Fintech Digest: Russians will be able to take out a loan by voice, PayPal goes to China, arrest of Cobalt leader

    Hello. At the end of March, the world of fintech pleases us with a variety of news. Newsmakers - PayPal, Russian banks, the creator of the Cobalt malware, which caused losses of $ 1 billion, and other organizations and individuals. Let's start with PayPal. The fact is that this company begins expansion into China. China, despite the relative closeness of its financial market, will allow foreign companies to gain access to their electronic payment infrastructure. The Central Bank of China said that foreign companies must be licensed to enter the country. If everything is arranged correctly, such a company will work in China. Unless, of course, will comply with the law.





    PayPal is one of the first to decide on this opportunity. She is no longer a newbie in China, since she has been collaborating with a giant even on a Chinese scale, Baidu, for over a year. The agreement allowed 100 million Baidu Wallet users to link their wallets with PayPal.

    In addition, in 2016, the payment system began to work with Alibaba, a marketplace that began to offer its users the opportunity to pay for goods through PayPal. True, China has its own payment systems, which will be difficult for companies to compete with. But PayPal CEO Dan Shulman has already said that “collaboration with digital payment providers inspires us.”

    Russian banks




    From June 30, 2018, Russian citizens will be able to become customers of banks without visiting their offices. In order to register as a client, it is necessary to provide biometric data once - this is a face image and a voice sample. As far as one can understand, in the future a similar method of identification can be used in other areas: insurance, pension and notarial.

    In order to use a certain service, the user will need to pronounce on the camera a sequence of numbers and letters written on the screen. If the video matches the samples in the system, the user goes through the identification process without problems.

    Where is the money, Cobalt?




    The most interesting thing is that the program itself, which was used by attackers, is absolutely legal.

    Yesterday, the leader of the hacker group Cobalt was arrested in Spain. Last year, she withdrew 1.5 billion rubles from Russian banks (of course, dishonestly). Representatives of the group were introduced into the bank's infrastructure using the Cobalt Strike program. After that, the received funds were withdrawn in various ways to their accounts.

    The most significant withdrawal of funds was the attack on Soyuz Bank this summer. Attackers were able to replace debit cards with credit cards without a limit and withdraw money through ATMs of a third-party bank about 400 million rubles. In total, this group caused damage to financial institutions in Russia and the world about $ 1 billion .

    Central Bank of China




    China continues to explore the possibilities of digital currencies. Earlier, the government introduced tight regulation of cryptocurrencies and ICOs. Nevertheless, representatives of the country's financial regulator have repeatedly stated that the emergence of China's own digital currency is only a matter of time.

    “I can say that the emergence of digital currency is inevitable due to the development of technology. In the future, the use of conventional banknotes and coins will be reduced to a minimum. Instead of all this, a “figure” will work, ”said one of the senior officials.

    State Duma of Russia




    On March 20, 2018, a number of deputies of the State Duma of Russia introduced bill No. 419059-7 “On Digital Financial Assets” . The purpose of the document is legislative consolidation of the definitions of cryptocurrency, token, distributed registry of digital transactions and smart contract in the legal field. It is also the creation of legal conditions for attracting legal entities and individual entrepreneurs by issuing tokens.

    So, mining, according to this project, is recognized as entrepreneurial activity. True, only if the person who is mining, for three consecutive months, exceeds the energy consumption limits set by the government of the Russian Federation.

    In addition, cryptocurrency and token are declared property. True, digital financial assets are declared as such, and are not legal tender in the Russian Federation.

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