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  • @fintechna 12:19 pm on July 21, 2017 Permalink | Reply
    Tags: , , Challenges, , , , , ,   

    Invest in Data Management to Fight Regulatory Challenges, Survey Says 

    Financial service executives are still concerned about changes, but the best response is to improve aggregation and services. This is according to a by AxiomSL, which found that 66% of regulatory executives believe their institution needs to make investments in data management. The majority of respondents noted that the best response [&;]
    Bank Innovation

  • @fintechna 12:18 am on June 12, 2017 Permalink | Reply
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    Breaking Banks: AI Solutions and Challenges 

    There is no question that AI presents exciting new and happy additions to our lives. In this episode, Brett King hosts thought leaders JoAnn Barefoot of Barefoot Innovation, Greg Cross of Soulmachines, and Tony Seba, Author of &;Clean Disruption of Energy and Transportation&; to talk about the AI-powered future and how to properly prepare for it. [&;]
    Bank Innovation

  • @fintechna 12:27 pm on May 24, 2017 Permalink | Reply
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    4 Challenges to Blockchain Adoption From Fidelity CEO 

    is a that can cause a lot of frustration, but can also create a lot of joy. That’s according to Abigail Johnson, CEO of financial services giant Investments. Fidelity is making strides in pioneering the of blockchain technology and digital currencies; aside a number of partnerships in the space (including [&;]
    Bank Innovation

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


    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.


    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










    The post Blockchain Technology – Opportunities and Challenges- Speech by Deutsche Bundesbank appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

  • @fintechna 12:18 pm on November 20, 2016 Permalink | Reply
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    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 3:35 pm on September 19, 2016 Permalink | Reply
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    19 Swiss Banks As Solutions For Fintech Challenges 

    Die Schweiz hat mehr und mehr Startups und Initiativen. Schweizer Banken versuchen aufzuholen oder sich gegen grosse Player zu positionieren (bspw. ApplePay) und haben eine Vielzahl von (Gegen)-Initiativen gestartet. Teils zusammen mit den Fintech Startups oder im Alleingang.

    Luc Schuurmans hat in einen kürzlichen Tweet eine &; 19 Answers to the Fintech Map&8221; präsentiert die wir hier gerne zeigen.

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    19 Swiss Banks As Solutions For Fintech Challenges fintechDer Investomat ermöglicht themenorientierte Anlagen ab 5&;000 Franken im Rahmen von Exchange Traded Funds (ETF). Das Cockpit ermöglicht die Simulation, laufende Transaktionsübersicht und historische Wertenwicklung des gewählten Profils.


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    Swissquote: vergessen ging in seiner Aufstellung hier noch das E-PrivateBanking von Swissquote


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    Twint ist eine Payment- und Shopping-App. Egal, ob an der Ladenkasse, im E-Commerce, an Automaten oder zwischen Freunden. Mit TWINT zahlst du einfach mit dem Smartphone und profitierst gleichzeitig von attraktiven Angeboten und Shoppingtipps. Das ist praktisch und sicher zugleich. Die Händler profitieren von günstigen Transaktionskosten sowie einer neuen mobilen Marketingplattform.




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    19 Swiss Banks As Solutions For Fintech Challenges fintech
    Die HomeGate AG mit Sitz in Zürich ist ein Schweizer Internetunternehmen und Betreiberin des gleichnamigen Immobilienportals. Sie gehört der Tamedia in Zürich sowie der Edipresse Publication Romandie in Lausanne. Neben dem Betrieb eines Immobilien-Marktplatzes mit verschiedenen Zusatzfunktionen publiziert Homegate auch einen monatlichen Mietzins-Index.



    19 Swiss Banks As Solutions For Fintech Challenges fintech


    UBS ist eine der 30 Grossbanken, die vom Financial Stability Board (FSB) als «systemically important financial institution» (systemisch bedeutsames Finanzinstitut) eingestuft wurden. Sie unterliegt damit einer besonderen Überwachung und strengeren Anforderungen an die Ausstattung mit Eigenkapital. Die Eidgenössische Finanzmarktaufsicht (FINMA) nimmt die Aufsichtsfunktion wahr.



    19 Swiss Banks As Solutions For Fintech Challenges fintechCredit Suisse ist eines der grössten global tätigen Finanzdienstleistungsunternehmen mit Hauptsitz in Zürich. Die Bank ist eine der 30 Grossbanken, die vom Financial Stability Board (FSB) als «systemically important financial institution» (systemisch bedeutsames Finanzinstitut) eingestuft wurden. Sie unterliegt damit einer besonderen Überwachung und strengeren Anforderungen an die Ausstattung mit Eigenkapital.


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    19 Swiss Banks As Solutions For Fintech Challenges fintech


    YNOME is a digital marketplace which helps you review, compare, and select financial services from private banks to fintech&8217;s.



    19 Swiss Banks As Solutions For Fintech Challenges fintechMiteinander-erfolgreich ist die Crowdfunding-Plattform der Basellandschaftlichen Kantonalbank BLKB zur Finanzierung von Projekten und Ideen in der.



    19 Swiss Banks As Solutions For Fintech Challenges fintechI Believe in You. ibelieveinyou.ch ist die erste Crowdfunding-Plattform, die sich ganz auf die Finanzierung von österreichischen Sportprojekten spezialisiert. Einzelsportler, Mannschaften, Freizeit-, Breiten- oder Spitzensportler, Vereine oder Veranstalter können über die Plattform ihre Projekte bekannt machen und finanzieren. Außerdem soll so dem österreichischen Sport Zugang zu bisher nicht erschlossenen privaten Mitteln verschaffen und die Solidarität der Bevölkerung für den österreichischen Sport fördern.

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    LokalHelden: die Spendenplattform für Vereine und gemeinnützige Organisationen. Ein Engagement von Raiffeisen.



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    Die Hypothekarbank Lenzburg mit Sitz in Lenzburg ist eine stark im Kanton Aargau verankerte Schweizer Regionalbank. Sie beschäftigt 216 Mitarbeiter und hatte per Ende 2014 eine Bilanzsumme von 4,548 Milliarden Schweizer Franken. Das Unternehmen ist an der Schweizer Börse SIX Swiss Exchange kotiert.



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    Crowders.ch crowders.ch ist eine elektronische Plattform, auf der Einsteiger, Kenner und Spezialisten die Kursentwicklung der Swiss Leader-Index-Titel (SLI®) prognostizieren. Der SLI®-Index umfasst die 30 liquidisten und grössten Schweizer Aktientitel.




    19 Swiss Banks As Solutions For Fintech Challenges fintech

    The post 19 Swiss Banks As Solutions For Fintech Challenges appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.

    Fintech Schweiz Digital Finance News – FintechNewsCH

  • @fintechna 3:32 pm on June 2, 2016 Permalink | Reply
    Tags: Challenges, , , , , , , , , Watchdog   

    EU Securities Watchdog: Distributed Ledgers Still Face Tech Challenges 

    ESMA has released a new paper on blockchains and as part of a fact-finding effort into the .EU Securities Watchdog: Distributed Ledgers Still Face Tech Challenges fintech
    fintech techcrunch

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