RBI Calls on Indian Banks to Explore Blockchain
A member of India’s central bank has encouraged further collaboration between #banks and startups to advance #blockchain tech.
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UBS Exec: Blockchain ‘The Biggest Disruptor Since The Internet’
#Blockchain #technology will cause major disruption in the enterprise stack, sparking a dramatic shift to distributed computing environments with the “value web” becoming a massive peer-to-peer network, according to UBS’s former Group CIO and Group Managing Director, Oliver Bussmann.
Qualified as &8220;the #biggest #disruptor to industries #since the introduction of the #Internet,&8221; blockchain will trigger a new wave of disruption in the software business. This will push enterprises to change their approach to IT while opening up new opportunities for technology companies, new entrants and blockchain experts in delivering the right products and services to meet specific needs, according to Bussmann.
&8220;The fact that so many established players see such potential for disruption up and down the stack just confirms me in my belief that broad-based transformation is coming,&8221; he wrote in a recent blog post.
UBS, a member of the world&8217;s largest blockchain consortium of over 40 #banks and financial institutions, has been at the forefront of exploring blockchain technology, launching in 2015 a blockchain research lab in London.
In June, the Swiss bank unveiled it has applied for a US patent for an innovation that allows participants in a blockchain-powered market to remain anonymous, according to a report by the Financial News.
The technology is among the numerous prototypes that are being developed at the bank&8217;s London innovation lab.
In January, UBS released a whitepaper that echoed the main theme of this year&8217;s World Economic Forum Annual Meeting in Davos, Switzerland. Titled ‘Extreme automation and connectivity: The global, regional, and investment implications of the Fourth Industrial Revolution,&8217; the report addresses the technologies that will likely reshape the global economy and the consequences of extreme automation and connectivity on nations, businesses and individuals.
Defined as &8220;the ultimate product of extreme connectivity,&8221; blockchain technology &8220;could benefit firms that use them to automate processes securely, to cut out costly intermediaries, and to protect intellectual property,&8221; the report says.
In the banking industry, blockchain technology could prove &8220;a double edged sword&8221; that has the potential to boost profitability by allowing for desintermediation and help banks save up to US$ 20 billion annually on infrastructure costs.
&8220;Since blockchain transactions can be processed in as little as 15 seconds, extreme connectivity shortens this process, freeing up capital for trading, investment, and other purposes,&8221; the report says. &8220;While near real-time settlement would be good for bank clients, it could possibly reduce intra-day liquidity for banks since end-of-day settlement gives them access to capital for longer.&8221;
In the insurance business, blockchain technology could allow policies to instantly pay claims based on preset information from trusted third party. Lloyd&8217;s of London has been exploring blockchain technology to reduce friction in the insurance industry. In March, SafeShare partnered with Vrumi to launch the world&8217;s first blockchain insurance solution for the sharing economy. Vrumi connects people seeking affordable workspace to householders. The new insurance product utilizes a blockchain created by Z/Yen Group to confirm counterparty obligations.
Beyond financial services, blockchain can revolutionize supply chain transparency. Physical assets can be registered in a blockchain. This would typically involve virtual tokens representing underlying assets. In this scenario, the ledger can be used to track the movement of goods, providing a highly secure supply chain management system that is resistant to fraud. London-based Everledger uses blockchain technology for diamond certification and related transaction history, providing insurance companies, owners, claimants and law enforcement with a permanent ledger.
The post UBS Exec: Blockchain &8216;The Biggest Disruptor Since The Internet&8217; appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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30 Swiss Fintech Startups To Watch
The #Swiss #fintech startup scene has been growing steadily during the past year, expanding from 157 #startups in November 2015 to 185 players in June 2016, according to Swisscom’s Fintech Map.
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Despite the growing industry, Switzerland&8217;s fintech sector is lagging behind the likes of New York and London. Industry observers have pointed out the lack of governmental and institutional support in comparison to these front-runners.
A report released in February by EY and the Swiss Finance + #Technology Association on the Swiss fintech sector argued that there were “clearly some room for improvement regarding governmental support,” adding that Switzerland had yet to leverage its strong position as a financial center in Europe to become a global fintech hub.
Swiss financial regulators have been slow to react to the emergence of the digital economy. The Swiss Financial Market Supervisory Authority (FINMA) has recently introduced a new ruling to facilitate client on-boarding through digital channels.
At the Swiss International Finance Forum in June, FINMA&8217;s director Mark Branson said:
&8220;The financial revolution is evolving so rapidly that we can’t get bogged down striving for a 100% perfect legislative solution. We are advocating swift action that we can fine tune later.&8221;
That said, there are several reasons to be optimistic about Switzerland&8217;s nascent fintech sector. The country&8217;s strong data protection laws, tax regime and political neutrality have attracted a number of foreign companies and organizations including the Ethereum Foundation and Xapo.
