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First faster processing card payments phone app ‘tapeeno’ launches in the UK

ABC Staff
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  • The first and only mobile card reader to use Faster Processing payments launches in the UK
  • tapeeno is a downloadable app that instantly transforms phones into mobile card readers with no need for additional hardware
  • Transactions are processed within an hour – significantly reducing funding delays by up to four days
  • Accepts Mastercard and Visa contactless payments
  • No contracts or hidden costs – pay only per transaction
  • Customer approval within 24 hours
  • Ideal for sole traders, growing ventures and individuals processing £2,500 per month or less

tapeeno – the first mobile card reader to use Faster Processing payments has launched in the UK.

Developed by card machine specialists UTP Group and the credit card processing system Faster Processing, the tapeeno app instantly transforms any Android phone into a card reader that can process transactions within one hour – significantly reducing the funding delay most businesses experience when taking payments on other card machines or payment acceptance devices.

Successfully trialled in the UK for two months, tapeeno offers customers a quick, easy and flexible card payment solution without the need for investing upfront in additional hardware or committing to long-term contracts.

With no fixed costs or hidden charges, customers who are approved by tapeeno will pay a 1.50% transaction fee for any card payments, making it ideal for start-up businesses, growing ventures and transferring money between friends.

Jaime Lowe, Sales Director of UTP Group, said:

“tapeeno was developed as a quick, convenient and secure card payment solution for small businesses that are just starting out and don’t want to commit to upfront costs or long-term contracts. It’s ideal for hobbies, mobile traders or businesses turning over less than £2,500 a month and need a reliable and safe way to process customer payments.

“tapeeno’s utilisation of Faster Processing’s technology means there’s the huge advantage of receiving funds far more quickly than other card machines or payment acceptance devices, making it a cost-effective and flexible choice for sole traders and individuals who need to manage cash flow carefully.”

Customers who sign up to tapeeno will need to complete an online application form via the tapeeno website, provide the required ID, and download the tapeeno app to their phone. Approvals are processed within 24 hours.

tapeeno accepts all contactless payments made by Mastercard and Visa and is currently available to download from the Google Play Store on Android phones. tapeeno will be available to use on Apple phones later this year.

SKILLS BOOST ON THE HORIZON FOR SMES IN 2023

ABC Staff
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  • New Skills Horizon barometer shows 69% of SMEs in England plan to invest in upskilling workforce
  • While 1.73million* SMEs cite recruitment and skills as a top priority, many are trialling new ways to recruit and retain staff
  • SMEs from regions and sectors across the country reveal challenges and opportunities for the year ahead

A new poll of SMEs across England reveals – while 2023 may be a challenging year – they still expect on average  a 26% growth in revenue. The Skills Horizon barometer, launched by the Skills for Life campaign, asked 1,250 SMEs about their challenges and opportunities when it comes to skills and recruitment in the year ahead, and found many are exploring the best ways to strengthen their workforce to achieve this growth. It reveals 69% are planning to invest in upskilling their workforce, bolstering their capabilities for the year ahead. This rises to 77% in the Technology sector, 75% in Manufacturing and 74% in Healthcare.

The Skills for Life campaign aims to help SMEs understand all the training and employment schemes available to them, including Apprenticeships, T Levels, Skills Bootcamps, HTQs and Multiply numeracy courses. Businesses who are considering hiring employees can access a range of government programmes offering work experience or upskilling existing staff, some of which offer financial incentives. This moment in the campaign follows last week’s National Apprenticeship Week, dedicated to celebrating apprenticeships and the newer introduction of T Levels to highlight their positive impact on communities, businesses, and the wider economy. 

More than 1.73million* SMEs (36%) in England rank staffing challenges – such as recruitment and skills – amongst their top three concerns for 2023. However, more than two in five (43%) plan to invest in building digital skills within their company and a third (35%) will encourage staff to engage in current or free training resources – such as Skills for Life Bootcamps. Many SMEs are hoping this will help them tackle the challenges they face with recruitment and staffing in 2023, as they cite their top three recruitment and staffing concerns as retaining staff (40.8%), not being able to recruit new employees with the right skills (40.3%) and not having enough employees with the right skills (37.8%). More than a quarter (27%) are seeking to hire from broad education routes such as apprentices and T Levels students. This rose to 31% of SMEs in London, 30% of SMEs in the North West and 39% of SMEs in the Finance and Insurance sector.

