The Securities and Exchange Board of India (SEBI) has revealed that it is adopting a ‘regulatory sandbox’ approach to utilize the cutting-edge technologies such as blockchain and artificial intelligence (AI). The SEBI officials have claimed that innovation in Fintech can be better achieved by following a ‘sandbox’ approach, which offers temporary relaxations of regulations to build a safe platform for companies to test Fintech services in a live environment, without lending them full authorisation and licensing protocol.
Ripple has announced the expansion of its University Blockchain Research Initiative (UBRI) by adding 11 new partners, making a total of 29 members. The program is aimed at promoting blockchain-focused academia and research. The company has committed a funding of $50 million to UBRI’s first wave of university partners. The UBRI program offers blockchain related courses to people from various disciplines such as engineering, business, software development, etc.
Atom Solutions, a Japan-based fintech company, has launched Equivalent Value Overseas Remittance System to address the price volatility associated with overseas cryptocurrency remittances. The firm has claimed that the system will speed-up the crypto transactions and charge less fees for its service. The company has also developed Eternal Coin, a new digital asset that streamlines crypto remittances.
The Institute of Development and Research in Banking Technology (IDBRT) is developing a blueprint of Blockchain technology that will help in better regulating the Blockchain and fintech sectors. A team of specialists from IDRBT Hyderabad have developed such a blueprint that is in its alpha stage as of now. They are optimistic to make it ready to roll in the next 4-5 months.