What Are Nonbank Financial Companies? Nonbank financial companies (NBFCs), also known as nonbank financial institutions (NBFIs) are financial institutions that offer various banking services but do not have a banking license. Generally, these institutions are not allowed to take traditional demand deposits—readily available funds, such as those in checking or savings accounts—from the
SIMILARITIES Gold Bitcoin Yearly new supply is limited to around 2,500 tons 21 million bitcoin and can’t be increased. Deflationary in nature due to supply limitations Deflationary in nature due to supply limitations Decentralized – no owner – part of planet Decentralized – no owner – open source software Minimum
Fiat money means all kinds of money that are made legal tender backed by a government. The term is usually reserved for legal-tender paper money or coins that have face values and not pegged against the commodity values such as gold or silver. Historically, paper money and banknotes are used
China’s digital payments revolution China is leading the new revolution in digital payments. In the past decade, China has leapfrogged magnetic cards, moving to a system based on smartphones and QR codes (two-dimensional bar codes), and runs through their own big tech firms: Alipay running through Alibaba (China’s version of
Is there a conspiracy to create a digital payment society? Yes, conspiracy theorists arise as always. Everyone loves a good conspiracy theory, so why not have one that deals with something near to us, our money. But not just our money, but how we spend it as well. How we
The payment revolution. The tipping point of the revolution occurred in 2003 were the electronic systems surpassed the use of cash and checks in stores. By 2005,its accounted for 55% of in store payment. Similar trends occur for recurring payments. In 2001, More than 75% were made by paper-based method
How digital payments can help China cope with pandemics. Digital payments allow people to access goods and services while in quarantine or social distancing. SARS epidemic in 2003 expedited China’s path in launching digital payments and e-commerce in the country. A robust identification system, widespread, consistent internet access and trustworthy ways
What is MSO license MSO (Money Service Operator) is a license issued by Customs and Excise Department of Hong Kong, under the provisions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance of Hong Kong. The MSO license authorizes a person to perform currencies exchange and also fund remittance. The remittance