SMEs also revealed the hires they’re planning to make in 2023 will benefit their business beyond the responsibilities of the role. For instance, 53% of Healthcare SMEs and 44% of Technology SMEs think additional staff will help upskill the existing workforce (by sharing skills and knowledge), 42% of those in Manufacturing say it will improve wider staff productivity and 41% of Construction SMEs say it will improve staff morale.

Minister for Skills, Apprenticeships and Higher Education Robert Halfon said: 

“Boosting skills in key sectors like digital, manufacturing and healthcare is essential to building a skills nation and the government is investing in resources and skills qualifications – spending over £3.8bn this Parliament.

“This investment is being recognised by SMEs who are planning to invest in upskilling their workforce this year, and I would encourage businesses of all sizes follow suit.

 “Whether it’s through apprenticeships, T Levels or courses in essential numeracy and literacy skills, there are free and flexible ways for employers to tap into the highly skilled workforce they need to thrive.”

Hollie Whittles, Director of Purple Frog Systems, a data analytics company based in Telford, said: “Attracting and retaining talent is a key priority for us this year. It has been a challenging few months for businesses, but digital transformation is a something many companies turned to us throughout pandemic so we are seeing growth in this sector.

“Looking at different ways to bring new talent to the business to ensure that we’re in the best possible place to tackle the year ahead is crucial. We are working with a local college to help shape their T-Level curriculum to cover emerging technologies such as data analytics. This is perfect for us as we’ll be able to tailor the training to suit our business requirements, and give T-Level students the opportunity to get a foot on the ladder of an exciting and promising career.”

To find training and employment schemes for your business, as well as support on how to implement these, visit: find-employer-schemes.education.gov.uk/.

Boom in British start-up companies is bright spot for the economy, a new analysis finds 

ABC Staff
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2022 was another record year for company registrations in the UK, according to an analysis by small business support platform Enterprise Nation. 

According to data published this month by the Office for National Statistics (ONS), in 2022 784,762 businesses were registered at Companies House. That’s almost 30,000 more than in 2021, and 114,000 more recorded annually pre-pandemic. In 2019, 670,575 businesses were registered. 

While many will point to the rise of so-called zombie companies and the high level of dissolutions, the relentless upwards trend in these figures is an indicator of the UK’s growing entrepreneurial aspiration, the company said.

Emma Jones, CBE, founder of membership organisation Enterprise Nation, said: “Amidst the doom and gloom and straitened times we find ourselves in, the British enthusiasm for entrepreneurship continues to grow.

“We know that these figures are not a perfect reflection of the UK’s start-up community, but they do tally with our own research and new membership data so far this year.

“For example, we’ve already seen a dramatic increase in new members – up 78 per cent on this time last year. 

“Despite being constantly bombarded with an unrelentingly bleak economic outlook and the news that many businesses are struggling with energy bills, skills and labour shortages and an increasing tax burden – people still have not been deterred from starting a business. In fact, the opposite is true.”

A survey Enterprise Nation commissioned earlier this year showed around a third of UK adults were considering starting a business in 2023.

Ten years ago, in 2013, the UK hit the milestone of 500,000 registrations for the first time, and by the end of this year it is expected to hit 800,000, an increase of 60 per cent.

There are currently 5.5 m businesses in the UK. Around 96 per cent of these are start-ups, early-stage micro firms and sole traders.

Emma added: “Start-ups really are the bright spot in the business world right now. Without an adequate supply of fresh innovation and talent, we will never be able to build the future we want to see.

“These businesses are starting out with sustainable principles at their core. They are naturally energy-saving, they are purpose-driven and they are tech-enabled. Evidence points to the fact that firms that start-up in a downturn have resilience built in.

“But they need access to support. Most people starting-up are brilliant at what they do – but they might not be great at actually running a business.” 

Enterprise Nation runs free business support programmes in collaboration with partners including StartUp UK – a free support and e-learning initiative we run with Monzo or business.connected – free digital support in collaboration with Vodafone, Sage and Builder.ai.

Introduction to the Fast-Moving World of Crypto Journalism

Claire James
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Introduction to the Fast-Moving World of Crypto Journalism

In every major industry, new-centric hubs start to form, allowing people to get access to recent information, interesting developments, and news hot off the press. The blockchain industry is no different here, with a thriving hub of news websites that people regularly contribute to. While these were once much smaller communities, the past few years have seen cryptocurrency come into the modern lexicon and enter our cultural consciousness.

