Is the R3 consortium going to wave goodbye to $53 million in research and abandon blockchain? In a presentation on its Corda platform, R3 says it doesn’t need “block chain”. (No space is usually used, but I don’t want to be too much of a grammar Nazi.) Credit for this spot must go to Twitter […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! IBM and Northern Trust debut blockchain for private equity Uses the Hyperledger Fabric. Visa opens new innovation centre in London It’s the latest and largest one. Digital gets a spurt with Natwest and RBS experts Every branch gets […]
ING and Société Générale have used blockchain to carry out a live oil trade between parties with Mercuria, the global commodity trading group. The platform, called “Easy Trading Connect”, is designed for paperless trading and aims to digitalise and standardise commodity transactions in order to “increase speed and efficiencies” in the trade process. The prototype […]
Jargon defeated. Unnecessary words deleted. A brief round-up. Featuring Adel, Bitfinex and crime. If something’s rotten in the state of Denmark, it’s going to get found out. Danish newspaper Berlingske has revealed that police stopped drug traffickers by tracing Bitcoin transactions. It’s not the first time great Danes have done good deeds. Last month, the […]
IBM and financial services firm Northern Trust have launched the “first commercial deployment” of blockchain for the private equity market. The blockchain is based on the Hyperledger Fabric and is available for use for managing the administration of a private equity fund managed by Unigestion, a Switzerland-based asset manager with $20 billion in assets under […]
There is pressure for CEOs to decide how distributed ledger technology (DLT) fits into their business strategy. Regulators also recognise that blockchain could advance their own processes. So what is all the excitement about? Blockchain is an exciting innovation but the technology has flaws…
Kevin, Traity’s new chatbot, provides micro-insurance for P2P transactions online. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist.
Life is a cabaret… and a fast one at that. Here’s a round-up of key events to save you time. Featuring KPMG, Microsoft, Hyperledger and more. Japan’s largest Bitcoin exchange Bitflyer has finished a new ¥200 million ($1.75 million) funding round from Dai-ichi Life Insurance Company, Mizuho Capital and SMBC Venture Capital. The banks’ backing […]
London-based fintech firm EquiChain has unveiled a working prototype blockchain platform for capital markets. The company plans to implement a full end-to-end “execution to custody” (E2C) pilot in 2017, as it jumps on the distributed ledger technology (DLT) bandwagon Nicholas Bone, EquiChain’s founder and CEO says it “creates a verifiable, transparent and immutable flow of […]
Being quick does the trick. A round-up of key blockchain and Bitcoin events. Berlin-based blockchain start-up, Bit Trust Services, has opened its Bitcoin-Bank in Vienna, Austria. The bank’s ATMs exchange Bitcoin for euro, and vice versa. Vienna is no stranger to the virtual currency as three years ago it got its first bitcoin ATM and […]
Financial institutions and technology companies have tinkered with trade finance for years, but progress has been slow. Despite automation advances in many areas of financial services, trade finance remains a largely paper-based, manual process. But it could be one area where blockchain technology will be successfully applied.
Brainy boffins have developed a mathematical algorithm that could boost new cryptocurrency Zcash‘s prestige and topple Bitcoin’s crown. Scientists at the Interdisciplinary Centre for Security, Reliability and Trust (SnT) of the University of Luxembourg have created the algorithm – Equihash – a core component for Zcash, which “offers more privacy and equality than the famous […]
We’re only six weeks into the New Year and already we’ve seen significant activity on the regulatory front in the U.S. and more to come in the U.K. and Europe. Meanwhile, many of the other trends we identified as ones to watch in our Year-in-Review report—bots, blockchain and co-opetition—have been dominating the headlines (along with some major acquisitions). Are you investing in the right places?
Accenture has unveiled a patent-pending solution for blockchain to integrate with industrial-grade security systems that support sectors including financial services. The solution creates an interface between emerging blockchain platforms and “widely used” hardware security technology. It uses Hyperledger Fabric; and Accenture worked with French firm Thales — whose hardware is used by banks to secure […]
Several Indian Bitcoin start-ups have formed the Blockchain and Virtual Currency Association of India as they look to quell investors’ virtual currency fears becoming a reality. Coinsecure, Searchtrade, Unocoin and Zebpay have banded together in response to the Reserve Bank of India’s (RBI) recent circular warning people that it has not authorised dealings in or […]
IBM has launched a blockchain initiative for trade finance with telecom operator du, Dubai Customs, Dubai Trade, Emirates NBD and Banco Santander. The plan is to explore the use of logistics solutions for the import and re-export process of goods in and out of Dubai. Using Hyperledger Fabric and IBM Cloud, their blockchain solution transmits […]
Input Output Hong Kong (IOHK), a blockchain architecture and development start-up, has built a proof-of-stake protocol as it seeks to create a “better” Bitcoin, aka Bitcoin 2.0. The protocol, called “Ouroboros”, is a consensus algorithm designed to be a foundation for blockchains that “improve” user governance, system maintenance, transaction processing speeds and blockchain scalability. IOHK […]
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
There are many reasons to be excited about insurtech in 2017!
