Deloitte Returns as Title Sponsor for Consensus 2017
CoinDesk is thrilled to welcome back #Deloitte as a #title #sponsor for #Consensus #2017, our third annual #blockchain #technology summit.
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European Insurance Firms Launch New Blockchain Consortium
Five major #European #insurance and reinsurance companies have partnered on a new #blockchain initiative.
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Ethereum Forks But Blockchain Attacks Keep On Coming
Yesterday’s #ethereum hard fork went according to plan, but the attacker has yet to be thwarted.
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Japan’s MUFG is Using Digital Currency to Rewards its Employees
Mitsubishi UFJ Financial Group Inc. (#MUFG), the parent company of the Bank of Tokyo-Mitsubishi UFJ, has begun work on a new #blockchain trial.
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Walmart Blockchain Pilot Aims to Make China’s Pork Market Safer
#Walmart and IBM are working together to help bring more transparency to China’s massive #pork industry.
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Report: Challenger Banks Landscape
External forces from demographic, social, economic and regulatory phenomena have contributed to one of biggest revolution in the banking world: the emergence of #challenger #banks.
Digitally-focused challengers such as Atom, Fidor Bank, Mondo and Starling, have grown significantly in 2015 and 2016, fueled by changing customer expectations, the new Generation Z, the heavy smartphone use in accessing finance and emerging technologies.Most of the innovation around #fintech and challenger banks have occurred in regional hubs and heavily supportive countries and environments, according to a new #report by Burnmark, including the UK and the US.
“The UK holds the first mover advantage as a home for challenger banks, but new geographies are gaining ground with support from government, regulators, investors and entrepreneurs,” the report says.
&8220;The US, Singapore and Australia, in particular, are actively competing to create best-in-class financial innovation ecosystems and are increasingly progressive in their use of government and regulatory policy to support challenger banks.&8221;
In early 2014, the UK Financial Conduct Authority launched the Project Innovate to support regulation for innovative businesses. Singapore has a £100m financial sector #technology and innovation scheme and Australia has announced a £500m national innovation and science agenda.
The UK also leads in terms of fintech investment, having generated £524 million in 2015 compared with £3.6 billion in California and £1.4b in New York in 2015. The country has an unrivalled lead in terms of financial expertise, employing 1.2 million people in the financial services industry.
Following the UK, Singapore has been increasingly active in policy and benefits to make it an attractive fintech hub. In November, the Monetary Authority of Singapore, the country’s central bank and financial regulator, will organize the week long Fintech Festival which will bring together policymakers, fintech experts, entrepreneurs and VC to discuss the future of finance.
MAS has also opened its fintech innovation lab called Looking Glass @ MAS to experiment fintech solutions with financial institutions, startups and tech vendors.
According to the report, the emergence of challenger banks are &8220;multi-fold&8221; and dependent on the regions they belong to. For instance, in developed markets, challenger banks are gaining prominence due to the underlying inefficiencies of the incumbents in service the customer in the best possible and transparent manner.
Emerging markets on the other hand are looking at challengers as a medium to accelerate banking innovation as well as financial inclusion. With mobile penetration increasing significantly in these locations, banks utilizing digital channels to onboard, engage or serve customers are evolving to become an important medium for financial inclusion initiatives.
Notable ventures include Abacus, a digital bank backed by a UK-based private equity firm AnaCap; Metro Bank, which implemented Backbase’s Omnichannel Banking Platform for its digital banking front-end, FIS/SunGard’s Ambit Asset Liability Management solution and outsources mortgage processing to BancTec; Monzo Bank, which has been built on open source stack including Linux, Apache Cassandra, and Google&8217;s Go programming language; Secco Aura, which uses a distributed database similar to the #Bitcoin #blockchain which allows data to be stored on customer&8217;s devices as well as the bank; and Tandem Bank, which uses FiServ&8217;s core banking and its Agility platform on SaaS.
Featured image: Bank via Shutterstock.