At present, over half of American adults, coming in at around 56%, own cryptocurrency or have previously owned cryptocurrency. This figure is practically unbelievable compared to just a few years prior, demonstrating just how far this industry has come in a short amount of time.

As the adoption of cryptocurrency increases, the general number of people that are looking for more information on blockchain projects is also rising. To accommodate this crowd, there are now more blockchain news sites than ever before – giving rise to a whole new industry, cryptocurrency journalism.

While not as popular as mainstream journalism topics like finance or sports, cryptocurrency journalism is now a highly-respected field with a number of working professionals. But, this industry does indeed have its quirks and differs from traditional journalism. In this article, we’ll dive into these differences.

If you’re working in the world of blockchain, this article will help you understand how the journalism side of crypto works, allowing you to put these international news networks to use. Let’s dive right in.

The Current Relationship Between Wider Media and Journalism

While we can focus on the expanding interest in cryptocurrency over the past decade, we still cannot overlook the fact that the vast majority of people simply do not understand this digital financial system. Cryptocurrency, let alone the intricacies of blockchain, goes right over the head of the vast majority of the general public.

Of course, any new system is going to take a while to become understood. Even so, only 96% of Americans cannot pass a basic crypto literacy exam. With this in mind, it’s no wonder that traditional journalism’s reporting of cryptocurrency is so black and white. Due to the huge price fluctuations, traditional journalism has to write about crypto. It’s just too big to ignore.

Yet, without an understanding of what crypto is, what it does, and how it’s used, most of the media that focuses on this industry is fairly factually incorrect. While traditional media can focus on numbers, the reasoning they give for why certain things are occurring typically falls short.

Due to this, it’s important to get cryptocurrency news from sources where crypto journalists actively work. Instead of focusing on international media outlets that we’re used to, it’s always better to go to the source. Focus on crypto news websites, and you’ll suddenly find a much richer base of perspectives.

The first rule of cryptocurrency journalism is to avoid the vast majority of centralized media companies.

The Boom of Crypto Journalism

As people have begun to realize the lack of scope that traditional media has when it comes to exploring blockchain stories, crypto news sites have begun to blow up in terms of popularity. Within sites like CoinMarketcap, Daily Coin, and CoinTelegraph, you’ll find a number of people actively working within the community.

While many stories are published by crypto enthusiasts, community members, or companies looking to share their recent news, the best stories typically come from crypto journalists. The vast majority of crypto journalists will specialize in one or two core areas of knowledge. This expansive subject understanding makes their stories the most in-depth and, therefore, valuable to readers.

When launching a blockchain company, if you want news readers to take you seriously, one of the best ways of doing so is by getting in touch with these journalists. These people will act as the connection between your business and the wider cryptocurrency media system. You can find them via their author pages on a news site, or commonly on sites like Twitter, where they will share ongoing insights. 

What Media Does Well in Crypto Journalism

When attempting to break into the crypto news space, there are a few formats that typically do better than everything else. Considering the rapid turnover of news in this space, it’s vital that you focus on creating high-quality content that people will want to come back to.

Although it’s a fast-moving space, you can capture people’s attention by writing or submitting the following to crypto journalists:

  • Investigations – The world of cryptocurrency is used to a bit of a scandal here and there. If you’re able to dive into the specifics of a project and shed light on new information, you’re more likely to get people clicking on your content.
  • Short Press Releases – Press releases work wonderfully in the world of crypto, where people want to consume as much news in as short an amount of time as possible.
  • Reviews – Product reviews and listicles that go through great products often do very well in cryptocurrency media.

By pulling from all of these formats and contacting crypto journalists with ideas that cover your company in one of these ways, you’ll have a much higher chance of breaking into the next news cycle. Keep things fresh, and apply often to boost your chances of securing a crypto journalist lead.

Final Thoughts

As with any media industry, the world of cryptocurrency journalism is a thriving space with thousands of contributing members. Across crypto journalists, companies creating press releases, and community contributors, there are a number of parties that get involved in this system.

By understanding what types of news beats do well within this community, you can reverse engineer stories that have more success in this field. This especially comes in handy for all of the CEOs and marketing professionals that want to break into this space.

