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Live vs Digital onboarding: why trusting your eyes is not enough to prove the identity of your customers

A few days ago,  I was invited to a webinar (available here in replay for those who’d like to mock my Spanish :)) organized by my friends from @Kiban to debate how lending companies and banks can accelerate the release and launching of a digital product.   

During the webinar, one of the participants asked for my opinion on the following: “what do you think of the robustness of digital verification solution compared to traditional face to face verification, for example in a bank branch?”.

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How Identity Verification Will Take Finance (and Crypto) Mainstream

What does something as boring as compliance software have to do with financial inclusion, decentralization, or economic development of underdeveloped countries? In short, the lack of modularized legal identity is a peg blocking a domino effect of development in inclusive finance, e-commerce, the service economy, and the promised land of a peer-to-peer economy built on top of blockchains. My goal is to share with you the roadmap, and the bet we’ve made— that standardizing identity will do for the world what a brick did for architecture.

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Crypto in Mexico: Is All Hope Lost?

Mexico was the first country to issue sector-specific regulations for FinTech companies, published in March 2018 (the “FinTech Law”). Among other subjects, it addressed companies which use digital assets, provide financial advisory, carry out crowdfunding, and perform electronic payments. Later that year, in September, the complementary regulations were issued. Still, a lot of loopholes with regard to digital assets were still pending, which is why a further complementary regulation was discussed and worked on.

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Why Cashing In & Out Of Crypto Exchanges Is (still) A Pain In The A**.

The Financial Crimes Enforcement Network (“FinCEN”) issued several rules which must be followed by anyone dealing with currency (“real” or virtual), in any way. The FinCEN has defined what it deems as a user, an administrator, and an exchanger of virtual currency, on the understanding that “virtual currency” is regarded as a medium of exchange accepted like currency in some environments, but lacking the legal tender status.

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Myth vs Reality (in Data Privacy)

Any user of online services is left with the uncomfortable reality of not knowing who controls their personal information, and the use it has been given. As handily mentioned by Chris Skinner, these days we find “discussions around data ownership and privacy, in discussions about almost anything really. When will I own my data? When will I have my own identity? How can I take control of me away from banks, corporations and governments and give it to me?” (Chris Skinner’s Blog, April 2019)

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Identifying One Billion Ghosts

It may surprise you that only half of the world’s population currently have access to the internet. That’s 3.5 billion people who are completely disconnected from the web and all of the opportunities it affords.

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