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Another 750,000 Americans likely filed new unemployment claims for week ended Feb. 27

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Samsung and Mastercard are working on a fingerprint payment card

Steve Dent
·Associate Editor
·1 min read

Samsung is collaborating with Mastercard on a biometric scanning payment card with a built-in fingerprint reader, Samsung has announced. The technology appears to be similar to Mastercard's biometric payment cards unveiled in 2017 that let you authenticate purchases with without ever touching a keypad. However, Samsung said the cards "will adopt a new security chipset from Samsung’s System LSI Business that integrates several key discrete chips," rather than using Mastercard's current tech. 

The aim is to increase security while reducing physical contact points, as your fingerprint is scanned directly from your own card and not an external point-of-sale (POS) device. However, the card is compatible with Mastercard's authentication tech, as it can be used at any Mastercard chip or POS terminal.

By way of comparison, the Apple Card is designed mostly to be used on a smartphone, but Apple does issue a physical titanium card with your name laser etched onto it. If you do use Apple's physical card, however, you'll need to enter a code into a POS device as there's no built-in fingerprint reader. 

While the card will use Mastercard on the clearing and point-of-sale side, it will be backed financially by Samsung Card, which is owned by Samsung Life Insurance and is South Korea's biggest credit card company, according to Wikipedia. The card will roll out in South Korea later this year, but Samsung didn't say if it would come to other regions. 

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    (Bloomberg) -- China Investment Corp. posted a return of more than 12% on overseas investments in 2020 after markets rallied on loose monetary policies, marking a breakout year for China’s $1 trillion sovereign wealth fund.The unaudited returns bring the Beijing-based fund’s 10-year rolling average to more than 6.6%, beating its target. 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The move was meant to improve decision-making efficiency, deepen cooperation across teams and better implement asset allocation strategies for the entire company, “so that everybody is on the same page,” Zhao said.Alternative AssetsWhile CIC is seeking to beef up alternative assets for their stable long-term returns, those investments fell by 2 percentage points to about 42% in 2019 as stock and bonds rallied. The measure climbed again last year, and the company committed a record amount of capital in private deals, including private equity and credit, heralding further increases, Zhao said. She declined to give details because the company has yet to release its 2020 annual report.As global markets emerge from the pandemic-wrought crisis, governments should pay more attention to their policies’ long-term impact on economic productivity, even though stimulus packages help relieve consumer pain and tide companies over, said Zhao, who’s also the fund’s chief strategy officer.“We believe the markets this year, overall, will be relatively stable for investors,” Zhao said. “But policy makers face major challenges this year and next” with limited room for adjustments amid already high long-term debts and low interest rates.Loose monetary policies have spurred market rallies in developed countries like the U.S. Zhao cautions that valuations need to be supported by economic growth and corporate earnings in the long run. “Adding stimulus alone won’t be enough,” she said.Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said this week he’s “very worried” about risks emerging from bubbles in global financial markets and the nation’s property sector. 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But it can still benefit from the growth in the world’s second largest economy by investing in overseas-listed Chinese companies and non-Chinese assets that target the Chinese market or trade with China, Zhao said.One of the companies invested by the China-US Industrial Cooperation Fund, which CIC has contributed funding to, witnessed high growth in China last year as the pandemic depressed sales elsewhere, in another example of “how China can contribute to global growth,” she added.Despite the bilateral tensions between China and the U.S., the fund, started in 2017, has made two deals after raising $2.5 billion, with the second investment done last year in a U.S. manufacturing firm, she said, declining to disclose more details.(Updates with details about CIC’s bilateral funds in 15th graph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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