Understand the core ways that crypto journalism differs from traditional journalism, and you’ll be perfectly positioned to take advantage of this thriving digital hub. 

Why is Working with a Crypto PR Firm so Important for Success in Blockchain?

Claire James
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Why is Working with a Crypto PR Firm so Important for Success in Blockchain?

Even if you’re new to the world of blockchain, you might have noticed some clear differences with how things run in this industry. In many regards, there are overlaps between blockchain and centralized finance. Both of these fields deal with large quantities of money, financial projects, and act as core components of the lives of millions of people.

Yet, look at a blockchain marketing campaign and one in the world of finance, and you’ll instantly start to see the differences. What’s more, if you opened up a financial news website and compared that to a leading cryptocurrency news site like Cointelegraph or Coindesk. One of the core differences is the speed with which news occurs and is then forgotten about in cryptocurrency.

When you look at traditional finance, news is typically slow. One bit of government legislation or a scandal can occupy headlines for weeks at a time. In the world of crypto, the complete opposite is true. There’s a new piece of big news every single day, which is then replaced by something totally different the next day.

To exist in the world of blockchain marketing, you need to forget what traditional industries may have taught you. For those that are new to this space, this is much easier said than done. That’s why it’s so common for blockchain businesses to hire crypto PR firms at the initial stages of their project launch.

In this article, we’ll dive into exactly why blockchain companies often have to rely on PR firms, demonstrating how they’re so useful for breaking into this industry. Let’s dive right in.

Crypto PR Firms Stay On Top of News Cycles

As we stated above, the world of cryptocurrency news moves fast. Luckily, crypto PR brands are accustomed to this velocity of producing high-quality content. When you attempt to get your content on crypto news sites without the help of a PR firm, you’ll fail in two ways:

  • Lack of Connections – Finding places to post your content is going to be difficult when you’re new to the industry. News websites don’t owe new projects anything, making this a hard market to crack.
  • The slowness of Content Production – Even if you do find places to post, if you’re not able to rapidly produce high-quality press releases and news coverage, you’ll quickly lose your spot to other voracious companies.

A leading crypto pr firm will already have a large network of websites that they’re connected to. This will help get your content in front of a larger audience. When it comes to breaking into SERPs, having healthy backlinks from a number of different sites will also help Google to start to rank your content.

Crypto PR firms have connections to news sites where you can share press releases about your most recent developments. Equally, they’ll also have a number of other connections to sites where you can guest post other content. These will further feed back into the total number of backlinks your site has.

Considering that the first page of Google gets upwards of 71% of natural traffic, the sooner you’re able to get your content into the top 10, the better. 

Crypto PR Firms Help with Grass Roots Community Building

Building a community around your cryptocurrency brand is one of the most important elements that new projects have to tackle when launching. While other industries also have their communities, this aspect isn’t nearly as important there as when working in blockchain. Without an active community around a project, it will quickly stagnate and fall off.

Understanding this, one of the main things that crypto PR firms will do when working with a company is beginning to launch community-building events. From airdrops to Q+As to a number of other modern PR strategies, lots of their early work will revolve around creating a hub for new members to stumble upon.

If you underestimate the importance of a community, your project is going to suffer. Crypto PR agencies are experts in building trust around your project, which will help you conquer your own piece of this highly-competitive field.

A Crypto PR Firm Can Help Craft Your Brand Vision and Communication Styles

When starting a new project, many that are new to blockchain and cryptocurrency have a fairly 2d perspective of the people that work and invest in this industry. Without understanding that there is actually a great deal of nuisance across different sub-sectors of this industry, your project’s messaging will fall flat.

Depending on what your blockchain project offers, a crypto PR firm will be able to conduct comprehensive audience studies. If you don’t yet have an audience, their previous experiences will fill in the data blanks, allowing you to then understand more about who you’re trying to target.

Once you’ve got this established, you’re then able to move on to getting your brand voice, vision, and communication styles correct. These should all reflect your ideal customer, helping you to connect more easily with your future audience.

Across years of experience, crypto PR brands will be able to rapidly form these ideal audiences and reverse engineer the perfect tone of voice for all following branding elements.

Final Thoughts

Without working alongside a crypto PR firm, most users are going to run into problem after problem. Not understanding how quickly this space moves, how essential community-building is, and how projects are made or broken by trust, there are a huge number of ways new projects can damage their own reputation.

