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  • @fintechna 4:54 am on December 12, 2016 Permalink | Reply
    Tags: , , , , , , bitcoin, , , macro, Predictions, , ,   

    2017 Fintech Predictions – the year of macro risks 

    It is this time of again where most of us willingly and willfully make fools out of ourselves trying to predict the future of our industry. The momentous electoral events we have witnessed and those coming up in remind me that, even more so for the next 12 months, will rule and influence the state of financial services and . I will limit myself to comments pertaining to the US and Europe.

    2017 Fintech Predictions - the year of macro risks fintech

    I have already attempted to decipher a Trump presidency in a previous post, see here. Suffice it to say there will be winners and losers in the five sectors of the industry &; lending, capital markets, asset management, payments and insurance. Regtech may be impacted the most if the US experiences a wave of deregulation. Although I still ascribe to a secular and long term trend towards regulatory harmonization, we may see deviations at the margin, especially within sectors that are more domestic than international by the nature of their activity. I would not be surprised if US domestic lending regulation, compliance and enforcement be loosened while European consumer protection remain tight for example. Another area where one may see changes at the margin would be domestic payments. Still, when it comes to such sectors as capital markets, cross border payments, interbanking activities I do not expect much deviation from one jurisdiction to another and certainly no loosening up when it comes to clamping down on illegal activities, fraud. Hence cybersecurity, AML/KYC and reg/compliance thereof should be interested ecosystems with plenty of investment and operational activity. On another regulatory note ,2016 was the year of the FCA with it&;s sandbox. The FCA&8217;s initiative was so popular we ended with more than 8 regulators launching their copycat initiatives. I will make three in the sandbox space for 2017. First, regulatory sandboxes will be renamed &8211; sandbox is just a poor name everybody dislikes. Second, the US and the EU will see their own &;sandbox&; initiatives launched (where in the EU is a mystery) as hybrid collaborative efforts between regulators, technologists and incumbents. Third, there will be more collaboration at the &8220;sandbox&8221; level between regulators. Be that as it may I also expect the FCA to go from strength to strength given its clear leadership and first mover advantage (same for MAS, the Singapore regulator).

    I continue to worry about alt-lending or marketplace lending as rising interest rates will benefit first and while there is some room to increase the cost of lending, in a competitive market with regulatory oversight there is a limit to how high the cost of borrowing can go. On the other hand banks cost of capital will not rise as fast as those of alt-lenders. Therefore the next 12 months will prove delicate for this industry. I expect banks flexing their muscles and acquiring some platforms as well as mergers between alt lenders while the weakest competitors close shop. Whether this pattern will evolve in sync across the US and Europe I do not know. It depends on how US, UK and EU yield curves will behave. I certainly expect this pattern to occur in the US. On the other hand, infrastructure spending, if it is on a massive scale in the US, will have a positive impact on lending and fintech lending actors will benefit. One might even see fintech startups funded on the basis of infrastructure services for example.

    In the retail asset management sector we have witnessed a wave of consolidation in the US, notably with roboadvisors. Most incumbents have placed their bets and the few remaining independent startups have survived, so far. We have yet to see consolidation in Europe. Arguably, there are fewer roboadvisors in Europe than in the US and most are younger so we might not see full consolidation yet. I would not be surprised if a European incumbent or two makes an acquisition though. I remain interested in roboadvisor models, especially those that will make effective use of ETFs, micro investing or micro saving and build a social layer that enables high engagement. I think there is still space for these types of models. Additionally, there is still much to be done to modernize incumbents and to date few fintech startups with a b2b model have emerged in asset management. Some are due to pop up.

    In the payments sector I will go out on a limb and call for the rise of micro payments platforms in 2017, most probably powered by a distributed ledger . Most startups addressing micro payments have failed so far but it is only a matter of time before a startup or an incumbent hits the right note. Given the rise of m2m, p2m transactions with IoT and the continued growth of p2p as well as the explosive growth of other types of activities (esports, different models of media consumption from a la carte to subscription) it is only a matter of time before micro payments make it big. My bet is on both platform plays that provide backbone and infrastructure and front end models. Other than micro payments, I continue to be interested in b2b payments and services to SMEs. We have barely scratched the surface and financial services to SMEs are still antiquated. The prospects of a global trade war will not play well with trade finance and supply chain finance activity though.

    As for the ecosystem, 2016 was a fascinating year. We now have a pretty good picture of the landscape with up to 10 companies being the potential winners. Most of these winning companies have opted to open sourcing their code, collaborating with standards setting bodies, or working as a consortium with many incumbents. Other than a few financing rounds for some of these leaders, I do not expect much investment activity. Indeed I expect many casualties, acquihires or outright failures for the other weaker competitors. 2017 will be a year of consolidation in the DLT space while the winners go about their deployment business quietly. I expect further standardization efforts to bear their fruit &8211; &8220;yesterday and today&8221; in the capital markets arena, &8220;tomorrow&8221; in the insurance space. Finally I expect the start of the patent wars in the space. Most serious contenders have filed patents &8211; incumbents and startups alike &8211; and it is only a matter of time before some try to enforce these patents. Sooner rather than later is my bet.

    In the insurance industry, I expect more of the same, both in terms of level of activity and types of insurtech startups. I also expect emphasis on cyber risk coverage and on climate change given both are top of mind and material risks going forward. Cyber risk coverage is particularly interesting to me, given the rise of IoT and the security risks associated with both hardware and software in the space.

    On a more general level, I expect five themes to pick up steam in 2017. First, all the business models we have seen created and funded in fintech over the past 8 years will be revisited with an AI component &8211; be it machine learning, deep learning or other. This is bound to happen as AI is sweeping the business world. If mobile is eating the world, AI is the chef that is orchestrating the menu. Whether in lending, asset management or any other sector, I expect to see much activity in this domain and this includes new fintech startups getting funding, especially in b2b. An inevitable trend towards the cognitive financial services firm. Second, the convergence of software robotics, AI and automation will be applied at scale in what is called robotics process automation for banks and insurance companies alike. This is a pure b2b play for sure and I expect this sector to be a fertile ground investment wise. Third, platforms and ecosystems will continue to take shape as various banks further build their API strategies, their marketplace strategies, or even their bank as a service strategies. Whereas 2016 was the year industry thought leaders spoke about platforms, 2017 will be the creative phase for these types of business models. Some startups are already picking up funding. Expect more over the coming 12 months. One should note that platform business models require standards and interoperability. As such, I expect the beginning of standardization and open source in the field of bank as a platform or bank as a service, in a similar vein to the movement we have seen in the DLT/blockchain space. Fourth, the messaging platforms wars will be in full swing as Facebook, Apple, Google, Microsoft vie for dominance and expand their respective ecosystems. I expect more financial services incumbents to jump on the bandwagon and more startups to build their own apps. The lure of reaching millions of users &8211; customers and potential customers &8211; is strong. To me AI powered chatbots fall in this fourth category as few will be successful on their own and most will want to align with at least one messaging platform. In as much as PFM startups were not particularly successful and neither were account aggregation models, the messaging platform wars with their myriads of skills or applets or bots (voice or text or voice+text) present both an opportunity and a threat to the financial services industry. The threat is well known and lies with being further disintermediated and removed from the end customer. The opportunity is less obvious. Indeed, most fintech startups focused on retail use cases have failed to make any significant traction because either the service did not generate excitement and engagement (simple aggregation of data or accounts), or was too obtuse (too complex) or was too superficial (giving you options to consider) whereas what works usually hits on at least one of three dimensions: enhance an experience, accelerate a process, simplify a process. You can bet that the bots within the messaging platforms that will win the day will enhance, accelerate and simplify. It is up to fintech startups and incumbents to emulate best of breed as they will coexist within the same ecosystems. Else, fintech AI chatbots will  fail to impress much like PFM models did before. I should add that the messaging platform wars will be a wedge for GAFA to further encroach in the payments sector. Fifth, 2017 will be the year of digital identities. By that I mean most of the investment activity will be focused on identity business models. Some may consider this field not part of fintech. They will be wrong. there is no identity without trust and vice versa. Further identity and trust impact and influence payment methods and enable or disable currencies. I view digital identities as the corner stone of the future of financial services industry. I expect the investment pace to pick up in the identity space.

