Hengbao has announced a partnership with IDEX Biometrics the leading provider of advanced fingerprint identification and authentication solutions. The two companies have partnered to introduce contact based biometric smart cards across the Asian market, with future plans to trial dual-interface cards. Hengbao supports cards for multiple payment network specifications, including Mastercard, China Union Pay, VISA, and JCB.They have a thumbprint detector on the card, and verify the identity one the spot. This was one of the technical barriers, and now is available. All the components seem available, and on the market. The key elements were solving the spectre problem, biometrics and auto pricing. All of those are working.
And the UK is running an open banking sandbox, without bearer cash however:
Placing their money with challenger banks over traditional financial institutions.According to The New York Times, favorable regulations in the region and a rise in investor funding have helped boost business for mobile banking companies like Monzo, a British startup that offers checking accounts and ATM cards without a physical branch. Instead, all transactions are done through its app.Last year, Monzo became one of the first challenger banks to receive a license allowing it to hold customers’ deposits on its own, something no startup in the United States has achieved so far.“Our regulator is pretty forward-thinking,” said Tom Blomfield, the co-founder and chief executive of Monzo, referring to Britain.In fact, U.K. authorities have introduced policies such as a “regulatory sandbox” which allows challenger banks to test new financial products and receive feedback from regulators before releasing them to the public.
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