Irish Funds is working with Deloitte and others to develop a blockchain proof of concept (PoC) for regulatory reporting. The project will focus on the Resident Investment Fund Returns (Money Market and Investment Funds Returns Reporting – MMIF) regulation and will use blockchain and smart contract technology to create a platform for regulatory reporting accessible […]
The Wall Street Blockchain Alliance (WSBA), a US-based non-profit trade organisation, has set up a new working group – the Blockchain Assets Working Group (BAWG). It will focus on “native assets riding upon public blockchains, such as Bitcoin, Ethereum, Zcash, and more”, WSBA explains.
The world moves fast, so you need a fast read. A round-up of key events to save you time. PayCommerce, an open cross-border payments network, has completed its real-time, cross-border payment, clearing and settlement testing. It is the first phase of its multi-country global roll out strategy and was done between the US and India. […]
The National Bank of Abu Dhabi (NBAD) is the first Middle East bank to introduce real-time cross-border payments on Ripple’s blockchain network. Ripple says its tech fits within NBAD’s existing infrastructure and offers an end-to-end payment flow providing “transaction immutability and payment integrity”. Vineet Varma, managing director and head of global transaction banking, NBAD, says […]
Fintech zeitgeist! Welcome to the third in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. This week we welcome the views of guest writer Soumik Roy. Last week, […]
US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]
Pan-African banking conglomerate Ecobank has launched a fintech challenge for start-ups. The event, open to Africa’s entrepreneurs, innovators and developers, provides an opportunity to win $500,000 in funding as well as partner with Ecobank and roll out services across 36 countries.
While many traditional tech giants have been struggling to come to terms with the connected economy, SAP’s latest earnings indicate it is adapting well to the world of cloud computing.
Commonwealth Bank of Australia (CBA) has issued a cryptobond for Queensland Treasury Corporation (QTC) using its capital markets blockchain platform. CBA says it is “the first blockchain bond issuance by a government entity both in Australia and in the world”.
Deutsche Börse has developed a concept for the “riskless” transfer of commercial bank money via an infrastructure based on distributed ledger technology (DLT)/blockchain. By combining blockchain with its post-trade infrastructure, Deutsche Börse says the same as everyone else – such as it will “achieve efficiencies” and will investigate “possible new business opportunities”. Via collateralisation at […]
Deloitte has launched its new EMEA blockchain lab at Whitaker Court in Dublin’s “Silicon Docks” district in the Republic of Ireland. The new lab follows Deloitte’s recent lab launch in New York. At that time, Eric Piscini, principal with Deloitte Consulting, said 2017 could be its “make-or-break year” for blockchain. The Dublin-based blockchain team will […]
Artificial intelligence (AI) on its own isn’t enough to compete – companies need industry-specific solutions to business problems. So said Martin Schroeter, IBM’s senior vice-president and chief financial officer, on the company’s quarterly earnings call.
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
Financial Industry Regulatory Authority (Finra), a non-governmental organisation that regulates member brokerage firms and exchange markets in the US, has published an extensive report, evaluating the implications of blockchain for the securities industry.
Accenture and operations benchmarking consultancy firm McLagan evaluate the applications of distributed ledger technology (DLT) in investment banking operations in the “Banking on Blockchain” report.
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
Hong Kong is telling its citizens and the world that fintech start-ups are welcome to do business and capitalise on the nation’s entrepreneurial spirit.
RosEvroBank, a top-50 bank in Russia, has created a prototype of a blockchain-based system that enables remote verification of customers for other financial institutions. The decentralised system is built on the Microsoft’s Ethereum Consortium Blockchain infrastructure.
The Institute for Development and Research in Banking Technology (IDRBT), set up by the Reserve Bank of India (RBI), has recently issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”. We summarise the report and highlight the key findings.
Seven European banks – Deutsche Bank, HSBC, Natixis, KBC, Rabobank, Société Générale and UniCredit – have agreed in principle to develop a blockchain-based shared platform for domestic and international commerce for SMEs.
Blockchain incubator Adel has unveiled its project framework for people to create a peer-to-peer (P2P) network in retail banking. The firm says it will work in the “same way as Airbnb and Uber revolutionised the hospitality and taxi industries”. “Anyone with a car can be a taxi. Anyone with accommodations can be a hotel. Anyone […]
