a reason for the surge in the number of STOs, especially in USA. Source: Inwara’s ICO+STO database Amongst the 91 STOs in the USA, Financial services were leading will allied sectors such as Trading and Investments also in the significant top. Real estate STOs did not surprisingly come second. STOs according to industry worldwide Source: InWara’s ICO+STO database Investments and trading emerge as the market leader in STOs conducted so far, closely followed by Technology. Interestingly Financial services is the market leader in ICOs but get placed third in STOs.

tZERO: Successful migration from an ICO to STO, platform launch awaited |Everything you need to know

Blockchain has been around for a number of years but has only come to mainstream media attention in the last 24 months with the rise of the ICO and the massive price increases of 2017. This time last year, the market cap of all cryptocurrencies was under $75 Billion USD; 1 year later it is over $280 Billion, and now we are on the ‘brink of collapse’ with a market cap of $230 Billion. This is still a rise of over 300%, but with this success are other industries really taking notice? One of the industries which have been the most opposed to blockchain technology is the finance industry, but specifically banks. Initially, they saw the concept of blockchain as direct competition, actively removing the control they have over the funds and accounts of their customers. However, major players in the finance industry have increasingly begun to warm up to blockchain. Financial institutions and other major companies are inherently slow in adopting any new technology, but have actually been exploring various use cases for some time now. So let’s take a look at which institutes have already implemented the change or are looking into it as we speak. According to CEBNet, of the 26 publicly listed banks in China, 12 have already adopted blockchain technology for various use cases within their systems. These banks vary from state owned ones like the Bank of China, China Construction Bank and the Agriculture Bank of China, to privately owned ones, including China Merchants bank. In the financial statement for China Construction Bank, it stated that cross-bank and cross-border loan issuances for small businesses were now running on a blockchain based platform. It also claimed that this platform had processed over $251 million USD worth of transactions. On the same use case, the Agriculture Bank of China has developed a process of offering unsecured loans for agricultural e-commerce merchants through a decentralized network. This network provides an automatic loan issuance process. Another separate but equally beneficial use case has come from the Bank of China. Testing has been completed for the infrastructural component of a blockchain-based digital wallet. This is just China, but the sentiment remains positive throughout the rest of the world. ALFA Bank from Russia, Yes Bank from India, UOB (United Overseas Bank) from Singapore, CommonWealth Bank from Australia, and LatiPay from New Zealand are a few banks that have collaborated with a US based blockchain company. The Federal Bank from India & Lulu Exchange have partnered with a Bengaluru based fin-tech company. Axis Bank, RAK Bank, & Standard Charter Bank have connected with another blockchain network. Kotak Bank, which enables blockchain based trade finance operation, partnered with Deloitte & JP Morgan Singapore. Other use-cases within the financial sector which have been developed include simplying and speeding up cross-border payments, improving trading accuracy, reliability and shorter settlement processes. Smart contracts have created benefits with the processing of transactions by removing the need of the middle man, as well as being used to develop loyalty and rewards systems. There are a lot more banks working within multiple technology & service providers to integrate blockchain in their Use Cases. This just demonstrates the demand in all industries for the adoption of blockchain technology. is making this possible with the ecosystem and the aelf Innovation Alliance which will enable blockchain technology to be adopted and integrates into mainstream organizations large and small. This has enabled the alliance to be successful with partnerships from experts and influencers like and , , and . Not only do organizations now have a platform to build upon, but they have resources, capital and expert advisors at their fingertips, which is all made possible through