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[DynaQuest] The FinTech Revolution in the Philippines that is Unfolding under the New Normal

Being aware and being informed of the best practices in securing our digital banking is our first line of defense.

The post [DynaQuest] The FinTech Revolution in the Philippines that is Unfolding under the New Normal appeared first on Bitpinas.

Republished by Plato

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We are close to wrapping up the first two months after the government has shifted the national capital from Extended Community Quarantine to the Modified General Community Quarantine. Since then, businesses and government offices have re-opened under the strict implementation of public health protocols.

Under the protocols of the new normal: cashless transactions and digital payments were being pushed upfront as the traditional form of cash as payments are being discouraged to curb contact.

More than a passing phase, I believe that cashless transactions are here to stay as Filipinos have re-discovered the convenience of having a digital wallet that can be used for over-the-counter payments, online payments and transferrable to a beneficiary. Under the quarantine era, a fintech revolution is happening right before us. It is subtle, as the proponent technology has been around for a decade but it’s adoption is a response to a world being less and less in physical contact.

Digital Banking Boom

Digital Banking is on the rise and the country’s local banks have reported growth in their digital storefronts as Filipinos are using banking apps, online banking and ATM transactions to pay utilities and do consumer transactions.

Digital banks — banks that have limited on-site branches and primarily operate through mobile applications, have been around in the country prior to the lockdown. ‘Digital-first’ banks such as ING, CIMB, to name a few, offered a preview of what is come: Digital Bank Boom in the 2020s as the country’s largest banks are all shoring up their digital fronts for the safety and convenience of Filipinos. Much like the mass introduction of ATMs, digital banks through apps will be capable to handle all the banking services that are being done on-site.

Confidence in digital banks have increased but security will be a major issue moving forward as the relative increase of cyber-attacks on digital banks such as phishing, identity hijacking and force brute access have incidentally increased during the lockdown.

Information security is first and primarily a responsibility by customers who are transacting with digital banking services. Being aware and being informed of the best practices in securing our digital banking is our first line of defense. Banks in the Philippines have considerably increased their spending on cyber security and as we are on the first tide of a digital banking wave, expect more sophisticated measures done on digital banking security as risks are increasing day by day as more Filipinos are signing up for digital banking.

Digital Wallets and Digital Payments

If anything, digital wallets such as PayMaya, G-Cash and Smart Money are dispelling the local myth that these electronic and digital mode of payments are afforded only by the rich and well-to-dos. Despite the increased adoption of these digital wallets prior to the pandemic, majority of Filipinos were more unlikely to try these digital wallet services as the primary mode of payment was still physical money.

Over the years, utility companies, retail chains and convenience stores were the first adopting merchants that support digital payments through QR scanning upon payment. Digital payments then were considered an alternative form of payment for the well to dos or the sophisticated tech types. Today, Filipinos are discovering that these digital payments are very accessible. You’ll need a smart phone (like everyone has these days), a working SIM card and you’re set. Just download these apps and cash-in your bills — to convert them to digital cash for your wallet.

The next big wave for these digital wallets is the mass adoption by micro merchants such as the “sari-sari store” and the adoption by government agencies such as SSS, PHILHEALTH, PAG-IBIG Housing and other social services. Recently, the Department of Agriculture have partnered up with PayMaya for disbursing loans to farmers and agriculture workers.

FinTech in Government Finance

Basing on the news about the launch of a Blockchain-enabled Bonds.PH, which is a product made possible by the strategic partnership of the Philippine Bureau of the Treasury (BTr), with the Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX), it is a sign of the disruption and innovation that is happening within formal finance. Bonds.PH is built around Blockchain and Distributed Ledger Technology (DLT) to facilitate the issuance of bonds across a secured multi-platform way of buying. Through the web app, investing of bonds have entered a new era of accessibility as it bypasses the traditional brokerage and centralized process. Looking at the future, it is not so radical to envision DLT being utilized to allow investments from public offerings.

All the Fintech related innovation are unfolding right before our eyes. It is so subtle and yet so disruptive in nature. It may take a few years before we can take a step back to see how far Fintech in the Philippines have progressed in such a short time. But that’s just it: we’re living in a great time of disruption and the innovation cycle has accelerated to the point that it outpaces common knowledge. Before consumers know it, their daily digital transactions are “the new normal”.

About the Author:

Randy Knutson
Randy is the Founder & CEO of DynaQuest Technology Services Inc., an award-winning provider of innovative Blockchain solutions. He is a Certified Blockchain Expert and seasoned veteran with over 35 years of technology experience, ranging from start-ups to multi-national companies as CIO and CTO. His passion is creating digital solutions that yield inclusive, sustainable and economic development for communities are underserved, left behind or forgotten.

About BitPinas:

BitPinas is an independent blockchain, finance, and cryptocurrency news site covering the crypto and blockchain news and developments in the Philippines. We aim to be the website where you can find all information on blockchain and crypto in the Philippines. We are read by investors and enthusiasts alike, including crypto/blockchain company founders and government personnel. Contact support@bitpinas.com for more information, consulting advice, and partnerships. Follow us on Facebook and Twitter.

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Source: https://bitpinas.com/feature/fintech-revolution-philippines-unfolding-new-normal/

Blockchain

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

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[PRESS RELEASE – Tallinn, Estonia, 11th May 2021]

PARSIQ, a platform that monitors data and automation across blockchains, bridging both on and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.

A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real-time and then constructs an indexed composition of actions in any one chain in the process of reverse-engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.

Building a Bridge

PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model which builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.

PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to events, plus they are able to store and alter data and also to learn from the data as they grow.

The platform, in addition to monitoring data and creating alerts, can also be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting, and more. Each developer’s data stream is completely unique with its own branding retaining as well as its pricing structure, even while it is growing and learning from the entire network.

