Tech Firms Are Building Bridges Across The Moats That Protected Banks
Payments amount to a $ 1.9 trillion business around the world, a sum too rich to leave just to #banks, according to McKinsey’s Global Payments Report.
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LoanXchain accomplished the first pilot transaction in Le Village
Here we are! LoanXchain, the multilateral secondary marketplace for loans in the European market, has successfully executed the first pilot transaction in Le Village by Crédit Agricole, an innovation hub where LoanXchain is a resident start up.
In the first transaction Deutsche Bank and Banca Mediolanum used the platform as buyers and Dynamica Retail as a seller. Salary-backed loans (cessione del quinto) worth 1 million euros were digitized and displayed on the platform to make loan transfer from sellers to buyers simple, fast, transparent and secure.
LoanXchain aims to facilitate originate-and-distribute and originate-to-share models for credit management and to channel non-bank financing to the real economy. The core strengths are:
- granularity and transparency of information. Single loans are managed end to end, from the choice of loans that shall be displayed (i.e., which loans, at what price, to which investors, at what time) to the definition of the purchase proposal (what and at what price). This makes LoanXchain an important ally to manage the impact of the new definition of default (NDOD)
- access to an ecosystem of value-added services for market participants of all dimension, thanks to a state-of-the-art customer experience and to an innovative architecture available at a competitive price
- robust platform language and dataset based on European standards (ESMA) to simplify communication among participants
- traceability and immutability of data thanks to #Blockchain/ Distributed Ledger #Technology Corda, developed by the R3 consortium. Corda perfectly suits the B2B nature of the platform thanks to its permissioned architecture and its design tailored on financial institutions’ need.
Many financial industry professionals participated in two phases of the event:
- Presentation of the project and execution of the transaction
- Workshop and feedback collection
This important result was achieved thanks to the support of: Deutsche Bank, Dynamica Retail, Mediolanum, Pedersoli Law Firm and R3 (leading software company in the enterprise blockchain segment at the helm of an ecosystem of more than 300 companies, public and private, from different industries).
Angela Gemma, Chief Digital Officer at Deutsche Bank Italy, stressed that LoanXchain facilitates credit disposal and risk sharing, meeting the needs of the post-crisis banking sector and the requirements of transparency, simplification and adoption of new models promoted by the regulator. It supports the optimization of #banks‘ credit and risk warehouse (from originate-to-hold model to originate-and-distribute and originate-to-share models) and supports the development of capital markets with positive impact on the real economy thanks to greater and more stable credit access.
We have been following LoanXchain from its very first steps, says Demetrio Migliorati, Head of Blockchain Program at Banca Mediolanum. We have believed in the model and as innovators and we have appreciated the courage of a “start-up” bringing technology and digitization into a sector that is central for the economy and remains based on legacy system. Thanks to the open source blockchain platform Corda™, which is supported by all major international banks and has been chosen by the Italian banking association (ABI) for the Spunta Bank project, LoanXchain efficiently and securely manages information at the single loan level ensuring data quality and monitoring throughout the loan life cycle. This project confirms Banca Mediolanum effort in developing new technologies for financial services with the goal of making our customers’ lives easier.
Satisfied by the results, Emiliano Rumiz, Director of Information Systems at Dynamica Retail, declares: “We have always positioned ourselves as an innovative company and best performer. We believe that our product quality will be appreciated in the European market. Therefore, we have immediately appreciated LoanXchain’s vision and supported the team in understanding the specificities of salary-backed loans (cessione del quinto).”
David E. Rutter, CEO of R3, commented: “We believe that blockchain-based applications have a great future in the capital market, which is why we have supported LoanXchain since the beginning in 2017. We also believe that LoanXchain, by integrating the capital and credit market, enables a new way of doing business for banks and institutional investors, thus the broader financial services sector. We are proud to continue to support LoanXchain and look forward to applauding other successful operations.”
Prestiamoci, one of the first digital social lenders in the Italian market, stresses that LoanXchain offers a truly innovative model for the credit market, aggregating valuable services in one platform for originators and investors in alternative assets. For a peer-to-peer lender like us that stands out for the quality of the credit it originates, LoanXchain provides new rooms for growth and we intend to study it in depth soon.
Jacopo Moschini, Vice-President of the Young Entrepreneurs Group of Assolombarda with delegation to innovation and digital transformation, underlined the project focus on the real economy, the mix of different and complementary skills and, last but not least, the concrete application of the blockchain that led to LoanXchain’s involvement in the Blockchain Steering Committee of Assolombarda.
Le Village by Crédit Agricole Milano, Corso di Porta Romana 16, is a multifunctional space currently residing 28 startups and involving 16 partners and 29 enablers. It is the first Italian Village of Crédit Agricole and the 30th of the international network, developed by the Banking Group in France and Europe.
Le Village by CA Milano aims to select, support and promote startups that operate mainly but not exclusively in seven different areas defined as the “7F”: 3 linked to the Italian excellence of the territory (Food , Fashion, Furniture), 3 to sectors related to the CA Group (#Fintech/Insurtech, Future Mobility, France) and, lastly, the Pharmaceuticals sector.
