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The China Banking Association (CBA) has announced the launch of a blockchain-based platform for commercial finance.
A CoinDesk report revealed that over 10 of the country's leading banks have joined the platform, including HSBC (China), Bank of China, China Merchants Bank, Ping An Bank, China Postal Savings Bank and more. FinTech's local companies such as PeerSafe will provide technical support.
"The launch of the Chinese commercial finance blockchain has brought together the commercial chain of several banks to make cross-bank transactions much faster, safer and more realistic," said Fang Xiao, vice president and head of industrial and commercial finance at HSBC China.
In other news, Vaishali Mehta, who worked as a senior compliance manager at Coinbase, left the company to become the compliance officer for TrustToken, which manufactures the TrueUSD stablecoin.
"Crypto is an exciting place and I was lucky to be part of this" madness "," Mehta told CoinDesk. "I really connected to the vision of TrustToken to promote a new financial future that is resistant to fraud, bankruptcy and greed".
Mehta is the last Coinbase executive to jump the ship. In the last months Adam White has left the role of COOK of Bakkt; Hunter Merghart resigned after just six months of work; Mike Lempres has moved to the venture capital company Andreessen Horowitz; and Rees Atlas went to the Twilio marketing communication startup.
And while cryptographic companies are working to strengthen their money laundering protections (AML), a Cointelegraph report shows that many of the world's largest banks still have a lot of work to do.
In fact, just last month, the US Financial Market Regulatory Authority (FINRA) issued a $ 10 million fine to Morgan Stanley for failing to comply with anti-money laundering legislation. And it is all but the only financial institution to be in difficulty in 2018. The Reserve Bank of India (RBI) has handed a fine of 30.1 million rupees (about 420,000 dollars) to Deutsche Bank for failed to comply with the KYC and AML Indian regulations, while the French bank Societe Generale has agreed to pay $ 95 million to settle AML's allegations. In addition, Latvia's financial regulatory authority imposed a fine of € 1.2 million on BlueOrange Bank for AML's non-compliance and FINRA fined the Swiss bank UBS for $ 5 million for similar violations.
"Up until now, regulators' focus had been on US and European markets, but we are witnessing regulatory authorities in Asia Pacific and Middle Eastern markets that are becoming more proactive in their supervisory efforts. ", said Laura Glynn, director of global regulatory compliance at Fenergo.
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