Yesterday, Facebook launched its own global currency called Libra. It is built on blockchain and it carries Facebook ambitious bet to redefine how money works in the internet (you can see it in this video). Theres lot of interesting aspects of Libra, from its underlying technology, the management model and privacey features. TechCrunch explain it beautifully in this 4000 words explainer.
My key takeaways from Facebook Libra are these :
Libra is crypto-based digital currency. It is a cryptocurrency hence decentralized, open and secure. However, unlike other cryptocurrency, it is blazingly fast (1000 TPS compared to 7 in Bitcoin and 15 in Ethereum) and financially stable due to the backings of real-money reserve. To use Libra, you will need Calibra, its digital wallet. You can cash-in, store, send and cash-out in Calibra similar to Paypal, Gopay, OVO and other digital wallet. However, Calibra will seamlessly handle multi-currency remittance, available around the world and integrated with FB Messenger and Whatsapp. Calibra itself is built by Facebook however since Libra is open infrastructure, in the future other companies might built other wallet apart from it.
Libra is mainly targeting unbanked population. In the intro video, Libra is designed to be fast in Lagos, simple in Manila and convenient to send money to Mexico City. To use Libra and Calibra, user only need feature phone, internet and any kind of government-issued identification. It doesnt require smartphone hence highly inclusive. Libra also claimed to utilize blockchain to drasticly reduce fees.
Libra is backed by lots of prominent organization. Apart from Facebook, Libra is supported by giants and whales of global institution. Visa, Mastercard, Paypal, Stripe are onboard. Theres also telco (Vodafone), venture capital (Andreesen-Horowits) and non-profits (Kiva and Mercy Corps). Full list of Libra backers can be read here.
This is an interesting slash scary things for fintech and crypto development going forward. If you work in wallet or digital money business, Facebook is eye-balling your lunch. Every penny that went into Calibra wallet is a penny less from other wallet. If youre in fintech focusing on unbanked, like me, this could be potential to do cashless financial service delivery. If you work in blockchain, Libra could be the key use case to bring the crypto to the masses. Global bitcoin users currently is 35 millions while Facebook itself has 2.3 billion userbase.
So considering this development, what can we do to anticipate? heres my initial thoughts :
This is series of study case analysis that i like to write from time to time. I am a big fan of Ben Thompson’s Stratechery and these essays are inspired by Ben’s work. Check out my last post on LinkAja.
On second week of April, Dealstreetasia broke the news that Indonesian payment wallet provider OVO has acquired online mutual fund startups, Bareksa, for 20 mio USD. This news came just merely a month after OVO acquisition of P2P Platform Taralite. Taralite acquisition has enabled OVO to offer credit-card-like Paylater which at the moment only available in Tokopedia. Bareksa on the other was used to power OVO Invest feature which can be accessed after user do advanced KYC by submitting their E-KTP.
As a country with massive unbanked population and asymmetric banking industry , Indonesia is a lucrative ground for fintech. These recent developments is a clear attempt to expand into wider financial services and having Lippo and Grab as their backer, OVO have ample warchest to start landgrab in multiple fronts.
In this essay, i will share my analysis on rationale, challenge and predictions on OVO next step in Indonesia financial industry.
This is series of study case analysis that i like to write from time to time. Check out my first post on Traveloka.
This week in fintech, state-owned e-wallet provider T-CASH announced that they will transform into LinkAja. Not only the name change, the new T-Cash will be backed not only by Telkom group but also six other state-owned enterprise (SOEs) : Bank Mandiri, BRI, BNI, BTN, Jiwasraya and Pertamina. The change will be implemented late February and current T-Cash users will only need to update their app once LinkAja launched.
I cant believe how fast 2018 have been going for me. I went lot of new challenges, good thing most of them turn out quite well. In 2018, I’ve ventured into new areas at work, managed bigger team and took terrifying steps into the big financial commitment (i bought a house on mortgage). Been hell-a-lot of personal developments which was exciting and scary at the same time.
Speaking of personal developments, ill share top three great books that I’ve read last year with interesting points from each. These books helped me find perspective and calmed me down during roller coaster ride. I hope this list give you ideas on what to read to start your 2019 right.
Seperti dijabarkan di artikel business insider dan nytimes ini , mayoritas penikmat musik berhenti mencari hal baru untuk didengarkan di usia 30. Well, di tahun ini, usia saya tembus kepala tiga dan saya bisa mengerti sekali ketika teman teman seangkatan playlist spotifynya adalah album Appetite for Destruction atau Hybrid Theory yang diulang-ulang. Di tahun ini, secara karir (Alhamduillah) saya juga mengemban sebuah tanggung jawab baru yang membuat saya sibuk lebih dari sebelumnya (seriusan, mendengarkan musik di jam kerja pun susah).
Beruntungnya, masih ada sebuah kenikmatan kecil yang saya rasakan ketika menemukan band atau album baru yang lagu lagunya enak untuk didengar. Ketika ada waktu senggang di antara meeting, tab New Release dan Discover di Spotify adalah pilihan untuk rehat sejenak. Menemukan musik musik baru adalah hal yang menyenangkan sekaligus mungkin sebuah usaha perlawanan untuk menjadi tua dan membosankan.
Dan untuk membagikan perasaan itu, berikut album rilis 2018 yang menurut saya nikmat sekali untuk didengar. Mayoritas album di list ini bergenre hip-hop dan metal.