the this revolutionary initiative. Aelf aelf Michael Arrington Arrington XRP Capital Huobi Labs FBG Capital aelf Below is a list of over 200 banks and financial institutes using or soon to be using blockchain technology: Banks 77 Bank AEON BankAkbankAkita BankANZ (Australian and New Zealand Bank)Aomori BankAl Rajhi BankAshikaga BankATB FinancialAxis BankAwa Bank Banco Bilbao Vizcaya Argentaria (BBVA)Bank DhofarBank Of AmericaBank Of America Merrill LynchBank Of EnglandBank Of IndonesiaBank Of IwateBank Of LeumiBank Of NagoyaBank Of OkinawaBank Of ThailandBank Of The RyukyusBank Of Tokyo-Mitsubishi UFJBank Of YokohamaBarclays’ investment bankBexs Banco De CambioBMO Financial Group (Bank of Montreal)BNP ParibasBNY Mellon CBW Bank (Citizens Bank Of Weir)Chiba BankChiba Kogyo BankChugoku Bank (Bank of China)CIBC (Canadian Imperial commercial banks)CitiCoast Capital SavingsCommerzbankCommonwealth Bank Of AustraliaCredit AgricoleCredit SuisseCross River BankCuallix Daishi BankDaiwa Next BankDBS Bank (Development Bank of Singapore)DeloitteDeutsche Börse Ehime Bank Federal Bank of IndiaFederal Reserve SystemFidor BankFukui Bank Gunma Bank Hachijuni BankHiroshima BankHOKURIKU BANKHSBC (Hong Kong Shanghai Bank)HYAKUGO BANK IndusInd Bank (Indus India Bank)Intesa Sanpaolo (Intesa Sanpaolo)Itau UnibancoIyo Bank Japan Post BankJPMorganJuroku Bank Keiyo BankKotak Mahindra BankKrungsri (Bank Of Ayudhya / Bank of Ayudhya)Kuwait Finance House Macquarie GroupMichinoku BankMitsubishi UFJ Trust And Banking CorporationMizuho Financial GroupMonetary Authority Of SingaporeMorgan StanleyMusashino Bank National Australia BankNational Bank Of Abu Dhabi (NBAD)National Bank Of KuwaitNatixisNISHI-NIPPON CITY BANKNomura Trust And Banking CompanyNordea BankNorinchukin BankNorth Pacific BankNPCI (National Payments Corporation Of India) Oita BankORIX BankOversea-Chinese Banking CorporationPKO BP Rabobank NederlandRAKBANK (National Bank Of Ras Al-Khaimah PJSC)ReiseBankReserve Bank Of IndiaResona BankRoyal Bank Of CanadaRoyal Bank Of Scotland SAN-IN GODO BANKSantander BankSaudi Arabian Monetary Authority (SAMA)SBI Sumishin Net BankScotiabank (Nova Scotia Bank)SEBSenshu Ikeda BankSeven BankShanghai Huarui Bank (SHRB / Shanghai HanaMizuho Bank)Shiga BankShikoku BankShimizu BankShinhan BankShinkin Central BankShinsei BankShoko Chukin BankSiam Commercial BankSkandinaviska Enskilda Banken (SEB)Societe GeneralSony BankStandard Chartered BankStar One Credit UnionSumitomo Mitsui Banking CorporationSumitomo Mitsui Trust BankSuruga BankSwitzerland’s UBS Tochigi BankToho BankTokyo Star BankToronto-Dominion BankTowa BankTsukuba Bank UBSUnited Overseas BankUniCredit Westpac BankWoori Bank Yachiyo BankYamagata BankYamaguchi BankYes Bank Other institutes related to Financial Services AccentureAinslie BullionAirWallexALFAcashierAmerican ExpressAstroPayAustralian Stock Exchange and Depository Trust Banquecorp Physical GoldBCS Information SystemsBeeTechBill & Melinda Gates FoundationBitcoinIRABitGoBluzelle Cambridge Global PaymentsCGIClearing Corporation [DTCC]CoilCrypto FacilitiesCurrencies Direct DAYLI Financial GroupDeloitte Touche TohmatsuDH CorporationDinexDLocal EarthportEverisExchange4FreeExpanseExpertus TechnologiesEZforex FairFXFlashFX Global IDGold Bullion InternationalGSR Markets IBMIDT CorporationInfocomm Development Authority Of SingaporeInfosysInstaReMIntellectEUInternational Foreign Exchange (IFX) Jaccoo LatiPayLianlian Pay.Lulu Exchange MarqetaMastercardMIT (Massachusetts Institute of Technology)MoneyMatchMercury FXMoneyGram New Forest Capital OANDAOmni Paycase FinancialPersistent SystemsPolySign R3 CEVRationalFXRIALTO.AI Saldo.MxSAPSBI HoldingsSBI RemitSBI Ripple AsiaSBI Virtual CurrenciesSingapore Exchange (SGX)Smart Token ChainSparroSWIFT (Society for Worldwide Interbank Financial Telecommunication) TAS GroupTata Consultancy Services (TCS)TelindusTemenosThe PAR FoundationThe Royal MintTransferGo UAE Exchange (UAE Exchange)Union FXUniPAY Viamericas CorporationVolante Technologies Western Union Yantra Financial Technologies Zip Remit If you find a bank or financial institute not on this list please comment or message me directly so I can add to this list. At the time of writing this was the most comprehensive list available to the public Mappo has been investing and trading in fiat currencies since 2013. He has recently moved into the crypto world spreading his portfolio over long term coin investments, ICOs and day trading. #Cryptocurrency #ICO #exchange #bitcoin #Crypto #blockchain #Aelf #Mappo

