Fintech and blockchain developments for the week of 2 May 2016: What you may have missed
Deloitte is all in on #blockchain: The professional services firm announced at the Consensus 2016 conference that it is partnering with five startups to build blockchain based products. Two of the companies, BlockCypher and ConsenSys, are helping Deloitte build digital #banks The firm had a busy week as news also came out that it had created a new solution for storing product warranties on blockchain using the recently released Facebook Chatbot.
Blockchain regulation in Delaware: Also at Consensus 2016, the governor of Delaware announced the U.S. state’s intention to nurture blockchain and promote its use by ensuring that the regulatory environment does not hinder the growth and development of the #technology.
Chain impresses the Wall Street crowd: #Fintech start-up Chain recently gave Wall Street executives a first-hand view of digitizing cash on the blockchain. The meeting was kept hush hush so as to encourage participants from sharing ideas. The event was well received though the need for further collaboration was stressed. Said Ian Lee of Citigroup: “While blockchain technology has a lot of potential, it will need to integrate with and co-exist with the financial system that exists today”. It was a busy week for Chain as it also announced the release of its blockchain protocol which the company developed in conjunction with financial institutions.
Hong Kong falling behind: The contest between two regional powers to become global fintech hubs may be swaying in Singapore’s favour as Hong Kong’s regulatory landscape may be hindering its growth as a destination for startups. The stakes are high and the outcome lucrative as Accenture reported that fintech investments in the APAC region reached almost US$4.3 billion in 2015, making up 19% of global financing activity.
Tough times for peer-to-peer lender: Not all is rosy in the fintech world. Peer-to-peer lending platform Prosper announced plans to reduce its workforce by 28%, close its Salt Lake City office, and reshuffle management.
Fintech in the Caribbean: The next time you visit sunny Barbados may be other than for tourism. The island is making a strong push to diversify its economy by becoming a fintech champion in the region. To that end, the government is modernizing legislation to offer new opportunities and to provide regulation of emerging financial startups.
Paypal’s Singapore Incubator: Singapore based fintech startups will have another option for incubators with the opening of Paypal’s own. The nine-month program will offer a select few with coaching and mentoring from Paypal executives and other industry veterans. The startups will also have access to the payment’s processor’s network of venture capital connections. Applications can be submitted here.
Feel free to contact Abraham A. Tachjian to discuss these or any other related topics.
Abraham A. Tachjian is Legal Counsel at Standard Chartered Bank – FinTech/Blockchain Proponent and Speaker and this post was originally published by on linkedin
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