Market power wielded by US tech giants concerns IMF chief
Christine Lagarde feels ‘too much concentration in hands of the few’ does not help economy
The head of the International Monetary Fund, Christine Lagarde, has expressed concern about the market power wielded by the US technology giants and called for more competition to protect economies and individuals.
Speaking at a press conference to mark the start of the IMF’s spring meeting in Washington, Lagarde said , but added that her organisation was monitoring their impact on prosperity, financial stability and the workplace.
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London, UK – Bank4YOU Group will launch an ICO campaign during the last week of October in order to accelerate the goal of scaling its service rollout across Africa, Asia, and Latin America. An indicative estimate for the total funding requirement is $50 million, which can be used to support the company’s expansion into new markets and to develop enhanced services (including consumer micro-loans and incorporation of bitcoin or other cryptocurrencies within its money transfer services).
[This is a press release.]
David Agar, CEO of Bank4YOU Group, said:
The World Bank estimates that two billion people are without access to formal financial services with more than 50 percent of adults in the poorest households being unbanked. […] As a company, we recognize that financial inclusion is the main point to reducing poverty and boosting prosperity. With our new blockchain-enabled Mobile Money Remittance Service (MMRS) we intend to play a very active part in making this happen.
Agar will present the demo version of the product at during the ICO campaign.
According to Bank4YOU Group board, the project’s originality is concentrated in the , the structured chain of data within the decentralized platform. The ICO’s purpose is the development of the MMRS, which is the first convergence of cryptocurrencies with mobile network operator accounts.
The company aims to develop an innovative electronic payment system, which would enable:
safe execution of cross-border mobile money transfer between countries
possibility to withdraw funds in local currency using local mobile operator products such as mobile money and mobile airtime
The ICO campaign will begin on 26 October and end on 16 December 2017. Within this project, the company will issue 300.000.000 BFY tokens of Bank4YOU Group. The referral program, along with the bonus system, can be found on the company’s ().
About Bank4YOU Group
Established in 2013 and headquartered in London, UK, in 2016, Bank4YOU transformed into , an international consortium of fin-tech service companies operating within the electronic mobile payment services arena. FCA License No715451, issued by the UK’s Financial Conduct Authority authorizes Bank4YOU to provide credit.
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