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Kapital News Highlight - July 23

Monday, July 23, 2018

A weekly highlight for your updated and forward-thinking financial insight : 

  • Cryptocurrency firm Stellar gets Islamic finance certification. The California-based financial company, Stellar has received certification from The Shariyah Review Bureau (SRB) Bahrain for its blockchain and cyrptocurrency platforms which aims to integrate technology into the field of sharia-compliant financial products. This phenomenon shows how fintech is expanding to include the market of Middle East and Southeast Asia and also become the answer of the ongoing hesitation about the permissibility of bitcoin in Islamic finance. (Reuters)

  • China’s factories eye south-east Asia to avoid US tariff threat. Since the imposition of tariffs on Chinese imported goods, producers in China are considering moving production to some low-cost countries in Southeast Asia as they fear of being swept up by the ongoing trade dispute between China and the US. The uncertainty of the US trade rules from President Trump has made a number of companies immediately arrange contingency plans, such as moving the production location to Vietnam and Myanmar. However, that still needs a further discussion and careful planning as it may give future impacts on the two countries. (Financial Times)

  • Indonesia, EU to establish most modern trade agreement. The fifth round of talks of Indonesia and the European Union Comprehensive Economic Partnership Agreement (I-EU CEPA) on last July 9-13, 2018 in Brussels covered discussions on trade in goods and services, investments, and other forms of cooperation. Moreover, they also discussed the issues related to energy and raw materials (ERM). In September, the negotiations on ERM are targeted for completion. According to the staff for Strategic Planning Yudo Dwinanda Priaadi said that Indonesia aspired to increase the added value on raw materials as it is mandated by the law to export duty on minerals which involves the ministry of energy and mineral resources, the ministry of trade, the ministry of industry, and the ministry of finance. (Antara News)

  • Contactless Technology Powered 50 % of Purchases at 2018 FIFA World Cup Russia. Visa as the Official Payment Services Partner of FIFA, released an analysis of spending inside the 2018 FIFA World Cup. The data shows the increased consumer adoption of innovative payment technology, as fifty percent of purchases with Visa in tournament venues utilized contactless transactions, including cards, mobile devices and wearables. Visa cardholders on average spent 1,408 rubles (approximately $23.00) per transaction inside the stadiums throughout the tournament, with fans from Russia spending the most, followed by United States and Mexico, respectively. (FintechNews SG)

  • Food delivery apps court Singapore’s Muslims by separating non-halal orders. Deliveroo, a British start-up with operations across Europe and Asia Pacific, follows rival GrabFood and Foodpanda in offering separate bags for halal food. The move is both in response to feedback from customers and restaurant partners, as well as a strategic one to tap into the wide pool of halal restaurants in Singapore. (Salaam Gateway)

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