London retailers will soon be taking payments using blockchain
Fintech company SETL has developed the card with global auditing firm Deloitte. Customers of the UK’s Metro Bank will soon be able to use a payments card that utilises blockchain technology. The card, which is being developed by Deloitte and fintech company SETL, is intended for the retail sector, the aim being to reduce the cost of processing merchant payments compared to credit and debit cards. The service could launch as soon as early 2017. SETL CEO Peter Randall said the card will update the balances of both the retailer and the customer in real-time. “What this allows people to do is to effectively make a payment from their account […]
Here’s why Trump’s win boosted Bitcoin
As Trump’s electoral victory became clear, global markets plunged into volatility. Dow Jones stock futures dropped by 3.8% in premarket trading, S&P futures by 3% overnight, and Nasdaq futures by almost 5%. All major European indices dropped by 2%, on average. The price of bitcoin, however, surged around 4% to reach highs of $738.33 overnight. The cryptocurrency saw similar gains in June after the Brexit vote, suggesting that investors are increasingly turning to bitcoin in times of political and economic uncertainty. There are a number of reasons why bitcoin proves attractive in these circumstances: It’s an alternative asset. Alternative assets are non-traditional assets — other examples include precious metals and […]
Fintech could be bigger than ATMs, PayPal, and Bitcoin combined
We’ve entered the most profound era of change for financial services companies since the 1970s brought us index mutual funds, discount brokers and ATMs. No firm is immune from the coming disruption and every company must have a strategy to harness the powerful advantages of the new financial technology (“fintech”) revolution. The battle already underway will create surprising winners and stunned losers among some of the most powerful names in the financial world: The most contentious conflicts (and partnerships) will be between startups that are completely reengineering decades-old practices, traditional power players who are furiously trying to adapt with their own innovations, and total disruption of established technology & processes: […]
An overview of digital currencies
By now you may have heard about cryptocurrencies such as Bitcoin being used to trade and purchase goods and services, but here’s a fact you may not be aware of. As of 2016 the United Nations recognises 180 different currencies, everything from the Abkhazian Apsar to the US dollar, however does not recognise a single crypto-currency as legal tender. Despite not receiving official recognition as a currency, the various crypto-currencies are being used around the world in order to carry out trade for goods and services. The most popular of crypto-currencies, Bitcoin, has a market cap of over US$10 billion. Currently there are 654 crypto-currencies in circulation, a trend that […]
Banks to develop new digital cash unit for settlement
Four of the world’s biggest banks have teamed up to develop a new form of digital cash they believe will become an industry standard to clear and settle financial trades using blockchain, the technology underpinning bitcoin. UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon – as well as the broker ICAP – to pitch the idea to central banks, aiming for its commercial launch by early 2018. The move is the first example of a group of leading banks coming together to co-operate on a specific blockchain technology to harness the power of decentralised computer networks and […]
The Pulse of Fintech
‘ The Pulse of Fintech ’ is a quarterly report created by KPMG along with KPMG Enterprise’s Global Network for Innovative Startups and CB Insights (the ‘go to’ name for insights related to venture capital investment) which launched on August 17th, 2016. The series analyses the latest global trends in venture capital investment data on the fintech sector. Given the significant interest in fintech globally, and its ongoing evolution in terms of market drivers, technologies and potential use-cases, KPMG and CB Insights are partnering to bring you the pulse on fintech investment globally. Each quarter, we’ll highlight key fintech deals, issues and challenges around the world, in addition to key […]
Fintech Kyckr scales back raising
Fintech business Kyckr has scaled back the size of its proposed initial public offering and increased the size of the free float to bankroll its global expansion plans. After initially proposing to raise between $6 million and $8m by floating on the ASX in June, Kyckr slowed down the listing process and will now raise a maximum of $6m and offer 35 per cent of the company to new external investors. “We have purposely slowed it down because we didn’t want to fall into a listing amid all the noise of the June-July period. There will be more clear air in the August period,’’ said managing director David Cassidy. “Time […]
Brexit: Bitcoin surges in wake of Out vote
One of the few winners from Britain’s shock decision to exit the European Union on Friday was the virtual currency bitcoin, which rose more than 7 per cent as investors flocked to what they perceived a safe haven asset. Bitcoin jumped above $US670 after the vote, according to data from CoinDesk, prompting analysts to label it “digital gold” – a reference to gold’s historic status as a haven from financial turmoil. Over the past month, the virtual currency has been buffeted by changing sentiment around the vote, rising more than 70 per cent as the Brexit camp gained momentum before being sold off in recent days when it appeared Britons […]