Comprehensive List of Banks using Blockchain Technology

Big Brother Meets Black Mirror in the Middle Kingdom

The industry constantly evolves, with new trends and developments rapidly emerging. While some of these trends, such as DeFi and NFTs, have the potential to drive innovation and provide users with new opportunities, one growing trend in the space signals cause for concern as it goes against the fundamental principles behind cryptocurrencies and the decentralized finance movement. Enter s: cryptocurrency CBDC Big Brother’s weapon of choice to suppress your financial freedoms and curb your access to a pseudonymous and decentralized finance system. Central bank digital currencies (CBDC) have been gaining attention as a growing number of countries worldwide are exploring the potential of launching their own digital currencies. According to the , over 20 countries will take significant steps toward piloting CBDCs in 2023, with over 100 countries in some stage of CBDC research, development, or implementation. Atlantic Council CBDCs are digital currencies issued and regulated by a central bank or monetary authority, tokenized on the blockchain or a digital ledger, and pegged to the value of the country's fiat currency. They are considered a way to increase transaction efficiency, reduce the cost of banking services, promote accessibility, and potentially reduce the risk of money laundering and other financial crimes. While CBDCs could offer a range of advantages, such as improved efficacy and control, individuals must consider several drawbacks. Understanding CBDCs Central Bank Digital Currencies are a digital representation of a country's fiat currency issued and backed by the central bank. With more countries exploring the possibilities of CBDCs,  it's crucial to understand their implementation. for all financial problems. They have risks and challenges that countries must evaluate before adopting them. Firstly, it is essential to note that CBDCs are not a panacea and implemented, meaning that countries must conduct thorough research and develop appropriate regulations to ensure that the benefits of CBDCs are maximized while minimizing potential risks. Intrinsically,  this will further centralize the financial system and increase power for central authorities. Second, the adoption of CBDCs must be carefully planned and prepared to use CBDCs, provide clear guidance on using the currency, and educate citizens on the risks and benefits of using digital currencies. Introducing CBDCs would require significant investment and resources, potentially outweighing their benefits, particularly for countries with well-established financial systems. Third, countries must ensure their citizens are well-informed The primary motivation behind CBDCs is to promote digital money instead of physical cash, as the demand for paper currency has decreased. This is mainly due to the advancements and advantages of digital finance and payment systems and the COVID pandemic, which accelerated the shift away from cash. Central banks and monetary authorities are exploring implementing digital currencies to tackle the challenges of storage, safety, limitations in large transactions, and complications of cross-border transactions associated with using cash. Central banks are also attempting to address the public's desire for digital currencies, seen in the growing popularity of cryptocurrency, to purportedly protect retail investors from the inherent risks of unregulated assets such as volatility and exploits. Despite some potential benefits, the drawbacks of CBDCs outweigh them. Risks of centralized control over digital currency CBDCs present several risks, including security issues, potentially adverse effects on financial stability, and significant privacy concerns. The introduction of CBDCs raises several concerns about the invasion of privacy, with the government or central bank at the helm of these digital currencies. CBDCs threaten citizens' privacy, as the central authority can monitor and track all transactions, allowing them to surveil individuals' purchases and spending activities. Such scrutiny could expose intimate details about people's values, priorities, and lifestyles, undermining their privacy and civil liberties. The advent of CBDCs could signal the death knell for cash and the rise of the all-seeing eye over our every spending move. A cashless society could mean more surveillance and less privacy, making reality feel like an Orwellian nightmare. Implementing CBDCs could exacerbate economic inequality. Government control over CBDC issuance likely leads to the continued prioritization of certain groups accessing financial services. For instance, governments show favoritism to their voter base through economic incentives or support. Likewise, the potential weaponization of CBDCs to financially inhibit and limit the spending of individuals and groups who do not align with the ruling party is a concern for a democratic society. This weaponization of CBDCs to suppress opposition would lead to the erosion of democratic values and the gradual descent into an authoritarian state. Additionally, CBDCs pose a threat to savers as central banks could introduce negative interest rates on CBDCs. Landing a severe blow to anyone trying to save money, as instead of earning interest, they would be charged for holding CBDCs in their accounts. While this may stimulate economic growth in the short term, it could also lead to inflation and have long-term negative consequences for the economy, and infringes on individuals' financial freedoms. The pandemic and inflation crisis has highlighted a crucial lesson: those in power fail to realize that we cannot print our way out of problems. CBDCs may seem like a solution, with their ability to circumvent traditional obstacles such as transaction speeds and storage costs. However, with their potential for limitless money creation, CBDCs could accelerate the already rampant issue of hyperinflation and send the economy into a meltdown. Critically, CBDCs place DeFi as a direct competitor in digital currencies. As CBDCs become more widely implemented, they will likely attempt to displace decentralized cryptocurrencies and platforms. The emergence of CBDCs is expected to significantly impact the regulation of cryptocurrencies as governments work to establish their dominance in the digital economy. Final thoughts CBDCs, despite their promises of increased economic inclusion, faster payment speeds, and reduced transaction costs, pose a significant threat to our privacy and financial freedom. It is essential to weigh the trade-offs between centralization and decentralization as the world embraces digital assets. While CBDCs may offer more stability and control for monetary authorities and governments, DeFi allows for a level of innovation and sovereignty stifled by the centralized nature of CBDCs. The ability for anyone to participate in financial services without the need for an intermediary is a crucial aspect of DeFi that CBDCs cannot match. From the perspective of someone who values financial freedom, I firmly believe that CBDCs are an unnecessary and potentially dangerous answer to the financial industry’s problems. DeFi offers a more secure and private alternative that empowers individuals to control their finances. Ultimately, it is clear that decentralized finance is the only viable option for the future of freer finance, and it is a core reason why I decided to start building Glitch in the first place.

