BACKDOC: AFTER READING ARTICLE AFTER ARTICLE IN THE NEW REALITY WE CLEARLY SEE THAT OZ IS IN M.A.S.! (Monetary Authority of Singapore)
HE IS MAKING DEAL AFTER DEAL WITH ALL COUNTRIES TO ADOPT THE NEW BLOCKCHAIN TECHNOLOGY!
REMEMBER MONTHS AGO WE TOLD YOU THAT EVERY DIGITAL TRANSACTION WILL GO THROUGH OZ IN M.A.S.!
THIS APPEARS TO BE SIMILAR TO THE GLOBAL AGREEMENT ON BLACK GOLD THAT EVERY COUNTRY IN THE WORLD SIGNED! DOC IMO
Thunderhawk: Singapore and South Korea Come Together for Fintech
The Monetary Authority of Singapore (MAS), Singapore’s central bank, has collaborated with yet another Asian country, within days of partnering with an Indian state government over exploring and developing blockchain technology and Fintech.
The primary monetary authority in Singapore and the Korean Financial Services Commission (KFSC) – an authority of the same stature in South Korea – will cooperate over Fintech, exploring joint innovation projects with a focus on big data and mobile payments.
“This agreement lays the groundwork for deeper FinTech collaboration between Singapore and South Korea,” said Sopnendu Mohanty, chief Fintech officer of Singapore’s central bank.
The two central regulators and authorities will collaborate on common interests in the Fintech space, discussing upcoming trends and notably, how the ever-increasing plausibility of a Fintech revolution would impact or change the current regulatory landscape.
The agreement was a necessary step for South Korea’s foray into understanding and developing Fintech applications, as the government relaxes its own regulations in the industry as a means to fostering it for the better.
Furthermore, the South Korean government has also promised to fully support venture capital firms to finance startups in the Fintech industry.
During a recent Seoul forum, financial Services Commission chairman Yim Jong-yong stated:
With the advent of fintech and ICT-based firms, once-exclusive financial services are evolving into new types of services. As capital markets have large potential in innovation and change, the government will make sure that start-ups with creative ideas get enough venture capital.
Following its pact with Singapore, Hoon Choi, director of the Banking and Insurance Bureau at KFSC stated:
Although Korea is a relative newcomer in Fintech, it is growing at a rapid pace based on its excellent IT and online financial infrastructure, under the Government’s Fintech policy.
The Singaporean central bank also signed a similar cooperative agreement over Fintech with the government of Andhra Pradesh, a southern state in India. While digital payments is a common field of interest for Singapore with both countries, its cooperation with the Indian state’s government is notable for a pointed focus on bitcoin’s underlying technology, blockchain.
Singapore is quickly joining London as one of the primary global Fintech hubs. Several companies including IBM and R3 have established blockchain- and Fintech-centric research centers in the technologically-forward country. Known for its endeavor to pioneer or stay at the forefront of new innovation (the world’s first ever public trials of self-driving cars happened in Singapore recently, for instance), Singapore has also taken a friendly stance toward bitcoin and sees the presence of several bitcoin exchanges including U.S.-based Coinbase.
BACKDOC: INTERESTING THUNDER! THEY USE OZ'S LANGUAGE HERE, A SANDBOX IN A SANDBOX! SINCE THIS WHOLE MICROSOFT PLATFORM FOR DOING DIGITAL TRANSACTIONS IS IN THE FINTECH SANDBOX,
MICROSOFT IS TRYING TO GET A JUMP ON WHAT WILL BE HEAVY COMPETITION!
WHAT I WANT TO SEE IS PLATFORMS WHERE THE COUNTRIES WILL BE TRADING!
ALL FINTECH BUSINESS WILL BE CONNECTED TO NODES WHICH ARE IN BIG CITIES OR REGIONAL AREAS!
WHEN DIGITAL MONEY IS MOVED CROSS BORDERS IT WILL BE DONE CLOUD-BASED! DOC IMO
Thunderhawk: Microsoft Doubles Down on Ethereum With New Blockchain Product
Microsoft will soon enter the next phase of its blockchain work with the formal launch of its Ethereum Consortium Blockchain Network.
If successful, Microsoft hopes the project will help entire industries work together to more easily build increasingly complex consortia that better leverage the network effects of shared, immutable ledgers.
As such, a major point of emphasis for the Ethereum Consortium Blockchain Network will be usability. The product has been designed so that groups of companies can deploy a private ethereum network with a single click.
Released privately to Github earlier this month, the streamlined set-up process and new features are part of a larger push by Microsoft toward blockchain that has to date focused mostly on its Azure cloud product as well as the enterprise business market.
Microsoft Azure's principal blockchain architect, Marley Gray, told CoinDesk:
"We're focused on building a sandbox for developers, working with customers and partners to develop and test combinations of technologies, and ultimately, helping collections of customers select the right tools that solve specific business problems."
In addition to the one-click deployment, the update includes five new tools the project's manager said are specifically designed to let consortia networks develop more complex smart contracts for any number of self-executing business applications.
Microsoft senior program manager Christine Avanessians highlighted one change that lets groups spin up consortia with as few as three nodes run from a single IP address.