    A few random thoughts in closing. Should a Trump presidency usher an era of instability and trade wars, we will undoubtedly encounter currency wars. Should the EU further weaken in 2017, currency turbulences will be exacerbated. Should the renminbi further weaken, capital flows leaving China will accelerate. Thusly, it is not inconceivable that cryptocurrencies will benefit, notably , along with its ecosystem. In this macro case figure, and assuming legal and regulatory house sorted out with the SEC, I expect much activity with Initial Coin Offerings in 2017 (ICO).

    Finally, I expect subdued venture investment activity in Europe and the US in aggregate, especially in the first year of a new US administration which is still an unknown for many.

    FiniCulture

     
  • @fintechna 12:18 pm on December 11, 2016 Permalink | Reply
    Tags: , bitcoin, , Helps, , ,   

    Insurance Helps Bitcoin Become Safer for Mainstream Consumers 

    Bank depositors get tax-payer funded in many jurisdictions (such as FDIC in America) in case a bank goes bankrupt. Your in Mt.Gox or BitFinex….buyer beware. People paying by Credit Card can fight back against a fraudulent charge. Once you send those Bitcoin it is like handing over cash…buyerRead More
    Bank Innovation

     
  • @fintechna 3:35 pm on December 2, 2016 Permalink | Reply
    Tags: , , , , bitcoin, , , , , , , , ,   

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank 

    Keynote Speech at the 6th Central Banking Workshop 2016 by Carl-Ludwig Thiele, Member of the Executive Board of the Deutsche Bundesbank.

    Introduction

    I would like to warmly welcome you to the 6th Central Banking Workshop. I am delighted that we have been able to attract such top-class speakers and participants to this event, who, given their experience and knowledge, are able to provide valuable contributions on what is a highly topical subject. This year, the workshop is about , which has generated a large swell of public interest, or even hype, one could say.

    With our workshop, entitled &;Blockchain technology – opportunities and challenges&8220;, we want to enable a lively exchange between researchers, practitioners and regulators. Each of these groups, in its own right, has a keen interest in this topic. But, as Ernst Ulrich von Weizsäcker once said: &8220;An exchange of views requires people to talk to each other, not about each other&;. In this spirit, I hope that we will have a stimulating exchange of views over the coming days.

     

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Blockchain technology is currently generating almost exuberant enthusiasm among , enterprises and public bodies. New initiatives and cooperation agreements on blockchain applications are being announced in the financial press on a near daily basis. This is not limited solely to banks and private enterprises, but also encompasses projects by governments and central banks.

    Examples of such cooperation agreements can be found on all of the world’s continents. Beside Fintechs and other startups, participants include the Bank of England, stock exchanges in the United States, Australia and Japan, as well as numerous commercial banks, to name only a few. Even an aircraft manufacturer, Airbus, is exploring blockchain for the purpose of process optimisation.

    Structure and Objectives of The Workshop

    How is it that a relatively complicated form of technical processing is generating such enthusiasm?

    In this workshop we want to address this question by talking about the possibilities that blockchain technology opens up and the this presents.

    This is anything but a trivial undertaking. Indeed, views on these possibilities and challenges vary greatly from person to person, but also among institutions. At present, there is no telling whether blockchain will supersede existing technology in a few years’ time. All the more reason, therefore, is to examine this technology and its implications in detail and gather key insights about it. This is true, not least, for central banks and regulators. So what lies behind this technology?

    Even when it comes to a basic definition, we see that the word blockchain is not always used to mean the same thing. Often, the term &8220;distributed ledger technology&8221; is used as a synonym for blockchain. If we regard distributed ledger technology as the principle behind distributed databases, blockchain represents a sub-category thereof. However, there is, as yet, no uniform definition of the term.

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Image: Stock market chart by bluebay via Shutterstock.com.

    An elementary understanding of the technology is a prerequisite for discussing its potential, which is why module 1, entitled &8220;Blockchain – basics, technological achievements and general potential&8221;, is dedicated to this question.

    Blockchain became known, above all, as the technology behind the . The term is derived from the fact that transactions are grouped together in &8220;blocks&8221;. These blocks are chained together through a complex mathematical procedure that is unforgeable and tamper-proof.

    Essentially, blockchain allows a ledger of transactions to be run on a decentralised basis within a network. The technology therefore enables the safe transmission of all manner of assets (not just bitcoin), without the need for confirmation from a central institution. With blockchain, reconciliation between participants occurs automatically. But what are we to do with this technical innovation?

    Plato once said that: &8220;Necessity is the mother of invention&8220;. But in the case of blockchain, we are seeing the exact opposite. The invention, ie blockchain, has already been born. Now people in many places are searching for the necessity – for the specific cases where it can be applied in practice.

    Blockchain-based technologies offer up the chance of simplifying complex intermediation processes for payment and settlement activities. Virtually all payment service providers are therefore currently looking for ways to apply this technology. Its use in payment transactions is an obvious choice, as the cryptocurrency bitcoin has already been created for this purpose.

    But does it make sense to use blockchain in this of all areas? And in what form should it be used in the area of payment transactions? These questions will be addressed in module 2 of the workshop: &8220;Possible business cases for payments&8221;.

    Payment transactions based on blockchain inevitably also raise the question of virtual currencies. Bitcoin was created shortly after the outbreak of the financial crisis and was intended to serve as a countermodel to the prevailing financial system. At first, bitcoin fired many people’s imagination and led some to expect a revolution in the financial system. It seemed conceivable that banks or even central banks could be bypassed and that a genuine &8220;gold standard&8221; could be created, based on bitcoin and independent of politicians and central banks. In addition to bitcoin, over 700 other virtual currencies have been created. However, none of these virtual currencies have managed to move beyond a niche existence.