Uncovering the Benefits and Risks of Central Bank Digital Currencies: An In-Depth Analysis

Descubriendo los beneficios y riesgos de las monedas digitales del banco central: un análisis en profundidad

Découvrir les avantages et les risques des monnaies numériques des banques centrales : une analyse approfondie

सेंट्रल बैंक डिजिटल मुद्राओं के लाभ और जोखिम को उजागर करना: एक गहन विश्लेषण

中央銀行デジタル通貨の利点とリスクを明らかにする: 徹底した分析

Descobrindo os benefícios e riscos das moedas digitais do banco central: uma análise aprofundada

Khám phá những lợi ích và rủi ro của tiền tệ kỹ thuật số của ngân hàng trung ương: Phân tích chuyên sâu

揭示中央银行数字货币的好处和风险：深入分析

Fintech development in China has consistently experienced tremendous scale in the last two decades, with the growth of apps like AliPay and WeChat Pay highlighting this growth. However, a new obstacle for growth has recently come to light in 2021, with draft antitrust measures from the People’s Bank of China (PBOC) targeting Ant Group and Tencent. This new emphasis to regulate fintech growth under the realm of antitrust and anti-monopoly regulations will drastically affect China’s fintech ecosystem and set it up for future exclusive government control. Why now? Ant Group’s cautionary tale Baidu, Alibaba, and Tencent, also known by the acronym BAT, have been in China’s digital ecosystem since their respective inceptions. Baidu is China’s biggest search engine with roughly 70% of overall market share, while Alibaba revolutionized how the retail industry conducts business in China. Tencent’s status as one of the world’s biggest gaming companies and parent organization to super-app WeChat marks it as another one of China’s largest technology companies. dominant players As a result of increasing digital preeminence by private companies, the Chinese government has begun a systematic campaign to reduce public reliance on such organizations, with the implied goal of reverting control of the digital economy back to the PRC. This is especially true given the increasing pace of development towards the digital yuan. One way that such initiatives have taken form have been through the crushing of fintech giant Ant Group’s proposed initial public offering (IPO) in November 2020. in implied battles over consumers and regulatory controversies in taking the place of central Chinese banks, Ant Group has been an immense force to be reckoned with by the Chinese government. Ant Group’s status as a premier fintech organization has disrupted previously state-planned financial systems, with Ant Group’s immense appeal resulting in wide adoption by Chinese citizens. These tensions came to a head in , when Jack Ma made comments calling China’s biggest risk the fact that its “lacks a financial ecosystem,” while calling Chinese banks “pawn shops.” Long engaged October 2020 This targeted campaign against Alibaba-affiliate Ant Group continued through an antitrust investigation into Alibaba in , with the Chinese government fining Alibaba $2.8 billion dollars as a result of this investigation in . December 2020 April 2021 The example of Ant Group’s fall from grace highlights the continuing power that the Chinese government continues to have in the 21st century. Despite being at the forefront of innovation for the past several decades, private technology giants are now facing increasing scrutiny, perhaps due to the government’s wish to increasingly maintain control over the Chinese banking and finance industry. Effects on China’s fintech ecosystem On the face of it, antitrust and anti-monopoly regulations are crucial for continued growth and development within any industry, especially by allowing opportunities for market