The post Report: Challenger Banks Landscape appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Nasdaq Sees Low Hanging Fruit in Blockchain Post-Trade
Stock exchange giant #Nasdaq discussed its vision for #blockchain post-trade at an event in the UK last week.
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Blockchain and the Capital Markets journey – Navigating the regulatory and legal landscape
#Blockchain #technology has the potential to revolutionise the profitability of #capital markets. The promise of risk mitigation, capital efficiency and operational benefits can only be realised through legal and #regulatory change.
Blockchain has generated significant interest in capital markets, as #FinTech start-ups, global #banks and other providers evaluate technology and potential use cases. Yet, many questions remain unanswered as to how blockchain, or other forms of distributed ledger technology (DLT), fit into the current regulatory and legal infrastructure.
To deliver viable and valuable solutions in the highly-regulated environment of capital markets, blockchain will need to navigate the legal and regulatory landscape – either by evolving solutions which conform or by engaging policymakers to reshape its current contours.
Innovate Finance has partnered with Hogan Lovells and EY to produce Blockchain and the Capital Markets Journey which outlines the legal and regulatory challenges of using DLT in capital markets, including the over-the-counter (OTC) derivatives market. This report focuses on the UK’s regulatory and legal environment as a stepping-stone to understanding analysis and issues that are similar to those in other jurisdictions.
We outline key themes that we believe will help shape the future architecture of blockchain:
- Informing industry, policymakers and regulators of the potential impact of legal and regulatory requirements on proposed DLT-use cases
- Providing regulatory insights about DLT for product providers, product buyers and investors (i.e., buy side firms)
- Providing recommendations to support regulatory action in the UK and EU to accommodate DLT solutions
- Proposing regulatory and industry collaboration at an early stage to realise its full benefits
- Building skills and knowledge across the industry to support the DLT ecosystem
In this report, we have helped to kick-start the debate by addressing important legal and regulatory questions that will impact the development of blockchain. Questions range from organisational to philosophical – all designed to encourage a wider agenda where regulators and law makers will collaborate with the industry to enact change.
Click here to learn more: http://www.ey.com/ukbanking
[linkedinbadge URL=”https://www.linkedin.com/in/imran-gulamhuseinwala-b673701″ connections=”off” mode=”icon” liname=”Imran Gulamhuseinwala”] is EY Partner – Head of FinTech
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Swiss Blockchain-powered Exchange Captures $1 Million from Fans
Lykke, a #Swiss #Fintech company building a global #blockchain-powered marketplace, concluded its initial coin offering (ICO) at midnight, October 11th, with the sale of 23,226,753 coins, raising 1,161,338 CHF. The sale lasted a month, during which over 1,200 new people downloaded Lykke wallets and registered with the service. The number of Lykke coin holders jumped #from 147 to 717.
“We are thrilled to welcome almost 500 new shareholders from 90 countries, who have invested a total of 1,161,338 CHF during our online sale,” said Lykke founder Richard Olsen. “Thank you to the many new stakeholders, who are helping us build our global marketplace.
” With this money, the company will continue to apply for broker and trading facility licenses in Europe, Asia and North America, and continue to build out its open-source trading platform for all to use.
The platform now offers trading of #Bitcoin, Swiss francs, dollars, euros, pounds, yen, and Lykke coins. Many other digital currencies, indices, community coins and crypto-equities are planned for the future. Lykke’s goal is to be the lowest-cost marketplace for trading all digital assets, using blockchain settlement for speed and security.
Lykke coins were priced at 0.05 CHF. As the company’s coins are now publicly traded, the market will set the price for the coins. Lykke has reserved ten percent of the money raised to provide liquidity. The company implements a first-of-its-kind agent-based algorithm for setting prices, offering liquidity to sellers, and reducing volatility.
You can still buy Lykke Coins here.
The post Swiss Blockchain-powered Exchange Captures $ 1 Million from Fans appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Blockchain Biometrics Startup Raises $3 Million in New Funding
A #startup aiming to bridge the worlds of #blockchain tech and biometric security has raised $ 3m in new #funding.
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