    The blockchain used to transmit bitcoins needs to be considerably altered to make it suitable for financial transactions. It is unclear whether the core problems of blockchain in terms of performance, scalability and security can be solved to allow a broad market rollout.

    The question of the future of bitcoin and digital currencies in general will be examined in more detail in module 3: &8220;Bitcoin – a promising alternative for payments?&8221;

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Image credit: Golden Bitcoins by Julia Tsokur via Shutterstock.com

    It is interesting to see how the public debate has developed since the early days of bitcoin. Efforts are now centred on evolving blockchain into a basic technology capable of facilitating allocation processes across companies. The potential users of this technology are often precisely those institutions which the creation of bitcoin was originally designed to make superfluous.

    In addition to its application in payment transactions, numerous blockchain-based applications are being developed for securities settlement. Possible advantages from the use of blockchain technology arise not only from the technology itself, but also through process optimisation and potential disintermediation in this area.

    Securities settlement has improved considerably in recent years, especially in Europe. However, this development is not yet complete, as the settlement landscape remains complex and is characterised, in part, by convoluted processes. Although we trade securities within nanoseconds, we need several days to settle these transactions.

    We will take a closer look at securities settlement in module 4, entitled &8220;Possible applications and its potential in the post-trade industry&8220;.

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Image credit: Bitcoin by 3Dsculptor, via Shutterstock.

    These numerous questions and potential radical changes on the financial markets present us, as a central bank, with particular challenges – in payment transactions, securities settlement and beyond. The workshop therefore focuses on the special role of central banks in module 5, entitled &8220;Blockchain – a central bank perspective&8220;.

    As a central bank, we are faced with the question of how to deal with blockchain technology. In settlement, we are affected in two ways. As an operator of central payment and securities settlement systems, we also need to think about the future development of these infrastructures, despite the high performance systems already in existence. Blockchain-based technologies must be integrated in such a way that they provide added value. Indeed, as entrepreneur and politician Philip Rosenthal once said: &8220;He who ceases to be better, ceases to be good&8220;.

    From the perspective of oversight, we need to keep a careful watch on current developments and intervene if necessary. A deep technical understanding is necessary in order to respond appropriately to new business models from a regulatory perspective.

    The two decisive criteria that we need to measure distributed ledger and other new technologies by are the following.

    &; First, does using the new technology improve the security of the systems or at least not make it worse?

    &8211; And second, does the use of new technologies increase the efficiency of financial market infrastructures?

    Current Developments and Outlook

    Many enterprises and institutions currently working on blockchain-based solutions expect to reap great benefits from them. Blockchain technology holds out the promise of cost savings, de-risking potential and efficiency gains. This includes, among other things, the automation of work-sharing processes as well as faster processing and the fulfilment of contractual obligations via smart contract solutions.

    One positive effect that can already be seen is industry-wide cooperation. Dialogue between various market participants on future market developments can foster mutual understanding and facilitate the harmonisation of processes. This makes it possible to adequately react to the challenges posed by new technologies. This is of importance in the financial industry, in particular, which is characterised by network effects.

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Via Pixabay

    That said, one should not simply gloss over the challenges and weaknesses posed by the technology.

    The requirements imposed on regulated providers cannot currently be met by blockchain technology, or can only be met with difficulty. This concerns, for example, the question of how to engineer absolute finality. Furthermore, the know-your-customer requirements need to be observed and the confidentiality of transaction data must be ensured. This is also a reason why the regulatory status of blockchain technology in many countries is still unclear.

    Furthermore, despite the supposedly greater resilience of its decentralised structure, blockchain still has high obstacles to surmount before it can be applied across the board, owing to its susceptibility to manipulation. Recent hacker attacks are a case in point.

    This is another reason why the debate has largely shifted from open blockchain applications, such as bitcoin, to closed networks with a limited circle of participants.

    Conclusion

    Inefficiencies are often perpetuated not by a lack of technology, but by (historical) structures. Blockchain technology is therefore not a patent solution for change, but it does provide an opportunity to make change.

    Disruptive technologies require time to develop, mature and unfurl their full potential. Not every innovation succeeds, though, and it remains to be seen how the application of blockchain technology will develop.

    Following the revolutionary beginnings with bitcoin, the prevailing view now seems to be that blockchain applications will spread rather more gradually. One might therefore speak of evolution rather than revolution. Before we can even ask questions about the broader use of this technology, we must first be sure that using this new technology is at least as secure, efficient and cost-effective in financial transactions as conventional technology.

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Image: Global Bitcoin Network by Oez, via Shutterstock.

    Blockchain technology could become a game changer, in the financial industry and, perhaps in particular, beyond. The potential of blockchain technology is often compared to that of the internet. It should be remembered that it took some time before the truly beneficial applications of the internet emerged. With blockchain, we are only at the very beginning of a potential development of this kind.

    Innovations are the lifeblood of a continually developing economy. Moreover, evolution processes are never linear. The first great wave of euphoria, which was also seen in the media, is being followed by a phase of checking, weighing-up and consolidation, before new offers and technologies are rolled out on a broad scale.

    Ladies and gentlemen, Goethe once said: &8220;We know accurately only when we know little; with knowledge doubt increases.&8221;

    My impression is that with the increasing efforts being devoted to blockchain technology, doubts will also increase as to whether this technology can meet the expectations being placed on it, which in some cases are extremely high. The question that we want to examine in more detail in this workshop is what specific doubts we have and whether the technology can overcome them.

    I would like to conclude by wishing you all an interesting and, above all, informative workshop.

    Thank you very much for your attention.

     

    About Carl-Ludwig Thiele

    Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank fintech

    Carl-Ludwig Thiele &8211; Executive Board of the Deutsche Bundesbank

     

     

     

     

     

     

     

     

     

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  • @fintechna 3:36 am on November 26, 2016 Permalink | Reply
    Tags: bitcoin, , , , , Preisgeld, ProjektCrowdsourcing, Streams   

    Lykke lanciert Lykke Streams – Projekt-Crowdsourcing mit Preisgeld 

    Das Schweizer -Unternehmen Lykke kündigt an, eine Plattform, auf der Projekte veröffentlicht und mittels Crowdsourcing umgesetzt werden können. Die Beta-Version von Lykke Streams ist unter https://streams.lykke.com/ verfügbar.

    Lykke lanciert Lykke Streams – Projekt-Crowdsourcing mit Preisgeld fintechAuf Lykke Streams können Projektideen veröffentlicht und von Talenten aus der ganzen Welt umgesetzt werden. Auftraggeber stellen ihre Ideen auf Lykke Streams vor und hinterlegen verschiedene Preisgelder, die nach erfolgreicher Umsetzung an die Gewinner-Teams vergeben werden. Technologieprofis wie Entwickler und Designer können so an interessanten Projekten zusammenarbeiten und gemeinsam Preise gewinnen.

