#Bank #Innovation #Israel #2016 #registration has #officially opened today. The only Western #fintech event in Startup Nation, the 2016 Bank Innovation Israel will take place 1-3 November at the Dan Tel Aviv. The event is presented by Bank Innovation, one of the world’s leading fintech blogs.
Bank Innovation
#London – the most competitive #financial centre in the world &8211; has a thriving #Fintech community. It is nearly unbelievable that how many fintech events are set to take place in London this year. According to EventBrite, there are more than 50 fintech events in London from now until the end of #2016. There will be conferences, workshops, summits, seminars, forums and networking events about fintech segmentations such as #blockchain, insurtech, banking, lending, payments, as well as about startups and entrepreneurships. The main purpose of these events is to enhance the dialog between established multi-nationals, innovation firms, disruptive start-ups, government, media and investors.
One of the notable events coming up this June & July is the London Fintech #Week 2016 from July 15-22. Fintech Week is the world’s largest Fintech-focused festival, and this is the 3rd year it is organised. London Fintech Week 2016 comprises a series of conferences, workshops, hackathons, meetups and drinks receptions.
Special Offer: Sign up now with code FTSW to get 15% discount for ticket registration!
Fintech Week London 2016 &8211; Agenda
This year Fintech Week will start with a Blockchain Hackarthon Weekend, followed by 4 days of conferences focusing on important Fintech sectors such as Money and Payments, Capital Markets, Insurance Innovation, Security and Data and so on. Every conference day will also feature a small number of exhibitors. The 5th day is dedicated to workshops run by our partners. Every evening there will be an official meetup, networking event, or drinks reception taking place in various locations across the City of London and Canary Wharf.
Apart from running a number of conferences, hackathons, meetups and private events, Fintech Week London 2016 also plays match-maker to enterprise corporations and innovative start-ups. The event also helps design and enhance innovation and transformation programmes. Their team members come from diverse backgrounds so they’ve layered a transformation consulting offering on top of their events and world class network.
Join Fintech Week London 2016 now to get inspired, learn something, meet new clients, partners, developers, investors and #find value for your business. Investors will also benefit from having hundreds of startups all in one place.
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*Another upcoming fintech event in London is FinCoder &8211; a conference tailored especially for Fintech technologist, developers and coders.
Fintech developers are changing the face of the financial #services industry. Discover new opportunities, ways to tackle challenges and the latest trends in financial services #technology. The #next billion pound Fintech firm could be in the room.
Special Offer: Sign up now with code FTSW to get 20% discount for ticket registration!
The post What’s the next big thing in Financial Services Technology? – Find out at London Fintech Week 2016 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
#Blockchain had been widely associated with #banks but less frequently associated with governments. This article would open your horizons on the importance of blockchain to the UK #Government based on their recently published whitepaper.
We will extract key points from this 88-page long whitepaper for your easy, bite-sized consumption on the go. First of all, it should be noted that the UK government is serious about blockchain. They even went as far as to equate the weight of blockchain with the Magna Carta, which established the rule of law and forms part of the British Constitution.
The UK Chief Scientific Adviser proposed that the UK government appoint a minister to guide the implementation of the blockchain throughout the administration. It is also revealed the UK forms part of the Digital 5 group of countries with Estonia, South Korea, Israel and New Zealand to work and learn from each other. There are some useful initiatives, but I would point out three noteworthy applications of the blockchain.
Before I proceed further, it is useful that blockchain is an electronically distributed ledger system that is designed to be immutable. Once the record has been entered, it cannot be changed at least for the open source unpermissioned network. The UK government is championing the permissioned blockchain network where it can be controlled by trusted actors such as governments and banks.
Unlike traditional paper-based ledger, whenever a trusted actor made changes, the process would generate a digital signature that can be seen by other users in the system. The reconciliation process easy because when one party’s record is corrupted, other parties can authenticate the document.
Taking it a step further, the UK government wants to apply blockchain to smart contracts for industries as wide as food, financial services, health, and utilities. These contracts will restrict access to sensitive information using computer code instead of access being granted by an administrator.
Legal codes are the laws of the land while technical codes are the programming structure that allows systems to run. Legal codes are described as ‘extrinsic’ where the rules can be broken and punishment would follow later. Technical codes are ‘instrinsic’ where the rules cannot be broken as the system will simply stop if illegal activities are detected. This assumes no hacking or security breaches.
The UK government wants the rule of law to govern the operations of technical codes. The private sector such as Visa had already demonstrated that they can use technical codes to enforce their set of rules. For the UK government, they want the best of both worlds.
They want blockchain technical codes to be regulated by laws and they also want technical codes to help them enforce the laws. It was recommended that the government understand how existing technical codes regulate industries such as finance and incorporate them into laws. Web developers can use blockchain to create a more robust internal governance process at lower compliance cost for the general public.
