The Chinese arm of US asset manager Vanguard is entering a partnership with Ant Financial. The asset manager, one of the world's largest, controls $5.2 trillion in assets. The partnership will be between Vanguard's wholly foreign-owned Chinese enterprise and Jack Ma's financial business."While details are scarce, the equity joint venture will likely entail Ant Financial offering some of Vanguard's services to Chinese consumers, said Peter Alexander, managing director, Z-Ben Advisors." Ant Financial runs YueBao, the world's largest money marketplace, which has shrunk to a two-year low recently after Chinese authorities frowned hard in the direction of shadow banking. Whatever its attractions, YueBao was starting to look systemically risk. Ant however retains an enormous consumer base and can offer other products such as those from Vanguard. Is this a sign of things to come?
The actual news content of many cryptocurrency news websites is fairly low, so Visa got everyone excited when it announced that its new B2B payments network once went to a pool with a blockchain. Visa said its new B2B Connect network was built in partnership with Bottomline, FIS and IBM. "While the network is not a distributed ledger itself, some aspects of the nascent technology were used because it can help transfer more information on a payment than existing systems," Visa's global head of business solutions Kevin Phalen told Reuters. "Visa was initially working with blockchain startup Chain to build the new platform, but ultimately opted to use aspects of Hyperledger Fabric, the open source distributed ledger developed by a group led by the Linux Foundation," adds Reuters. Crypto news website Cointelegraph reported the same news as Visa launching a B2B payments network using "certain aspects" of blockchain.
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