     

    Lykke lanciert Lykke Streams – Projekt-Crowdsourcing mit Preisgeld fintech

    Richard Olsen

    «Lykke Streams ist der Ort, wo brillante Ideen auf helle Köpfe treffen, um erstaunliche Dinge in die Tat umzusetzen», sagt Richard Olsen, Gründer und Geschäftsführer von Lykke. «Wir wollen grosse und kühne Konzepte mit talentierten Menschen zusammenbringen. Niemand braucht mehr auf Innovatoren zu warten, um sich zu verwirklichen.»

    Lykke ist auf ähnliche Weise entstanden. «Lykke ist im Grunde das erste erfolgreiche Projekt auf Lykke Streams», sagt Richard Olsen. «Wildfremde Menschen haben über das Web zusammengefunden und den auf der -Technologie basierenden digitalen Marktplatz entwickelt. Viele von ihnen nehmen heute Leitungspositionen im Unternehmen ein. Wir hätten sie wohl nie auf traditionelle Weise gefunden.»

    Die ersten Projekte sind bereits auf Lykke Streams ausgeschrieben, wie Atomic Crosschain Swap Transactions ( Ethereum), Lykke Services Identity und Tradelog Data Research Paper.

    Lykke lanciert Lykke Streams – Projekt-Crowdsourcing mit Preisgeld fintech

    Atomic Crosschain Swap Transactions

    Interessenten registrieren sich per E-Mail auf der Plattform und füllen das Anmeldeformular aus. Um später das zu erhalten, muss zudem die Lykke Wallet-App installiert werden. Nach Ablauf von Betaversion (Release) können alle Mitglieder der Lykke-Gemeinschaft eigene Projekte auf Lykke Streams starten.

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  • @fintechna 3:35 pm on November 24, 2016 Permalink | Reply
    Tags: , , , , bitcoin, , BlockShow, , , , , , ,   

    BlockShow Europe 2017: The Major European Blockchain Conference Will Open in April 

    will take place in Alte Kongresshalle, Munich. The is going to become the international event for showcasing established solutions.

    Blockchain is hailed as one of the most revolutionary technologies of the past few decades. In this year, the industry has experienced an intense influx of investment &; the volume of funds invested in Blockchain startups has exceeded $ 1B, and two largest VC deals of this year were also Blockchain-related.

    In addition to that, the has managed to receive public recognition from such global giants as Visa, PayPal and Mastercard. This state of affairs has formed a favorable environment for startups, and a real boom followed as a result: the number of young Blockchain companies has grown fourfold over the past year.

    BlockShow Europe 2017: The Major European Blockchain Conference Will Open in April fintech

    30% Discount for Fintechnews reader with Code FNSMUNICH

    Becoming more and more accepted worldwide, “the biggest innovation after the Internet itself” is receiving a growing number of various practical implementations and taking over the markets &8211; both within and outside the financial sector. That is why the main goal of BlockShow Europe 2017 is to become the major international platform for showcasing the most disruptive Blockchain use cases in all their multiplicity.

    However, none of the Blockchain projects exists in a vacuum &8211; there is a wide range of various external factors considerably influencing the whole industry, and this cannot be ignored. That is why BlockShow Europe 2017 will be opened by a talk about the current state of Blockchain, and the further conference programme will include talks and panel discussions on such topics as “Overcoming the challenges of Blockchain implementation”, “Blockchain Ecosystem from & Enterprises perspective”, “Security on Blockchain” and other. As for the direct objective of BlockShow Europe 2017, a large-scale comprehensive presentation of the existing revolutionary Blockchain projects will be set out in two parts.

    In addition, the conference will provide startups with opportunity to compete with each other for the title of The Best Blockchain Startup 2017 in a competition which will be hosted by Blockchain Angels.

    BlockShow Europe 2017: The Major European Blockchain Conference Will Open in April fintech

    Among the conference speakers will be prominent experts and practitioners of the global Blockchain industry, such as Ned Scott (CEO & Co-founder at Steemit), Adam Stradling ( & Blockchain pioneer, co-founder of Bitcoin.com), Ismail Malik (CEO Blockchain Lab, founder of SmartLedger), Bernd Lapp (Advisor at Ethereum Foundation), Jamie Burke (Founder of Blockchain Angels), Matej Michalko (Founder & CEO at DECENT), and Bruce Pon (CEO & Co-Founder at BigchainDB). This non-exhaustive list is about to expand &8211; so watch for updates!

    BlockShow Europe 2017: The Major European Blockchain Conference Will Open in April fintech

    BlockShow Europe 2017 is organized by the popular Bitcoin & Blockchain media outlet CoinTelegraph in partnership with Zurich-based Blockchain platform Nexussquared and Blockchain payment processor BlockPay. The upcoming event won’t be the first one for CoinTelegraph &8211; in August this year, the company has already held Helsinki Blockchain Conference 2016, the first high-profile Blockchain-dedicated event in Nordic, which attracted massive attention from the regional Blockchain community.

    Starting this week, the registration for BlockShow Europe 2017 is officially . Get to know more at the official BlockShow Europe website! Please note that there is a unique offer available exclusively for News Switzerland community &8211; use a discount code FNSMUNICH to get 30% off all tickets when registering on the BlockShow Europe Eventbrite page.

    BlockShow Europe 2017: The Major European Blockchain Conference Will Open in April fintech

     

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  • @fintechna 12:18 pm on November 20, 2016 Permalink | Reply
    Tags: bitcoin, , , , Needed,   

    How Bitcoin Will Meet The Scaling Challenges Needed To Go Mainstream 

    For some time it seemed rather academic or nerdy to think about . Who cares whether Bitcoin will scale if it is only used by a few people for nefarious activities? Now that one can buy Bitcoin at over 1,000 railway ticket booths that are now also Bitcoin ATMsRead More
    Bank Innovation

     
  • @fintechna 4:55 am on November 14, 2016 Permalink | Reply
    Tags: , , , , , bitcoin, , , , FinTrump,   

    FinTrump 

    FinTrump fintech

    We know the next POTUS but we do not necessarily know what his policies will be at a granular level, although we know some of his pronouncements at a high and vague level. I will refrain from passing judgement on some of Trump&;s promises, how he managed his campaign, some of his specific messages and the various forces that helped him get elected, such is not my purpose with this post.

    We know, for example, that part of Trump&8217;s platform is to create more US based jobs, which he intends to do partly via tax cuts, partly via the renegotiation of trade deals and potentially erecting trade tariffs, partly via smart infrastructure spending and partly via deregulation.

    Without going into budgetary and economics details, a combination of tax cuts and increased infrastructure spending sure looks to me like a recipe for larger federal deficits, i.e. more government borrowing and the potential for inflation. Indeed, financial markets expect just that as the yield curve started steepening with long term rates spiking up immediately after the election.