The immutable and distributed nature of blockchain would make it harder for documents to be forged. Forged documents are instrumental to the smuggling of diamonds which allows them to be converted to cash. Diamonds are small and easy to carry which is the preferred hard currencies for criminal and terrorist financing.
The diamond industry combats this issue by introducing blockchain #technology system Everledger which provides a digital passport for each diamond. Every time the diamond is bought or sold, the passport will record this transaction and the system would prevent forgery and the money laundering that goes along with it.
The UK government also warned against the unpermissioned blockchain that allowed criminal activities to occur such as the ‘Silk Road’ marketplace. They preferred the permissioned blockchain structure which allowed the authorities to control financial flows with ‘off-ramps’.
Conclusion
The UK Government is serious about blockchain, and it wants to compete effectively with other technologically advanced countries such as the Unites States and Singapore. Blockchain is no longer the novel technology, and the establishment has accepted it. The only question is how can governments apply blockchain effectively to the governance process and also to improve the productivity of their industries.
The post How The UK Government Applies Blockchain in 2016 appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
After an eventful 2015 for #bitcoin and the #blockchain, what’s in store on the regulatory and enforcement front in #2016?
fintech techcrunch
CoinDesk highlights five of the biggest trends #from its most recent Q1 #2016 #State of #Blockchain report.
fintech techcrunch
CoinDesk has released its latest “#State of #Blockchain” report, analyzing news and events from Q1 #2016.
CoinDesk
Speakers from all over the world stole the show at the #Consensus #2016 #blockchain conference last week. Here are 10 #quotes that #defined the show.
fintech techcrunch
Nexright driving #Banking & #Fintech innovation leveraging API Economy
The millennials will soon constitute up to half the global workforce by 2020 and it is only natural for public serving organizations like #banks to pay heed to their concerns. Banking–according to a study by Viacom, a media network–faces the highest risk of disruption.
Leaders of banking managements are often weighed down by the gravity of having to serve their customers, with mass transactions, at the same time, offering personalized content to their banking needs.
Unlike banks that are born digital, traditional banks cannot afford the luxury of starting with a clean slate, and they must build the newfangled architecture on top of the legacy foundation. In an effort to ease down the process of transformation, Nexright bids a continuous-delivery approach of new functionalities.
“We have developed an API management #solution for banks that allows digital innovation running alongside the slow-speed, transaction focused legacy systems,” explains Dilip Mohapatra, Director, Nexright.
Nexright’s solution provides for a digital customer ecosystem with digital customers–complementing and enhancing existing capabilities to collect, analyze, and utilize financial data. The Melbourne, Australia headquartered banking solution provider allows CIOs of banks to redefine banking and drive innovation, leveraging digital data and API as core foundation.
“Application Programming Interface (API) is the secret sauce of the digital economy that allows banks to open up banking services and data via APIs,
and offer a broader range of products and services to their customers,” Mohapatra adds. Holding their steadfast campaigns towards unravelling the concept of contextual banking via data analytics, Nexright channels harmless, but prospective banking information to invoke potential banking businesses through secure pluggable interfaces–APIs.
For instance, a mortgage API holds relevant mortgage data as assets and the points of interest and impact for banks.
Nexright’s banking product, which is essentially a set of simplified service and API models, allows transformation of banks in core banking and
digital banking in parallel. Some of these solutions leverage banking industry standards like IBM IFW (Information FrameWork). Mohapatra cites an example of Nexright assisting one of Australia’s topmost banks in establishing an API center of Excellence to fuel the API economy and drive digital disruption. Through IBM IFW and BIAN, the provider created a modern platform based on open architecture with integration and straight-through processing capabilities.
“Application Programming Interface (API) is the secret sauce of the digital economy that allows banks to open up banking services and data via APIs”
On top of that, Nexright also has a dedicated wealth management practice, providing Fintech (financial #technology) strategy and solutions to banks. For example, it includes client engagement platform and adviser support tools addressing cashflow management, long-term financial support services, and scalable advisory solutions to simplify existing complex advisory process.
“The Fintech strategy essentially allows banks to expand their existing banking products into various fintech areas e.g. financial advisory services into #robo-advisory,” states Mohapatra.
With a consulting team that comprises of both banking and technology domain experts, Nexright stays ahead of peers in the banking arena, by thrusting itself forward in the direction of business strategy and outcomes rather than just getting the technical infrastructure in place.
By entrusting their success on their customer’s success, Mohapatra points out, “Nexright assigns a Customer Program Success Manager (CPSM), which once the program is live, assesses the customer’s achievement against expected levels.”
Nexright’s innovation lab functions as an idea incubator and accelerator, where there is a constant endeavor to develop newer products and better services and solutions, collaborating with customers, partners, and industry experts.
With his rich experience in product development and consulting services across several multinational IT and consulting firms, Mohapatra drives Nexright’s growth globally and is very passionate and committed in making a substantial difference in customer’s business. “Considering banking and Fintech demand for API, integration and cloud services, Nexright is investing further in open banking and Fintech initiatives,” assures Mohapatra.
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