A crypto PR firm will help businesses navigate through this space, crafting messages that resonate with their audience and draw in new investors. Due to how relatively young this industry is, without the guidance of a veteran PR company, blockchain companies won’t get far.

It’s always a good idea to play it safe and work with a PR agency before your crypto CEO inadvertently drives your project into the ground.

These are the Internet’s most Googled investment questions – and the answers to them 

ABC Staff
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  • “How do I invest in cryptocurrency?” is searched an average of 150,400 times each month around the world
  • The second most searched investment question is “How can I start investing?”, which is Googled 137,000 times each month 

The Internet’s most Googled investing question is “How do I invest in cryptocurrency?”, new research has revealed.

The study by Investing Reviews analysed thousands of investment-related search terms to see which is Googled the most, with the most common phrase questioning how to invest in cryptocurrency.

The data indicated that the question is Googled on average 150,400 times every month around the world.  

The second most common phrase is “How can I start investing?” which receives an estimated 137,000 average monthly searches online.  

In third place is “How much should I invest when I start?” which is Googled 64,000 times a month on average. 

The top five is rounded out by “What should I be investing in right now?” in fourth with 56,600 monthly searches, followed by 49,500 searches each month for “What is passive investing?”.

“How is return on investment calculated?” ranks as the sixth most searched investment question, thanks to an estimated average of 39,600 searches each month globally, followed in seventh by “Is cryptocurrency a good investment?” on 31,100 monthly searches. 

Rounding out the eighth and ninth most asked investment questions is “How can I trade safely?” in eighth with 27,800 global monthly searches and “What is the safest investment to make?” with 19,200 global searches each month.

In tenth place is the question, “What are investment bonds?” which is Googled 9,400 times around the world each month on average.

Simon Jones from Investing Reviews provides the definitive answer to each of these key investment questions:

  1. How do I invest in cryptocurrency? – 150,400 combined monthly global searches

Investing in cryptocurrency is primarily done online, via major cryptocurrency exchanges such as Coinbase or Binance. Usually, you will need to deposit some money, with different platforms requiring a different amount so make sure to do your research if you don’t want to deposit a larger sum to begin with. Take some time to research which cryptocurrencies you’d like to invest in as the cryptocurrency market can often be volatile and you should take caution before investing.

  1. How can I start investing? – 137,000 combined monthly global searches

How you start investing can entirely depend on what you what to invest in. Similar to investing in cryptocurrency, you can trade and invest in stocks on the stock market via apps and websites which can provide a more autonomous experience to trading where you remain fully in control of where you invest your money. However, speaking to a broker can help if you’d rather have a professional handle any of your investments, this can make investing a lot easier if you’re considering investing a large amount of money.

  1. How much should I invest when I start? – 64,000 combined monthly global searches

There isn’t a specific amount of money that will automatically “work” when it comes to seeing a return on your investment when you begin. The important thing is to trust your instinct and do your research. If you are feeling hesitant to invest, start off with a smaller amount of money so that you’re not in a risky situation.

  1. What should I be investing in right now? – 56,600 combined monthly global searches

There is no “right” thing to invest in at any one time as there are many factors that can contribute to whether the value of a stock or an item increases or decreases. However, there are steps you can take to see what might be worth investing in. Following the news, particularly business news, can give you an indication on what stocks you should invest in.

  1. What is passive investing? – 49,500 combined monthly global searches

Passive investing is a strategy wherein the aim is to maximise your returns whilst minimising your buying and selling. Typically, this works as a ‘buy and hold’ strategy and is a long-term form of investment. The benefit of this the simplicity in that there isn’t a lot of active buying and selling, however this can have its drawbacks in that it’s so limited that quick returns aren’t always guaranteed.

  1. How is return on investment calculated? – 39,600 combined monthly global searches

Return on investment (ROI) is relatively simple – it’s subtracting the initial investment cost from its final value before dividing this number by the cost of the investment. Calculating ROI is beneficial as you can spot trends, and see what is working and why, making all your future investments easier to strategize on.