    Bank stocks also rose after the election, which is great news for bank investors as well as bankers. I believe this can be explained by two factors: the first being renewed expected inflation which I just explained and the second being potential deregulation. The former seems a foregone conclusion, the latter needs further examination.

    Trump is no fan of regulation and has stated it on many occasions. We should expect many federal initiatives to be toned down, de-fanged or outright destroyed, based on how POTUS and Congress will collaborate. Think of the EPA, the Clean Air Act, Obamacare as being in the immediate line of fire. Trump has also indicated he is no fan of financial regulation, although his pronouncements have been less clear, and we have heard pundit chatter focused on repealing Dodd Frank in whole or in part &; the Volcker rule comes to mind &8211; or even bringing back Glass Steagall. He also has stated he is no fan of the current Fed Chair. Further, some of Trump&8217;s supporters have also publicly criticized the recent DOL fiduciary rule intended for the asset management industry or their profound dislike for the CFPB. I am sure I am missing other financial regulatory flash points. At the same time, Trump needs to fill many positions for his incoming administration and the rumor mill is already hard at work, with industry insiders and/or lobbyists names being circulated to help with the transition effort or as outright candidates for prominent positions.

    I venture that the complex system that is Trump&8217;s vision and gut decisions on the one hand, his transition team on the other hand, and the influences both will be subjected to will flesh out exactly how populist the Trump administration will be or how friendly to the private sector, financial services firms included. Let&8217;s take one example: the CFPB is one of the few entities that has battled &8217; wrongdoings. We also know that banks are still deeply unpopular due to their role in the great recession. Will a Trump administration rein in the CFPB and in so doing risk alienating part of their electoral base which is surely not pro-banks. As far as this example is concerned I sense a tension between Trump and his inner circle and a Republican Congress and Wall Street. In other words, how will &;drain the swamp&; will be interpreted and applied. The same lens can be applied to all other financial regulations which are deeply unpopular with the Republican establishment but may be interpreted as rightful banker punishment by the electorate.

    Be that as it may and given that the Trump administration will be busy with dismantling other regulations and that the DOJ may be focused on other targets than the financial services industry &8211; based on Trump&8217;s goals &8211; it is safe to say that in the most benign case, financial regulation will not increase and enforcement will move into neutral, essentially hitting the pause button, or in the most extreme case, deregulation will be actively sought. In either case, financial institutions will breathe a sigh of relief &8211; small win vs major win &8211; and will enjoy the fruits of renewed inflation expectations. Indeed, the more reliable story here is that of rising interest rates, obviously far out on the yield curve &8211; this has already happened and will continue to happen I believe &8211; and at some point also with short term maturities when the Fed will stop signaling and start raising. Even more so if the Fed Chair is replaced?

    Rising interest rates is good for banks bottom lines. A fatter net interest income does wonders to the income statement and return on equity. The important question here is whether renewed profitability will halt further digitization of the industry or further enable it? Will suffer or go from strength to strength? Will banks, which have resisted change up to only recently, use the excuse of increased profits to stop investing or collaborating in/with startups, stop rolling out ambitious innovation plans and return to a conservative stance? I suspect that in the aggregate the answer may be yes, the more so if return to profitability is swift and material. I also expect leaders to accelerate their plans to reinvent themselves, knowing that secular trends are too important to ignore and that tech giants are the real threat. Thusly a relative retrenching of US fintech related investments may be expected &8211; arguably a continuation from the recent retrenchment &8211; especially in the direct to consumer space. I also expect the third fintech wave to accelerate: deeper digitization via the adoption of enabling technologies sold to incumbents by new b2b startups.

    This aggregate vision gives us only partial clarity though. What will be the impact within the fintech sector?

    Banks have a natural competitive advantage against alternative lenders or marketplace lenders. In a low interest rate environment this competitive advantage was blunted. In a rising interest rate environment this competitive advantage will be used with ruthless efficiency. Thusly, I expect fintech startups in the lending space to come under pressure &8211; natural outcomes would be further bank collaboration, mergers between alt lenders, acquisitions by incumbents and the inevitable bankruptcies of the weaker platforms. Should regulatory pressure on lending practices abate, this will further strengthen banks. Either way I expect banks to increase their domestic lending activities.

    From a capital markets perspective &8211; and to some extent in asset management too &8211;  less enforcement actions coupled with potential outright repeal of complex legislation or regulation and the introduction of simpler frameworks will reduce compliance pressure as well as regulatory dislocation. From that perspective some regtech business models may end up having a hard time finding traction. What is clear though is that any regtech solution focused on fighting fraud, illegal activities, tightening AML/KYC and identity verification as well as strengthening security and cybersecurity will remain strong given the broad consensus towards doing more rather than less in that space.

    Based on my current understanding, I think the net effect of Trump administration will be neutral for the insurance sector and insurtech &8211; not including health care obviously. I do not have enough data points though so I might be completely off the mark.

    We also must deal with the payments sector. Considering an extreme deregulation scenario, might we see further changes targeted at interchange fees, on the credit card side, or more particularly on the debit card side? One cannot discount this entirely &8211; again think of the interaction between a Republican Congress and President Trump. Needless to say that payments solutions that address infrastructure spending, directly or indirectly, will be potential winners. Incumbent cross border solutions that process or finance trade may be hit by a populist Trump bent on renegotiating trade deals and starting a tariffs war &8211; trade finance or supply chain finance platforms come to mind given they cater to onshore/offshore manufacturing/trade value chains.

    Switching back to higher level concerns, we should also keep in mind the potential for a global recession. Should the actions and choices of the Trump administration hurt the US economy and via domino effects trigger a deep recession, the financial services industry will be the first to be hurt: weak $ , lower growth, less payments to process, less investments to make, less lending, increased risk. &8220;Mainstream&8221; fintech would definitely suffer if this were to happen. I believe this to be a remote event but one cannot discount it entirely.

    Based on the last two points, it is therefore logical to infer that cryptocurrencies, solutions  and in particular &8211; due to their disintermediated nature &8211; may become even more attractive as alternative modes of payments, stores of value and means to build new exchange rails; whether new policies have a benign negative effect and especially whether we head towards more sever outcomes.

    On another note, even though a majority of the tech industry did not support Trump, it is hard to imagine his administration being directly hostile to the sector, fintech included, and in so doing hurt job creation &8211; indirect and unintended consequences of supporting &8220;made in USA&8221; and threatening the intricate global supply chains of most tech companies aside. Yet it is far from clear what Trump&8217;s stance is with regards to Silicon Valley and on advanced technologies such as AI, robotics, blockchain, advanced analytics, IoT. Although these have the potential to augment humans, they also have the potential to eliminate them too. How would self driving cars play to his electoral base and his theme of creating mainstream jobs? What about the knowledge economy, the sharing economy, digital natives, digital workers, p2p networks, AI chatbots that would displace bank tellers. All these themes are imbedded in fintech, from payments to helping with lending, to capital allocation, to new financial services.