Performing LoanXchain’s first pilot transaction at Le Village by CA Milano was a fantastic opportunity for LoanXchain to promote the achievement of such an important result. At the same time, it provided Le Village by CA Milano the chance to show its support for resident start-ups, in line with the Banking Group Crédit Agricole business acceleration project to support young companies with high innovative and growth potential in Italy.
Opened in December 2018, the Milanese headquarters – 2,700 square meters inside a former 15th-century convent – houses 200 workstations to work in collaboration or independently. A real ecosystem in which individual parties (startups, corporate partners and enablers) contribute to the growth of the Village, creating a circular economy that finds its definition in the concept “collaborating to innovate.”
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Farm Tech Meets FinTech — Grain Silos And Data Silos
Farms are using more #technology to run their operations, sometimes mirroring the work, and the problems, that #banks have — such as #data #silos in addition to #grain silos.
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[EVENT] Paris Fintech Forum – Be on Stage
400 #FINTECH CEOs ALREADY APPLIED TO BE ON STAGE.
WHAT ABOUT YOU?Fintechna, as an exclusive partner of the 5th edition of the Paris Fintech Forum, is happy to give you the opportunity to apply to be on the stage of that exclusive international event.
Over 160 Fintechs from all over the world, of all sectors and maturity stage will be represented in both showcases and panels.
Why don’t you try to be a part of them?
You can discover the Fintechs that were on stage for the previous edition here.
* see conditions on websiteIf you want to have a chance to be selected to be on stage, have a free booth (limited availability), get listed in the Altéir Fintech Selection Book (8000+ copies of the 2019 edition distributed all over Europe and further) and enjoy a free access to the event, please apply now by clicking here or on the button below.
This year again Paris Fintech Forum will gather all the key players of the international financial and Fintech industry during 2 days of conferences, network, sharing of experience, discoveries and fun! You do not want to miss this opportunity!
Feel free to contact the team if you have any question at [email protected]
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Four Major Banks Invest In An ID Authentication Firm
Trulioo draws on more than 400 data sources to authenticate the identities of five billion consumers and more than 250 million businesses.
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dLocal Supports E-Commerce In Emerging Markets
Big e-commerce merchants are excellent at design, sourcing and marketing but they don’t necessarily want to get into the payments in #emerging #markets. #dLocal makes that its business.
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New England Venture Summit 2019
Meet, interact and network with more than 800 VCs, Corporate VCs, angel investors, investment bankers and founders of venture backed, emerging and early stage companies at the prestigious New England Venture Summit being held on December 4th 2019 at The Hilton, Dedham, MA.
Whether you’re a #Fintech startup seeking capital and exposure, or a Fintech investor seeking new deals, The New England Venture Summit presented by youngStartup Ventures – is the event of the year you won’t want to miss.
A highly productive venture conference, the dedicated Fintech Track at The New England Venture Summit is dedicated to showcasing Fintech VCs, Corporate VCs and angel investors committed to funding venture backed, emerging and early stage companies.
Partial List of over 100 VCs & Angel Investors confirmed to speak and judge includes:
Anil Achyuta, Investment Director, TDK Ventures | Omair Ahmed, Associate, Echo Health Ventures | Mark Austin, Managing Director, Viridian Capital | Natalie Bartlett, Investor, General Catalyst | Ned Berman, Senior Associate, Samsung Catalyst Fund | Carsten Boers, Managing Partner, Rhapsody Venture Partners | Greg Bohlen, Managing Director, Union Grove Venture Partners | Caitlin Bolnick, Investor, OpenView Venture Partners | Eric Breese, Investment Manager, Evonik Venture Capital | Brendan Brits, Investor, Bertelsmann Digital Media Investments | Ciara Burnham, Partner, QED Investors | Daniel Burstein, Managing Partner, Millennium #Technology Value Partners | Jeffrey Carter, General Partner, West Loop Ventures | Kathryn Cartini, Partner, Chloe Capital | Anup Chamrajnagar, Investor, Point72 Ventures | Sean Cheng, Investment Manager, Philips Ventures | Elizabeth Cho-Fertikh, Co-Founder & Managing Director, MEDA Angels | Andrew Clapp, Managing Director, CIG CAP | Iain Cooper, Manager Corporate Ventures, Schlumberger Technology Investments | Mark Cupta, Partner, Prelude Ventures | Kapil Desai, Vice President, Catalyst Investors | Damien Despinoy, Director, Energy Foundry | Dan Doble, Managing Director, SABIC Ventures | Jesse Draper, Founding Partner, Halogen Ventures | Tyler Durham, Principal, Schlumberger Technology Investments | Laura Easton, Analyst, Real Ventures | Jonathan Friedlander, Principal, Digitalis Ventures | Lisa