  1. Is cryptocurrency a good investment? – 31,100 combined monthly global searches

The cryptocurrency market is notoriously volatile and whilst this can mean you can get a fast return and make money quickly; you can risk losing it just as fast. Therefore, cryptocurrency investing can require a lot of time and effort and if this isn’t something you’re able to commit to, it might be worth looking at investing into something else. There are cryptocurrencies such as Bitcoin that are generally considered more ‘stable’ than others such as Dogecoin, however caution should still be practised.

  1. How can I trade safely? – 27,800 combined monthly global searches

If you have any reservations when it comes to any form of investment, the best recommendation is to talk to a professional. There are steps you can take on your own too that can protect you and your money:

  1. Read reviews: If you’re not sure what site or platform to use to trade on and invest your money on, then research a site and read user reviews. If there are many negative reviews, then this is a major red flag. Even if it’s something as simple as glitches which may not be a massive issue on a social media app occasionally, but when it comes to trading your money quickly and safely, even a few negative experiences from other users can be an indicator that it might not be the right place to spend your money.
  2. Don’t invest too much at once: It can be tempting to keep investing money if the stock market or cryptocurrency market appears to be offering you good returns but always make sure you have reserves. A single business deal at a certain company can impact your whole trading portfolio, making investing unpredictable at times, so don’t be encouraged to invest all your money at any one time.
  3. Study the market: Research and stay up to date on the market where your investment lies, whether this is the cryptocurrency market or the housing market. This can help you forecast your returns and know when to stop investing more money where you’re likely to lose it.
  1. What is the safest investment to make? – 19,200 combined monthly global searches

Every investment pose risk and reward without a guarantee, therefore it can be difficult to determine what is a “safe” investment. That being said, there are investments that have a generally more reliable track record when it comes to growing your money – such as property, however these are usually long-term investments that may require a lot of time and research.

  1. What are investment bonds? – 9,400 combined monthly global searches


An investment bond is a medium to long-term investment strategy. It involves putting your money in a single-premium life insurance policy with the benefit being that the investments are held in a tax-efficient way. Whilst you may not even see a return on your initial deposit as the value of the bond can fluctuate, it’s generally considered a relatively low-risk strategy.

This study and the answers given were provided by Investing Reviews, which provides in-depth reviews on investing platforms, trading apps, cryptocurrency exchanges and more. 

China stocks could rise up to 24% by the end of 2023, according to Goldman Sachs

ABC Staff
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China stocks could rise up to 24% by the end of 2023, according to Goldman Sachs

Goldman Sachs said in a Monday note that the market will gradually shift from reopening to recovery.

By Friday’s close, the MSCI China index had lost about 8% since its peak on Jan. 27. That puts it close to correction territory, where an index falls more than 10% from its most recent peak.

A shift from “reopening to recovery” is expected to drive Chinese stocks higher by the end of this year by as much as 24%.

A Monday note by the firm predicts a 24% upside to the MSCI China index as it moves from its stringent zero-Covid policies to a growth phase.

According to Goldman Sachs strategists including chief China equity strategist Kinger Lau, “the primary theme in the stock market will gradually shift from reopening to recovery, with the driver of potential gains likely rotating from multiple expansion to earnings growth/delivery.”

Early this year, Chinese stocks entered bull market territory – with the MSCI China index peaking at the end of January, up nearly 60% from October’s lows.

According to Friday’s close, the index had lost about 8% since its peak on Jan. 27. That puts it close to market correction territory, which occurs when an index falls by more than 10% since its peak.

Goldman Sachs in July cut its earnings forecast for the MSCI China index to zero growth. The index tracks more than 700 China stocks listed worldwide, including Tencent, BYD, and Industrial and Commercial Bank of China.

As in a typical equity cycle, these moves will “resemble a transition from Hope to Growth,” they wrote, adding that Covid is now “arguably in the rear view mirror,” in China.

“The latest purchasing manufacturer’s index and consumption levels show clear signs of activity normalization, albeit from a low base,” the strategists wrote.

China’s economy is expected to grow by 5.5% in 2023, driven by 9% and 7% growth in the second and third quarters, respectively, according to Goldman Sachs.

“The growth impulse should be heavily tilted toward the consumer economy, where services are still operating significantly below pre-pandemic levels,” they wrote, highlighting Chinese households’ surplus savings of more than 3 trillion yuan ($437 billion) in 2019.

According to the strategists, professional speculators are showing a greater appetite for Chinese stocks.