entry by small-medium enterprises (SMEs). However, the reliance on private BAT ecosystems within the Chinese fintech market has much farther-reaching implications than just SME entrance into the fintech industry. By regulating the incumbent players, the Chinese government is attempting to increase strict controls on what happens within the fintech ecosystem, stifling growth in the long-term by suppressing innovation, preventing technology use, and scaring away potential startup founders and investors. By increasing regulatory controls, the Chinese government is effectively suppressing innovation and driving startups away from participating in the Chinese fintech industry. Having the ability to stifle so easily what had been called the “ ” does not bode well for startups attempting to make their mark within China. Therefore, founders and innovators within the fintech space will be more incentivized to grow their organizations abroad, with the potential of opportunity without restrictions being much greater internationally. world’s largest IPO Furthermore, the use of belonging to BAT, to include ecommerce platforms, payments capabilities, and digital advertisements, is also affected by antitrust and anti-monopoly regulations. Preventing the use of specific BAT technologies prevents founders from building upon such systems for growth, affecting supply chain, partnerships, and even consumer banking protocols. nuanced, stable, and widespread systems Lastly, the around the same time sends a threatening message to private fintech founders and investors. The implied threat of being able to whisk away such a high-profile individual is one that is simply not conducive to disruptive fintech growth, driving innovation and adoption elsewhere. disappearance of Jack Ma The digital yuan The growth of the digital yuan also plays a significant role in the recent government campaign against BAT. This centralized currency, also known as China’s digital currency electronic payment (DCEP) system, was originally slated for sole distribution through Alibaba, Tencent, and five other companies in . Cooperation between private companies and the PBOC specifically on the digital yuan extended into , with initial testing being conducted on private digital platforms. 2019 mid-2020 However, as the digital yuan nears completion and full implementation, the need for the PRC to centralize its control over China’s banking and fintech industry is becoming increasingly apparent. Without such control, the PRC will be heavily dependent on private enterprises for controlling and distributing the digital yuan. Therefore, the recent measures taken against BAT are indicative of the digital yuan’s future as the premiere digital payments method within China, further affecting China’s fintech industry. Conclusion The recent crackdown against China’s largest technology companies does not bode well for the domestic fintech ecosystem. With the example of Ant Group’s failed IPO in recent memory, founders and innovators will be hesitant to participate within the Chinese fintech industry considering increasing governmental regulations, disuse of well-established BAT systems, as well as implied harm if full cooperation is not always given to the central government. It will be interesting to see how the digital yuan’s formal introduction to the domestic economy will fare; will China’s largest technology companies face similar scrutiny if the digital yuan becomes the most widely used form of digital payments?

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CITIZENS FINANCIAL GROUP

citizensbank.com

10K+ employees

Since 1828

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