    The above thoughts are focused on US fintech which is somewhat disconnected on the tech side from Europe or Asia. Domestic US payments is a beast in and of itself for example. European or Asian fintech is linked to US fintech via the $ . Should Trump&8217;s impact be a net negative on the $ and reduce confidence in the US economy, I would expect an acceleration towards decoupling away from the $ for international trade, international settlements, international payments. Alternative solutions such as a new basket of currencies, the rise of one to one currency settlements such as Euro-Yuan or in the more extreme case relying on a as proxy for a new standard would de facto re-align global financial exchanges in a drastic new way and global fintech business models accordingly.

    In summary I see several potential paths:

    1) Extreme populism and no material financial deregulation lead to a global recession:  fintech startups and financial services incumbents will suffer; crypto currencies and blockchain will get a major boost.

    2) Benign populism and some financial deregulation lead to a slight positives and a middle of the road path: some fintech startup models will suffer and financial services incumbents will be stronger, all else being constant.

    3) Watered down populism aligned with major financial deregulation lead to strong growth, at least in the short term: financial services incumbents to be the clear winners along with fintech startups tightly aligned with incumbents&8217; needs.

    The fact that we are faced with such a divergent array of paths speaks to the unique and quasi-quantum state of Trump as a politician and businessman, exhibiting potentially pragmatic and radical intents simultaneously. I will even go further and state &8211; Nassim Taleb who I respect immensely already made this point &8211; that Trump was the ultimate antifragile candidate and that he may reveal himself to be the ultimate antifragile President. (Antifragility works up to a point, see path 1 above with clear winners and losers.) As such, thinking about fintech investment/operating strategies also need to be antifragile. I have already re-aligned my investment themes accordingly.

    Trump&8217;s administration picks as well as the decisions he will make in the first 100 days in office will enlighten us as to which is the most likely.

    FiniCulture

     
  • @fintechna 1:58 pm on November 10, 2016 Permalink | Reply
    Tags: , bitcoin, , Falls, , , Victory   

    Bitcoin Rises, Dollar Falls After Trump Victory 

    ’s price rose with the election results as other fiat currencies such as the , the yen, the peso all experienced fluctuations as the votes flooded in. The global bank BBVA, for example, tweeted today about its currency hedging policy. The spike reportedly caused bitcoin to hit a two-year highRead More
    Bank Innovation

     
  • @fintechna 9:18 am on November 10, 2016 Permalink | Reply
    Tags: ändern, , , bitcoin, , drastisch, , , rasch,   

    Die Banken müssen sich ändern, rasch und drastisch! 

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    Rino Borini

    Rino Borini erklärt m Interview mit dem WIR Bank Blog, was der Kunde heute von seiner Bank erwartet – und dass es vielleicht bald nicht mehr braucht.

     

     

     

    Die WIR Bank positioniert neu und setzt konsequent auf Digitalisierung – zu spät, zu früh, gerade rechtzeitig?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Der digitale Schnellzug fährt noch nicht mit voller Geschwindigkeit. Doch der Lokführer beschleunigt unablässig. Wenn die WIR Bank eine Gesamtstrategie entworfen hat, die in die heutige digitale Ära passt, und diese konsequent umsetzt, dann ist der Zeitpunkt jetzt richtig. Das heisst aber: Nicht zurücklehnen, sondern auf den Zug aufspringen und sich auf die anspruchsvolle Reise freuen. Wichtig ist, dass die WIR Bank es schafft, alle Mitarbeitenden zu begeistern. Digitalisierung ist eine riesige Herausforderung, aber auch eine tolle Chance. Sowohl als Bank wie als Mitarbeitende kann man sich Wettbewerbsvorteile verschaffen.

     

    Was ist Ihre Einschätzung: Haben die Bankkunden nur darauf gewartet, dass Banken die digitale Transformation der Finanzwelt vorantreiben, oder überfordern die Banken ihre angestammte Kundschaft?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Es ist komplett umgekehrt. Es sind die Banken, die überfordert sind. Denn die Kunden sind es, die den Druck erhöhen und ein anderes Banking erwarten. Banking wird digital und «social» und kommt in die Hosentasche. Schauen Sie doch, wie wir heute News konsumieren, wie wir unsere Ferien buchen, wie wir mit Freunden von unterwegs kommunizieren oder wie wir einkaufen und uns inspirieren lassen.

    Fast alles läuft digital! Und warum sollen wir gewisse Banking-Themen nicht auch digital abwickeln? Und ganz wichtig: Die junge Generation hat eine Bank noch nie von innen gesehen. Sie ist mit Google & Co. aufgewachsen. Die heute 15-Jährigen erreicht man nicht einmal mehr via Facebook, sondern via Snapchat. Das sind Kunden von morgen. Sind Bankmanager schon mal auf Snapchat gewesen?

     

    Sie unterrichten Digital Finance an der Hochschule für Wirtschaft Zürich. Was ist der Inhalt dieses Kurses?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Wie viel Zeit haben Sie? – Ich halte mich kurz. Der Lehrgang ist breit gefächert, dauert insgesamt 18 Tage – verteilt auf ein Semester – und wird mit dem Certificate of Advanced Studies (CAS) Digital Finance abgeschlossen.

    Wir wollen das digitale Leadership-Denken fördern, wir möchten neue Technologien verstehen und wissen, wie altbekannte Bankdienstleistungen in Zukunft von Kunden genutzt werden. Ganz wichtig ist die neue Denkhaltung. Digitalisierung bedeutet: Es geht schnell, sehr schnell, exponentiell! Und man muss sich anpassen können. Dies wollen wir den Studenten beibringen, damit sie in ihrem Job neue Impulse einbringen können.

     

    Aus welchem Umfeld stammen Ihre Studenten – hat es darunter auch Banker alter Schule, die die Zeichen der Zeit erkannt haben?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Es geht querbeet. Die jüngste Studentin ist knapp 30, der älteste 55 Jahre alt. Wir haben Studenten aus Regional-, Kantonal-, Privat- und Grossbanken und aus ganz unterschiedlichen Bereichen. Allesamt haben die Studenten etwas gemeinsam: Sie wollen eine Stimme haben. Deswegen heisst das inoffizielle Programm bei mir: «Digital Banking Rockstar».

    Denn die Studenten wollen die Transformation, die tiefgreifend sein wird, aktiv mitgestalten, und dafür brauchen sie eben eine Stimme wie ein Rockstar. Letztlich sollen die Absolventen Wettbewerbsvorteile generieren, denn es ist Fakt, dass es im Banking zu einem Arbeitsplatzabbau kommen wird. Diejenigen, die sich für das Thema Digitalisierung begeistern können, haben auch künftig viel Potenzial.