According to GS Prime Brokerage, hedge fund investors have substantially re-risked their investments in Chinese stocks, primarily in offshore equities, with their net exposures to China almost returning to all-time highs.

A stablecoin firm could shake up the entire $137 billion market if it is targeted by the SEC

ABC Staff
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A stablecoin firm could shake up the entire $137 billion market if it is targeted by the SEC
  • The U.S. Securities and Exchange Commission (SEC) may take action against Paxos, the company that issued Binance USD (BUSD).
  • The SEC hasn’t initiated any official action. However, the agency’s actions are being closely watched since it could have huge implications for all stablecoins, including tether.
  • According to Paxos, BUSD does not qualify as a security under federal securities laws.

Paxos, which issues stablecoins, may be targeted by the U.S. Securities and Exchange Commission.

Experts told CNBC that the move will have major implications for the $137 billion market.

It is a type of cryptocurrency that mirrors real-world assets such as the U.S. dollar.

The stablecoins are often backed by real assets such as bonds or cash in reserve, and have become the backbone of the crypto market since they allow people to trade between different coins without having to convert between currencies.

In 2014, Paxos released an electronic currency called Binance USD, also known as BUSD. It is a stablecoin linked to Binance, one of the world’s biggest cryptocurrency exchanges.

New York state’s financial regulator ordered Paxos to stop issuing BUSD last week.

In a separate statement, Paxos said the SEC had informed it that it is considering recommending an action alleging that BUSD is a security.

However, the SEC’s actions are being closely monitored. If the agency initiates an official procedure, it could have huge implications for all stablecoins, including Tether and USDC, the two largest are worth $110 billion combined.

According to Renato Mariotti, a partner at law firm BCLP, anyone issuing stablecoins should register with the SEC if the SEC charges Paxos.

Stablecoins are securities, aren’t they?

The SEC has not yet announced specific charges, but the notice to Paxos asks whether stablecoins are securities.

In its response, Paxos said it “categorically disagrees with the SEC staff because BUSD is not a security.”

SEC uses the Howey test to determine whether something is a security or investment contract. There are four criteria to determine whether something is an investment contract, for example, if an investor expects a profit.

The SEC will oversee BUSD if it is deemed a security by the regulator. Whoever issues BUSD would need to register with the SEC and accept more restrictive regulations.

The label will also be applied to other stablecoins.

“This action will likely have wide-ranging implications for other stablecoin issuers selling coins into the U.S.,” Townsend Lansing, head of product at CoinShares, told CNBC.

How likely is it that the outcome will be?

It depends on what the SEC alleges against Paxos and how the two sides proceed.

“It is likely that the SEC will reach a settlement with Paxos in which Paxos concedes that BUSD is a security, leading other stablecoins to follow suit and register,” Mariotti said.

“Paxos could aggressively sue the SEC, but the costs would be high,” Mariotti said.

“Litigation would take years and the risk of losing to the SEC would be significant. Paxos’ fight against the SEC would create risk and make BUSD less attractive.”

The SEC may also regulate what assets are used to back stablecoins and what disclosure requirements must be met for digital currency issues, according to Mariotti.

In Lansing’s words, what the SEC considers a security or investment contract actually extends beyond just the Howey test, and the agency has “extensive knowledge of how to apply both the law and judicial precedent.”

Reuters reported last year that the Justice Department was investigating Binance for suspected money laundering and sanctions violations. Bloomberg reported in 2021 that U.S. officials were investigating whether Binance employees engaged in insider trading.

CNBC’s request for comment was not immediately answered by Binance.

Bloomberg reported that Binance has a “zero-tolerance” policy for insider trading and a “strict ethical code” to prevent misconduct.

Commercial banks in China refine their capital and risk management

ABC Staff
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Commercial banks in China refine their capital and risk management

China’s banking regulator and central bank plan to adopt a differentiated regulatory system for assessing commercial banks’ capital adequacy and risk management, in an effort to prevent financial system risks.

In a joint announcement, the China Banking and Insurance Regulatory Commission and the People’s Bank of China announced amended draft rules aimed at helping banks “continuously improve the precision of risk measurement.”

By dividing lenders into three categories based on business scale and risk level, the draft rules bring the banking sector closer to global standards.

Lenders with a relatively large scale of assets or cross-border business will be subject to stricter capital requirements and will have to disclose more information to regulators.