While the service still enables geographically dispersed nodes via the cloud integration, the changes could make it easier for companies to test the efficiencies potentially created from an alternative set up.
Perhaps most importantly though, based on customer feedback on an earlier version, Avanessians said the Ethereum Consortium Blockchain Network automatically creates user private keys to satisfy security requirements.
Avanessians told CoinDesk:
"You no longer need to generate and provide a private key. The key is automatically generated from your provided passphrase, further simplifying the prerequisites."
On the market for markets
This new incarnation of Microsoft's Ethereum Consortium Blockchain Network is just the latest development in what is shaping up to be a competitive blockchain-as-a-service (BaaS) industry.
Microsoft's biggest direct competitor for cloud-based BaaS services so far is IBM, which launched its own competing service in July. But startups are trying their hand at winning enterprise business as well.
Deloitte spin-off Nuco, for example, entered the market earlier this year specifically to offer services for building blockchain consortia.
In May, Microsoft Azure's chief technical officer told CoinDesk the company's overall goal for its own version of the service is to help global industries build blockchain consortia.
So far, most blockchain consortia have come from the financial sector, but Microsoft believes future industries will follow suit.
Already, blockchain consortia are springing up around the world, with efforts in China, Japan and Russia all announced in the last few months.
While financial numbers on the burgeoning industry are tough to come by, one indicator of the revenue at stake can be found in Microsoft’s BaaS sandbox, which boasts products from a wide range of blockchain startups.
Monthly fees on the platform start with a base amount per virtual machine as low as about $14 and as high as about $90. The price increases based on the number of IP addresses ($2.98 per month) and the number of transactions conducted ($0.0036 per unit).
Support options range from a free introductory offer up to $1,000 per month for professional grade support.
Initially, the improved Ethereum Consortium Blockchain Network is available as part of a free trial to anyone. However, Gray says the long-term play is to charge users to host the network in the Microsoft Azure cloud computing environment.
Currently, Microsoft isn’t sharing the names of the companies building with the network, but Gray said that the company does already have customers using the service with more details to come.
"We will have more to share soon."
BACKDOC: WITH THIS NEW INTRO THUNDER IT LOOKS LIKE THE MAIN IMPLEMENTATION FOR THESE PLATFORMS WILL BE INTRODUCED IN THE FIRST QUARTER OF NEXT YEAR!
IF THERE IS SOMEHOW A PUBLIC RATE FOR CERTAIN COUNTRIES IT IS STILL A MYSTERY AS TO WHAT PLATFORM IT WILL BE SEEN ON!
AT LEAST THIS CLEARLY SHOWS US HOW THE FINTECH PAYMENT SYSTEM WILL HAVE OVERSIGHT HERE IN THE U.S.
SOON WHEN WE USE OUR APPLE PAY OR CHASE PAY WE WILL MOVE FROM ELECTRONIC FORMAT TO DIGITAL AND THIS OCC DEPARTMENT WILL OVERSEE IT ALL! DOC IMO
Thunderhawk: U.S. ANNOUNCES 'RESPONSIBLE INNOVATION' FINTECH DEPARTMENT
A key U.S. regulatory body, the Office of the Controller of the Currency (OCC), has announced plans to establish a department tasked solely with probing "responsible innovation" in the financial technology sector—expected to begin operations in the first quarter of next year.
The new office will implement a formal framework to improve the agency's ability to "identify, understand, and respond to financial innovation affecting the federal banking system." Headed by a chief innovation officer, it will have staff spanning Washington, New York, and San Francisco.
In a statement, the OCC said it plans to make the new department a "central point of contact" for requests and information relating to financial innovation—which no doubt will include the increasing popularity of virtual currencies and distributed ledger technology (DLT).
It will also be charged with establishing an "outreach and technical assistance program" for banks and financial institutions, conducting training programmes on innovation for OCC staff and encouraging "coordination and facilitation."
Comptroller of the Currency, Thomas Curry, said: "The OCC supports responsible innovation that enhances the safety and soundness of the federal banking system, treats customers fairly, and promotes financial inclusion [...] we are ensuring that institutions with federal charters have a regulatory framework that is receptive to responsible innovation."
The agency is planning to publish a white paper later this year on the main challenges of establishing a special purpose charter for non-bank fintech companies. The exact nature of such a charter is still under discussion, the OCC statement said.
The use of digital money—such as bitcoin—and the rise of firms implementing blockchain technology threatens to shake up the banking industry. Some monolithic regulators—like many central banks around the world—have struggled to keep pace with the technical leaps being made.
In a paper (PDF) released alongside the OCC notice, titled 'Recommendations and Decisions for Implementing a Responsible Innovation Framework', the agency detailed the main reasons for the creation of the new innovation office.
"Technological advances, together with evolving consumer preferences, are reshaping the financial services industry at an accelerated pace," it states. "Over the last several years, a large and growing number of nonbank financial technology companies have emerged to provide financial products and services through alternative platforms and delivery channels.
"Consumer preferences for financial products and services are also changing rapidly. Emerging innovations give consumers increased access and product options, control over choices, and the ability to tailor products to meet their individual needs."
It added: "These changes challenge traditional banking business models. Although banks have a long history of adapting to new technology and introducing innovative products and services, it is imperative for them to understand the impact of the evolving landscape."