     

    In Ihrem Kurs geht es auch um die Zusammenarbeit zwischen den traditionellen Finanzinstituten und  unabhängigen -Unternehmen. Kann man wirklich von Zusammenarbeit sprechen? Ist es nicht eher so, dass Grossbanken oder ganze Konsortien von Grossbanken die innovativsten Player auf dem Gebiet des Digital Banking einfach aufkaufen, um dann das Innovationstempo auf das ihnen genehme Niveau zu drosseln?

    Es gibt zwei Seiten. Einerseits gibt es Fintechs, die einen Alleingang versuchen. Wenigen gelingt es, zum Teil aber schon sehr erfolgreich. Andererseits geht es um die Zusammenarbeit zwischen Start-ups und Banken. Denn Banken haben per se ein Innovationsproblem, und das lösen sie nicht, solange die Strukturen nach Schema «old world» gesetzt sind. Nehmen wir die UBS. Ein 150 Jahre altes Unternehmen arbeitet bereits in gewissen Bereichen sehr eng mit Fintechs zusammen, einige davon gab es vor drei Jahren noch nicht einmal. Würde nun eine Grossbank ein solches Jungunternehmen kaufen und sich einverleiben, dann wäre die Innovation tot.

    Grund dafür sind allein die bankinternen Strukturen, die veraltete Führungs- und Meetingkultur oder auch der interne Dieselmotor, d. h. das IT-System, das wenig Innovation zulässt. Folglich ist es intelligenter, wenn eine Bank überlegt, in welchen Teilbereichen sie dem Kunden einen Mehrwert bieten kann und dann eine enge Kooperation mit einem Fintech-Unternehmen eingeht. Dann profitieren alle: Die Bank, das Jungunternehmen und letztlich – und das ist das Hauptziel – der Kunde. Es geht um den Kunden und um nichts anderes. Das haben noch nicht alle Banken-CEO wirklich verstanden, sonst würden sie sich anders verhalten.

     

    Sie vertreten die These Bill Gates’ – andere sind der Meinung, sie stamme vom früheren Wells-Fargo-CEO Richard Kovacevich –, wonach es keine Banken, sondern Bankdienstleistungen braucht («Banking is necessary, are not») – solche können auch Firmen wie Valora, Apple, Google, Facebook, Amazon oder Crowdfundingplattformen erbringen. Gibt es Grenzen, und geht das nicht einher mit Einbussen bezüglich Sicherheit, Zuverlässigkeit oder im Vertrauensverhältnis?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Sie bringen einen wichtigen Punkt ins Spiel: Sicherheit und Vertrauen. Das ist eine Stärke der Banken, und diesen Trumpf können sie ausspielen. Aber sie sich bewegen! Der Kunde will ein anders, effizienteres, schnelleres, faireres Banking. In einem Wort ausgedrückt: Der Kunde will ein neues Kundenerlebnis haben.

    Aber dieses Bedürfnis können oftmals andere Unternehmen besser erfüllen: Valora bietet Kredite am Kiosk an, Apple hat Mobile Payment, und irgendwann wird man via Facebook Geld verschicken können. Aber insbesondere wir Schweizer wollen Sicherheit und Vertrauen, und hier können die Banken trumpfen – aber sie müssen sich , ziemlich und ziemlich .

     

    Spätestens seit der letzten Bankenkrise ächzen die Finanzinstitute unter immer neuen und schärferen regulatorischen Vorschriften. Haben diese kein Abschreckungspotenzial für branchenfremde Unternehmen, die Bankdienstleistungen erbringen wollen?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Nein, überhaupt nicht. Im Gegenteil: Die jungen Wilden gehen damit ganz anders um. Sie kämpfen mit Leidenschaft, eine Leidenschaft, die oft im klassischen Banking verloren gegangen ist. Wichtig ist zu verstehen, dass die Gesetze für alle gelten. Doch was passiert in London, Singapur oder Hongkong – übrigens auch bald in der Schweiz? – Die Regulatoren passen sich der neuen Zeit an! Banken, die meinen, sie können sich hinter den strengen Regularien verstecken, verlieren.

    Wir reden von sogenannten Sandboxes, also legalen Experimentierfeldern – Banklizenzen light – ausserhalb der gültigen Standards. Sie bieten neuen Anbietern ideale Startvoraussetzungen. Und sind sie einmal fit genug und haben Kunden überzeugen können, dann kommen sie auf die nächste Ebene. Oder schauen Sie nach London. Dort hat die Regierung ein neues Gesetz erlassen, das Banken zwingt, sozusagen auf Knopfdruck Kundenbeziehungen auf ein anderes Unternehmen zu übertragen, wenn der Kunde das will. Das ist ein Game-Changer.

    Alles spricht von Bitcoins. Die Einwohnerkontrolle der Stadt Zug wird weltweit zum -Pionier erhoben, weil man dort in einem Pilotversuch seit 1. Juli und bis Ende Dezember Gebühren bis 200 Franken in dieser Kryptowährung begleichen kann. Wir haben in Zug nachgefragt: Nach einem Monat gingen nicht mehr als eine Handvoll solcher Zahlungen ein, und wegen Stempeln, Unterschriften und zum Abholen z. B. von Identitätskarten muss man immer noch am Schalter vortraben. Das tönt nicht sehr futuristisch …

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Pixabay

    Es geht nicht darum, ob 10 oder 1000 Leute das nutzen. Erstens ist Bitcoin gar noch nicht in der breiten Bevölkerung angekommen, auch weil viele Medien ein verzerrtes Bild davon vermitteln. Zweitens, und das ist der Hauptpunkt, ist die Zuger Initiative eine Marketingaktion. Wir Schweizer müssen endlich mal lernen, uns besser zu verkaufen. Das machen z. B. die Angelsachsen vorbildlich. Und Zug macht es genau richtig, denn Zug ist das Crypto Valley der Welt – das muss man sich mal vor Augen führen!

    Hier in der Schweiz passiert ganz viel, doch niemand redet darüber. Wir sprechen hier von einer Technologie, die fast alle Branchen massiv umkrempeln kann. Das, was hinter Bitcoin steckt, ist eben diese revolutionäre Technologie, die . Darum: Eine tolle Aktion der Regierung von Zug. Ich würde mir wünschen, dass auch der Bund mutiger auftreten würde, aber unsere Bundesräte gehen lieber an die Olma oder an die Muba …

     

    Blockchain ist eine Technologie, um z. B. Bitcoins von Person zu Person zu transferieren. Für die meisten von uns ist die Funktionsweise eine Black box. Können Sie in wenigen Sätzen diese Black box erhellen?

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    From Wikimedia

    Nun, wer weiss schon, welche Technologie z. B. hinter E-Mail steht? Oder wer kann mir smtp, pop, imap in wenigen Sätzen erklären? Trotzdem hier mein Erklärungsversuch zu Blockchain: Es ist so, dass bislang jeder, der Geld überweisen wollte, eine Bank brauchte. Sie wickelt die Zahlung ab und prüft, ob alle nötigen Daten stimmen. Die Blockchaintechnologie macht genau dasselbe – nur vollautomatisch, schneller und billiger. Sie ersetzt somit die Bank.