Switzerland has notable competitive advantages as a fintech hub in comparison to the likes of London or Berlin. To mention here the stability and reliability in general (financial, legal, government, and so on), which continues to be a hard value for other locations to match. The existing financial services expertise remains another strong advantage. However, the high salaries in Switzerland is another story.
Today, a number of Swiss fintech startups are standing out. These are covering varied industries and applications ranging from wealth management, #blockchain technology, to insurtech and crowdfunding.
Crowdlending/ Financing and Peer-to-Peer Lending
Based in Zurich, DealMarket is a Swiss fintech startup provide three distinct products: a global marketplace for fundraising and deal sourcing, connecting the private equity industry; a browser-based deal flow management and deal exchange tool; and the DealMarket Intelligence which offers affordable access to third-party data, research and services.
Another crowdlending platform is Splendit, which focuses on allowing students to access a fair source of financial their education. The platform matches students and investors in an auction process, issues documents and manages payments.
CreditGate24 is a highly automated platform that connects borrowers with private and institutional investors, offering an efficient and scalable settlement of loans. The company applies a strict credit check based on classic credit assessment methods, Big Data analysis, as well as the insurance and the solidarity arrangement.
Blockchain Technology
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Xapo, one of the #bitcoin industry&8217;s best-funded startups, provides bitcoin storage services and a digital wallet. Initially headquartered in California, Xapo relocated to Switzerland in May 2015 in a bid to boost customer privacy protections. The startup has raised US$ 40 million in funding so far.
The Ethereum Foundation is the organization overseeing Ethereum, the open source decentralized platform that runs smart contracts: applications that run as programmed without possibility of downtime, censorship, fraud or third party interference. Ethereum&8217;s crowdfunding campaign is one of the most successful campaigns to date, raising over US$ 18 million in bitcoin.
iProtus is a company that provides consulting services on blockchain technology and helps businesses implement new business models with distributed ledgers.
Insurtech
Knip is undoubtedly one of the most visible insurtech ventures in Switzerland. Founded in 2013 by Dennis Just and Christina Kehl, Knip has now over 100 employees based all over Europe. Knip provides users with a digital insurance manager and a mobile app that allows for the management of existing insurance politics, tariffs and services.
Wealth Management and Personal Finance Management
Image credit: Pressmaster via Shutterstock
True Wealth is an online wealth management platform and an automated investment solution based in Zurich. True Wealth is an independent asset manager and a member of the Swiss Association of Asset Managers (SAAM).
Qontis is an online personal finance management (PFM) platform that provides users with the ability to document and organize data from all instances of private income and expenditures.
MoneyPark is an independent provider of personalized financial advice on mortgages, providing pension planning and investment guidance. MoneyPark is a financial intermediary that is subordinated to FINMA and holds a license as a distributor of collective investment schemes.
Other ventures worth mentioning include Qumram, a cybersecurity firm; Advanon, an invoice financial platform; CashSentinel, an online platform focused on facilitating the purchase and selling of vehicles; TawiPay, a financial services comparison platform focused on money transfers and remittances; Amnis, an online platform for currency exchange and foreign currency payments; Contovista, a digital banking software company; and Run My Accounts, an automated online accounting platform for SMEs.
See the Full List of all 30 Swiss Fintech Startups to #Watch HERE
The post 30 Swiss Fintech Startups To Watch appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
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Why Big Bank Consultants Were Watching Ethereum’s Hard Fork
CoinDesk discusses the recent ethereum #hard #fork with members of major consulting firms with a #blockchain specialty.
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Petition Pushes CFTC to Clarify Rules on Blockchain ‘Delivery’
A US law firm has filed a #petition that argues the #CFTC needs to provide clarity on the definition of “delivery” as it pertains to #blockchain.
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Mizuho to Conduct Blockchain Payments Trial With Ripple
#Mizuho Financial Group announced this week it will pilot #Ripple‘s distributed ledger #technology for use in cross-currency settlement.
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Ethereum Executes Blockchain Hard Fork to Return DAO Funds
#Ethereum has executed a #hard #fork of its #blockchain, returning #funds lost in The DAO collapse to investors.
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Wine Box Miners to Whatsapp: How South Africa’s Banks Are Going DIY to Test Ethereum’s Blockchain
A team of six #South African #banks is now conducting experiments with #ethereum’s #blockchain, a process that was bootstrapped by #Whatsapp.
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How to Follow the Ethereum Hard Fork as it Happens
CoinDesk outlines a number of ways to #follow tomorrow’s expected #hard #fork of the #ethereum #blockchain.
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UK Legislators Cast Critical Eye on Bitcoin and Blockchain at Parliament Event
A committee of the House of Lords struck a curious but at times #critical note when discussing #blockchain and its impact on finance and government.
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