Furthermore, the rules will include more specific factors to measure banks’ exposure to mortgage lending, such as the type of property, the source of repayments, and the loan-to-value ratio.

Due to fragile demand and mounting debt defaults by developers, China’s property market has slowed sharply over the past year.

Nevertheless, some banks’ capital adequacy ratios will change slightly following implementation of the new rules, according to the two regulators.

Before Jan. 1, 2024, the commission and central bank are seeking public comments.

2023 cashless payment trend survey reveals just 17% of UK consumers prefer paying in cash

ABC Staff
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2023 cashless payment trend survey reveals just 17% of UK consumers prefer paying in cash

In the digital age wherein almost everything can be done from our phones – including making payments – and contactless bank cards have become synonymous with the shopping experience, the time wherein consumers opted to pay in cash has seen its heyday come and go. But just how popular have cashless payments become? 

In a new research report published by one-stop business comparison website BusinessComparison, the most recent data from across the globe was gathered alongside a survey of 2,000 UK adults to determine how often people pay using cash, and which payment types are the most commonly used. The research found that, overall, Europe had seen 180,147 million cashless payments in 2020. The continent recorded the third-highest volume of cashless payments at the time of the data being collected, accounting for 20% of all global cashless payments. 

In terms of the United Kingdom, the country recorded 30,914 million payments during the 12-month period, of which, 20,722 million were cashless – making up 67% of total payments for the UK.

Broken down per capita, this amounted to 455.32 cashless payments per person in 2020, with the United Kingdom recording a population size of over 67 million people at the time.

Whilst the research clearly indicated that cashless payments have grown exponentially in popularity, BusinessComparison wanted to know which cashless payments had come out on top – debit/credit cards, or digital wallets. 

The UK recorded 17,522 million debit card payments, alongside 2,851 million credit card payments and 345 million delayed debit card payments. Interestingly, no records for digital wallet payments were found at the time of the data collection.

From the data collected, it was clear that debit card payments were the most prominent form of cashless payment.

With cashless payments rapidly becoming so popular, what has become of traditional cash? BusinessComparison surveyed 2,000 UK adults to find out more about their cash-spending habits. Consumers were asked when they had last paid using cash, where the cash was spent, and what had prompted them to use cash rather than a cashless method.

Interestingly, the survey found that cash was still being used relatively often in the UK. 44% of respondents said that they had paid in cash within the last week, with a further 17% using cash in the last two weeks. An additional 13% reported paying in cash within the last month. 1% of respondents had never paid using cash. Unsurprisingly, many of these respondents were between the ages of 18-24 (8%).

In particular, 62% of respondents from Wales had paid in cash within the last week, alongside 51% from the North West. In comparison, 24% of respondents in the North East and 20% in Northern Ireland had used cash within the last month.

When asked where they had last paid using cash, it was hospitality that came out on top. 11% of respondents said they had been in a cafe or deli, with 9% spending cash in a restaurant. 
Other common locations for physical cash to be spent included:

  • Charity shop (9%)
  • Farmer’s market (7%)
  • Pub (6%)
  • Butcher’s shop or fishmongers (5%)

Finally, BusinessComparison wanted to know why consumers were choosing to pay using cash. For many, it was a matter of necessity. Almost 30% said they had used cash as they were only making a small purchase (29%), with another 29% saying they were using up cash they already had on them. 
Other common reasons for paying in cash included:

  • The business only accepted cash (15%)
  • Technical issues meant only cash could be used (7%)
  • Prefer paying in cash (17%)

Most notably, just 17% of respondents said they prefer paying in cash – highlighting how much attitudes towards cash payments have changed. A vast majority of respondents had spare cash to use up (29%) with just under 30% using cash to make small purchases (29%).

22% of respondents from the West Midlands said they preferred paying in cash, alongside 20% from the East of England.

Philip Brennan, Founder and MD at BusinessComparison, commented on the research: 
“In recent years, we’ve seen cash payments become increasingly undesirable, whether due to inconvenience or something else. Cashless payments have quickly risen in popularity to become the most predominant form of in-person payment. 

“As well as highlighting the global success of cashless payments, our research shows how cash payment trends vary in different parts of the UK, with Wales and the North West making notable contributions to the growing popularity of convenient cashless payments.

“It’s clear that savvy UK consumers understand the benefits of cashless payment methods, making it essential for businesses to cater to their preferences.”

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