    Vorstellen kann man sich die Blockchain als eine Art Superdatei, die alle Transaktionen, die über ihr System abgewickelt werden, erfasst. Der Unterschied: Im Mittelpunkt steht nicht ein zentraler Server – vielmehr wird alles gleichzeitig auf den Computern aller Teilnehmer überprüft, gespeichert und dort laufend aktualisiert. Wissen und Verantwortung werden also an Maschinen delegiert und von ihnen geteilt. Manipulation ist auf diese Weise kaum möglich: Kriminelle müssten sich dazu nicht nur in einen, sondern gleich in alle angeschlossenen Computer hacken!

     

    Sie sagen Blockchainvorgänge könnten kaum gefälscht oder manipuliert werden. Gibt es tatsächlich keine Gefahren?

    Doch, natürlich gibt es Gefahren. Aber ändern wir mal den Blickwinkel: E-Mail gibt es seit rund 30 Jahren – und ist E-Mail zu 100 Prozent sicher? Nein! Auch heute noch fallen viele Leute auf Betrugs-E-Mails herein oder E-Mail-Adressen werden missbraucht. Da sagt niemand etwas, man weiss es einfach. Blockchain ist eine extrem junge Technologie, die Zeit braucht. Natürlich finden immer wieder Betrüger Wege, um zu fälschen oder zu manipulieren. Das ist normal.

    Da dies alles sehr jung ist und der Mensch per se mit Neuem Schwierigkeiten hat, wird oft alles zuerst einmal als Gefahr abgestempelt. Es braucht Zeit, bis sich diese Technologie entwickelt hat. Parallel dazu entstehen Sicherheitssysteme, neue Regularien usw. Auch hier: Wir sollten endlich einmal unseren Technologie-Skeptizismus ablegen!

    Die Banken müssen sich ändern, rasch und drastisch! fintech

    Blockchain

    Sicher, schnell, billig, fair – ein anderes Merkmal von Blockchain ist, wie Sie erwähnt haben, dass die Transaktionen öffentlich sind: Jeder sieht, wohin die Bitcoins, SETLcoins oder Citicoins fliessen und wer wie viel davon hat. Ist das der Anfang vom Ende jeglicher Form von Bankgeheimnis?

    Das Bankgeheimnis ist schon lange tot. Das hat übrigens Hans J. Bär, ehemaliger Chef der Bank Julius Bär, bereits 2004 indirekt gesagt. Damit müssen wir uns abfinden. Die Gefahr des gläsernen Kunden besteht. Wir hinterlassen ja überall digitale Spuren, das beginnt schon mit der Cumulus-Karte. Das sind ganz neue Themen – Privacy, digitale Identität etc. –, die uns künftig beschäftigen.

     

    In der Schweiz gibt es Politiker, die sich stark dafür machen, das Bankgeheimnis in der Verfassung zu verankern. Sinnloser Leerlauf oder kluger Schachzug?

    Politische Themen überlasse ich den Politikern. Ich als Rino Borini gebe dann privat, in Form meines Abstimmungszettels, meine Meinung ab. Zuerst sollen diese Damen und Herren eine Initiative erfolgreich umsetzen und das Volk überzeugen, dann schauen wir weiter. Ganz grundsätzlich: Ich erwarte schon auch – wie beim Arzt oder Anwalt –, dass meine Privatsphäre in Bezug auf meine Vermögenssituation geschützt ist. Wie das künftig aussehen soll? – Da bin ich offen.

     

    Featured image: From Pixabay

    The post Die Banken müssen sich ändern, rasch und drastisch! appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
  • @fintechna 6:22 pm on November 8, 2016 Permalink | Reply
    Tags: , , , , , , , bitcoin, , , , , , , , , ,   

    Upcoming Swiss Hackathon Seeks To Use Blockchain To Disrupt The Insurance Industry 

    An organized by EPAM in collaboration with Finance + Association  and Validity Labs is looking for innovative solutions to the .

    Upcoming Swiss Hackathon Seeks To Use Blockchain To Disrupt The Insurance Industry fintech

    Image credit: Golden Bitcoins by Julia Tsokur via Shutterstock.com

    The EPAM 2016 Blockchain Hackathon, taking place on November 18 and 19, 2016 in Zurich, is seeking dynamic teams to take on the challenges set by the three largest insurance companies in Switzerland, namely SwissLife, Zurich and SwissRe.

    &;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;

    Apply for Blockhain Insurance Zurich Hackathon

    You still can apply for it or join as a visitor, hurry up!

    &8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;&8212;

    The teams will be judged by representatives from these three companies on the following criteria: originality and innovation, usefulness and practicality, business potential and commercialization to go to market, design and interface, and technical implementation.

    Industry experts will assist the teams during the hackathon to provide insights and answer questions about specific industry characteristics.

    Insurance and Blockchain?

    Like , insurers have been exploring the merits of blockchain technology to disrupt their industry and streamline payments of premium and claims.

    According to a Deloitte paper, blockchain technology could support the significant digital transformation underway in the industry because much of this transformation relies on data.

    &;Smart contracts powered by a blockchain could provide customers and insurers with the means to manage claims in a transparent, responsive and irrefutable manner,&; the report states.

    &8220;Contracts and claims could be recorded onto a blockchain and validated by the network, ensuring online valid claims are paid. [&;] Smart contracts would also enforce the claims &; for instance, triggering payments automatically when certain conditions are met (and validated).&8221;

    Blockchain technology could allow the industry as a whole to streamline its processing and offer a better user experience for customers. Storing claims and customer information on a blockchain would also cut down fraudulent activity.

    Early blockchain developments have tended to focus on optimizing current ways of working within organizations. For instance, London-based startup Everledger uses the blockchain to create a permanent ledger for diamond certification and related transaction history. The ledger lets insurers and potential buyers check the history of any individual stone, helping insurers prevent, detect and counter fraud.

    Blockchain Industry Challenges

    Despite the enormous potential, the biggest challenges to industry-wide implementation are facilitating collaboration between market participants and technology leaders, succeeding in the operational transformation, and shaping a stimulating regulatory environment, according to McKinsey and Company.

    EPAM Systems is a leading global product development and platform engineering services company and one of Forbes&; 25 Fastest Growing Public Tech Companies.

    Validity Labs, a startup created by several blockchain technology experts in Zurich, aims at bridging the shortage of educated blockchain engineers, entrepreneurs and executives. The company organizes various educational events and workshops in Switzerland.

    Swiss FinteCH is an independent association aimed at promoting and supporting Switzerland&8217;s industry. It connects stakeholders, creates research papers, advocates for solutions and promotes Switzerland as a global fintech hub.

    The post Upcoming Swiss Hackathon Seeks To Use Blockchain To Disrupt The Insurance Industry appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

     
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