Recent DLT News Review: the Philippines Digitizes Banks and Develops a Game on DLT
Google Play Store had fake crypto wallets, Philippine company develops a DLT-based game, and UnionBank of the Philippines digitizes rural financial institutions – these and other news are presented in the digest.
Philippine DLT Sphere Is the 4th in Fintech Sector
According to the research from FinTech Singapore, Philippine crypto sector is growing fast and currently occupies the fourth place in the country’s fintech space.
In the Philippine fintech landscape, payment startups are the leaders comprising 33% of financial technology companies in the country.
The research emphasizes that there is still room for progress, as from a population of approximately 100 million, only 31% of adults in the country have bank accounts.
Filipinos Got Access to Funding on New DLT-Based Platform
Peppermint Innovation, an ASX listed firm, and a European fintech company Vleppo have created a partnership. It will provide Philippines’ residents an access to loans with digital assets as collateral on a DLT-based platform.
The platform will be launched by Vleppo to source for loan funding and take the credit risk on loans issued.
Peppermint will get a fee in exchange for credit scoring services, disbursing loans, administration, monitoring repayment, collection as well as central bank reports.
Rural Philippine Banks Are Part of UnionBank’s Blockchain Project
In the Philippines, UnionBank has announced its blockchain project, i2i, in partnership with ConsenSys – global DLT software company. Six rural banks are already on Project i2i, and 150 have been signed up for the project to be connected into the main banking network.
Then, the bank revealed that it has spent Php 6 billion on DLT for the past three years in order to make banks more digital.
UnionBank plans to renovate more of its branches and turn them into the so-called “Arks.” The UnionBank plans to open 15 Arks before the year ends and 50 Arks by 2019.
Philippine Platform Develops a Game on Blockchain
ETH-based virtual reality platform Decentraland has joined forces with Philippine-based Altitude Games to develop Battle Racers, a racing game based on DLT.
Battle Racers will be the first crypto game for the Philippine company. As it is based on DLT, it will provide gamers with unique elements.
In the game, players have a chance to design, build, race, and battle against other racing cars. The game is tokenized and can be bought on Decentraland Marketplace for MANA Tokens.
Four Fake Crypto Wallets Detected in Google Play Store
Malware researcher Lukas Stefanko has announced that he detected four fake crypto wallets in the Google Play Store. The apps were trying to steal users’ personal data.
The apps were presented as digital wallets for storing NEO and Tether, and as an extension for accessing ETH. Their aim was to steal users’ mobile banking credentials and credit card information.
According to Stefanko, the apps were created with the use of Drag-n-Drop app builder. It means that the creators didn’t have to have any coding knowledge. The analyst has reported the fake apps to the Google security team. By now, the wallets are already removed.
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