PARSIQ is now integrated across all of the major blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash, and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain, and even across Layer-2 chains.

About PARSIQ

PARSIQ’s smart triggers have far-reaching functionality, including monitoring transactions, assets are withdrawn from a user, sent to other users, transfers exceeding a pre-set level, and many more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage, and learning here:

https://portal.parsiq.net/signup

Examples of workflows include:

Alerts of DOT transactions as they happen

Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface

Monitor data flow and create advanced analytics from the data

Alerting to strong potential trades

Usage for traders, platforms, and market researchers to build strong, data-backed pictures of the markets.

About Polkadot

Created by one of Ethereum’s founders, Dr. Gavin Wood Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.

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Source: https://cryptopotato.com/parsiq-integrated-into-polkadot-for-smart-triggers-across-the-relay-chain/

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Blockchain

Raze Network Kicks Off Testnet Phase With UI Community Voting

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[PRESS RELEASE – Singapore, Singapore, 11th May 2021]

Raze Network, the first Polkadot-based privacy protocol, is bracing to engage community members with our first testnet. Early birds will be able to provide feedback on the quality, function, and overall experience of the Polkadot-based privacy protocol.

This huge milestone clears the way for ‘Razers’ and collaborators to easily test drive the newest features and allows plenty of maturation time for these new features to be fully tested.

Our team already started designing the user interface of the privacy protocol we promised to launch. However, we want to resort to the collective wisdom of our community on how to actually bring this to realization, thus launching this UI Community Voting Campaign.

The beta testnet marks the latest step forward in Raze Network’s overall mission to enable the broader community to contribute to the evolution of our trustless decentralized privacy protocol.

Raze Network’s applications present the decentralized finance (DeFi) community with a cross-chain middleware solution on Polkadot for concealing transactions when operating on decentralized exchanges.

With a clear vision and solid use-case, the protocol-based solution leverages the Polkadot ecosystem to offer the required privacy layer for the crypto sphere. The privateness protocol aims to guard anonymity for all the DeFi stack on the Polkadot.

To achieve higher participation during the testnet, Raze Network is organizing a number of events, competitions, and challenges to encourage participants to actively test critical components of our ecosystem. Specifically, we will airdrop 1,000 $RAZE tokens to 10 lucky voters based on how many entries they generated to vote for the best UI style.

$RAZE is set to be the lifeblood of the Raze Network, designed as a utility token to represent participation in the ecosystem.

The launch of Raze Network’s UI testnet comes on the heels of several other recent milestones, including a robust set of developer resources and partnerships that continues to expand.

Just in April, we announced the strategic listing of Raze token on the popular DeFi platform, Uniswap. This listing closely follows our completed triple IDO event on three launchpads.

Interestingly, apart from going live on DEX exchanges, $RAZE tokens will also soon be listed on several tier-1 centralized exchanges.

This networked testnet release allows Raze to continue working with our partners towards the mass adoption of decentralized applications and smart contracts.

Since its inception, Raze Network sought to develop an infrastructure that is easy to understand and smooth to navigate. One where even new users can reap the benefits of a cross-chain middleware solution for anonymous transactions, payments trading, and mining.

Although the token launch is done, the real work starts. Most recently, we have completed the development of mint, transfer, and redeem contracts in Solidity. Currently, we are testing how to deploy these contracts on EVM.

Also, the major front-end and client modules that can invoke the aforementioned contracts have been developed.

About Raze Network

Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. The Raze Network applies zk-SNARKs to the Zether framework to build a second-layer decentralized anonymous module.

It will then be imported as a Substrate-based smart contract. The objective of Raze Network is to enable cross-chain privacy-preserving payment and trading systems while protecting the transparency of your assets and behaviors from surveillance.

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Source: https://cryptopotato.com/raze-network-kicks-off-testnet-phase-with-ui-community-voting/

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Blockchain

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

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Coinbase’s mobile application has become the most popular app on iOS in the US. With its rise to the top, it has surpassed some highly utilized applications like TikTok, YouTube, Instagram, Facebook, and more.

Coinbase Tops US iOS Chart

According to data from SensorTower, the mobile application of the largest US crypto exchange has taken the first spot in terms of the most popular free apps on iOS in the country.

The app enabling users to buy, sell, or simply hold various digital assets has climbed with several spots in the past few weeks.

As of writing these lines, TikTok – the Chinese video-sharing social networking giant that saw the light of day in 2016 takes the second spot.

Further down the list is YouTube, followed by other social media giants like Instagram and Facebook. Interestingly, Robinhood’s app is not even in the top ten. The iOS application of the financial services company takes the 12th spot.


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It’s worth noting that the top 50 free iOS applications have two Coinbase representatives. The exchanges’ wallet app is the 46th most popular application, which places it ahead of Uber, Google Drive, and Microsoft Teams.

Coinbase’s Rise

Taking the aforementioned first spot only validates Coinbase’s popularity boost in the past year or so. The company took full advantage of the ongoing crypto bull market, which has seen prices exploding.

Consequently, the firm reported a massive increase in terms of user base, volume, and revenue in the first quarter of 2021.

These impressive results came shortly before Coinbase became a publicly traded company. As CryptoPotato reported in mid-April, the firm’s shares (COIN) launched on the giant US exchange – Nasdaq.

Although some of the early backers sold off their stocks and prices suffered in the month that followed, Coinbase only intensified its aggressive expansion. In the latest endeavor, the firm agreed to acquire Skew – the popular crypto analytics company.

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Source: https://cryptopotato.com/first-spot-coinbases-app-surpassed-tiktok-instagram-and-facebook-on-ios-in-the-us/

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