Market Insights

Texas touts telemedicine, NetGuardians nets CHF 8.5M: Friday Deal Book for 6/2/2017

June 2, 2017

One World Identity’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending June 2, 2017.

Texas bill removes in person identity verification requirement for telemedicine
Senate Bill 1107 allows physicians to provide telemedicine services with patients they haven’t met in person. Texas was the last state to require in person identity verification prior to commencing a telemedicine relationship. The bill was signed by the Governor Abbott over the weekend, after having been approved in both the Texas state House and Senate on May 19. This is a helpful boost for telemedicine growth and bodes well for national telemedicine providers such as Teladoc, American Well, and Doctor on Demand. [Read more]

Sberbank first to pilot Russian e-voting solution for shareholder votes
Sberbank became the first publicly traded company to use e-voting technology developed by Russia’s central securities depository, the National Settlement Depository. Shareholders were given the option to vote electronically – 806 shareholders, representing 33.3 percent of the votes did so. Russia has allowed e-voting for shareholder purposes since July 1 2016. Electronic voting platforms promise to make voting significantly more convenient, but have been slow to take root in many countries for purposes of government elections. The US currently only allows e-voting for select government and military employees stationed abroad. However, electronic voting for other legally binding votes, such as for shareholder meetings of publicly traded companies, has seen a faster adoption. [Read more]

Blockchain consortiums for digital identity KYC solutions see new entrants in India and Spain
Banks in India and Spain both announced the formation of consortiums to bring blockchain based digital identity solutions to market. The Indian project, ClearChain, is being led by the BankChain consortium, which launched in February with participation from the State Bank of India, DCB Bank, ICICI Bank, and others. Red Lyra, the Spanish project, is newly formed with founding members across the financial services and legal sectors, including Banco Santander, Bankia, BBVA, BME, Garrigues, Gas Natural Fenosa, Grant Thornton, MásMóvil, and others. Both initiatives aim to reduce the cost of regulatory compliance by leveraging blockchain technology for data sharing. They join a long list of other blockchain consortiums aiming to bring similar products to market. So far, Canada’s Securekey is among the farthest along in having a product live in the market, but the global activity continues to increase. Regulator buy in of the technology will continue to be an inflection point for the solutions. [Read more: Times of India, Coindesk]

Chipotle is latest retailer to suffer data breach
Malware affecting point of sale systems in over 2,250 Chipotle locations across the US and Mexico lifted credit card data including customer names, account numbers and verification codes. The malware appears to have been operational between March 24 and April 18. Chipotle share prices dropped slightly after the announcement, but have rebounded since. Last week, Target announced it would pay $18.5 million to 47 states and the District of Columbia to settle charges related to its 2013 data breach. [Read more]

Swiss fraud fighter NetGuardians closes CHF 8.5 million series C round
The CHF $8.75 million round was led by Swisscom Ventures and Freemont Management. NetGuardians plans to use the funds to continue its global expansion and hire additional staff. The startup uses machine learning and behavioral analytics to detect suspicious activity. With no signs of global fraud trends abating, the risk and fraud vertical continues to see deal activity in funding, partnerships, and acquisitions. [Read more]