Frusztajer, Lead Investor, Portfolia Enterprise Fund | Stan Fung, Managing Director, FarSight Ventures | Robert Garber, Partner, 7wire Ventures | Stephen Gilfus, Founder, Blackboard Inc. | Emilia Gonzalez, Principal, Joyance Ventures | Ajay Gopal, Founding Principal, Framework Venture Partners | Michelle Gouveia, Associate, Sandbox Insurtech Ventures | Edward Greer, Corporate Technology Scout, Dow Ventures | Vicky Guo, Investment Director, Pearson Ventures | Brooke Hammer, Associate, F-Prime Capital | Jana Hanova, Director, Evok Innovations | Andrew Hartford, Managing Partner, Hartford Lab | Martin Heidecker, Director, Investment Manager, Boehringer Ingelheim Venture Fund | Kaitlyn Henry, Associate, OpenView Venture Partners | Jay Karandikar, Venture Partner, New Crop Capital | Madeline Keulen, Vice President, Victress Capital | Roman Kikta, Managing Partner & Founder, Mobility Ventures | Frank Klemens, Managing Director, DuPont Ventures | Diana Kontsevaia, Investor, Dell Technologies Capital | Ventures | Luda Kopeikina, Investment Director, DSM Venturing | Elaine Kunda, Founder & Managing Director, Disruption Ventures | Logan Langberg, Principal, Imaginary Ventures | James Lee, Investment Associate Director, Photon Fund | Claire Leurent, Managing Director, Samsung Ventures | Darwin Ling, Founding General Partner, Good AI Capital | Jim Lockheed, Investment Associate, JetBlue Technology Ventures | Mary Long-Irwin, Executive Director, Northern Ontario Angels | Wasim Malik, Managing Partner, Iaso Ventures | Hollis McGuire, Director, Impact NH Fund | Sarah Millar, Associate, City Light Capital | Craig Mullett, Director, Angel Investor Forum | Jared Newman, Associate, Betawork Ventures | Clay Norris, Investment Associate, Carolinas Fintech Ventures | Mike Perry, Investment Associate, Link Ventures | Lauren Michelle Pfeifer, Principal, Maschmeyer Group Ventures | Jeff Ransdell, General Partner, Rokk3r Fuel ExO | Wanda Reindorf, Managing Director, Clean Energy Venture Group | Alison Andrews Reyes, General Partner, 1843 Capital | Lisa Rhoads, Managing Director, Easton Capital Investment Group | Mark Robinson, Founder and Managing Director, WAVE Equity Partners | Gus Roman, Venture Capital Associate, Global Founders Capital | Rob Rosenberg, Partner, Prolog Ventures | Tayo Sanders, Associate, Anzu Partners | Jennifer Schretter, Partner, PROOF VC | Reese Schroeder, Managing Director, Tyson Ventures | Paul Seidler, Managing Director, Clean Energy Trust | Shantnu Sharma, Managing Director, AMD Ventures | Jean Sini, Angel Investor | Vivek Soni, Venture Partner, S Cap Cleantech Fund | Joseph Spivack, Angel Investor | Alex Steiner, Investment Analyst, Anthemis Group | Lutz Stoeber, Investment Director, Evonik Venture Capital | Neil Swami, Principal, Catalyst Health Ventures | Alexander Urban, Associate, Shell Ventures | Claude Vachet, Managing Partner, Cycle Capital Management | Erica Van, Investor, Charles River Ventures | Patrick Walsh, Director, National Grid Partners | Raymond Wang, Investor, Two Sigma Ventures | Greg Zaic, Principal and General Partner, NMT Capital | Lu Zhang, Founder & Managing Partner, Fusion Fund | Sebastian Zhou, Investor, Alpha Square Group | Chris Zock, Managing Director, Sandbox Insurtech Ventures and many more…
Special Offer:
FintechNA has made special arrangement for our network to receive a special discount of 10% off the existing “early bird” rates (which are 50% reduced). Early bird rates expire October 31st.
To Register now and receive the special discount as well as take advantage of the “Early bird” discount rate, use the link below and enter discount code “FINTECHNAVIP” click here http://bit.ly/2K2sFTf.
Call for TOP INNOVATORS!
Get Noticed > Get Funded > Grow FasterA select group of more than 100 Top Innovators from the Fintech, Technology, Life Sciences/Healthcare, and CleanTech sectors will be chosen to present their breakthrough investment opportunities to an exclusive audience of Venture Capitalists, Corporate Investors, Private Investors, Investment Bankers, and Strategic Partners.
Apply to Present / Nominate a company:
For more information or to be considered for one of the Top Innovator slots click here.
Seed Pitchfest:
If you are a seed stage company seeking angel funding of less than $1M (and have raised less than $300,000) click here to apply for our Seed stage track.
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Mastercard Launches A New B2B Effort To Displace Checks
#Checks have remained remarkably resilient in U.S. business payments. Will #Mastercard‘s combination of a business directory and the ability to transmit invoice information with the payment, move more firms from paper to digital?
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Visa Direct Offers Real-Time Claims Payments With Insurance Partners
Paying #claims faster through digital channels saves money, make customers happier, and streamlines the entire claims processing experience inside a carrier.
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PNC Launches A Fintech Startup Inside The Bank
You can tell PNC’s tech #startup is the real deal because the company and its products are persistently lower case.
Financial Technology
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